跨国并购的“魅力攻势”

全球并购专家康睿哲（RichardConstant）分享跨国并购沟通的挑战、方法和建议。中国企业赴海外的投资和并购金额屡创新高,汤森路透的统计数据显示,去年,中国的海外并购交易额跃升37%,至554亿美元。今年第一季度,中国企业对外收购的交易金额达177亿美元。而10年前,中国企业每年在海外的并购额仅为15亿美元。中国企业海外并购的道路并不轻松,据德勤2010中国海外并购报告统计,超过50%的中国企业在海外并购交易未取得成功。如何处理并购中的社会与文化问题,如何有效与利益相关方进行有效沟通,     

双汇跨国并购:外资“洗钱”游戏?

双汇国际有着复杂的境外股权结构,毋庸讳言,以往外资在华通过并购导致国内财富损失与优良品牌消失的种种事件恍如昨日2013年5月29日,中国肉类产品巨头双汇国际宣布以71亿美元(约合人民币435亿元)收购世界最大肉产品公司美国的史密斯菲尔德公司。一石激起千层浪:该并购消息在海内     

金融危机视角下中国金融企业跨国并购研究

受金融危机影响,美国甚至全球的金融业都进入了一个低谷.欧美许多大型金融机构资产贬值,价值被低估,股价也出现大幅下挫.可以说,流动性充沛的中国金融企业迎来了并购的良机.但受国内金融市场发展程度和金融企业自身能力限制,跨国并购之路并非一帆风顺.本文对比分析了国内金融企业在跨国并购中的机遇与挑战,并进一步通过案例分析,总结了并购中的经验教训,得出中国金融企业在金融危机背景下的海外并购应持谨慎态度,不可盲目抄底.目前,中国金融企业最重要的是把国内的业务做好,等待时机.确保金融业稳定比什么都重要.     

新形势下石油企业实施跨国并购的对策

随着20世纪90年代全球性的第五次跨国并购热潮兴起以及我国全面加入WTO，我国企业跨国并购迅速发展。在石油资源供需缺口逐年增大的情况下，我国石油企业并购海外石油资源，既有令人振奋的战绩，更有令人深思的教训。     

我国高技术企业跨国并购绩效影响因素研究

本文从外部环境、企业和交易3个层面研究可能影响我国高技术企业跨国并购绩效的因素。采集中国大陆A 股上市的高技术企业在2010~2015 年间的跨国并购案例,运用回归方法进行经验检验。研究结果表明：显著影响我国高技术企业跨国并购绩效的因素主要包括：相对国家竞争优势、制度距离、财务风险3 个因素与我国高技术企业的跨国并购绩效有显著的负相关影响;行业相关性、以往跨国并购经验、管理层能力、企业规模、相对并购规模5 个因素对我国高技术企业的并购绩效有显著的正相关影响。     

模糊综合评价模型在企业跨国并购风险评价中的应用

跨国并购是否能够达到既定目标,与企业对并购活动的风险评价密切相关。在分析我国企业跨国并购自有特征的基础上,构建了一套跨国并购风险综合评价指标体系。在此评价指标体系的基础上,运用模糊数学原理,建立了企业进行跨国并购时的风险综合评价模型。将此模型应用于案例进行了说明。为企业进行并购决策提供了一种科学合理的技术。     

跨国并购：不只是钱的问题

在过去十年里,中国企业激进地开展跨国并购活动,但不幸的是,这些交易大多难以达成。一些交易的失败涉及国家安全问题,更多的情况则是,中国企业在宣布开展并购交易后往往无法按计划进行。譬如,2011年光明食品几乎马上就能以25亿-30亿美元的价格买下健安喜（GNC）,然而最终却因为条款无法达成一致以及中国监管机构方面的批准遇阻而取消。     

基于ISM物流企业跨国并购中文化整合的影响因素分析

针对物流企业跨国并购中的文化整合问题,建立了基于ISM模型下的影响因素分析,得出影响物流企业跨国并购文化整合的企业文化差异因素、商业文化差异因素、民族文化差异因素及文化整合外在因素;并为跨国并购的物流企业文化整合提供一些建议。     

基于ARMA预测方法的中国石油企业跨国并购价格风险分析

以WTT原油现货价格为基本分析变量,基于ARMA预测方法衡量了中国石油企业在进行海外并购时面临的价格风险.结论认为,在97.6%的置信水平下,预测期内的VaR预测值比实际值要大得多,并且大多数情况下预测值是实际值的1-2倍.这说明我国石油企业在进行跨国并购时面临着极大的风险.最后,从加强东道国市场风险的评估、降低利率和汇率风险、谨慎确定并购类型、建立跨国战略联盟、战略性地选择并购地区等方面探讨了降低中国石油企业跨国并购市场风险的建议.     

