风险投资对企业并购决策的影响及作用机制

近年来,伴随着并购市场的快速发展及股权投资退出渠道的多元化,风险投资参与的并购决策事件大幅增多。本文以我国创业板上市企业完成的并购事件为研究样本,系统研究风险投资对企业并购频次、并购支付方式及多元化并购行为等方面的影响及其作用机制。结果发现,风险投资能够通过抑制管理层过度自信进而降低并购方的频繁并购行为;得益于风险投资对并购中信息不对称的缓解,目标方接受有风险投资背景的企业以非现金方式作为并购支付对价的概率更高;此外,风险投资通过提升企业内部控制有效性,使得有风险投资背景的企业更偏好于进行同行业并购,以优化企业并购目标选择及实现企业规模效应。     

A comparative ownership advantage framework for cross-border M&As: The rise of Chinese and Indian MNEs

MNEs from emerging economies (EE MNEs) have recently undertaken aggressive cross-border mergers and acquisitions (M&As). This phenomenon challenges the current understanding in the international business literature. Integrating the comparative advantage theory with Dunning's OLI paradigm, this article develops a comparative ownership advantage framework characterized by five attributes: (1) national-industrial factor endowments, (2) dynamic learning, (3) value creation, (4) reconfiguration of value chain, and (5) institutional facilitation and constraints. We test five propositions with a dataset of 1526 cross-border M&As by Chinese and Indian MNEs from 2000 to 2008. Preliminary results support the new comparative ownership advantage framework.     

The emotions of top managers and key persons in cross-border M&As: Evidence from a longitudinal case study

Building on prior research on emotions in M&A, this paper analyses the post-M&A emotions of top managers and key persons from the acquired company by examining what triggers emotions during the post-acquisition integration stage, and what the consequences of those emotions are. This study applies cognitive appraisal and affective event theories with empirical evidence based on a longitudinal, single case study of an Indian–Finnish acquisition. The main findings imply that M&As are very emotional for top managers and key persons. Our findings reveal that they experience a wide range of positive and negative emotions triggered by individual and company-level triggers. Interestingly various triggers can have different and opposite appraisal outcomes in the short and long-term. In addition, top managers and key persons are often restricted in the range of behavioural outcomes caused by emotions.     

基于跨国并购的创新网络嵌入、网络异质性与创新质量研究

区别于现有研究通常将跨国并购视为一个“事件”研究其对并购企业技术创新的影响,基于创新网络视角,文章采用中国上市公司数据,通过关系嵌入和结构嵌入两个维度探讨基于跨国并购的国外创新网络对创新质量的影响机制。研究发现,通过跨国并购嵌入创新网络的直接联系促进了创新质量提升,间接联系和结构洞对创新质量产生了显著的抑制效应。网络异质性对基于跨国并购的创新网络嵌入与创新质量具有倒U型调节作用,在网络异质适度阶段,网络异质性正向调节基于跨国并购的创新网络嵌入的创新质量效应,在网络异质过度阶段,网络异质性具有负向调节效应。研究发现为新兴经济体企业实施跨国并购,有效嵌入国外创新网络,配置创新资源,提升创新质量,提供了有价值的参考。     

On the discursive contest of an international M&A relationship development process within financial services

The global liberalisation of national regulated financial services’ sectors has opened up a wave of international mergers and acquisitions processes. To succeed with such processes, a positive relationship needs to be developed between involved parties. But actors within and outside involved companies in international mergers and acquisitions may have conflicting interests, not least because of national resistance to changes in domestic financial sectors. In order to study the discourse among such actors, this paper presents a theoretical view based on business relationships, highlighting the concept of legitimacy. The aim is to analyse how different actors communicate in and through the media, in order to legitimise their own actions or to delegitimise the actions of their opponents in the relationship development process. The empirical investigation is a longitudinal study of an acquisition process between two insurance companies from Sweden and South Africa. A discourse analysis shows that the relationship development process is not only a matter of rational arguments. It is rather a struggle between actors drawing on discourses that change over time, as a means to affect perceptions of legitimate behaviours to reach the preferred outcome.     

