试论市场经济条件下的企业财务管理

财务管理是企业组织财务活动,处理与各方面财务关系的一种主要经济管理活动。中国加入WTO后财务管理面对着新的形势,财务管理的作用显得越来越重要。因此,需要强化企业的财务管理,达到全面提升企业竞争能力的目的。     

关于发展公司债券市场的几个问题

公司债券市场是金融市场的重要组成部分。长期以来由于种种原因制约着公司债券市场的发展,从而也影响着我国投资体制的改革,影响着金融市场的发展。为此,为尽快修改有关法律法规。调整和规范公司债券的各项法律法规条款,从而加快公司债券市场的发展。     

Do all networks facilitate international commerce? US law firms and the international market for corporate control

This paper estimates the effects of several American law firms' international networks of offices on the total value of overseas mergers and acquisitions (M&A) by US corporations. Nowadays many nations can review proposed mergers and US law firms help clients overcome such regulatory hurdles, effectively greasing the market for corporate control. However, they can also oppose transactions that are inimical to their clients' interests. I present evidence that suggests that Baker & McKenzie—the US law firm with the most overseas offices—has facilitated such transactions, whereas the combined effect of the next five largest American law firms has tended to reduce such M&A. J. Japanese Int. Economies 17 (4) (2003) 520–537.     

A classification of mergers and acquisitions by motives: Analysis of market responses*

Abstract. This study classifies mergers and acquisitions (M&A) into three target groups: (i) those that choose M&A as an alternative to bankruptcy, (ii) highly liquid target firms, and (iii) the remainder of M&A. Each of these categories yields different market responses: stockholders of bankrupt-predicted target firms have the lowest abnormal returns while stockholders of highly liquid targets have the highest. These results are consistent with the free-cash-flows hypothesis for M&A and are robust to possible confounding effects, such as size, method of payment, and whether the takeover is a merger or a tender offer. Résumé. Les auteurs classifient les fusions et les acquisitions selon trois groupes, savoir: i) les entreprises qui choisissent la fusion ou l'acquisition comme solution de rechange à la faillite, ii) le entreprises cibles qui ont un degré élevé de liquidité et iii) les autres cas de fusions et d'acquisitions. Chacun de ces groupes suscite des réactions différentes du marché: les actionnaires d'entreprises cibles dont la faillite est prévisible enregistrent les rendements anormaux les plus faibles tandis que les actionnaires des entreprises cibles ayant un degré élevé de liquidité enregistrent les rendements les plus élevés. Ces résultats sont conformes à l'hypothèse des flux monétaires libres relative aux fusions et aux acquisitions et résistent aux effets contradictoires possibles, tels que la taille, le mode de paiement et la nature de la prise de participation (fusion ou offre publique d'achat).     

Strategic corporate development in the context of mergers and acquisitions (case study of Kursk oblast)

This article illustrates corporate development, mergers, and acquisitions in the market economy in a case study of Kursk oblast. Mergers and acquisitions remains a top issue on the agenda during the global financial crisis, as they are one of the main ways of corporate strategic development and the fastest way to obtain additional industrial and financial funds. Several development strategies are described in the context of mergers and acquisitions. They include horizontal, vertical (generic), conglomerate, strategic, investment and cross-border strategies associated with logistical improvements.     

Preferential corporate income tax treatment: Valuation in the market portfolio

In the setting of the market portfolio, the impacts of preferential corporate income tax treatments through the valuational reduction for risk are opposite to and offset the impacts through the expected proceeds. This suggests that focusing on the absolute valuation of tax-favored firms results in the undermeasurement of implicit taxes on returns on investments in tax-favored firms and the relative valuation with reference to fully taxed (i.e., tax-disfavored) benchmark firms be used. In addition, corporate income taxes imposed on entities and capital income taxes imposed on investors have opposite valuational effects through the endogenously derived market-aggregate aversion to risk.     

Financial,corporate and tax harmonisation for capital market development in southern Africa

An integrated capital market can significantly improve prospects for a region which seeks to accelerate its development but is critically short of the requisite capital The function of a capital market is the transformation of savings by private individuals into investment capital required by business concerns. However, the processing of transformation requires mediation between their respective interests through an effective mechanism for facilitating access to the market for capital It also requires allocational efficiency so that capital investment is directed where it is most useful and provides the best yield.

This article considers the measures that should be adopted to facilitate harmonisation leading to the growth of a regional capital market which is necessary for regional integration. It reviews trends in capital controls, corporate and financial regulatory practices and tax regimes and discusses the implications for capital mobilisation and investment. The regionalisation of capital would call for considerable convergence and coordination of policy and practice in capital control, regulatory requirements and fiscal systems.     

