中国企业海外并购失败了吗?

本文运用市场模型、FF3FM模型和事件研究的基本方法评估1994—2009年中国157个企业海外并购事件的短期和中长期绩效。结果显示,尽管外界对海外并购绩效看法各异,中国企业海外并购事件公告日的市场绩效明显为正,反映了市场对中国企业海外并购的正面评价。从中长期的角度上看,中国企业海外并购整体上取得了非负的超常回报率(Abnormal return),体现了政府"走出去"战略的胜利开局。考虑到行业绩效差异,本文运用Fix-to-fix控制组的方法对并购中长期绩效的决定性因素进行了多元回归分析,结果显示海外并购受益于人民币升值,国有企业的并购绩效明显差于民营企业,中国海外上市公司的绩效优于内地上市的公司。     

Proposing and Testing an Intellectual Capital-Based View of the Firm

abstract    This study examines one specific aspect of the resource-based view, intellectual capital, and its three knowledge components – human, organizational, and social capital. We hypothesize that the impact of each component on financial performance is contingent upon the values of the other components, and that these leveraging effects are themselves contingent upon the industry conditions in which a business operates. Our hypotheses are supported using line-of-business survey and FDIC data (within-industry/within-geographic region) from two non-competing resource niches of the banking industry (personal and commercial banking).     

The Impact of Training on Productivity and Wages: Evidence from British Panel Data*

It is standard in the literature on training to use wages as a sufficient statistic for productivity. This paper examines the effects of work‐related training on direct measures of productivity. Using a new panel of British industries 1983–96 and a variety of estimation techniques we find that work‐related training is associated with significantly higher productivity. A 1% point increase in training is associated with an increase in value added per hour of about 0.6% and an increase in hourly wages of about 0.3%. We also show evidence using individual‐level data sets that is suggestive of training externalities.     

Diversification: The growing confusion

Over the years the concepts of diversification have been simplified and a system of shorthand has developed for discussing the issues surrounding the strategy. Because of this a confusion in terminology has developed and sight of the fundamental principles involved has been lost within the vagaries of fashion. Selection of a particular strategy ought to be based on the clear identification of the benefits that the strategy will offer. Those benefits should be used to help solve specific problems. Only by returning to this type of thinking can the legitimacy of diversification be revived and the alternating acclamation and denunciation of the strategy be overcome.     

Diversification in British industry in the 1970s

This work is original research which is based on data gathered from annual reports and accounts. It covers some 267 businesses which had the largest annual turnovers for manufacturing companies, within Britain, in 1971 and were still in existence in 1979. The data have been subjected to analysis to reveal preferred product-market postures, movements in posture, effects of annual turnover size on strategies, and the effects of being located within specific industries. In comparison with the work of D. F. Channon for the preceding twenty years it can be seen that, on the whole, the trend towards diversification has continued throughout the broad spectrum of British Industry.     

Contextualizing the subjectivist-objectivist debate in entrepreneurship using engineering,art, craft,and bricolage

The debate regarding the degree to which opportunities and resources are social constructions risks stagnation because it is difficult to argue that opportunities are either entirely constructed or entirely objective. In this paper we seek to contribute to this debate by introducing some overlooked aspects of the work of Lévi-Strauss (1962) as they relate to the discussion of entrepreneurial opportunities and resources. A categorization scheme of entrepreneurs based on Lévi-Strauss’ categories of art, craft, engineering and bricolage can be used to help differentiate the ways in which entrepreneurs view opportunities and resource acquisition, and how those views impact entrepreneurial action and ultimately entrepreneurial success. This contrasts with the more traditional entrepreneurship literature, which views opportunities as objective phenomena and opportunity identification and exploitation as completely rational.     

A Computable General Equilibrium Analysis of Agricultural Liberalisation: The Uruguay Round and Common Agricultural Policy Reform

This paper uses a computable general equilibrium model to assess the effects of the Uruguay Round (UR) and CAP reform. Detailed attention is given to the impact of the agricultural components of the UR and of the CAP reform on the agricultural and food-processing sectors of the EU. The CGE model used, while based on the standard Global Trade Analysis Project (GTAP) model, uses a more detailed representation of the UR and CAP policy changes than is usual in GTAP analyses of the UR effects. In so doing it assumes a degree of specificity of factors used in agriculture and makes appropriate agricultural policy variables endogenous. Finally, it assesses the consequences of assuming imperfect competition in all non-agricultural sectors.