中国企业跨国并购的风险研究

20世纪90年代以来,高新技术迅猛发展使世界经济趋于一体化,在这样的大背景下,全球跨国直接投资不断发展扩大.根据联合国贸发会议(UNCTAD)数据,1988-2003年,中国企业累计跨国并购总金额为81.39亿美元,其中2003年高达16.47美元.可见,中国在跨国并购的浪潮中扮演着重要的角色,但是跨国并购在推动中国经济增长、产业结构调整、资源配置优化的同时,也存在着政策、法律、文化等多方面的风险.本文介绍了跨国并购和跨国并购风险的概念,结合案例重点分析跨国并购存在的各种风险.     

跨国并购中的企业文化融合研究北大核心CSSCISSCI

并购作为资本运营的一种方式,在现代经济中发挥着越来越重要的作用。企业并购是企业兼并（Merger）与收购（Acquisition）的总称,在实际过程中,兼并和收购往往交织在一起,很难严格区分,国际上通常把这两个词合起来,简称“M＆A”。     

中铝斥巨资收购力拓——迈出“走出去”最大步伐

2009年2月1日,中国铝业(简称"中铝")宣布,新加坡全资子公司联合美国铝业获得了矿业巨头力拓12%的现有股份。这是中国企业历史上规模最大的一次海外投资,也是全球交易金额最大的股票交易项目,交易总对价约140.5亿美元,此次收购进一步明确了中铝构建国际化多金属矿业公司的目标。中铝在这桩交易过程中的表现,凸显出中国企业在进行全球并购交易方面取得的进步。这样一桩重大交易的成功预示着越来越自信的中国企业将进行更多的海外并购。     

中国新能源企业的海外开拓的探讨——以中铝并购力拓案为例

本文以近年来广受关注的中铝并购力拓案例作为切入点,详细地分析中国企业在海外并购中遇到的各种选择与难题,并为处于跨国并购风口浪尖的中国企业提供参考与思路。     

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。     

基于商业文化视角的中国企业跨国并购文化整合影响因素研究

中国企业跨国并购面临着民族文化、商业文化、企业文化以及文化自身多层次等因素的影响.基于商业文化的视角,运用文化分层理论,通过中西商业文化差异的对比分析,构建了跨国并购中商业文化的三层次(基本假设、价值观体系、行为和物化行为)分析维度模型,这为今后进行中国企业跨国并购商业文化整合的实证研究打下理论基础,同时也为中国企业的跨国并购文化整合提供有益的参考和借鉴作用.     

一带一路背景下,中国企业跨国并购的风险研究

近几年来,经济全球化程度的不断加深、"走出去"步伐的不断加快、"一带一路"战略的提出和亚洲基础设施投资银行的设立,为中国企业跨国并购提供了巨大的发展空间和极其便利的条件.然而我们也清晰的看到,随着TPP、TTIP等一系列区域性贸易协定的签订,区域性贸易组织己经对传统的投资环境和投资方式形成了巨大的冲击.在当前机遇与挑战共存的大环境下,中国企业跨国并购必将走入一个新的时代.随着中国企业跨国并购规模的不断扩大,跨国并购活动能否最终达到企业的目的,取决于企业能否对新形势下跨国并购中所遇风险进行很好的识别并制定相应的防范措施.基于此,本文从跨国并购及其风险的理论出发,对中国企业跨国并购风险进行分析,并提出了中国企业跨国并购风险的防范措施.     

我国企业跨国并购的现状、风险分析及应对策略

近年来,随着经济全球化程度日益加深、世界性产业结构调整升级和走出去战略的完善,跨国并购越来越成为各国企业国际直接投资的首要选择,跨国并购在当今经济社会掀起新的浪潮。与此同时,中国企业跨国并购的步伐也随之不断加快。但对于发展中国家的企业而言,企业跨国并购在带来收益的同时还存在着较大风险。本文主要结合相关案例,就我国企业跨国并购的风险及其应对策略进行分析。     

企业跨国并购的财务风险和防范

"十三五"规划开展以来,中央政府更加关注企业发展和转型,为企业的对外投资与并购发展推出不少利好政策,中国的跨国并购正在以惊人的速度成长着,可是其失败率一直居高不下.在诸多原因之中,疏于对财务风险的防范或者防范措施不周是并购失败的主要原因之一.合理应对跨国并购中的财务风险,成为主并企业的当务之急.     

浅议中国企业跨国并购中的国家风险管理选择

东道国的国家风险已经成为中国企业跨国并购的主要障碍,因此文章对跨国并购中国家风险的识别、评估和应对进行探索性的研究,以期达到对国家风险的有效管理。     

公司治理、经验学习与企业连续并购——基于我国上市公司并购决策的经验证据

文章以2004-2008年我国上市公司的1 480起并购事件为样本,运用事件历史分析方法研究了公司治理和经验学习对企业连续并购行为的影响。研究发现:(1)并购管理程序熟练程度和以往并购绩效反馈都会增加连续并购决策的发生概率;(2)国有股权、管理层持股比率的增加、CEO和董事长两职合一会促进企业连续并购的发生,而具有较高独立性的董事会则可能会降低企业并购的发生概率;(3)国有股权、管理层持股比率、董事会领导结构和董事会独立性会强化经验学习对并购决策的影响效果。     