Language and identity in the shadow: A multi-case study of a Japanese multinational corporation

This paper explores how different organizational identities can be constructed by the use of multiple languages within a multinational corporation’s (MNC) subsidiaries. Scholars are increasingly interested in the importance of language in international business but little is currently known about how identities interact with language across an MNC’s subsidiaries. Applying language and social identity theory, this paper analyses the interactions between organizational identity and the use of multiple languages within the lines of communication in the Thai, Taiwanese and US subsidiaries of a Japanese MNC, focusing especially on communications with customers and headquarters. The findings reveal the range of uses of different languages in the lines of communication and the attendant sharing and shaping of social identities in each subsidiary, thus highlighting the importance of the contexts of subsidiaries. In addition, in a sharp contrast to the approach to linguistic identity assumed in the current literature, the findings reveal how national identity can be sustained independently of the use of language. Moreover, the findings also reveal that perceived identity is influenced not only by actors’ language abilities and ethnicity, but also by their post-colonial views on both parent and host countries, and how this underpins shadow organizational structures.     

影响中国企业在澳大利亚投资的政治经济因素分析

中国政府的走出去战略以及庞大的外汇储备为中国企业对外投资创造了坚实的基础,而澳大利亚国内资本的缺乏也为中国企业投资提供了良好的契机。中国企业在澳大利亚的投资计划既有成功的案例,也有失败的教训。影响中国企业在澳大利亚投资成败背后的政治经济因素包括投资敏感产业、两党政治、中国企业的国有产权性质及制度差异等。中国企业在澳投资应建立在产业链中的互信关系,并适应东道国规则。     

并购动机与并购绩效——基于节约交易成本视角及进一步投资需求的检验

基于节省签订合约成本的研究视角,区分企业横向并购和纵向并购,检验企业纵向并购的内在动机对长期并购绩效的影响。结果发现:专用性资产是企业纵向并购的必要条件,进一步投资则是企业纵向并购的内在动机;相比于横向并购,纵向并购有着更好的长期并购绩效,且随着观测时期的加长而愈加显著。通过中介效应模型检验发现:进一步投资对纵向并购的长期并购绩效具有显著正向影响。纵向并购在节省由专用性资产导致的高昂签订合约成本的同时,不可避免会产生新的组织成本,而进一步投资带来的收益抵消新的成本是企业纵向并购的内在动机,并会带来好的长期并购绩效,但需要在并购一段时间后才能逐渐体现。本文结论的政策含义是强调并购动机与并购绩效的相关性,而以降低交易成本为目的的并购更倾向于有更好的长期绩效,这也是相关并购政策发挥作用的重要前提。     

Lessening the divide in foreign subsidiaries: The influence of localization on the organizational commitment and turnover intention of host country nationals

The retention of host country nationals (HCNs) has become a key challenge for many foreign subsidiaries of multinational enterprises. This study examines whether localization, the replacement of expatriates with HCNs, could serve as a counter-strategy to increase the organizational commitment and reduces the turnover intention among HCNs. Based on social identity theory, we have developed a model to explain the heterogeneous nature of this influence on HCNs depending on different individual-level characteristics, e.g., gender, educational level, organizational tenure, and managerial position. Survey results from 197 Chinese white-collar employees showed that localization increases organizational commitment, which in turn reduces their turnover intention. This tendency was the strongest among male and highly educated employees. Practical and theoretical implications are further discussed.     

Effects of board characteristics on post-acquisition performance: A study of cross-border acquisitions by firms in the manufacturing sector

Our study examines how acquiring firm board characteristics influence the performance of cross-border merger and acquisitions (CBMAs). It is based on a sample of 250 large transactions in the manufacturing sector undertaken by U.S. firms in 33 countries between 1991 and 2006. Our findings reveal that acquiring firms having a larger board and outside directors with greater influence exhibit superior post-acquisition shareholder value creation in CBMAs. In addition, our results indicate that acquiring firms with more dominant CEOs perform better in such acquisitions. From the standpoint of firms engaged in CBMAs, our findings suggest that they stand to benefit from having a larger board and influential outside directors who can diligently monitor and advise top management in undertaking CBMAs. Finally, acquiring firms need to recognize that the complexities and challenges generally associated with CBMAs may require dominant CEOs who can provide clear and unambiguous leadership during the pre- and post- acquisition process.     

