企业并购财务风险分析与控制

企业并购对于优化资产结构、加速企业的发展有重要意义。企业购并发生后,企业的经营状况、资本结构将发生巨大变化,进而产生企业购并经营风险和财务风险。本文对企业购并风险出现形式进行了探讨,并为控制企业并购财务风险建立财务规划,通过资本结构设计、现金预算控制企业并购财务风险。     

控股股东股权质押与高溢价并购

股权质押和公司并购都是资本市场近年来的热点问题,但鲜有研究关注两者间的联系。本文将其结合研究发现,控股股东股权质押的发生与公司并购事件显著正相关;当控股股东质押更多时,公司更易产生超额商誉,且并购标的为关联方时这一倾向将会加强。进一步分析发现,当面临更严格的外部监督环境时,控股股东在并购中质押股权的比例将受到抑制。本文的结果表明控股股东股权质押行为与高溢价并购的结合可能成为控股股东套现的一种手段,需要加强警惕和监管。     

The facilitator: as teams battle to be effective

In this article, you will learn the role facilitators play in team operations, including several power and authority models that can be used. Various group dynamics that facilitators must deal with in team situations will be identified. A suggested facilitator training curriculum is also included.     

通风机及其系统在不同海拔高度的性能变化及运用分析

一种通风机在设计和制造后,一般只在特定的海拔下进行性能的测定,而实际上其可能会在不同海拔运行。文章分析了通风机处在不同海拔高度时性能的变化,建立了不同海拔高度性能计算模型,并综合分析了通风机及系统在不同海拔时的运用情况。案例分析验证了所提出的模型和方法的可行性和有效性。     

Doing well by doing right: a fundraiser's guide to ethical decision‐making

• The level of trust a prospective donor has in a charity will, in part, determine whether the individual chooses to support the charity as well as the amount of that support. A key factor involved in trust is an organization's ethical standards. Donors prefer to make donations to organizations that maintain the highest principles. If an organization can consistently make the best possible, most ethical decisions, it will be recognized as being an ethical institution, which in turn will enhance the trust it engenders, and, therefore, the support it can attract. A number of ethical decision‐making models exist. Adopting a decision‐making model will ensure that a methodical approach is used and that the incidents of rash decision‐making will be reduced. Using an ethical decision‐making model will help individuals arrive consistently at the best solutions to ethical dilemmas, defend those decisions, enhance public trust, secure more donors, and raise more money. The value of sound decision‐making and effective ethical decision‐making models are reviewed in this paper.

Copyright © 2005 John Wiley & Sons, Ltd.     

Site Value Taxation in a Declining City

A bstract . The relationship is analyzed between the economic decline of a central city and the likelihood that a site value tax will be politically acceptable. Public choice and land use models are combined to generate a scenario of land use changes and changes in improvements to land ratios which determine whether a specific property owner will gain or lose from a revenue-neutral site value tax. A case study is presented which substantiates many of the effects suggested by the model. In general, private and public sector responses to a city's decline result in an atmosphere that is relatively hostile to site value taxation.     

Dynamic advertising and pricing with constant demand elasticities

In this paper we analyze a stochastic dynamic advertising and pricing model with isoelastic demand. The state space is discrete, time is continuous and the planing horizon is allowed to be finite or infinite. A dynamic version of the Dorfman–Steiner identity will be derived. Explicit expressions of the optimal advertising and pricing policies, of the value function and of the optimal advertising expenditures will be given. The general results will be used to analyze the case of impatient customers. Furthermore, particular time inhomogeneous models and homogeneous ones with and without discounting will be examined. We will study the social efficiency of a monopolist's optimal policies and the consequences of specific subsidies. From a buyer's perspective, our analysis reveals that waiting – when looking at (immediate) expected prices – is never profitable should two or more units be available. But we will also prove that the sequence of average sales prices is monotone decreasing. Moreover, the techniques applied to solve the discrete stochastic advertising and pricing problem will be used to solve a related deterministic control problem with continuous state space.     

Enron, Herding, and the Deterrent Effect of Disclosure of Improprieties

A bstract    One objective of regulatory investigations of possible improprieties by publicly traded corporations and the imposition of sanctions if malfeasance is found is to deter other corporations from engaging in such behavior. Although the magnitude of the deterrent effect is an empirical issue, this paper provides an a priori analysis as to why the deterrent effect will be blunted in many cases, why its strength will not be uniform over time, and why, based in part on prospect theory, the deterrent effect will be weaker for ongoing questionable practices than for practices in their formative stages.     

An economic analysis of R & D joint ventures

A graphical model of co-operative R & D activity is presented, from which outcomes of R & D joint ventures are posited. The analysis predicts that R & D spending will increase as a result of co-operation and that the increment will tend to be in basic research more than applied or development.     

The effect of holism on the health care system

Despite controversy over its scientific basis, the holistic health movement is having a tremendous impact upon society. With the establishment of the Office of Alternative Medicine within the National Institutes of Health, needed research will provide data to support the validity of various alternative modalities. A growing number of physicians will incorporate the philosophy of holistic health into the current medical model, with some choosing to treat clients with alternative modalities. Finally, consumer demand will lead to an increase in third-party reimbursement for alternative medical treatments.     

