企业兼并重组的文化动因分析

企业参与兼并重组的动机是很复杂的,如为了进军新市场,消除竞争对手,扩大企业规模和利益,增强企业自身的竞争力等.这些动机基本上都是指向经济利益的,也确实是企业参与兼并重组的基本动机.尽管企业的具体动机可能有别,但企业总的动机或目的主要还是取得重组的溢出效应,即实现1+1＞2的效果.其实,除了这些指向经济的动机之外,文化也是企业参与兼并重组的重要动机.     

企业兼并重组中的企业文化整合浅析

据资料显示,在全球范围内,资产重组的成功率只有40%左右。在那些失败的重组案例中,80%以上直接或间接起因于新企业文化整合的失败。严峻的现实迫使我们把注意力从兼并的量上转移到质上,现在,兼并后企业文化的融合问题正日益引起全社会的高度重视。     

企业兼并重组中的股权收购研究

并购浪潮席卷全球的大环境,促使我国企业为提高自身竞争力纷纷进行重组.本文首先分析了当前我国并购现状及采用股权收购的动因,在此基础上,研究股权收购可能带来的财务风险和法律风险,最后提出相应的风险防范措施,推进企业并购的顺利进行.     

略论我国企业的兼并重组

本文从企业兼并重组过程中存在的问题入手,提出了若干政策建议,对我国企业改革的深入有一定参考意义.     

外资并购境内企业特点分析

跨国并购在外国直接投资中的地位日趋重要。外资并购境内企业属跨国并购范畴,是特指中国境外企业与境内企业间的并购与重组行为。与绿地投资相比,外资并购境内企业还处于起步阶段,尚未成为中国利用外资的主流方式。但近年来,外资并购境内企业呈现了发展速度不断加快、规模不断扩大、领域不断拓宽、并购方式日益多样化、目的多元化、地区集中化的特点。     

混合所有制企业股权结构对社会责任履行影响研究

在中国经济不断深化改革的背景下,混合所有制企业通过股权结构的不断优化来提高企业竞争力,但在此过程中我们更应该从企业长远发展的角度来重视社会责任的履行情况。本文选取上海证券交易所A股上市的制造业232家国有企业作为研究样本,从国有股持股比例、管理层持股、股权集中度和股权制衡度等方面分析股权结构对企业社会责任履行的影响,以期制造业国有企业上市企业能够不断提高公司治理水平,积极履行企业社会责任。     

浅析水泥企业兼并重组后潜亏因素及对策

近年来随着国家淘汰落后水泥产能、鼓励大型水泥企业联合重组的政策出台后,大型水泥企业集团加快了兼并重组步伐。本文从水泥工业发展现状出发分析水泥企业的重组动因,并对水泥企业并购重组后易出现的潜亏现象进行探讨,同时提出相应的解决方案。     

快递企业兼并重组中的财务问题分析

兼并重组是有效配置资源、转变行业整体经济形势的重要手段和方式。对于快递行业而言,兼并重组是快递服务业优化产业布局、加快产业转型升级的必然需求,同时也是快递企业转变发展方式,提高运营质量和企业效益,增强服务能力的现实选择。本文从分析快递企业兼并重组的必然性入手,对快递企业兼并重组中面临的财务问题以及解决对策进行探讨。     

快递企业兼并重组中的财务问题分析

随着电子商务的发展,快递行业的发展也迅速发展起来。行业整体经济形势得到了根本转变,企业兼并重组已成为资源有效配置的重要方式。国家邮政局印发《关于快递企业兼并重组的指导意见》(国邮发〔2011〕108号),充分认识促进快递企业兼并重组的重要意义。本文重在探讨快递企业兼并重组中的有关财务问题。要想使兼并落到实处,不走形式,只有率先在财务管理方面和会计核算方面进行全方位的解析,才能真正把企业做大做强,使企业高效、长期稳健的运转下来。     

国有企业兼并重组实践研究

自经济全球一体化以来,为企业的发展和提升同时带来了机遇与挑战。而近几年国有企业改革的势头愈演愈烈,各种改革模式、企业优化、结构调整的方式层出不穷,为适应当代的市场竞争,增强国有企业的综合实力,完善管理机制和优化产业结构,国有企业的兼并与重组势在必行。而在改革进程中,各种问题和弊端也逐渐暴露出来,我国现有国有企业的规模数量以及兼并重组的进程相比西方国家还较为落后,研究探讨也不够深入,缺乏成功案例去依据,所以本文就实施国有企业兼并重组的意义所在,分析了改革进程中存在的问题,提出了一些建设性的措施和建议,以期能为国有企业的兼并重组改革的实践研究有所帮助。     

外资并购和国内并购财富效应的比较研究

本文以49起外资并购中国上市公司的事件和52起国内并购事件为样本,运用事件研究法对外资并购和国内并购的财富效应进行了比较研究。研究结果表明:从总体上看,外资并购公司股东获得的累积超额收益要大于国内并购公司股东获得的累积超额收益,尤其在并购公告前后的几个短期累积区间内,外资并购的累积超额收益(CAR)要显著高于国内并购。     

