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国家能源局2019年公布的信息显示,中国已成为世界能源生产第一大国.随着综合国力的提升,我国能源体系持续优化并呈多元化发展的态势.但受资源禀赋等因素影响,能源行业供给结构及区域发展仍不平衡,部分能源企业高能耗、高污染、低效率的问题依然存在.并购重组有利于以"市场之手"推动资源的优化配置,淘汰落后产能,促进产业链整合,实... 相似文献
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我国资本市场环境对企业并购融资形成制约,表现在:一些上市公司通过增发股票募集资金的活动多是关联公司之间的非实质性收购;债券融资在我国企业并购中难于实施;混合性并购融资渠道亟待构建和完善.为提高并购融资的市场化水平,构建通畅的并购融资渠道,必须加强多层次资本市场建设,大力培育以投资银行为代表的中介机构;创立并购投资基金,并允许保险等战略性资金进入并购市场;放松对债券市场的管制;加强金融产品创新. 相似文献
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我国企业的并购呈逐年上升趋势,并购的动因也趋于多样化,大多数并购有着多种动因,以最主要的并购动因来确定并购方式才能符合公司的利益,以及为满足最主要的并购动因而寻找目标公司才能适合公司的发展.本文阐述了企业并购动因在财务方面的表现,重点从财务协同效应的角度分析了了企业并购的动因. 相似文献
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面对新的经济环境,不少企业希望通过并购实现快速扩张,继而提升自身的市场影响力。客观来看,企业并购能够带来可观的规模效益和协同效应,对促进资源优化配置有着积极影响。然而,企业并购同时也面临着较大的风险,对于财务风险的把控往往对并购的成败有着直接的影响,因此企业并购过程中应该高度重视财务风险管理。 相似文献
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并购融资视角下多层次资本市场建设 总被引:1,自引:0,他引:1
我国资本市场环境对企业并购融资形成制约,表现在:一些上市公司通过增发股票募集资金的活动多是关联公司之间的非实质性收购;债券融资在我国企业并购中难于实施;混合性并购融资渠道亟待构建和完善。为提高并购融资的市场化水平,构建通畅的并购融资渠道,必须加强多层次资本市场建设,大力培育以投资银行为代表的中介机构;创立并购投资基金,并允许保险等战略性资金进入并购市场;放松对债券市场的管制;加强金融产品创新。 相似文献
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本文结合跨国企业的并购理论考察跨国企业在中国进行并购的主要动因,介绍目前跨国公司进入中国市场时采取的几类并购模式:对于非上市企业的并购和上市企业的并购模式。结合一些具体跨国企业在华并购的实例,简单研究了目前外资企业在华并购的现状、所面临问题和一些政策建议。 相似文献
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There is debate in the literature focuses on whether open market repurchases can be taken as a signal of stock undervaluation. This research argues that takeover pressures before a repurchase announcement can be a credible signal of undervaluation. The empirical results indicate that repurchasing firms with a higher probability of takeover experience greater announcement effects, improvements in operating performance and long-run abnormal return, positive forecast revisions by financial analysts, and enhanced agreement between management and shareholders. These findings suggest that takeover probability and open-market share repurchases appear to constitute a double-signal for conveying stock undervaluation to the market. 相似文献
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Studies for major stock markets of share price movements in the period around a takeover show that target company shareholders typically experience large gains in wealth but that acquiring company shareholders do not. The reasons for this asymmetry–and, in particular, for the absence of gains for the shareholders of the companies which initiate the deal–are imperfectly understood. This note suggests one factor contributing to those results. It argues that accounting practice prescribed by the main standard setters is non‐neutral towards ‘successful’ and ‘unsuccessful’ bidders with respect to reporting the transaction costs of bidding. It shows how the prescribed accounting treatment of these costs affects performance measures used in salary contracts as well as in the markets for executives and for corporate control. The result is that the managers of bidding companies will have an ‘arti ?cial’ incentive to in ?ate their bid price or to go ahead with a bid which offers no bene ?t to their shareholders. Ironically, the main standard setters seem minded soon to prohibit the only accounting technique which does not distort these incentives. 相似文献
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Rating Agencies as Gatekeepers to the Capital Market: Practical Implications of 40 Years of Research
