公司并购绩效评价最基本的实证方法研究

企业并购绩效评价的结果是否能真实地反映出并购企业的绩效实际,关键在于绩效评价方法的选择。股票市场事件研究法和经营业绩对比研究法是两种最为基本的实证方法,分析总结和掌握其方法的使用、适用范围和应注意的问题等,对公司并购绩效做出客观评价尤为重要。     

The effect of performance measurement systems on firm performance: A cross-sectional and a longitudinal study

Performance measurement (PM) systems have been popularized over the last 20 years and the operations management literature is replete with discussion of metrics and measurement systems. Yet, a comprehensive nomological network relating types of PM system uses to organizational capabilities and performance is lacking. Furthermore, there is scant empirical evidence attesting to the explanatory efficacy of PM systems as it relates to organizational performance. We view PM system uses through the lenses of the Resource Orchestration Theory (ROT) and explore specific relationships of underlying variables by relying on the Organizational Information Processing Theory (OIPT). Resting on the extant literature, we identify two types of uses which include Diagnostic Use (the review of critical performance variables in order to maintain, alter, or justify patterns in an organizational activity) and interactive use (a forward-looking activity exemplified by active and frequent involvement of top management envisioning new ways to orchestrate organizational resources for competitive advantage) and relate them along with their interaction (i.e., dynamic tension) to organizational capabilities. We further link capabilities to target performance, which subsequently impacts organizational performance (operationalized through both perceptual and objective financial performance measures). The nomological network is tested via a cross sectional study (386 Italian firms) while the efficacy of PM systems to explain organizational performance is examined by using longitudinal panel data approaches over a 10 year period. There is sufficient evidence to suggest that the use of PM systems leads to improved capabilities, which then impact performance. Contrary to the extant literature, however, we discovered that Diagnostic Use appears to be the most constructive explanatory variable for capabilities. On the other hand, in light of a longitudinal study, we also uncovered that Diagnostic Use experienced depreciating returns as far as objective financial measures are concerned. Also, when high levels of Diagnostic Use were coupled with low levels of Interactive Use, they produced the lowest levels of organizational capabilities. Conversely, high levels of both types of PM system use generated extraordinary high levels of capabilities. There is sufficient evidence to suggest that organizations cannot rely merely on Diagnostic Use of PM systems. We also learned that the effects of PM systems (measured via adaptation) fade unless high learning rates are applied. We offer detailed recommendations for future research which have theoretical as well as empirical implications.     

美国绩效评估研究中度量传统简析

本文从工作绩效的范围、工作绩效的维度、对管理者绩效的描述、绩效评估工具与程序的开发四个方面对美国绩效评估中度量传统的重要研究成果加以介绍,并提出度量传统的视角过于单一,不能充分体现评估过程中多因素的互动关系。     

企业并购中的人力资源整合研究探析

伴随经济全球化和知识经济的到来,越来越多的企业已意识到并购对企业的重要性。并购后的人力资源整合已成为决定企业并购成功与否的关键因素。介绍了人力资源整合在企业并购中的重要意义、国内外学者在这一领域的研究状况及存在的主要问题。     

浅谈企业并购中目标企业价值评估的方法

本文简单阐述了目前我国在企业并购中对目标公司价值评估常用方法所存在的问题,并据此提出目标企业价值区域确定方法,以期能为并购提供一种新的思路.     

从理财角度分析中国平安收购深发展的利弊

中国平安保险股份有限公司将与深圳发展银行股份有限公司达成协议,认购深圳发展银行股份有限公司的新股。交易批准完成后中国平安将成为其第一大股东。从理财角度分析了两公司这次联合的利弊。     

企业并购的财务风险评价研究

首先对企业并购中存在的对目标企业定价、并购融资、并购价值支付及在并购后对于目标企业的财务整合风险等财务风险进行了概述,在此基础上提出了企业并购决策中财务风险评价指标体系,然后构建了企业并购中财务风险评价的二级模糊综合评价模型。最后对运用一案例对财务风险评价模型进行了实证研究,验证了模型的可行性。     

Human resource management and performance: lessons from the Netherlands

The relationship between HRM and firm performance has been a hotly debated topic over the last decade, with the great bulk of the primary scientific research coming from the USA and, to a lesser extent, the UK. We start with an overview of this research to give a frame of reference to compare the findings from the Netherlands. By comparing the results of research in the Netherlands with those in the USA and the UK we hope to reveal the secret of achieving 'competitive advantage through people' (Pfeffer, 1994) in the Netherlands. The comparison may further allow us to supplement resource-based approaches with a more institutional perspective.     

Pride,prejudice and performance: relations between HRM,diversity and performance

Today, managing diversity is considered one of the main challenges for HRM in modern organizations. In this article, a framework is developed to suggest that the design and implementation of HRM activities should be influenced by strategic choices on the management of diversity which are themselves shaped by environmental factors. The HRM activities lead to four types of outcomes (affective, cognitive, symbolic and communicative) that affect individual, group and organizational performance. This framework is used to explore the effects of workforce diversity in two cases and to provide answers to three central questions: how does diversity influence the interactions in and the performance of diverse groups, and what is the relation between management diversity and other HRM policies in the two companies? The findings indicate that an organization's strategy for managing diversity influences both the process of meaning formation regarding diversity and the perception of performance effects. The availability of an organizational vocabulary and of instruments to interpret interactions in terms of diversity make a crucial difference. The stories and incidents from the two cases show how diversity affects both the daily interactions and the functioning of diverse groups.     