Environmental regulation,political incentives,and mortality in China

China enacted an environmental regulation policy in 1998, the “Two Control Zones” (TCZ) policy, to control air pollution in selected cities. Using a panel dataset of 208 prefectural cities for 2001–2012, this study applies a difference-in-differences approach to examine the policy's impact on mortality and identify the role of political incentives. We find the following aspects. (1) The policy significantly reduces mortality in TCZ cities relative to that in non-TCZ cities by 0.305‰ in the period when the policy is strictly enforced. On average, it translates into a 5.2% reduction in mortality. (2) The effect is particularly salient in the years when local officers are evaluated for political promotion and/or when they face stronger pressure for promotion, thus suggesting that political incentives play an important role in determining the effectiveness of environmental regulation policy. (3) The policy reduces industrial emissions of sulfur dioxide instantaneously, while the accumulation of which eventually leads to a lagged reduction in mortality in the cities. (4) The policy yields health benefits worth 1.1 trillion yuan for the treatment period in our sample (i.e., 2006–2012), which accounts for approximately 5.1% of GDP in 2006.     

On the political economy of minority rights. Three ways to manipulate a minority: Goals,rules, and border poles

Language rights for speakers of minority languages are analyzed as well-defined policy measures that are implemented in given jurisdictions. For the implementation of such rights in some countries, certain rules concerning the number and geographical distribution of the speakers of a minority language have to be fulfilled. We discuss, how a policy maker with a given attitude towards the minority can manipulate the policy to further his or her goals. We first provide a normative background for this type of language policy, a benchmark, analyzing language policy on the basis of welfare economics, first discussing why language policy is but one type of public policy, then defining and discussing the benefit or “demand” side assuming that benefits are basically proportional to the number of beneficiaries of the planning measure. We then argue that the costs of a planning measure can be described as a function of two variables, “number of beneficiaries” and “size of area of application”. This lets us analyze planning measures in a two-dimensional model fully characterized by the number of beneficiaries and their geographical distribution in the jurisdiction under consideration. Finally, we characterize the optimal size and extension of the jurisdictions where the language rights are to be implemented. It is then shown, how the policy maker can manipulate the goals of the policy, the implementation rules, as well as the borders of the jurisdictions in order to achieve her or his political goals when they differ from the cost-benefit optimum.     

A study on the tourism practitioners perception of tourism impact a case study of Hainan, China

This study examines the urban population of tourism practitioners'perceptions of economic,environmental,and social impacts on cultural,convention,and sport tourism may have in Haikou and Sanya,Hainan,China the study uses a modified Urban Tourism Impact (UTI) to examine economic,environmental and social perceived impacts.Analysis of the data includes testing three models of structural relationships between tourism impacts and support for development in each of the tourism market sub-divisions through a confirmatory factor analysis.The results of this study show that the positive economic impacts consistently exert influence on predicting support for tourism development in all three models.However,the social impacts play a greater explanatory role with all three market segment,the negative environmental impacts play a role in determining support for .sport tourism only.Dif ferences have been found with those with a higher education level in predictmg support for cultural tourism,but not Convention or sport tourism.     

Expectation and satisfaction of rural tourism：a case study of Hainan,China

This study uses the rural tourist motivation scale to measure the motivations, expectations, and satisfaction of nearly 200 rural tourists in five areas of Hainan, China by importance-Performance Analysis （IPA） and factor analysis. The results show that the main motivation for participating in rural tourism is to be close to nature, improve family rela-tionship and relaxation. Tourists are highly satisfied with the landscape and pastoral views as well as the friendliness of the local people and hotels. The results also show that the sample people most care about easy parking and reasonable prices, and they expect ethnic festivals and farm life experiences. Besides the environment, facilities, recreational activities and psychological experience of rural tourism, the overall satisfaction is high. The results of this study can be used by local government leaders as well as the tourism industry to devise ways to promote and improve rural tourism.     

Screening, cross-border banking, and the allocation of credit

The author analyses competition among banks when banks can use creditworthiness tests that generate (imperfect) information about borrowers. When banks can strategically adjust the test characteristics by investing resources in the screening technology, he shows that credit markets are not easily contestable. An increase in the intensity of competition may have few effects on incumbents» conduct and overall market shares. Moreover, conditions are provided under which screening efforts are reduced by competition. In such situations the quality of the overall loan portfolio declines and the economy incurs higher aggregate risk due to the lower quality of banks» information production. The welfare gains from integrating fragmented loan markets can actually be negative.     

基于文化情境的大学生思想政治教育探析

在思想政治教育领域引入文化学的取向,有利于从文化的视角审视和剖析具有文化特质的思想政治教育.文化具有深刻的思想内涵,人的社会本质是文化建构的结果.文化与思想政治教育具有深切的内在关联,思想政治教育具有自身独特的文化属性,文化意蕴着思想政治教育.在实践维度上,增强思想政治教育的文化底蕴,优化思想政治教育的文化环境,提高思想政治教育主体的文化素质,拓展大学生文化生活实践的空间,引导大学生正确进行文化选择,是寻求思想政治教育创新的文化路径.     

Specialisation,localisation, and trade value in the wake of cross-border production sharing. The Central Eastern European Countries' case

We focus on five among the sectors in which most of the CEECs’ trade in middle products with EU-15 is concentrated. Over the second half of the 1990s, we observe remarkable changes in both production and trade specialization as well as a significant relocation of industries within CEECs. Using jointly trade and production data we outline co-movements in the adjustment of specialisation patterns. We also show that the redistribution of activities at the regional level reflects the relocation of industries at the global level. Finally, we try to detect the scope of fragmentation of production characterizing each industry and the ways in which CEECs are moving along the “internationally sliced-up value chain”. (JEL: F10, F14, F15)