企业并购重组过程中的品牌选择

其实,企业的并购重组就好像是一场婚礼,遗憾的是人们通常都很擅长举办一个成功的婚礼,却往往无法经营好婚姻,品牌策略恰恰是针对＂婚姻＂的,是激发并购重组的企业真正产生一加一大于二的协同效应的关键。     

基于品牌社群的消费价值研究

理解基于品牌社群的消费价值是品牌社群营销成功的关键。本文首先结合价值性质和价值方向两个角度构造了一个四维消费价值矩阵模型的假设，之后开发一个量表，并先后利用EFA和CFA对该假设进行规范的实证分析，得出财务价值、形象价值、服务价值、社交价值等四大因子。文章最后阐述了四种价值的含义及营销应用，并指出了研究局限性与未来方向。     

虚拟品牌社群体验对消费者购买意愿影响的实证研究--基于感知不确定性的中介效应

在互联网时代,虚拟品牌社群成为企业维系顾客关系并提升核心竞争力的重要途径。现有探讨品牌社群的文献甚多,但鲜有文献从消费者心理感知层面来分析社群体验对购买意愿的影响。本研究将以降低感知不确定性理论为基础,并通过对292名有效访问者的调查实证表明,降低感知不确定性在社群体验和消费者购买意愿中起着完全中介作用。因此,企业要重视虚拟品牌社群的经营与管理,使得消费者感受到良好的社群体验,从而最终影响其购买意愿。     

Product Hierarchy and Brand Strategy Influences on the Order of Entry Effect for Consumer Packaged Goods

Manufacturers focus on becoming more agile, software firms deploy rapid application development tools—everyone is in a hurry. Although we all understand the benefits of being first to market, we understand just as clearly that not all first-to-market products enjoy the same, sustainable benefits from being market pioneers. Why do some pioneering products experience a more significant order-of-entry effect than others? Roger A. Kerin, Gurumurthy Kalyanaram, and Daniel J. Howard examine two factors–product hierarchy and brand strategy—which may influence the magnitude of this effect for new consumer packaged goods. First, they hypothesize that pioneering a new product class offers a greater advantage than introducing a new form to an existing product class. Second, they predict that the order-of-entry effect will be greater for brand extensions than for entirely new brands. Finally, considering both product hierarchy and brand strategy, they expect that the order-of-entry advantage for brand extensions over new brands will be significantly greater within new product classes than for new forms of existing products. These hypotheses are tested using data from the Information Resources, Inc. Behaviorscan° data set. Collected from 2,500 household panel members, 75 supermarkets, and 25 drugstores, this database contains weekly measures of brand trial penetration as well as brand distribution, price, and promotion information in eight geographic markets from the period 1983–1988. The models developed in this study explore the relationships among brand trial penetration, product hierarchy, brand strategy, order of entry, lag time between successive brand entrants, and marketing mix variables (i.e., price, promotion, distribution, and advertising). The study strongly supports all three hypotheses. In particular, the analysis clearly demonstrates that the order-of-entry effect is greatest for a new product class pioneered by a brand extension. Order of entry has the least effect on a new product form pioneered by an entirely new brand. For a company seeking a competitive advantage from being first to market, innovation in product function offers greater potential benefit than innovation in product form. Such a company can also benefit from building on the name and reputation of its established brands. Although the study finds these order-of-entry effects significant, the effects of marketing mix variables such as product price and promotion are consistently stronger.     

在线评论情感性倾向对潜在消费者的购买意愿影响研究

随着互联网技术的飞速发展,电子商务和网络购物越来越成为潮流。网络购物与线下实体店购物存在差异,在网络购物过程中,潜在消费者触摸不到产品,不能真切的感受到产品的质量,因此,大多数潜在消费者通过其他人发布的评论来查看与产品和服务的历史消费者相关的评论,识别产品和服务,这些在线评论也反映了购买动机和购买它对决定有很大影响。本文以在线评论情感倾向为切入点,采用实证方法研究在线评论情感性倾向对潜在消费者购买意愿的影响。     

基于消费者的服装品牌形象模糊综合评判模型

品牌形象是由多个指标构成的被消费者所感知的品牌的整体形象。服装产品较高的感性度,决定了服装品牌形象构成因素的多元性。本文在系统理论分析的基础上,结合对服装品牌的实际调研,确立了决定服装品牌形象的纬度构成因素,并在此基础上,构建了服装品牌形象的模糊综合评判模型。     

Putting Your Money Where Your Mouth Is: The Value of Low Purchase Intention Consumers to Product Pricing