基于“消亡模式”的并购企业文化整合

并购企业的文化整合方式有多种模式选择。在论述“消亡模式”文化整合及其适应条件下,对并购企业采取“消亡模式”文化整合的过程和方法进行了探讨;提出了从全新的心智模式上升为企业的规章制度,并形成新的企业文化过程中,管理职能所起的特定作用;结合联想并购IBM全球PC业务案例,进行了应用分析。     

服务导向与组织内外部营销表现关系之研究

在服务营销管理的领域中，内部营销及外部营销均为影响组织绩效的关键因素，本研究以餐饮业的服务员工及顾客为实证研究的对象，将服务导向作为主要变量，从员工及顾客的角度，发展一个整合服务导向及组织内、外部营销表现的模型，并以LISREL分析验证本研究所提出的假设。     

基于熵权法的商业银行经营绩效评估

熵原本是一个热力学概念,最先由申农引入信息论,现已在工程技术、社会经济等领域得到十分广泛的应用。本文在构建商业银行评价指标体系和统计整理得出12家商业银行指标数据的基础上,利用熵权法对其经营绩效进行了系统的客观评价。     

The effects of innovation–cost strategy, knowledge, and action in the supply chain on firm performance

Despite the importance of supply chains within today's economy, we know little about how the knowledge of supply chains can contribute to superior performance at the firm level. Building on the resource-based view, knowledge-based view and strategic choice theory, we develop hypotheses linking two knowledge-driven supply chain phenomena (i.e., knowledge development capacity and intellectual capital), innovation–cost strategy, and action to firm-level performance. Using survey and archival data from 489 firms, we found that performance is influenced by how well knowledge development capacity and intellectual capital efforts complement alternative chain strategies. More specifically, each strategy type requires different constellations of knowledge development capacity and intellectual capital to enhance action and create superior firm performance. These results highlight the importance of supply chain phenomena for firm-level performance, and more broadly, the value of supply chains as a competitive weapon in contemporary firms.     

大型企业集团战略性绩效考核体系构建

绩效考核在我国大型企业集团越来越受到重视,如何建立有效的绩效考核体系也成为了一项非常重要的课题。本文从战略管理的角度建立了我国大型企业集团绩效考核体系,旨在对公司内部能力的考核,以此提出了基于战略柔性和战略有效性的大型企业集团战略性绩效考核体系,并且借助AHP方法,针对所设计的指标体系,构建企业绩效的计算模式。     

Changing the mindset: the training myth and the need for world-class performance

Abstract Using data from Canada, the Czech Republic, Hong Kong and Indonesia, this paper tests the concept that training should be viewed as only one (perhaps small) factor in the drive towards world-class productivity. Rather, it is a combination of social science and physical science factors that must be managed, if productivity is to improve. This gap analysis technique focuses on reactive and proactive job analyses to develop programmes of workplace change. Even when utilized in widely varying cultures, the model yields comparable results.     

The performance of performance appraisal systems: understanding the linkage between appraisal structure and appraisal discrimination complaints

Abstract

Employee perceptions of the fairness of performance evaluations are critical to the success of any appraisal system. Research on performance management includes extensive studies on how bias emerges in the appraisal process. Despite this, there is no empirical evidence linking formal discrimination complaint filings – a key measure of bias - and performance appraisals. To close this gap, we conduct an empirical analysis using information on appraisal systems and discrimination complaints from the US federal government. Our findings suggest that agencies with better-designed appraisal systems will experience higher appraisal-related discrimination complaints, contrary to expectations. In particular, an expansion of training and voice opportunities are associated with an increase in appraisal discrimination complaints, while increased differentiation between performers is not consistently associated with complaints. For managers struggling with performance management, it may be better to spend time on improving performance-focused interpersonal communication rather than redesigning appraisal systems.     

Human resource management and the performance of Western firms in China

The study examines the relationship between human resource management and organizational performance in sixty-two manufacturing Chinese-Western joint ventures and wholly owned subsidiaries located in different parts of the People's Republic of China. A positive relation was found between firm performance and the extent to which firms used a 'high-performance' HRM system as well as the degree to which they engaged in the integration of HRM and firm strategy.     

Optimal geographic diversification and firm performance: evidence from the U.K.

This paper examines the relationship between multinationality and firm performance. The analysis is based on a sample of over 400 UK multinationals, and encompasses both service sector and manufacturing sector multinationals. This paper confirms the non-linear relationship between performance and multinationality that is reported elsewhere in the literature, but offers further analysis of this relationship. Specifically, by correcting for endogeneity in the investment decision, and for shocks in productivity across countries, the paper demonstrates that the returns to multinationality are greater than those that have been reported elsewhere, and persist to higher degrees of international diversification.

External communication behaviour of purchasers—effects on supplier management performance

This article presents findings of a research effort that focuses on the relationships among the external communication behaviour of purchasers, individual and contextual factors and the performance in supplier management. Communication quantity, openness and friendliness were identified as dimensions of individual communication behaviour. Information and relationship quality were used as the two dimensions of communication quality. The results, based on structural equation analysis, provide support for the positive influence of individual communication behaviour on communication quality and supplier management performance. Results suggest that relationship quality appears to be of great significance in the model. Oral communication capability and purchasers’ attitudes towards individual communication with suppliers also play important roles in explaining external communication behaviour of purchasers.     

Understanding the practice of performance measurement in industrial collaboration: From design to implementation

This study focuses on the design and implementation of a performance measurement system (PMS) for industrial collaboration. This article provides insights from two case studies of industrial collaboration. The research aims to study the crucial characteristics of PMS design and implementation in industrial collaboration, in which multiple tiers, extending beyond the buyer-supplier dyad, are considered. Prerequisites and challenges are crucial characteristics that should be examined in the design and implementation of a PMS. The results indicate three main characteristics affect the design and implementation of a PMS in an industrial collaboration: 1) the importance of collaboration, 2) the importance of coordination and integrated information systems within the system implementation, and 3) the importance of acknowledging the impact of varied customer needs.