企业兼并交易实现的影响因素分析

企业兼并是我国企业应对全球经济一体化、有效提高国际竞争力的重要手段。如何有效地实现兼并交易是实施兼并战略的前提。本文对企业兼并交易实现的影响因素进行系统地分析讨论。     

兼并重组的税务问题探讨(三)——重组并购交易安排的税收风险管控

在企业的兼并重组过程中,要考虑到交易的法律形式和经济实质对税务处理的影响。 在企业内部重组以及收购兼并活动中,对重组交易如何进行安排,是相当重要的。随着社会经济的发展,重组过程的交易安排往往十分复杂,涉及到企业营运的各个方面,包括企业的融资安排,治理结构,风险控制和交易的税收影响等等。还包括对重组交易采取怎样的法律形式。     

书讯·战略

《兼并之道——决定公司并购成败的四个关键政策》成功的交易存在特定的策略。通过参考贝恩咨询公司对1700多家企业的大量研究以及成功或失败的兼并实例,本书向我们展示了4种提高交易成功率的策略。本书是每位经理的必读之物。书中所阐述的核心决策战略将有助于企业在有风险的关键交易中获得成功。     

我国企业并购的现状、问题及对策

1．企业并购日趋活跃，并购交易值不断增加。在国内外竞争的压力下，企业并购的动机日益成熟，不再是单纯的扭亏解困，而是更多地从经济利益考虑获得规模经济效益或实现企业的发展战略规划。目前电力、能源、金融、电子等行业正力求以并购重组突破原有的发展束缚，企业并购日趋活跃，并购交易值不断增加。据统计，2002年涉及中国企业的兼并与收购交易总值较2001年翻了两番，达到300亿美元，占亚洲地区     

我国企业兼并的一般程序

发布兼并公告产权交接兼并双方缔约审批与公证资产评估,形成成交价确定兼并主体并立项一、确定兼并主体1.在没有建立产权交易市场的地方,具有兼并意愿的企业,可以通过有关政府机关或有些事业信息中心,寻找目标企业,也可以自己直接洽淡,寻找目标企业2.进入产权交易市场,申请登记,然后由市场交易组织     

合理推进企业并购 加速国民经济发展

一、世界范围内企业并购愈演愈烈从西方发达国家经济的发展历程,我们可以看到企业间并购是企业得以迅速壮大的重要手段。特别是进入９０年代以来,发达国家掀起一场全球性的企业兼并浪潮,更形成了世界经济的一个热点。此次兼并收购规模空前,个案的交易金额巨大。波音与...     

略论“关联交易”的法律问题

关联交易是关联企业赖以实现利润最大化的基本手段。它所具有的促进企业规模经营、降低交易费用、提高企业市场竞争力等功能，对深化改革，结构调整中我国企业具有战略性意义。但关联交易是把双刃剑，在缺乏法律管制的情况下，它亦会演化成一些企业谋取非法利益的手段，衍生出诸多法律问题。如何有效保护中小股东利益、债权人利益？如何维护证券市场管理秩序？如何规范企业间的收购或兼并行为？如何与避税行为作斗争？解决这些问题已经成为我国加强经济法律建设的一项重要任务。把关联交易纳入法制轨道之目的，并非禁止关联交易，而是旨在关联企业整体效益、中小股东利益、债权人利益和公共利益之间寻找一个最佳平衡点。     

企业兼并的程序及政策规定

一、兼并的一般常识 兼并是指一家企业购买其他企业的产权,使其他企业失去法人资格或改变法人实体的一种行为。它是优势企业实现低成本扩张快速发展的重要手段。 企业兼并可以分成三种基本类型,即横向兼并、纵向兼并和混合兼并。所谓横向兼并,是指同一产业部门生产或经营同一产品的企业间的兼并。兼并的目的是为了迅速扩大生产规模,提高规模效益和市场占有率。横     

政策信号

国务院多措施支持企业兼并重组 兼并重组的生态环境将发生重大变革。日前，中国政府网发布《国务院关于进一步优化企业兼并重组市场环境的意见》，从行政审批、交易机制、金融支持、支付手段等全链条进行梳理革新，市场化力度超乎预期。     

并购——外商投资热点 国人关注焦点

并购,就是通过兼并和收购等方式,实现企业产权的交易。并购企业,已成为外商对华投资的一个兴奋点,“洋并购”风卷大陆,引起了方方面面的关注和议论。 自90年代初以来,外商对华的直接投资发生了质的变化,“洋并     

跨国并购比较优势论与实证检验

跨国并购是跨国公司在全球范围内配置资源并完善生产体系的一种重要投资方式,以往有关跨国并购动因理论的研究忽视了在经济全球化背景下从国际贸易理论角度的研究。基于此,本文对比较优势理论对跨国并购活动的适用性通过模型进行论证,同时运用中国数据,借助巴拉萨显性比较优势指数进行实证检验,得出比较优势构成跨国并购的基础这一结论,进而从全球化的视角形成对跨国并购活动的客观认识和正确态度。最后根据跨国并购比较优势论的实际经济意义,提出中国对待外资并购的相关政策选择。     

事务所合并对审计质量影响——基于中国第三次事务所合并浪潮的实证研究

中国第三次事务所合并的浪潮仍然继续,事务所合并是否影响其审计质量值得关注.文章采用2005—2008年合并事务所的样本,考察了合并事务所合并前后的审计质量差异,发现事务所合并影响合并事务所的审计质量,总体的研究结果表明事务所合并后审计质量没有提高.分组检验发现:规模小、以新设合并方式合并以及审计的上市公司盈余管理为正的合并事务所,合并后较合并前审计质量变低;规模大、以吸收合并方式合并以及审计的上市公司盈余管理为负的合并事务所,合并前后审计质量没有显著差异.     