澳大利亚旅华市场的发展特征与竞争因素分析

本文在探讨了澳大利亚旅华市场发展具有七大特征的基础上，分析了澳大利亚旅华市场竞争的影响因素，即从政治、航空、经济、市场等方面分析了澳大利亚旅华市场的竞争劣势因素，从政治、资源、文化、进入性、促销等方面论述了澳大利亚旅华市场的竞争优势因素。     

The market for corporate subsidiaries in Japan: An empirical study of trades among listed firms

We investigate trades of wholly- or partially-owned subsidiaries between firms listed on the Tokyo Stock Exchange (TSE) for the years 1996–2010, to explore the economic impact in terms of strategic refocusing, stock market valuation and performance effects. By pairing both sides to each deal, we show differences in firm characteristics, returns, and subsequent performance of buying and selling firms. Unlike mergers between whole firms, most subsidiary deals straddled different industries. Most sellers were larger, more diversified and less profitable than buyers. Our event study reveals that abnormal returns were positive for buyers yet insignificantly different from zero for sellers. However, subsidiary sales in the core business earned negative returns, the more so the larger the deal. An analysis of ex-post operating results shows that the performance of sellers often declined after the trade, in particular for firms that divested a core-related subsidiary. We conclude that subsidiary trades in Japan in this period contributed importantly to strategic repositioning and a more efficient use of corporate assets.     

企业家能力结构的社会学分析

面对全球企业兼并重组的热潮 ,我们既要抓住机遇 ,不失时机地进行经济结构的战略性调整和兼并、联合、股份制等资产重组 ,提高产业集中度和企业竞争力 ,抗衡国际跨国公司 ;又要深入探讨兼并重组的负面效应 ,以防范、化解和规避资本运作风险 ,通过现代市场竞争方式维护我国企业     

Stability of a competitive economy: A reconsideration

Negishi (1962) suggested that price adjustment was a means of attaining a particular optimum rather than an equilibrium; this provides the starting point for the present paper. Using a gradient process to arrive at an optimum, the paper shows that with proper distribution of endowments, this process may be considered to be an actual price adjustment process. The role of a proper distribution is investigated further and related to the existing published literature. It is also shown that if the distribution of endowments satisfies certain regularity features then the equilibrium will be globally stable under the classical price adjustment rule where price adjustment is proportional to excess demand.     

Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan

This paper investigates whether firms are able to substitute bank loans for public debt when the latter become less available to firms. To do so, this paper utilizes the 2008 financial crisis and its impact on Japanese markets as a natural experiment. Because the Japanese banking sector remained functional while the corporate bond markets were paralyzed, the data from Japan during this period provide us with an ideal environment to examine this hypothesis. I specifically examined whether firms with large holdings of corporate bonds maturing in FY2008 were financially constrained, by comparing the changes in their capital investment expenditures and borrowing conditions with those of bank-dependent firms. The main empirical results indicate that (1) firms with large holdings of corporate bonds maturing in FY2008 did not reduce investment expenditures; (2) instead, they exhibited higher increments in bank loans; and (3) firms that maintained relatively close bank-firm relationships had greater access to bank loans with low borrowing costs. These findings demonstrate that Japanese firms were able to substitute bank loans for public debt during the crisis and imply that the Japanese banking sector worked efficiently to replace public debt markets during the crisis.     

A review of corporate governance in China

The paper reviews the literature on internal and external corporate governance mechanisms in China. Chinese regulatory bodies have made considerable efforts to improve the corporate governance of listed firms. However, research has shown that most of the governance instruments that are effective in developed nations are less effective in China. We attribute the ineffectiveness to the large stake of the state in listed firms, strong political connections between listed firms and the government, and the lack of a truly independent judicial system. Some suggestions for making corporate governance more effective in China are provided.     

竞争优势视角下的企业战略并购风险分析

企业战略并购是目前企业并购浪潮的新趋势,其目标是获取竞争优势。从企业竞争优势的角度分析企业战略并购,对于我国企业充分认识战略并购的风险,实施恰当的并购战略,实现企业持续发展有重要的战略指导意义。     

Eliminating contradictions in the domestic metals market under crisis conditions

The influence of foreign trade policy on the development of Russian metallurgy increased from 1990 to 2000. The 2008–2009 crisis makes it possible to critique the achieved results and what consequences metallurgical companies’ orientation toward export has had on Russia’s domestic metals market and the circulation of metal. Alternatives are considered for possible development of metallurgy as affected by the basic trends of metal and capital in the world and domestic markets.     

Supply response under market liberalisation: A case study of Malawian agriculture

In order to analyse the effects of policy reforms, output supply and factor demand responses to input and output prices for Malawian agriculture are estimated in this article in a multiple-output, multiple-input framework. The implications of various structural adjustment policies implemented in Malawi are analysed using the model results for their impact on the smallholder agricultural sector. The results of the analysis indicate that removal of fertiliser subsidy – a major component of market reform policies – does not substantially reduce the production of maize, the major staple food in Malawi. However, when implemented in appropriate sequence along with other output market liberalisation policies and increased investment in infrastructure, such a policy is likely to increase the productivity of smallholder agriculture.