中国企业海外并购的特点及成因分析

进入21世纪后,我国企业掀起了海外并购的浪潮,在这次并购浪潮中表现出并购总额持续上升、单宗交易额不断增大、并购行业向多方面扩展、并购主体多元化等新的特点。这次并购浪潮形成的原因主要有：我国经济实力的增长、我国企业对战略性资源的渴求、人民币的持续升值、外汇储备的快速增长、国家政策的转变、全球产业结构的调整等。     

Do city–county mergers in China promote local economic development?

Municipal mergers have become a worldwide phenomenon in the past few decades, primarily advanced to exploit economies of scale. While most evaluations of municipal mergers have focused on the efficiency of local public goods provision, it is rare in the literature to explore how such mergers promote economic growth in a developing country context. This research investigates the economic consequences of a policy experiment of city–county mergers (che xian she qu) in China during the period 2000–2004. Using comprehensive datasets at city, county and firm levels, we present evidence that the merger significantly increases local economic development, and the magnitude of the effect depends on local endowments related to agglomeration forces. The results are robust to a number of different model specifications. We further verify that improved transport infrastructure and urban agglomeration economies after merger are potential contributors to the positive merger effects.     

DEFINING RELEVANT MARKETS FOR PHARMACEUTICALS

To identify the relevant product markets for Swedish pharmaceuticals, a spatial econometrics approach is employed. First, we calculate Moran's Is for different market definitions and then we use a spatial Durbin model to determine the effect of price changes on quantity sold of own and competing products. As expected, the results show that competition is strongest between close substitutes; however, the relevant product markets for Swedish pharmaceuticals extend beyond close substitutes down to products included in the same class on the four‐digit level of the Anatomic Therapeutic Chemical system as defined by the World Health Organization. The spatial regression model further indicates that increases in the price of a product significantly lower quantity sold of that product and in the same time increase the quantity sold of competing products. For close substitutes (products belonging to the same class on the seven‐digit level of the Anatomic Therapeutic Chemical system), as well as for products that, without being close substitutes, belong to the same therapeutic/pharmacological/chemical subgroup (the same class on the five‐digit level of the Anatomic Therapeutic Chemical system), increased competition is also visible after 1 July 2009 when the latest policy changes with regards to pharmaceuticals have been implemented in Sweden.     

我国房地产上市公司并购绩效问题及对策探究

本文针对房地产上市公司并购中出现的问题,结合当前的经济政策分别从政府角度、行业角度、房地产上市公司自身角度提出相应的对策。     

我国企业跨国并购的深层次问题探析

为了实现全球资源优化配置,获得最低成本和最高效率,企业需要进行跨国经营。当前跨国并购已成为企业进行跨国经营的最主要趋势。衡量企业跨国并购成功的标准在于收购企业是否能够实现跨国并购的预期目的。我国海尔等企业已在海外开设工厂或并购国外企业,并取得预期效果,然而由于中国企业并购缺乏经验,战略规化及管理水平较低,并购结果不理想,我国应针对存在的问题采取相应对策。     

国外企业兼并文化整合模式与选择理论及其启示

目前我国有许多企业都在进行企业兼并,但是兼并的效果并不令人满意。忽视企业文化整合、文化整合失败是企业兼并低绩效的一个重要原因。为此首先阐述了国外企业兼并文化整合理论的一些研究成果,然后结合我国企业兼并中的整合实践,探讨提高我国企业文化整合成功率可以采取的一些措施。     

中国百货业重大并购重组事件分析:2010-2011

近年来,中国百货业并购重组的规模越来越大,现已形成了区域百货巨头企业。通过对中国百货业并购重组带来的利益与问题的分析,提出了并购重组要遵循市场化导向、品牌差异化运作以及业态混合化发展的建议,并对中国百货业并购重组的趋势进行了分析。     

我国跨国并购融资现存问题及对策初探

跨国并购已经成为近年来国际直接投资的主要方式。本文分析了我国跨国并购融资中现存的问题,提出了促进我国跨国并购融资发展的对策。     

掏空或支持——来自我国上市公司关联并购的实证分析

本文以我国上市公司与其第一大股东或实际控制人的331起关联并购为研究样本，分析了上市公司大股东在关联并购中的可能动机，并检验了发生关联并购的上市公司的长期财务绩效与短期股票市场表现。实证研究表明，大股东在与其控制的业绩优良的上市公司的关联并购中具有较强的掏空动机，而对于业绩一般和较差的公司，大股东为了“保壳”或保“配”，会向上市公司注入优质资产或转让部分盈利性的股权，表现为一种“支持”。此外，关联并购并没有真正提高上市公司的财务绩效。     

基于CAS理论的企业并购后的品牌整合

企业并购后的品牌整合是在复杂多变的环境中进行的,品牌整合系统是一个复杂适应系统．CAS理论为企业并购后的品牌整合提供了新视角和方法论的指导。