制度距离对中国上市公司跨国并购绩效的影响

跨国并购是现阶段中国企业“走出去”的重要模式。随着中国企业跨国并购事件的迅速增长，从制度距离层面对跨国并购整合效果与并购绩效的研究成为热点。然而，不同学者对制度距离影响跨国并购绩效的实证研究却得出不同结论，其作用机制与效果仍待进一步探究。以中国上市公司成功实施的60起跨国并购案例为研究样本，以样本企业并购事件发生前后两年总资产收益率变化为因变量，通过剖析制度距离不同层面及并购母公司国际经验与知识吸收能力的中介作用，明确了制度距离不同维度影响跨国并购绩效的路径与机制。     

跨国并购的新发展及中国对策

文章对全球跨国并购的形势进行了分析，发现全球跨国并购规模持续扩大，周期性波动明显增强。服务业仍然是跨国并购的主导行业。中国跨国并购规模较小，呈现出持续增长的态势，尤其是在加入WTO以后，中国企业“走出去”进程明显加快。对外直接投资对中国企业跨国并购的推动作用明显。中国企业更多的是被国外企业并购，作为买方的对外跨国并购较少。在对全球和中国的并购形势进行分析的基础上，文章重点研究了中国企业跨国并购需要跨越的常规和非常规障碍，剖析了企业的市场身份认同问题、并购的动机和动力问题。对跨国并购有可能演变为某些官员和企业高层转移资产工具的可能性进行了提醒式分析。     

并购顾问团队与跨国并购交易时长：多多益善或适可而止

跨国并购不仅局限于目标方和并购方双方的博弈，并购顾问是交易中重要的第三方，然而现有研究对跨国并购中专业顾问团队的关注较少。以中国企业发起的跨国并购为分析对象，研究并购方顾问团队对跨国并购交易时长的影响，具有重要的意义。研究表明，并购方顾问团队规模越大，并购交易持续时间越长，且经过工具变量等一系列稳健性检验后结论依然成立。此外，当顾问团队东道国经验越丰富或目标方为上市企业时，上述效应减弱。当交易为循序并购或并购方高管团队海外背景丰富时，上述效应增强。以上研究结论补充了并购顾问作用的相关文献，丰富了现有文献对并购交易完成前过程的认识，同时表明跨国企业应当根据交易特征选取匹配的并购顾问团队以提高并购效率，为企业跨国并购实践提供了重要的理论参考。     

交易费用视角下对华FDI的并购独资化分析

根据当前在中国的FDI跨国并购热潮以及外资的渐进式的控股独资化倾向,本文在交易费用理论的视角下,分别从企业内部的资产专用性、合资企业稳定性以及外部经营环境三个方面来解释中国目前的FDI并购独资化趋势,说明FDI并购独资化发展的外商角度的选择合理性与必然性。最后分析了该独资化趋势对我国宏观层面与微观主体所产生的影响,并提出政府与企业的应对与管理对策。     

中国企业跨国并购交易成败的影响因素

越来越多的中国企业正通过跨国并购寻求扩张机会,但并非都能成功达成并购交易。本文通过对八个中国企业跨国并购案例的研究,总结出中国企业跨国并购交易成败的主要影响因素,并设计了的框架图,初步探讨了成功实现跨国并购交易的对策。研究表明,主要影响因素包括战略协同度、实力差距;行业特点、政府态度、法律规定、竞争对手;关键协议条款、谈判团队能力、信任程度以及中介机构的使用。     

企业跨国并购的融资方式分析——以TCL、联想、吉利跨国并购案为例

20世纪90年代以来,跨国并购浪潮已经席卷了世界资本市场的各个角落,越来越多的中国企业也开始使用跨国并购的方式进行对外投资。跨国并购的融资方式是并购交易的一个关键环节,也是并购最终能否取得成功的重要因素,企业采取何种融资方式会影响到并购完成后的财务状况和企业的正常运营。文章以TCL、联想、吉利跨国并购案为例,分析三者在融资方式选择上的不同,以对企业跨国并购融资方式进行深入研究,同时对我国企业跨国并购融资方式的现状进行了总结分析。     

中国企业跨国并购创新绩效影响因素及模式

通过收集2001-2014年浙江、广东两省上市公司跨国并购的数据，采用清晰集定性比较分析方法，对中国企业跨国并购创新绩效的影响机制进行了整合性分析，最终发现影响中国企业跨国并购创新绩效的5种主要驱动模式。此外，研究还表明，企业跨国并购创新绩效的提升路径不同，企业在跨国并购中应着重考虑外部因素，减少外部阻碍。     

中国企业跨国并购的现状、法律风险与对策

近年来中国企业开始走出国门并进行了大量跨国并购。同时,中国企业的跨国并购面临法律、政治、财务、文化整合等风险。文章就中国企业跨国并购的现状、面临的法律风险进行了分析,并以美国为例分析了其对跨国并购的法律制度,最后有针对性地提出了对策。     