我国商业银行并购前景与机制完善

并购是商业银行实现规模经营增强竞争能力的重要手段.面对全球银行业并购浪潮和2006年底我国金融业开放时间表的临近,涉及我国商业银行的并购案在过去几年已经明显增加.本文以我国近年来银行业并购现状为切入点,总结当前我国商业银行并购的特征,分析展望我国银行业并购前景,指出要加快我国银行业并购步伐,有关部门还需创造更加有利的条件,从外部环境和内部条件两方面共同完善我国商业银行并购机制.     

中美两国柑橘的国际竞争力比较分析

我国柑橘产业迅猛发展,目前种植面积、产量分别位居世界第1位和第3位。本文对比分析了中美两国柑橘的进出口贸易状况,运用国际市场占有率、显示性比较优势指数以及贸易竞争力指数对中美两国柑橘的国际竞争力进行定量分析,结合迈克尔·波特的产业竞争理论剖析了中美两国柑橘国际竞争力差距的形成原因,并提出提升我国柑橘国际竞争力的建议。     

并购式内创业中的人力资源整合水平和模式研究

When firms start intrapreneurship by merger or acquisition, the level and pattern of human resource integration becomes a critical issue. However, extant literature has paid scant attentions to this issue. Drawing on the previous researches on M&A intrapreneurship, the present article collected primary data of the level and pattern of human resource integration in M&A intrapreneurship by means of in-depth interviews and used content analysis method to structurally analyze the data. The results showed that enterprises engaging in M&A intrapreneurship generally choose a high or intermediate level of HR integration. Specifically, enterprises at high level of HR integration tend to absorb employees from the acquired directly or recruit afresh employees, while enterprises at intermediate level of HR integration are inclined to adopt an agent-type of integration pattern. Translated from Zhejiang daxue xuebao(Renwen shehui kexueban) 浙江大学学报(人文社会科学版) (Journal of Zhejiang University (Humanities and Social Sciences)), 2007, 37(1): 178–189     

The Role of Trust in Understanding the Impact of Social Media Marketing on Brand Equity and Brand Loyalty

Abstract

In this era, social media platform is integrated into the marketing strategy. This new technology sets out new mechanisms and communication tools that companies can rely on to interact and engage with actual and potential customers. This study aimed at exploring the impact of social media marketing activities (SMM) on brand loyalty via brand trust and brand equity. Based on an online survey of 287 users who follow telecommunications companies on social media located in Egypt, data was collected and analyzed using structural equation modeling. The results revealed that SMM activities comprise only three dimensions; trendiness, customization and word-of-mouth. These attributes of social media marketing directly influence brand loyalty and indirectly influence brand equity mediated by brand trust. The study emphasis the role of trust and provide guidance toward measuring the effectiveness of social media marketing.     

Impact of customer experience on attitude and repurchase intention in online grocery retailing: A moderation mechanism of value Co-creation

The study proposes a comprehensive model framework, Online Customer Experience-Attitude Behaviour Context model for online grocery retailing in a digital scenario. The research also studies the concept of value co-creation in a moderated mechanism. Data was collected from 526 respondents buying groceries online. Analytical Hierarchy Process, SPSS 23, AMOS 22 and PROCESS Macro were applied for further analysis, testing the hypothesis and model formulation. The results reveal that the antecedent's convenience, recovery, and delivery experience impacted the attitude significantly. The emerging concept of value co-creation influenced the overall relationship between the antecedent of Online Customer Experience and attitude but at lower level of value co-creation. Thus, suggesting that involving customers time to time in co-creating a delighting Online Customer Experience may be a good strategy for the online grocery retailers to elevate online customers' attitude and repurchase intention.     