This paper gives an extensive overview on the avenues academic research has taken in exploring the role of credit ratings. In doing so, it relies on a strict methodological approach for the collection and evaluation of relevant studies to address the criticisms on the lack of profoundness in prior literature reviews in business research. It provides therefore to both academics and practitioners an exhaustive compendium on the role and relevance of credit ratings for each key stakeholder over the past 40 years. Second, it pinpoints specifically to how credit ratings impact corporate strategy. In this matter, it suggests to focus on this underresearched aspect in future as it has become a critical factor in the decision‐making of company boards. 相似文献
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This study examines the impact of public venture capital (hereafter PVC) investments on corporate governance of initial public offering (hereafter IPO) firms in emerging markets. Using data collected from Taiwan PVC investments during 1996–2005, we analyse three corporate governance features in IPO firms: earnings management, board characteristics, and excess control by controlling shareholders. We find that PVC‐backed firms use fewer accounting accruals in their IPO financial statements than non‐PVC‐backed firms. This result suggests that PVC‐backed IPO firms engage in less earnings management than non‐PVC‐backed IPO firms. We also find PVC‐backed firms tend to set up their boards with fewer non‐independent directors and supervisors at IPO. This result indicates that PVC‐backed IPO firms have better board structures than non‐PVC‐backed IPO firms. Finally, we find that controlling shareholders are less likely to exert excess control in PVC‐backed firms than in non‐PVC‐backed firms. Overall, our results indicate that PVC investments add value to new IPO firms not only in financing their capital needs but also in creating better corporate governance structures in emerging markets. 相似文献
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王东风 《广东金融学院学报》2009,24(2):43-49,128
随着国际资本流动规模的日益庞大,其易变性的破坏力也越来越大,而且在新兴市场国家表现得尤为强烈,这加剧了新兴市场国家金融脆弱性。国际资本易变性从冲击货币稳定、影响国际收支的可维持性以及国际游资对金融市场的高度投机三个方面加剧了新兴市场金融脆弱性。它在新兴市场表现尤为强烈的原因在于新兴市场的不稳定性和不成熟性。 相似文献
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Gatekeepers in financial markets have the power to provide the institutional stability, fortitude, and direction necessary for the development and the smooth functioning of capital markets. At the same time, they are often motivated by their own private incentives. This along with the tradeoffs they face, and the at‐times unintended consequences of the regulations they propose and enforce, can undermine their effectiveness. A thorough understanding of gatekeepers and their roles can thus illuminate academics, the financial community, and regulators on how such gatekeepers can be the most effective and generate the greatest benefits for capital markets. Since gatekeeping roles and the literature they have inspired encompass a wide array of institutions and agencies, our overview concentrates on those that the conference papers appearing in this volume focus on. We conclude that collectively, the papers contribute to significant progress, and point out some crucial areas that call for further investigation and offer opportunities for future research. 相似文献
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基于利益相关者理论,本文分析了保险公司股东、保单持有人和保险行业监管机构等三个主要利益相关者对保险公司资本结构的偏好及其影响,在此基础上运用博弈论和股东收益率模型对利益相关者影响下的保险公司资本结构进行理论分析。研究结果表明:在利益相关者的影响作用下,保险公司采用较低的财务杠杆能更好地最大化各利益相关者的效用,优化公司资本结构。这一结论也得到了我国三家A股保险公司上市前后财务杠杆变化的经验数据支持。为此,本文提出降低保险公司财务杠杆、优化资本结构的政策建议。 相似文献
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市场经济实行自由进入、公平竞争,大多数行业都可以这样,但是新闻出版业不允许.在中国,新闻出版业是党的宣传思想阵地,是先进文化的基本载体,是创造精神财富和物质财富的新兴产业.根据<出版管理条例>,国家对新闻出版单位实行企业准入和特殊产品准入审批制度,对业务准入实行审批指定制,对人员准入实行持证上岗制.对新闻出版市场准入规制的改革关键是要有利于新闻出版业强身健体,固本强基,壮大实力,增强活力,提高竞争力. 相似文献