企业跨国并购决策中的国别选择——“逆势”跨国并购模式的驱动因素

本文以2011 ～2012年发生跨国并购的中国上市公司为研究样本,以经济相对发达的北美国家的选择为研究问题,检验了控股股东性质、资产性质和企业规模对北美地区选择偏好的影响.结果表明,国有控股企业更加愿意选择北美地区作为跨国并购的目标国;而随着无形资产比例以及企业规模的提升,企业选择北美地区的可能性显著下降.最后,分别从“能力”与“动力”两个维度分析了企业选择进入经济相对发达国家的原因,并构建了“逆势”跨国并购模式的驱动模型.     

基于市值管理的企业并购分析——以吉利汽车并购沃尔沃为例

并购是在市场机制作用下,企业为了获得其他企业的控制权而进行的产权重组活动。推动企业并购的动因可总结为获得规模经济优势、降低交易费用、多元化经营战略三种。对于上市公司而言,并购也是企业进行市值管理的一种手段。文章首先搭建出以并购促进企业有效市值管理的框架,其次以吉利汽车并购沃尔沃为例印证了并购的协同效应是进行市值管理的有效前提、并购利益相关者的认可是进行市值管理的有效保障、并购后的绩效增长是市值管理的关键因素。采用事件分析、独立样本T检验等方法分析具有正协同效应的并购对市值管理的作用,以为企业借助并购行为完善市值管理提供参考与借鉴。     

为什么亚马逊能坐云计算业务头把交椅？

日前,市场研究公司Synergy的分析报告显示,亚马逊在云计算领域遥遥领先。2013年第三季度云计算市场总营收达到25亿美元,比2012年同期增长了46％。而亚马逊不仅仍占有云计算市场的大部分份额,其云计算业务营收还实现了55％的同比增长,使其云计算的整体市场份额获得了进一步增长。     

读懂亚马逊经营哲学(下)--从贝索斯致股东信谈起

亚马逊从1997年上市到现在市值已超万亿美元,20多年增长2000多倍。创立之初的亚马逊只是一家销售纸质图书网站,今天已成为当之无愧的全品类网上商城;除电子商务,亚马逊同时还是一家科技公司,在多个领域都卓有建树。作为一家伟大的公司,亚马逊扩张与成长的打法对企业家、创业者、管理者非常有借鉴意义。     

亚马逊对于电子商务公司的启示

亚马逊公司是当前电子商务领域比较成功的国际企业。文章对于亚马逊公司的成功进行了简要的分析,总结出该公司的一些特点,希望能对于国内的电子商务公司有所启示。     

浅析亚马逊的网络品牌建设

美国的亚马逊公司是目前为止全球最大的网络零售商。本文从网络品牌定位、网络品牌传播、网络品牌管理等方面对亚马逊公司的网络品牌建设进行了分析,针对其网络品牌建设中所存在的问题,亚马逊应该进一步加强网络品牌定位、注重传播媒介的多样化、加强线上线下的紧密合作、加强网络品牌的管理并注重网络信息包装。     

SK中国准备大规模并购

“SK在中国的业绩和投资增长都不是百分之几十的概念,而可能是成倍增长,要达到目标,压力不小。”     

与世隔绝的亚马逊流域部落

两年前,当一架飞机从空中飞过时,巴西雅克州这个“未被接触过的”部落居民用弓箭瞄准飞机。最近一次调查拍摄的新照片显示,他们非常健康。专家说,这也是迄今为止拍摄到的这个位于亚马逊流域部落的最详细的照片。     

Human integration following M&A: Synthesizing different M&A research streams

Despite the extensive amount of research on mergers and acquisitions (M&A), failure rates continue to be high. Increased attention has been attributed to human integration; however, as M&A are multifaceted complex phenomena, this paper presents a literature review on the strategic management school, the organizational behavior school, and the process school in order to provide an integrative perspective on post-merger integration. By exemplifying interrelationships in human resource management (HRM) in each school of thought, as well as in intricacies of human matters, we provide suggestions for research. First, human integration and its consequences for HRM need to be considered in a context-dependent manner. Second, human integration is not a static event, as employees evolve from the integration process, where changes need to be analyzed over time to develop an understanding for implications in HRM. Third, research needs to consider new methods or combinations of methods in order to overcome the de-naturalization of humans in M&A.     

Bilateral M&A activity from the Global South

This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. We document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. We find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. We also consider the implications of our model for future M&A originating in the Global South, in light of the global financial crisis of 2008.     

The (mis)measurement of M&A performance—A systematic narrative literature review

This paper seeks to further the understanding of the variety of meanings M&A scholars attach to the label “M&A performance” by providing an alternative way to interpret the claimed inconsistency of M&A research findings. While many scholars contend that the problem stems from the multiplicity of M&A performance measures, we believe the problem rests in trying to compare different measures as if they were measuring the same feature of the organization. Through our narrative review of empirical research we analyze factors shaping the M&A – as well as the organizational – performance measurement process. The conclusion is that it is not possible to talk about M&A performance as if it was a universal construct.     

The blind power: Power-led CEO overconfidence and M&A decision making

The behavioral finance literature attributes failed M&As to CEO overconfidence. We investigate the source of CEO overconfidence that leads to failed M&As. Among various determinants of CEO overconfidence, we propose that power-led CEO overconfidence delivers undesirable consequences in corporate investments. Using CEO-level data, we find that CEO power increases the probability of a CEO being overconfident. We also show that power-led overconfident CEOs tend to complete more deals regardless of economic circumstances, do stock acquisitions, and make diversifying acquisitions, relative to non-overconfident CEOs. The results suggest that the findings of previous studies on M&As by overconfident CEOs could be driven by power-led overconfident CEOs.