有备无患：后续疫情中新冠焦虑对武汉员工防护和工作的影响研究

国内局部疫情陆续暴发,关注已有疫情经历的员工防护和工作行为对疫情防控有一定意义。基于资源保存理论,文章假设新冠焦虑对武汉员工防护行为和工作结果有显著影响,且对防护行为影响大于对工作结果的影响。在2021年初国内局部疫情期间,对52名武汉员工连续5天的调查发现,每日新冠焦虑通过每日新冠耗竭显著提升武汉员工新冠防护行为,但武汉员工每日工作产出不受疫情影响,包括工作绩效、创新绩效、工作导向和人际导向的帮助行为。文章揭示了有2020年新冠肺炎疫情直接经验的武汉员工对待后续疫情防护的谨慎态度,以及在工作结果方面对后续疫情的“抗干扰性”。结合当前情况,讨论了研究结果对疫情防控和经济恢复的实践意义。     

An architectural perspective on service adoption: A platform design and the case of pluggable cross-border trade compliance in e-commerce

Current e-commerce architectures rely on a small number of monolithic application systems. The adoption of innovative IT functionality within these architectures is a tedious and complex task. The purpose of this article is to present a design for a novel platform architecture to improve the pluggability of e-commerce services. More precisely, the pluggability of services in current architectures is described, a platform architecture is introduced, and its effect on pluggability is evaluated by means of a prototype. The enablers for this architecture are the recent innovations of web programming interfaces, delegated resource access, and client-side web application frameworks. Those technologies are common in social media and their potential in enterprise computing is revealed in this work, based on the example of a trade compliance service for cross-border retail. The results of this study suggest that the architectural design has merits as it improves the pluggability of e-commerce services. Hence, e-commerce companies should consider a paradigm shift and move from using self-contained application components to a platform-based adoption of complementary services.     

Advertising archetypes’ impact on physician engagement and behavior in the context of healthcare products

The pharmaceutical industry spends billions annually on marketing to physicians (over $4.3 billion in 2014). The industry as a whole has a lot of experience in determining what to say to physicians, but it is less confident when it comes to how to say it—sometimes leading to advertising that does not engage, thereby costing sales. In an effort to define a set of rule‐based guidelines for effective pharma branding, the study adapts the primary Jungian archetypes to develop the first collection of archetypal tones of voice for healthcare products. The study here demonstrates, via a series of fuzzy‐set qualitative comparative analyses that well executed ads following an archetype consistently connect with physician audiences, while nonarchetypal healthcare ads demonstrate an inconsistent performance. Such an analysis would traditionally take the form of null hypothesis significance testing (NHST), but NHST provides substantially less insights than algorithm modeling and the use of fuzzy‐set qualitative comparative analysis as this study describes.     

Assessing the Effect of Personal Cultural Orientation on Brand Equity and Revisit Intention: Exploring Destination Branding in Latin America

ABSTRACT

Despite a growing body of work on destination branding, there are few studies to look at culture at the individual level and examine the potential impact of personal cultural orientation on destination brand equity. Based on Social Identity Theory, this study investigates tourists' personal cultural orientation (independent vs. interdependent) and its effect on destination brand equity (destination brand image, destination brand value, and destination brand quality) and revisit intention. All data were collected in Quepos, Costa Rica, using both person-administrated and online surveys. Results of this study reveal that personal cultural orientation impacts the destination brand image, destination brand value, and destination brand quality. In addition, the destination's brand value is positively related to the revisit intention. The theoretical and practical implications, as well as the future research directions, conclude the article.     

An examination of the role of review valence and review source in varying consumption contexts on purchase decision

This study examines the influence of Valence and Source of Online Reviews on a customer's attitude and purchase decision in the context of public and private consumption using social influence theory and the concept of negativity bias. The study was conducted using a 2 × 3 × 3 online experiment to examine the influence of review valence (positive vs mixed vs negative), two sources (retailer vs third-party site) in two different consumption contexts (public vs private). The results highlight the role of review valence as well as consumption context on a shopper's decision.