供应链剩余与并购协同效益

供应链协调机制是介于企业外部的市场交易机制和企业内部的行政权威机制之间的一种中间机制。具有完全独立自主权的单个企业以牺牲一定的独立性和控制权加入供应链并遵循供应链的协调。必然要求获得某种额外的补偿。超出供应链形成前的单个企业收益总和的供应链剩余的形成并在参与企业间的合理分配。是供应链合作关系形成的前提。收入上升、成本下降、税负减少和资本成本的降低是企业并购产生协同效益的四个主要来源。这四个来源同样是供应链剩余的主要来源。但并购协同效益与供应链剩余在四个来源的具体实现方式上存在不同。这种不同正好体现了一体化的内部协同与供应链成员企业之间的合作协同之间的差异。     

跳板理论视角下跨国并购对双元创新的影响机制与未来展望

跳板理论为双元领域的研究提供了国际化的视角与思路。基于跳板理论的核心内容,本文探讨跨国并购对双元创新的影响机制。跳板理论视角下,双元创新研究突破以往组织内部双元的局限性,拓展至内外双元与跨模式双元,进而推动跨越组织边界与国际边界的跨国并购这一跳板行为对探索式创新、利用式创新以及双元创新平衡的影响研究。基于双向知识转移的并购整合是跨国并购对双元创新影响过程的核心作用机理,且创新网络嵌入、技术距离以及制度距离在上述影响关系中发挥着重要的调节作用。在此基础上,本文提出该领域后续值得深入研究的问题,旨在推动跳板理论在双元创新领域的繁衍,丰富跨国并购领域的研究成果,同时为企业国际化战略决策与实施提供重要的理论参考。     

TMT conflict,organizational structure,and entrepreneurial orientation: An attention-based view

Drawing on the attention-based view, this study investigates the linkage of top management team (TMT) conflict to entrepreneurial orientation (EO) and the moderating effect of organizational structure in terms of formalization and centralization on the linkage. It finds that TMT cognitive conflict is positively related to EO, while affective conflict is negatively related to it. Furthermore, formalization positively moderates the linkage of TMT cognitive conflict to EO, while negatively moderates the negative linkage of TMT affective conflict to EO. Moreover, centralization does not significantly moderate the linkage of either TMT cognitive or affective conflict to EO. This study enriches our knowledge of the antecedents of EO, improves our understanding of the value of TMT conflict by distinguishing between TMT cognitive conflict and affective conflict, and introduces a novel insight—the attention-based view—to elaborate the TMT conflict-EO linkage.     

企业并购后财务整合研究——蒙牛集团并购君乐宝公司案例

大企业、大集团大多是通过资本并购、重组、收购等资本运作手段而发展起来的,企业并购后的整合是决定并购成败的关键因素,其中财务整合更是并购整合的重要环节.本文以蒙牛集团并购君乐宝公司的实践作为案例研究对象,提出一套并购后财务整合新思路——财务整合要以公司价值最大化为目标,选择的整合时机分融合和协同两个阶段,有重点地逐步推进,印“一个目标、两个阶段、六项重点”的财务整合思路.明确了各项重点财务整合内容的具体措施及实施要点,使公司财务整合过程更加易于操作、有章可循.同时也为其他公司在财务整合以及其他方面的整合提供参考.     

并购对价方式选择：公司特征与宏观经济冲击

并购对价是公司顺利完成并购交易的前提,也是并购整合成功与否的保障。以2006—2009年间的265例并购交易为研究样本,采用Logistic回归方法,将微观公司特征变量与宏观经济冲击变量纳入同一研究框架,重点考察在我国特有的宏观环境下并购对价方式选择决策的驱动因素。研究结果表明:并购公司在选择对价方式时,主要关注公司债务融资能力、目标公司的信息不对称、公司未来投资需求以及经济发展水平和货币政策的影响,较少考虑控制权稀释威胁的影响;股票市场的发展水平与并购对价方式选择不存在显著关系,这意味着"市场择时"理论在中国并购市场上并不适用。     

An Analysis of the Inward Cross‐Border Mergers and Acquisitions in the U.K.: A Macroeconomic Perspective