Optimal designs for Cox regression

Optimal designs under a survival analysis framework have been rarely considered in the literature. In this paper, an optimal design theory is developed for the typical Cox regression problem. Failure time is modeled according to a probability distribution depending on some explanatory variables through a linear model. At the end of the study, some units will not have failed and thus their time records will be censored. In order to deal with this problem from an experimental design point of view it will be necessary to assume a probability distribution for the time an experimental unit enters the study. Then an optimal conditional design will be computed at the beginning of the study for any possible given time. Thus, every time a new unit enters the study, there is an experimental design to be determined. A particular and simple case is used throughout the paper in order to illustrate the procedure.     

高管持股、会计稳健性与并购绩效——来自沪深A股上市公司的经验证据

选取2007—2010年发生并购交易事件的上市公司为样本,检验了并购方高管持股与并购绩效之间的关系,发现高管持股与短期并购绩效之间没有显著关系,而与长期并购绩效之间呈非线性关系。进一步验证会计稳健性确实能够缓解高管与股东之间的代理冲突。与会计稳健性程度高的并购方相比,会计稳健性程度低的并购方高管持股对并购绩效的影响更大。这些发现意味着,高管持股不会在并购后短期内对绩效有显著影响,而是需要一段时间之后才能得以显现,且其影响程度因公司间会计稳健性不同而存有一定的差异。     

Is Privately‐provided Electronic Money Next?

To survive, any new electronic money will need to provide some advantage to its users, such as lower transaction costs, increased privacy, a greater ability to avoid taxes, or a more stable value than its government-provided competitors. Any successful new money will have to overcome substantial barriers to entry, however. These barriers to entry occur primarily in the form of the costs of switching to a different means of payment and require an understanding of the role played by 'network economics.' Unless a substantial number of the individuals and businesses with whom a person trades use the same money, any new means of payment will have little value. A temptation facing government regulators will be to extend and expand regulations to apply to new means of payment and forms of money. A more productive role of governments is to attempt to protect their own money-creation franchises by minimising the advantages offered by privately-provided alternatives. Governments should enforce contracts and punish fraud while remaining vigilant with respect to inflation, keep tax rates low and protect the privacy of their citizens.     

The Economic Effects (Neutrality) of Taxes on Land

A bstract A recent review of the economic effects of land taxation by Steven Bourassa created the misleading impression that a tax on land will have pro-development or non-neutral effects where there are non pecuniary returns from land or where there are capital market imperfections preventing developers from obtaining all the land that they want for development This note argues that a tax on land value is generally neutral, and that this will be the case whether or not there are non pecuniary returns and capital market imperfections, provided that the existence and extent of the imperfections are independent of the tax     

我国物流系统运营模式发展分析

采用霍尔三维结构这一系统工程的理论分析工具，对物流系统的要素进行剖析．模拟构建出我国物流系统的三维结构模型。通过对物流系统构成的相关元素进行探究．总结出物流运营模式的发展规律轨迹，并依据模型推导出物流变化趋势，提出建立基于电子商务平台的第四方、第五方物流运营模式的新策略，为我国物流发展进行深入探讨。     

Japan

A relatively weak currency (compared to 2008–2013) and a reasonably firm outlook for global trade will continue to help exports this year, although the contribution from the external sector is expected to ease over the coming quarters. Business investment should remain firm on the back of healthy corporate profits and construction related to the 2020 Tokyo Olympic Games. In addition, fiscal and monetary policy will remain supportive.     

No-trade-deal Brexit would lower GDP by 1ppt by 2022

• ▀ A no-trade-deal Brexit would result in UK GDP being 1ppt lower than our baseline forecast at the end of 2022. Increased trade frictions and a negative reaction from financial markets would more than offset looser policy settings.
• ▀ Even if an FTA is agreed, trade between the UK and EU will be subject to new customs and regulatory trade barriers. If a trade deal is not agreed, tariffs will also be levied on UK-EU trade, while non-tariff barriers are likely to be higher.
• ▀ A no-trade-deal outcome would almost certainly see the BoE undertake further quantitative easing. A further, temporary, loosening of fiscal policy would also be likely, with higher government investment an obvious option.

     

Supply management in American public administration: Towards an academic discipline?

This article examines the development of supply management in the U.S. to assess its progress towards academic disciplinary status. A comparison of the fields of business administration and public administration indicates that supply management is more developed in the former than in the latter, which inhibits its disciplinary status. Various reasons for this uneven development in the two fields are explored. The paper argues that a paradigm shift must occur for public supply management, which will re-orient it around the concept of the public interest. This will require public supply professionals to participate strategically in public policy-making in order to ascertain and promote the public interest. A policy framework is used to illustrate this re-orientation and to suggest directions for further research.     

Organizational choice and product differentiation

A centralized structure will set higher prices and locate products closer together than a decentralized one. A decentralized organizational structure is chosen because the entry-deterring effect of such a structure outweighs the monopoly effects of a centralized one for sufficiently low entry fee levels.     

Simultaneous Multiple Journal Submissions: The Case Against

A bstract . Because journals taking so long to review submissions, proposals have been made that authors be permitted to send the same paper to several journals at once. This paper argues that such a reform is ill-advised. In particular, it will fail to speed up the reviewing process ; it wilt fail to advance the careers of individuals who submit their papers to several journals at once; and it will have negative repercussions for the entire profession , because published results will become less reliable under a system of multiple submissions. The paper concludes with some more practical proposals to reduce decision times for submitted papers.