Detecting informed trading prior to hospitality acquisitions

Hospitality acquisition payment announcements provide a particularly interesting opportunity for exploring the effects of information asymmetry on informed trading activities in hospitality firms. The empirical results in this paper, derived from a market microstructure approach, support the presence of informed trading in the short term prior to a hospitality acquisition. For cash- or stock-financed acquisitions, while we detect no change in the bid–ask spread of acquiring firms prior to an acquisition announcement, the ask or bid depths narrow prior to an acquisition payment announcement. For mixed-financed acquisitions, the bid–ask spread for acquiring firms widens and the ask depth narrows prior to the acquisition payment announcement.     

交易结构与交易估价浅论

对交易价格的评估,是当今收购兼并活动运用金融技术作为实务指导最为复杂的一个环节,运用现金流贴现法(DCF),在一定假设下获得估价区间,并以此作为衡量交易价格谈判的基础,是目前国际购并业务在实用理论方面讨论最多的热点领域。本文结合交易结构设计及类型确定,以贴现现金流估价模型为基础,探讨并购类型与整合效应的价值评估关系,及实证分析交易结构设计与并购估价的关联范畴。分析旨在讨论并购估价如何利用交易结构的不同设计使并购和约双方达到购并整合效果最大化。     

美国武器装备发展的“委员会+工作组”组织模式

通过解读梳理美国国防部最新的2015年版采办指令、采办指南中关于决策的政策和程序,并以美国在研的重大国防采办项目———第三代全球定位系统为实例,重点考虑关于决策体系的三个方面的问题：谁来决策？谁提供意见？谁提供证据？详细考察美国国防采办项目发展过程中的决策指挥链及决策支持体系,总结美国武器装备发展中决策体系的构成及决策特点。研究发现,美国武器装备发展管理采取了“以里程碑决策官为核心的委员会+工作组”决策体系,该体系主要包括四个要点：一是每个型号项目指定一个里程碑决策官作为此项目的唯一的最终决策人;二是在里程碑决策官领导下组成采办指挥链;三是里程碑决策官在重大里程碑决策点通过委员会的方式听取不同意见;四是里程碑决策官采取集成产品组的工作组方式获得决策支持。并提出对我国的武器装备发展决策的一些启示。     

企业战略并购中的杠杆融资

在当前国际金融危机的形势下,国际资金市场流动性紧缺,资产价格大幅缩水,给国内企业并购资产带来了机遇,而采用杠杆融资不仅能迅速筹措到资金,而且还可以降低收购成本,迅速扩大企业规模,促进产业结构调整和优化升级.本文通过分析国内外杠杆融资的发展状况、主要特点、运作模式,提出了国内大企业应借鉴国际杠杆融资并购的成功经验,以国家刚出台的支持并购贷款的相关政策为切入点,充分运用杠杆融资的运作模式,推动企业实现战略性重组的发展思路.     

How Do Entry Motives and Institutions Influence the Acquisition Strategies of Multinationals in Foreign Markets? Lessons from Acquisitions of Finnish Multinationals in Global Markets

When acquiring foreign targets, multinationals have an option for partial acquisition, staged acquisition, and full acquisition. This study seeks to understand how the motives of market entry and institutions influence these acquisition strategies in foreign markets. By integrating OLI paradigm and institutional theory with an empirical case study of seven acquisitions of Finnish multinationals in global markets, the study finds that the motives of market entry (i.e., market-seeking, efficiency-seeking, strategic-asset-seeking motives) interact with host country institutions in influencing the choice of partial, staged, and full acquisitions. The study also develops six propositions and recommends areas for future research.     

基于中国上市公司并购的控制权溢价影响因素分析

本文以收购上市公司控制权为样本、以控制权溢价为切入点,主要通过研究目标企业中协同效应动机和获得控制权私有收益动机的影响因素及其程度进行实证并提出相关建议。     

终端用户导向、知识获取与服务接包企业绩效

主要探讨在大数据与云计算的新机遇下,服务接包企业如何增强自身的知识获取能力。已有文献主要从服务发包方与接包方二元视角研究接包方的知识获取与吸收。由于终端客户的战略地位在服务供应链中愈加凸显,尝试从发包方、接包方和终端用户三元视角探讨服务接包企业的终端用户导向对其知识获取与绩效的影响,以期为服务接包企业提升知识获取能力提供借鉴。     

基于社会网络下的企业客户获取策略研究

现代企业及其客户处在复杂的市场社会网络之中,这为企业客户获取提供了研究领域和策略。本文首先对社会网络理论进行了阐述,并在此基础上提出了企业利用社会网络理论进行客户获取的重要性,最后提出了企业利用社会网络理论进行客户获取的一些可行策略。     

基于社会网络下的企业客户获取策略研究

现代企业及其客户处在复杂的市场社会网络之中,这为企业客户获取提供了研究领域和策略。本文首先对社会网络理论进行了阐述,并在此基础上提出了企业利用社会网络理论进行客户获取的重要性,最后提出了企业利用社会网络理论进行客户获取的一些可行策略。     

Foreign Acquisition,Domestic Acquisition and Plant Survival

The literature has postulated that foreign capital participation (through mergers and acquisitions) is associated with more advanced technologies being injected into the acquired targets, and thus it might be reasonable to assume that foreign acquisitions would generate larger effects than domestic acquisitions to the acquired targets. This paper contributes to the discussion by examining the effects of foreign acquisitions versus domestic acquisitions on plant survival to both born-domestic and born-foreign plants. Using 26 cohorts of plants born in Canada between 1973 and 1998, the paper finds that both foreign acquisitions and domestic acquisitions significantly increase life durations of born-domestic plants, although domestic acquisitions generate larger effects. For born-foreign plants, neither foreign acquisitions nor domestic acquisitions significantly change their life span.