国外企业并购中的分阶段延期支付方式

目前国外企业并购中广泛采用了分阶段延期支付的方式,而我国企业并购则很少采用这种支付方式。本文主要从三个方面介绍国外企业并购中的分阶段延期支付方式。     

国外企业并购支付方式选择研究述评

企业并购支付方式选择是并购活动中的重要环节,日益受到人们的关注。本文从理论基础和相关实证研究两个方面总结了国外20多年来该领域的主要研究文献,指出现有研究不足和进一步的研究方向。最后结合我国企业并购市场现状和存在的问题,对今后该领域的理论研究和实践提出一些建议。     

试析企业并购支付方式的选择

并购过程是并购方与被并购方双方博弈的过程,而并购支付的方式在其中起着举足轻重的作用。本文运用三个实例分析各种并购支付方式的主要特性、适用环境及交易双方的目的等。     

企业并购支付方式的纳税筹划

在企业并购活动中,税负因素正受到越来越多的关注,成为企业并购决策及实施中不可忽视的规划对象。合理的税收筹划不仅可以降低并购成本,实现并购的最大效益,甚至可以影响企业并购后的兴衰存亡。本文立足于企业并购诸多环节的税收筹划中的一环——并购支付方式的纳税筹划,通过分析现行的相关税收政策,比较不同支付方式的税负,指出不同并购支付方式的特点,挖掘税收筹划空间,以期实现最大的并购收益。     

中外企业并购支付方式的比较研究

文章阐述了研究并购支付方式的必要性,分析了选择并购支付方式时应考虑的各种关键因素。通过比较发达国家企业与国内6891个上市公司并购样本数据,总结了中国上市公司并购支付方式的特点和存在的问题,指出中国企业应随着资本市场融资工具的丰富不断创新和发展多样化的并购支付方式。     

企业并购支付方式合理选择的因素与对策

并购支付方式的正确选择对并购活动的成功以及维护并购双方的利益起着至关重要的作用。本文首先分析了各种并购支付方式的特点与应用情况,继而阐述了选择并购支付方式的影响因素,最后在考虑并购目的的基础上,对并购双方合理选择并购支付方式提出了对策。     

企业并购支付方式合理选择的因素与对策

并购支付方式的正确选择对并购活动的成功以及维护并购双方的利益起着至关重要的作用。本文首先分析了各种并购支付方式的特点与应用情况,继而阐述了选择并购支付方式的影响因素,最后在考虑并购目的的基础上,对并购双方合理选择并购支付方式提出了对策。     

企业并购支付方式的比较

2006年6月,三一重工执行总裁向文波在博客上发表了针对国际著名私人股权投资基金——美国凯雷集团收购徐工科技的系列文章,对媒体报道的3.75亿美元的收购价格,向文波提出,并购方案中实际支付方式为2.55亿美元收购徐工82%的股权,外加对赌方案,如果徐工达到预期经营目标,凯雷分两次向徐工注入1.2亿美元。向文波认为徐工科技实际的并购价格应为2.55亿美元,徐工科技被贱卖了。向文波的观点引起了各界严重关注,凯雷和徐工签定的并购协议能否顺利执行,谁都无法预料。从这一案例中发现,企业并购活动中,支付方式的选择对于并购的成败起着非常重要的…     

后股改时代并购支付方式的实证研究

随着股权分置改革的完成,大小非的逐渐解禁,以换股并购为主的非现金并购越来越显现出它在改善并购绩效方面的优越性.本文选取了我国96家2006年发生并购的上市公司,采用因子分析法分别比较了现金并购和非现金并购这两种不同支付方式下企业的并购绩效,得出非现金并购在改善并购绩效方面优于现金并购的结论.     