The incidence of cross‐border mergers and acquisitions (CBM&As) has accelerated over the past two decades. Yet previous empirical work relating to CBM&As has been confined to firm‐specific factors. This is against the backdrop that researchers have not been able to develop a coherent theory explaining the increasing trends of CBM&As activity. Building on prior studies, this study attempts to extend the few existing studies by using a simple empirical nonlinear framework to analyse the number of CBM&As inflows between 1987 and 2008 into the U.K. from a macroeconomic perspective. The main findings are that the response of the inflow is asymmetric as there is more persistence during stock market booms versus recessions. There are asymmetries with respect to relative prices suggesting that merger inflow activity appears to be higher once the stock prices rise above a threshold level of 8 per cent. Other factors which have significant bearing on CBM&As inflows are the rate of inflation and growth in real GDP.     

资产负债观在我国新会计准则中的应用：意义与特征

资产负债观是面向资产负债表,以资产和负债为主的计价观,认为企业的收益是资产和负债变化的结果而不是收入和费用配比的结果。我国在新会计准则中引入资产负债观会计理念,有助于企业从传统的利润指标转向致力于企业的长期发展,从而推动我国资本市场的健康发展。本文结合资产负债观在新准则中的具体应用,揭示了其丰富的理论内涵及其在我国新会计准则中应用的特点和意义。     

民营企业并购国有企业的企业文化融合影响要素研究——东方希望集团并购蓬威石化案例分析

由于民营企业与国有企业之间的文化差异,文化融合成为影响企业并购成功与否的关键.本文以民营企业并购国有企业后的企业文化冲突为切入点,通过对民营企业和国有企业文化的特征识别,剖析二者融合后企业文化存在的关键问题,识别出民营企业并购国有企业后影响企业文化融合的关键要素为文化特质、领导行为与员工行为.并以东方希望集团为案例,通过对东方希望集团并购莲威石化后产生的一系列企业文化冲突进行分析,揭示这些要素对企业文化融合的作用机理,为提升民营企业并购国有企业的文化融合提供参考和借鉴.     

Environmental management practices and financial performance using data envelopment analysis in Japan: The mediating role of environmental performance

This study investigates the relationship between environmental management practices (EMPs) and financial performance (FP) and consequently ascertains whether environmental performance (EP) can mediate the EMPs–FP nexus. Distinctly using data envelopment analysis and generalised method of moments techniques to analyse a comprehensive dataset of Nikkei 225 listed firms from 2007 to 2018 (1920 firm-year observations), our findings first suggest that EMPs have a positive effect on FP. Second, the desired EP can be achieved through the adoption of comprehensive EMPs. Third, improved EP has a substantial impact on shaping the EMPs' effect on FP. These findings are consistent with the predictions of resource-based view and institutional theories. The results are robust to controlling for different types of alternative measures and endogeneities. The findings have important implications for academics, investors, managers, policymakers and regulators.     

Radical innovations in new product development and their financial performance implications: An event study of US manufacturing firms

At the dawn of the 21st century, global competition continues to increase at an accelerating rate and radical innovation is recognized as a potent weapon for firms to achieve sustainable competitive advantages. Academics, practitioners and consultants share the view that radical innovation is important to the long-term financial success of firms. Nevertheless, empirical studies on the relationship between radical innovation and firm performance have been dominated by survey research, which provided little concrete evidence on the financial impact of radical innovation. In this study we traced the financial performance of publicly traded manufacturing firms in the United States that introduced radical innovations over the period 1986-2000 and examined whether radical innovation could lead to superior financial performance in these firms. We employed the event-study method, matching each sample firm with a control group of firms in the same industry with similar pre-event performance and firm size. Our results show that while radical innovation helps firms maintain sales growth and return on sales (ROS), firm profitability in terms of return on assets (ROA) is not significantly improved. In fact, manufacturers suffer from a decline in profitability upon the introduction of radical innovations in new product development.     

