Mergers and acquisitions by Chinese firms: A review and comparison with other mergers and acquisitions research in the leading journals

In recent years, an increasing number of Chinese firms have been engaged in acquisitions both inside and outside of China. Nevertheless, our understanding of Chinese merger and acquisition (M&A) activity is limited because a majority of M&As in the past 100 years have been performed by firms from developed countries and it is those M&As that have been the focus of prior research. Thus this paper aims to address the following research questions: What are the new insights gained from Chinese M&A research? What are the emerging future directions of Chinese M&A research? To address those questions, this article provides a thorough literature review of the most recent M&A research in top journals and studies of M&As both inside and outside of China. Consequently, we identify both new insights from Chinese M&A research and the research gaps that Chinese M&A research needs to fulfill compared with general M&A research in top journals. We further highlight the important and unique characteristics of Chinese M&As and call for future research.     

中国工业大气污染治理效率及区域差异

基于2011~2013年大气污染物治理投入、排放和去除数据,利用Super-efficiency DEA和Malmquist模型,首次同时计算了工业废气及其分类污染物(二氧化硫、氮氧化物和烟粉尘)的治理效率。结果表明:工业废气治理效率较低,投入冗余与去除不足并存。相对各自的前沿面,不同污染物治理效率差异明显,氮氧化物的去除率最低,治理效率也最低,其次是二氧化硫,而烟粉尘治理效率最高。从地区分布看,废气污染治理效率以西部最高,其次是中部,再次为东部。烟粉尘的污染治理效率呈现中部、西部和东部依次下降格局。而氮氧化物的治理效率以东部最高,其次是西部,再次是中部。二氧化硫的治理则西部最高,其次东部,再次中部。总体而言,治理效率提高主要依靠技术进步,但NO_x的治理效率主要来自技术效率提高。故应根据治理效率差异,提高治理技术水平,增加设备投入,优化投入结构,保证设施运行效率。但从根本上还需要注重调整产业结构、清洁能源替代和节约能源,强化环保法规的完备性和执行度。     

Why firm size matters: investigating the drivers of innovation and economic performance in New Zealand using the Business Operations Survey

The performance of the New Zealand (NZ) economy is something of an enigma. Although ranked one (of 144 countries) for four important ‘growth fundamentals’ NZ is ‘middle of the pack’ when it comes to economic growth, productivity and process innovation. Using four iterations (2005, 2007, 2009 and 2011) of the Business Operations Survey, this research seeks to shed some new light on this conundrum by using a multivariate probit regression (mvprobit) approach applied to pooled samples in excess of 22,000 unit record observations of NZ firms. The results suggest that factors including firm size, high perceived quality, investment/research and development (R&D) capability, major technology change, application of formal IP protection and new export markets are systematically and positively related to innovation; while many external issues, such as those related to geography, market structure, business environment, have little influence. At the firm level, innovations in NZ are highly dependent on the firms’ internal ability to develop new technologies and market demand. The (very small) size of firms does matter in NZ, which lacks a major ‘home market’ or a major trade block on its doorstep, such that ultimately, government may need to be involved to maintain a viable scale for domestic R&D.     

Team learning: The missing construct from a cross-cultural examination of higher education

Team learning should be an important construct in organizational management research because team learning can enhance organizational learning and overall performance. However, there is limited understanding of how team learning works in different cultural contexts. Using an international comparative research approach, we developed a framework of antecedents and outcomes in the higher education context and tested it with samples from the UK and Vietnam. The results show that a common framework is applicable in the two different contexts, subject to slight modifications. However, this study does not find that team learning (measured via the proxy of “attitude towards team learning”) exhibits any statistically significant relationship as a predictor of the proposed outcomes. Other findings from this study on educational contexts are important not only to scholars in this field, but also for practicing managers, particularly those who study and operate in the extensive global market.     

熔岩台地矮曲林土壤溶液吸光度与土壤碳、氮含量的相关性

通过对五大连池新期火山熔岩台地白桦、香杨、山杨3个林型的矮曲林45个样本进行14个波长(250、254、260、265、272、280、285、300、340、350、365、400、436和465 nm)土壤溶液吸光度以及土壤有机碳和全氮含量的测定,旨在探讨土壤溶液吸光度对土壤碳氮指标的指示作用以及不同林型对该作用的...     

浅谈对企业并购的新认识

国内外许多成功的案例表明,企业并购在企业的发展中发挥了显著的作用。所以许多企业纷纷效仿。但是,由于他们对并购理论缺乏足够的认识,特别是实践中对环境缺乏全面而客观的分析,导致企业的发展不尽如人意。本文阐述企业并购的新思考,以增强企业并购的认识。     

从"鸟巢"暂停探索价值工程

论文以价值工程基本要义为切入点,分析了北京奥运场馆建设中存在的主要问题,结合国外办奥运的成功经验．说明崇洋奢华,求大求新,严重背离价值工程基本要义,不符合我国国情,强调价值工程不仅是产品设计,项目建设的现代技法．也应是城市建设、国家发展的重要指导思想。     

基于低碳信息化的实物期权价值评估模型

引入低碳信息化的理念,可以对模糊实物期权模型进行优化,以制造企业为例对模型进行实证分析,研究信息化与低碳指标之间的关系及相互影响规律。综合运用模糊数学理论、金融学理论、以及评估理论等多个领域的理论和方法,使用MATLAB、SPSS等工具,充分考虑信息化投资的不确定性、波动性和收益的多样性、无形性,用模糊数表示预期投资成本和收益,以解决成本收益因子无法准确估计所引起的计算误差问题,建立模糊环境下的实物期权评估模型用于分析企业信息化价值。这个思路可以为信息化的低碳发展之路提供指导,从而推进中国资源节约型社会和低碳经济的建设。     

金融发展对收入分配的影响渠道分析

文章从金融发展方面入手,首先剖析了金融发展对收入分配可能的作用机制,指出主要有三种路径:经济增长路径,金融服务路径和金融危机路径;文章最后提出我国金融发展中的相关问题及建议。