企业并购支付方式选择

一、并购支付方式概述 并购是企业获得其他企业控制权而进行的产权交易活动。企业通过并购可以提高生产经营水平，实现规模经营，促成管理价值最大化，实现企业利润最大化，同时还可以扩大企业知名度，增加商誉价值。而并购支付方式选择对并购成败起着重要作用。     

情势变更原则在建设工程施工合同中的合理适用

随着我国建筑市场的纵深发展,在建设工程施工过程中,情势变更原则的正确合理适用,不仅可以有效保护经济主体的合法利益,而且能保证建设工程的按期、按质、按量实现竣工交付,从而发挥生产生活能力,促进企业及社会的和谐稳定发展。     

海外核电总承包项目风险分析及管理

随着国家提出"走出去"战略,中广核工程有限公司作为国内为数不多的具备民用核电项目总承包能力的工程公司,希望能在国际市场上承包百万民用核电项目.由于核电项目的特殊性,使中广核工程有限公司推进海外项目开发、建设的过程中面临更大的挑战,因此在承包过程中,需认真分析海外市场总承包此类项目所面临的各种风险,并针对不同的风险,提出有效的控制措施,确保实现外核电总承包项目目标.     

The social contract of work: Moving beyond the psychological contract

This paper develops the critique of psychologisation by going narrow and deep into the analysis of the concept of the psychological contract. In its early incarnation, the psychological contract literature explored key elements at the heart of the employment relationship. However, in the current mainstream psychological contract literature, there are four key problems. The paper shows that these problems match on to the wider problems associated with pyschologisation. The concept of the social contract of work is put forward as a way to return productively to the original focus of the field. The social contract of work is defined as workers' implicit, collective, and socially embedded understanding of the effort bargain at work.     

The new employment contract

From the turmoil of the last decade a new relationship has emerged between employees and their organizations. It is one that openly challenges many of the management assumptions behind the imbalance of power between the key participants. Making a successful adjustment to this change has enormous implications in terms of sustained competitive advantage based on the ability to access and retain a committed and skilled work force. Human Resource professionals will find themselves caught in competing loyalties as their roles in this change process evolve. This article offers insight into this changing contract and its impact on the business environment.     

Contingent payments in selection contests

The early literature on research contests stressed the advantages of a fixed prize in inspiring R&D effort. More recently the focus has moved towards endogenizing the rewards to research activity in these tournament settings, since this can induce extra effort or enhance the surplus of the buyer. We focus on a research contest as a means of selecting a partner for an R&D enterprise, in an informational setting in which the established providers of R&D services know more about each others’ relative capabilities than does the buyer/sponsor. An alternative use of our model is in choosing between prospective patentees where the Patent Trading Office has less information on the patents than the competitors. This asymmetry creates a source of inefficiency if a rank order contest is used as a selection device; we show how the contest can be modified to improve selection efficiency, while maintaining its simplicity (as only ordinal information is required). The modification that we suggest involves endogenizing the prizes that are awarded contingent upon whether a contestant wins or loses the contest. Furthermore, the payment system and the selection mechanism are detail-free. This paper is part of the project “The Knowledge-Based Society” sponsored by the Research Council of Norway (project 172603/V10).     

Trade and the balance of payments

Net trade was a substantial drag on GDP growth in 2012 and, though that turned around in 2013Q1, this was only due to imports falling by more than exports. The export weakness has been due to the poor performance of services and falling exports of goods to the EU. In contrast exports of goods to non‐EU countries have held up well, rising 3.8% in the three months to May relative to a year ago…     

Estimating deferred taxation on dividends in business groups

In a group of companies corporate income taxation is levied on basic earnings and then on dividends paid to holding companies. The entity of this taxation depends on the tax regime, so that income may be taxed twice, first in the hands of the subsidiaries, then in the next years in the hands of holding companies. Therefore, consolidated profits may not be wholly paid to shareholders (who are the ultimate owners) and deferred taxes have to be computed in order to determine the true profitability of a group of companies. Using input–output theory, we developed a framework to estimate deferred taxation on dividends in business groups. Such relationships can be particularly useful when cross‐shareholdings exist to determine deferred liabilities under several accounting standards. Copyright © 2000 John Wiley & Sons, Ltd.     

Trade and the balance of payments

The trade data has been particularly volatile this year. After a weak start to 2013, the volume of goods and services exports increased by 3% quarter‐on‐quarter in Q2. But monthly data since has again been weak and a substantial decline in exports looks likely for Q3…