An analysis of environmental sustainability in small & medium‐sized enterprises: Patterns and trends

One of the greatest challenges facing the world today is climate change. The need to consistently advance with environmentally sustainable practices in today's businesses is crucial, and businesses are demanded to be more environmentally sustainable every day. This study conducts an analysis of the literature on small and medium‐sized enterprises' (SMEs) environmental sustainability by carefully examining 122 studies from 58 journals published from 2013 to 2019. We investigate the trends in drivers and barriers of sustainability adoption to inform both SMEs managers and policymakers. Our results also classify the reviewed studies on the basis of their methodologies and show the distribution of studies across industry sectors and locations in order to set directions for future research on sustainability practices of SMEs.     

Efficiency Performance and Dominance in Influential Subsets: An Evaluation using Fuzzy Clustering and Pair-wise Dominance

The identification of influential subsets in efficiency studies is an ongoing research concern. Seaver et al. (1999) have demonstrated the value of using a fuzzy clustering strategy to identify influential subsets without knowing which production plans are outliers a priori. From a fuzzy clustering perspective, dominance is assessed in terms of the degree of belonging of a production plan in an influential subset. From a production point of view, dominance is assessed in terms of pair-wise comparisons. These concepts of dominance within influential subsets are illustrated using the preprint insertion data set (Girod, 1996).     

Evaluation of ecological systems and the recycling of undesirable outputs: An efficiency study of regions in China

A balance between environmental regulation and economic prosperity has become a major issue of concern to attain a sustainable society in China. This study proposes the application of Data Envelopment Analysis (DEA) for measuring the efficiencies of the ecological systems in various regions of that country. The proposed approach differs from most of the previous ecological systems models in that we view it in a two stage setting; the first stage models the ecological system itself, and from an economic perspective, while the second stage (decontamination system) models water recycling as a feedback process, and the treatment of other undesirable outputs coming from the first stage. There, we separate polluting gases and water into two parts; one part is treated, while the other is discharged. The model considers two major desirable outputs from the first stage, namely Population and Gross Region Product by expenditure (GRP), as well as undesirable variables in the form of consumed water, and certain pollutants, namely nitrogen oxide, sulfur dioxide and soot. At the same time, these undesirable outputs from the first stage are inputs to the second decontamination stage. As well, recycled water is fed back into stage 1. Thus, intermediate variables such as consumed water and waste gas emission simultaneously play dual roles of both outputs and inputs in the ecological system.     

城乡统筹视角下城市土地集约利用评价研究——以山东省胶南市为例

本文首先从城乡统筹视角诠释了城市土地集约利用的含义,建立了城乡统筹视角下的土地集约利用评价指标体系,运用“均方差决策分析法”,对胶南市上地集约利用进行综合评价,结果表明:在时间序列上,胶南市土地集约利用总体上早上升趋势,但集约利用程度不高,离真正意义上的集约利用还存在较大距离;从农用地和建设用地集约利用程度来看,几前农...     

An Evaluation of the Impact and Effectiveness of Environmental Legislation in Small and Medium‐Sized Enterprises: Experiences from the UK

With small‐ and medium‐sized enterprises (SMEs) accounting for 99.7% of the 4.7 million UK businesses, they can have a huge collective impact on the environment, which in turn is being increasingly regulated. This study investigated the impact and effectiveness of environmental legislation on UK SMEs as well as determining if ‘compliance’ results in improved environmental protection. Interviews were conducted with SME management, site staff, regulators, policy officials and support organisations. Forty‐four SMEs from the north‐west of England participated in the study, and overall a total of 99 individuals were interviewed. The study clearly indicates that the impact of environmental legislation on SMEs is overstated and impact increased commensurate with effort to comply and enforcement action. Only one of the SMEs studied had been prosecuted and only two had been inspected. Compliance issues identified in those SMEs subject to direct regulation did not correlate with previous compliance audits conducted. In general, SMEs had poor awareness of compliance issues; non‐compliance was only really recognised and acknowledged if identified by a regulator and only regarded as serious if prosecuted. Regulation of the environment is clearly only effective if complied with; understanding compliance levels can help measure the link between legislation and environmental protection. The effectiveness of environmental legislation can only be understood if SMEs are subject to regular regulatory contact. Recommendations to improve SME compliance control systems are provided. Copyright © 2011 John Wiley & Sons, Ltd and ERP Environment.