跨国并购在中国:特点、模式与效应体现

随着我国企业国际化经营实践的深化,越来越多的中国企业开始把跨国并购作为对外直接投资、开拓国际市场的新策略。文章分析了跨国并购在我国的特点、模式,并对跨国资本并购国有企业的正负效应进行了分析。     

东南亚地区的跨国并购现状与影响

随着全球范围内的跨国并购活动不断发展,东南亚地区跨国并购的规模不断扩大,并呈现出了不同的特点。推动该地区跨国并购快速发展的原因有多方面,而各国的FDI体制自由化、区域经济一体化以及企业寻求的国际化是跨国并购能够不断扩大的重要原因。相对于FDI的新建形式,跨国并购的FDI对东道国经济的影响有所不同。     

中国企业跨境并购促进了并购企业研发国际化吗

基于2007—2020年中国工业企业上市公司跨境并购数据，实证分析跨境并购与并购企业研发国际化的关系，并整合制度观点，分析产权异质性和东道国（地区）异质性的影响。结果显示：第一，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，跨境并购整合对并购企业研发国际化的影响不稳健；第二，基于产权异质性分组检验发现，跨境并购规模对并购企业研发国际化的正向影响仅在国有企业样本中显著；第三，基于东道国（地区）异质性分组检验发现，当东道国（地区）为发达国家（地区）时，跨境并购规模和跨境并购股权对并购企业研发国际化均存在显著正向影响，当东道国（地区）为发展中国家（地区）时，跨境并购对并购企业研发国际化的影响不显著。结论丰富了现有理论成果，对中国工业企业跨境并购实践具有一定借鉴价值。     

企业购并失败的元分析

本文运用内容分析法,在中国期刊全文数据库、中国博士学位论文数据库、中国重要会议论文集数据库三大数据库,按照论文的发表年份、理论基础与作者的学科背景、研究主题的界定方式、研究论题的侧重与分类及研究方法的运用五个维度进行检索,对国内学术界关于"购并失败"问题进行研究的发展进程和现状进行了系统的元分析,梳理了近年来我国购并后整合绩效研究的基本脉络。     

新兴市场企业跨国并购促进技术创新了吗——基于PSM-DID的实证研究

跨国并购是新兴市场企业实现创新能力追赶的重要途径。采用2010-2016年中国制造业上市公司跨国并购数据,运用PSM DID方法实证研究了跨国并购的创新效应,检验了企业异质性和东道国制度环境的调节作用。结果表明：跨国并购对企业技术创新绩效具有显著促进作用。企业异质性的检验结果显示,非国有企业跨国并购创新效应强于国有企业;企业吸收能力越强,从跨国并购中获取的创新收益越大。进一步研究发现,东道国制度质量对跨国并购与创新绩效的关系具有正向调节作用。研究结论丰富了跨国并购与技术创新相关理论,对于中国企业跨国并购实践具有重要启发意义。     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

Toward a Phylogenetic Reconstruction of Organizational Life

Synopsis Classification is an important activity that facilitates theory development in many academic disciplines. Scholars in fields such as organizational science, management science and economics and have long recognized that classification offers an approach for ordering and understanding the diversity of organizational taxa (groups of one or more similar organizational entities). However, even the most prominent organizational classifications have limited utility, as they tend to be shaped by a specific research bias, inadequate units of analysis and a standard neoclassical economic view that does not naturally accommodate the disequilibrium dynamics of modern competition. The result is a relatively large number of individual and unconnected organizational classifications, which tend to ignore the processes of change responsible for organizational diversity. Collectively they fail to provide any sort of universal system for ordering, compiling and presenting knowledge on organizational diversity. This paper has two purposes. First, it reviews the general status of the major theoretical approaches to biological and organizational classification and compares the methods and resulting classifications derived from each approach. Definitions of key terms and a discussion on the three principal schools of biological classification (evolutionary systematics, phenetics and cladistics) are included in this review. Second, this paper aims to encourage critical thinking and debate about the use of the cladistic classification approach for inferring and representing the historical relationships underpinning organizational diversity. This involves examining the feasibility of applying the logic of common ancestry to populations of organizations. Consequently, this paper is exploratory and preparatory in style, with illustrations and assertions concerning the study and classification of organizational diversity.     

Information infrastructure: Who builds broadband networks?

This paper examines the essential difference between the U.S. and Japan, when one considers information infrastructure. There are seven perception gaps between the U.S. and Japan concerning Information Infrastructure policies. These gaps must be understood in order to compare the countries' governmental policies in this area. In looking at the present circumstances, the essential question to answer concerns who is to build, own and operate the network(s) of the infrastructure. Liberalization is certain to be a central factor in the ongoing telecommunications debates. Now that customers have had a taste of the liberalized market-place, the movement toward more open markets will be difficult to stop. When considering options, it is necessary to pay close attention to standardized network access and the increasingly important role software plays. These issues are causing us to take a new approach to the traditional role played by regulators. They also force a closer look at the appropriate structure of utility companies. This paper addresses the above issues in hopes of stimulating dialog on the new telecommunications infrastructure paradigm.