基于核心能力的企业并购整合分析

本文提出了基于核心能力的购并整合系统，分析了企业并购与核心能力的关系，认为企业并购后的资源和能力整合应包含在文化系统、人力资源系统、技术系统等职能和活动中。而所有这些职能和活动的整合都应以构筑和培育核心能力为导向，这也是企业购并真正成功的战略保证。     

Explaining the Short‐ and Long‐Term IPO Anomalies in the US by R&D

Abstract:   Financial scholars who research the initial underpricing and long‐term underperformance of IPOs generally attribute these phenomena to information asymmetry and investors' misevaluations. Here, we identify, on a sample of 2,696 US IPOs issued during 1980–1995, a widespread source of information asymmetry and valuation uncertainty—the R&D activities of issuers—and document that these activities significantly affect both the initial underpricing of IPOs (R&D is positively correlated with underpricing) and their long‐term performance (R&D is positively related to long‐term performance). Given the pervasiveness and constant growth of firms' R&D activities in modern economies, our identification of R&D as a major factor affecting IPO's performance contributes to the understanding of this important economic and capital market phenomenon.     

试谈离散数学在计算机学科中的重要性

阐述了离散数学及计算机专业其他学科的基本概念，分析了离散数学与计算机专业其他学科间的关系。教师在教学过程中，将此关系在课堂中灌输给学生，让学生了解离散数学在计算机专业学科中所处的重要地位。学生在学习离散数学的同时，能明确该学科的学习目的，也能站在较高的层次把握好离散数学的学习。     

Testing range estimators of historical volatility

This study investigates the relative performance of various historical volatility estimators that incorporate daily trading range: M. Parkinson (1980), M. Garman and M. Klass (1980), L. C. G. Rogers and S. E. Satchell (1991), and D. Yang and Q. Zhang (2000). It is found that the range estimators all perform very well when an asset price follows a continuous geometric Brownian motion. However, significant differences among various range estimators are detected if the asset return distribution involves an opening jump or a large drift. By adding microstructure noise to the Monte Carlo simulation, the finding of S. Alizadeh, M. W. Brandt, and F. X. Diebold (2002)—that range estimators are fairly robust toward microstructure effects—is confirmed. An empirical test with S&P 500 index return data shows that the variances estimated with range estimators are quite close to the daily integrated variance. The empirical results support the use of range estimators for actual market data. © 2006 Wiley Periodicals, Inc. Jrl Fut Mark 26:297–313, 2006     

我国上市公司股权融资偏好的生成原因分析

国外现代融资理论和实践都证明了上市公司的融资优序:首先是内源融资,即留存收益,然后是债务融资,最后才是股权融资。而我国上市公司再融资却表现出强烈的股权融资偏好。本文从上市公司法人治理结构、股权融资成本、公司经理对个人利益的追求以及国家政策导向等四个方面进行了深入探讨,揭示了我国上市公司股权融资偏好生成的原因。     

How much does the business group matter in Korea?

We partition the variances of profits of the companies associated with Korean business groups into business group‐specific effects, industry effects, and affiliate company‐specific effects, which roughly match corporate‐parent effects, industry effects and business unit effects, respectively, in the extant literature. We find substantial corporate‐parent effects (here, business group effects) along with industry effects and business unit effects (here, affiliate company‐specific effects). This finding may indicate that business groups play an important role in developing countries by circumventing market inefficiencies. Our results also suggest that these effects tend to be smaller in large business groups and to decrease over time. Copyright © 2002 John Wiley & Sons, Ltd.     

论社会资本与市场经济秩序的规范

社会资本是指存在于人们中间、能促使人们参加集体活动的、人们共同遵守的规范、人们组成的关系网络以及社会制度。作为一种新近发现的资本形式,社会资本通过增进信任、加强合作、降低交易成本等作用方式,提高政府效率,弥补市场失灵,有效规范转型时期我国的市场经济秩序,促进市场经济健康有序发展。     

京津沪争建全国性三板市场

我国非上市企业股权交易市场,就是俗称的三板市场.有人认为,未来我国资本市场的理想模式,就是从三板市场到中小板市场或者创业板市场,再到主板市场的金字塔形状.三板市场作为金字塔结构的底座,其交易规模理论上应该超过主板和中小板.目前,对这一新兴市场的争夺正在逐步进入"战国时代",其中北京、上海和天津三大城市之间的竞争显得格外引人注目.