Hypothetical bias is a common research problem in measuring intentions. This study examines differences in individuals' hypothetical and nonhypothetical willingness to pay (WTP) based on purchase intention level. The purpose of Study 1 is to see if hypothetical bias is affecting all groups of individuals when segmented by purchase intentions. The contingent valuation method (CVM) was used to assess to individuals' purchase intentions and hypothetical WTP for an environmentally friendly (EF) offering. Individuals then participated in an auction that required them to bid on the same offering, thus requiring an actual monetary commitment. Through segmenting individuals into three purchase intention groups (high, moderate, and low), WTP biases were found to be positively related to stated intention level. High and moderate purchase intenders significantly overstated their hypothetical WTP. However, low purchase intenders did not. Further, no significant differences existed in nonhypothetical WTP between the three groups. The price that low purchase intenders were willing to pay through the CVM represented closely what they and the rest of the market were willing to pay in practice. The purpose of Study 2 was to examine several reasons why higher purchase intenders may be overstating their hypothetical WTP, with normative pressure and social desirability bias taken into consideration. Individuals indicated their purchase intentions and hypothetical WTP for an EF and a non‐EF product, and then participated in an auction. The higher purchase intenders again overstated their actual WTP for both products, whereas low purchase intenders did not. Results suggest that both normative pressure and social desirability bias contribute to hypothetical bias for products that carry a normative dimension (EF products). Controlling for these two factors eliminated the differences between hypothetical and nonhypothetical WTP. For products that did not have a normative component (non‐EF products), controlling for social desirability eliminated the gap between the hypothetical and nonhypothetical WTP amounts. A main implication from this research is that hypothetical bias is not a universal phenomenon and does not operate equally in all groups of purchase intenders. Marketers may want to consider only using lower purchase intenders in their pricing estimates for new products, especially for those that carry a normative component. Further, the CVM has received much criticism for measuring hypothetical WTP. However, estimates produced by the CVM were nearly exact for the low purchase intender group and were reliable when controlling for social desirability bias and normative pressure for the higher purchase intenders.     

The Effect of New Product Preannouncements on the Evaluation of Other Brand Products

Some firms preannounce new products long before they are actually available on the market. Previous research has investigated the effects of such new product preannouncements (NPPs) on consumer and competitor responses. This paper examines how NPPs affect consumers' construal of and preferences for the new product and, in turn, how these evaluations influence their preferences for the brands' other products. Specifically, the paper demonstrates that consumers' construal level of NPPs spills over to their construal of other products in the brand family, causing a positive, biased evaluation of these products. Three experimental studies reveal that the mere information about an NPP can shift evaluation of currently available brand products in a positive direction through construal‐level spillover and increased perceptions of similarity. The studies contrast NPPs to new product announcements (NPAs) and consistently find more positive results for the former. Moreover, the studies find that product newness has a moderating effect on the results, such that the positive spillover effects are more pronounced for really new products than for incrementally new products. The results also show that the effects are contingent on the credibility of the NPP: If consumers do not consider the NPPs credible, no positive spillover effects will materialize. Finally, the studies demonstrate that the positive evaluative spillover is specific to the products in the brand family and does not affect consumers' perceptions or choice of competitor products. Consumers actually rate the competing brand's remaining products lower when the focal brand engages in NPPs. The study has important implications for managers regarding how to use NPPs to influence consumers' construal and evaluations of brand products.     

The Positive Effect of Industrial District on the Export Performance of Italian Firms

Economies of scale in the provision of export services and informal face-to-face exchanges of information about export markets may improve export performance of small firms located in Marshallian districts (locales). This paper presents an empirical test of this hypothesis and finds that geographical agglomeration of small-medium firms in a delimited area significantly affects their export intensity and their probability of becoming exporters. The significance of geographical agglomeration persists in spite of all controls which show how the dependent variable is also (positively) affected by export subsidies, formal export cooperation among firms, cooperation in (and quality of) innovation, size and age.     

Consumer Innovativeness and the Use of New versus Extended Brand Names for New Products*

Despite the importance of branding to new product success, little research has been conducted on how individual adoption orientation might affect brand name preferences. This paper draws on the diffusion literature to investigate how consumer innovativeness affects consumer response to alternative branding strategies (i.e., new vs. extended brands, for new products). The results of an empirical study found that consumer innovativeness has a greater effect on new product evaluations for new brand names relative to extended brand names. Also, results indicate that highly innovative consumers evaluate new products with new brand names more favorably than brand extensions. Furthermore, consumer confidence in the new product was found to mediate the effects of consumer innovativeness and its interaction with brand name type on new product evaluation. Implications include not only giving greater managerial consideration to using new brands but also supporting the chosen branding strategy with appropriate promotional efforts for respective adopter groups.