竞争效应对外资企业向国内企业技术外溢的刺激作用

本文通过建立理论模型的方式,采用静态均衡分析的方法,讨论了竞争效应对外商投资企业向国内企业技术外溢的刺激作用。通过分析,本文证明了当东道国劳动力工资受到内外资企业劳动力需求的影响,且国内经济有一个有效的研发部门时,那么外商投资企业生产技术的改进会通过竞争效应推动国内企业的技术进步,且东道国的整体国民收入亦会随着外商投资企业技术水平的上升而增加。     

Public Export Credit Guarantees and Foreign Trade Structure: Evidence from Austria

Foreign trade is usually not based on cash transactions, but rather sales on credit are the rule. The resulting monitoring costs for lenders and the risk of default on accounts receivable are part of the costs associated with cross‐border goods transactions. Relative to domestic trade credit, cross‐border credit creates trade barriers due to differences in language, business practice, jurisdiction and payment enforceability between trading partners. Export credit insurance has long been a domain of public export credit agencies. Only since the early 1980s private insurance is gaining ground. Using disaggregated panel data for goods exports from Austria over the period 1996 to 2002, we show that public export credit guarantees have a less than proportional positive effect on international trade volume. They predominantly affect the country structure of foreign trade but leave the industry specialisation almost unchanged.     

Antecedents of Green Brand Equity: An Integrated Approach

A steady demand for green products from concerned consumers has led companies to introduce new product lines that match or exceed consumer environmental concerns. Nonetheless, not all the organizations were able to achieve significant returns on their investments in green products. These failures are generally attributed towards companies’ inability to overcome consumer scepticism towards the performance of functional and green attributes of their brands to generate a positive green image and green value in consumers mind. Therefore, the question arises that does the success in promoting green brand image and value depend on consumer existing perceptions about the brand quality and credibility? This study analyzes the influence of brand perceive quality and credibility on consumer perceptions towards a brand green image, green value and green equity. A theoretical model with hypothesized relationships is developed and tested to answer these research questions. Data have been collected from the consumers of electrical and electronic goods. The hypothesized relationships were tested with the help of structural equation modeling procedure. The results suggest that brand perceived quality and its overall credibility does have a significant influence on generating a greener image, green perceive value and green brand equity.     

金字塔结构和权益资本成本:理论分析与经验证据

本文以东亚8个国家/地区为研究对象,考察金字塔结构对权益资本成本的影响.研究发现,在金字塔结构下,由于存在控制权与现金流所有权的分离,使得其控股股东既不受控制权市场的威胁,又可以外部化大多数经济后果,从而加剧控股股东与外部投资者之间的代理冲突.这一代理冲突,直接影响投资者对公司未来现金流量的预期,使得外部投资者面临更严重的信息风险.外部投资者因此要求更高的风险补偿,从而提高了公司的权益资本成本.文中的实证分析为此提供了经验证据.     

“二元”对外直接投资与贸易结构:机理与来自我国的证据

本文针对我国对外直接投资的现实情况,从对外直接投资的二元路径——顺梯度OFDI与逆梯度OFDI(Outward Foreign Direct investment),研究了二元对外直接投资影响贸易结构的机理,并利用我国1984-2008年的数据进行了验证,研究表明,我国对外直接投资较大地促进了我国贸易结构的升级;国内产业结构优化与研发利用率提高均能优化我国贸易结构;汇率水平的变动在我国贸易结构长期调整中并无显著影响。     

Patterns of Entry,Post-Entry Growth and Survival: A Comparison Between Domestic and Foreign Owned Firms

This study compares the patterns of entry, survival and growth of domestic and foreign owned firms. We show that the post-entry behavior of foreign owned firms is quite different from that of their domestic counterparts. Among foreign entrants, we were able to distinguish between those which proceed by creating a new firm and those that acquire an already existing business. Our evidence reveals that the choice of the mode of entry in foreign markets exerts an impact upon the performance of firms that persists long after the moment of entry. As a consequence, our work clearly indicates that there is much to be gained in the understanding ofthe process of entry in foreign markets by studying the behavior of entrants over their first years in these markets.     

Environmental Assessment and Marketing Plans of Leading Domestic and Foreign Firms Operating in Latin America

This exploratory study indicates that executive of leading Latin American-based and Multinational Corporations (LANCs and MNCs) share bleak perceptions of the region's future but differ markedly on their regional plans. The decision to continue operating in the region is related, in the case of MNCs, to both the local and global attractiveness of their industries. In contrast, the captive commitment to the region of LANCs highlights the broader strategic scope and higher expectations of MNCs. The study also points out some implications of these findings for corporate managers and government officials.     

On the Growth of Micro and Small Firms: Evidence from Sweden

The relationship between the size, age and growth rate of firms is examined for a large sample of micro and small firms in Sweden. These firms have between 1–100 employees and operate in a geographically concentrated area. Micro and small firms are dominant in the industrial structure and thus their growth patterns are crucial to the economic growth of the region. The period of study is of particular interest because it allows us to evaluate the effects of various regional development policy programs on the growth and formation of firms. The data is an unbalanced panel covering the period 1993–1998. We allow for the exit and entry of firms. The growth rate is defined in terms of the number of employees, sales and assets. In the estimation of the growth rate we control for various factors characterizing the sample firms, their capital structure, performance, human capital, and local labor market conditions. Our results show that the relationship between the growth, size and age of firms is very sensitive with respect to the method of estimation, functional form and definition of growth and size.