Spatial Price Discrimination and Merger: The N-Firm Case

The consequences of merger are analyzed in an N-firm model of spatial price discrimination. The merger occurs with known probability after location decisions have been made. The possibility of merger alters locations, generates inefficiency, and increases the profit of the merging firms. In the case of corner mergers, but never in the case of interior mergers, the possibility of merger may also reduce the profit of the excluded firms.     

Mixed oligopoly,endogenous timing and mergers

The present paper discusses endogenous timing in a mixed oligopoly model, comprising one public firm and two private firms, assuming both a merger between the two private firms and between one private and one public firm. The paper proves that although a merger between the two private firms does not change the timing of the game, a merger between the public firm and the private firm into a mixed firm could change the market structure from Stackelberg to Cournot competition.     

M&A Due Diligence,Post‐Acquisition Performance,and Financial Reporting for Business Combinations

Before completing merger and acquisition (M&A) transactions, acquiring firms conduct due diligence. This process provides acquiring firms with a more informed assessment of the expected costs, benefits, and risks of an acquisition and offers one last opportunity to renegotiate or terminate an M&A transaction. However, acquiring firms must trade off the costs and benefits of performing additional due diligence versus completing the acquisition. Based on an analysis of the time to negotiate the acquisition agreement and complete the transaction, I predict and find that competitive pressures, short‐term financial reporting incentives, and agency problems are associated with less due diligence. I also find that less due diligence is associated with lower post‐acquisition profitability, a higher probability of acquisition‐related goodwill impairments, and lower quality fair value estimates for the acquired assets and liabilities. These findings highlight due diligence as an important factor explaining cross‐sectional variation in post‐acquisition performance and financial reporting for business combinations.     

Do Analysts Matter for Corporate Tax Planning? Evidence from a Natural Experiment

We exploit an exogenous shock to analyst coverage as a result of brokerage house mergers and closures to examine whether financial analysts influence the tax‐planning activities of the firms they cover. Using a difference‐in‐differences design, we find that, on average, firms affected by broker mergers and/or closures experience a reduction in their GAAP (cash) effective tax rates (ETR) of 2.5 percent (2.6 percent), relative to control firms, translating into average tax expense (cash tax) savings of $34 ($35) million. The treatment effect is more pronounced among firms with lower pre‐event analyst coverage. To explore how analysts affect tax planning, we further document that the treatment effect is greater among firms that lose an analyst who provided an implied ETR forecast in the past, suggesting that analysts influence tax planning via their tax‐specific research efforts. In addition, we find that after merger/closure, weakly governed firms increase their use of aggressive tax strategies, and financially distressed firms experience a larger reduction of cash effective tax rates, relative to control firms. Overall, we provide evidence that a shock to analyst coverage sufficiently changes the cost‐benefit trade‐off of tax planning.     

成本节约的不确定性、效率抗辩与并购评估审查

横向并购可能给参与并购的企业带来成本节约而产生效率效应,同时也可能产生反竞争效应。在横向并购反垄断审查的效率抗辩中,并购企业只要能够证实成本节约的效率效应能够抵消反竞争效应进而增进社会总福利水平,就可以获得反垄断当局的批准。然而,成本节约及其实现程度具有不确定性,成本节约的不确定性不仅会影响消费者剩余和社会总福利水平,而且将对效率抗辩和反垄断当局并购审查的判定规则产生影响。本文以Cournot模型为基础,系统分析了成本节约的不确定性对于横向并购反垄断评估审查中效率抗辩、判定规则和预期消费者福利的影响,为反垄断当局在并购评估审查中如何考虑效率因素提供决策参考。     

Trading firms in the services sectors: comparable evidence from four EU countries

We establish a set of stylised facts for trade and trading firms in five market services sectors using comparable firm- and activity-level data from four EU countries. Our analysis shows that exports account for much lower shares of overall sales in the services sectors than in manufacturing. This is because fewer firms are engaged in trade in the services sectors and also because within particular sectors firms trade a lower share of their sales on average. Services producers trade mostly goods, but in terms of value, trade in services is much more important to them than to manufacturers. Larger and more productive firms are more likely to be two-way traders and to engage in both goods and services trade. Trade by services firms is somewhat less dominated by firms that both export and import than trade by manufacturing firms. Few firms export many services or to many countries. The value of services exports is increasing in the number of markets served but not necessarily in the number of services traded.     

产品范围选择、替代关系调整与兼并效应分析

文章考察了横向兼并所形成的新企业进行产品范围选择以及替代关系调整时,兼并行为所产生的效应问题：通过一个3企业的两阶段博弈研究了兼并行为对行业内各企业的净利润以及对社会福利所产生的影响。结果表明企业普遍存在兼并动机;兼并所形成的新企业选择保留原有产品范围时,如果替代系数降低的幅度比较大,整个社会的福利将会增加。     

Trade credit and ethnicity: Case of ethnic minority area in China

Using data for trade credit practices, this work investigates interfirm trust formation by ethnic minority firms in the Xinjiang Uygur Autonomous Region, China. The main findings of this research are as follows. First, there is a general ethnic bias against ethnic minority firms in receiving trade credit. Second, ethnic minority firms are less eager than Han firms to build interfirm trust with their business partners by offering trade credit, which is partly due to their financing constraints. Third, ethnic minority firms have less trust of other ethnic minority firms in offering trade credit. Fourth, these trade credit practices by ethnic minority firms tend to be more pronounced in those surviving after 2005. Fifth, ethnic minority firms do not share their members' information regarding productivity within their circle of ethnic minority firms. Overall, interfirm trust is insufficiently formed, even among ethnic minority firms.