TEN YEARS OF GENERAL OLIGOPOLISTIC EQUILIBRIUM: A SURVEY

In this paper, I survey the recent and rapidly increasing theoretical literature using the brand‐new approach in embedding oligopolistic competition in general equilibrium, as designed by J. Peter Neary. First, I introduce the reader to Neary's approach, by describing the main ingredients. Then, I present a comprehensive set of studies that, over the last decade, apply this approach in different contexts, most of which are in open economy, and I examine the relevant outcomes. Although the theoretical literature has generously advanced, there is a lack of research on the empirical side, which would be an important area for future research besides theoretical extensions, some of which I highlight in the conclusions.     

企业跨国并购研究演进及热点知识图谱分析简

以利用wos数据库检索到的、发表于1997—2013年期间的、关于跨国并购的643篇英文文献为数据源,利用动态网络分析软件Citespace,通过作者共引分析确定了企业跨国并购研究领域中的知名学者,通过文献共引分析确定了企业跨国并购研究的理论基础,并分析理论发展规律。进一步分析得到目前跨国并购研究领域的高频主题词,包括文化、银行跨国并购、汽车产业、进入方式、战略联盟、法律、知识转移、贸易保护、中国企业、中国、学习能力、国家文化等。最后,结合实际,为跨国并购研究的进一步开展提供了参考建议。     

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。     

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.     

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.     

宝钢集团并购八一钢铁的协同效应评估

宝钢集团与八一钢铁的并购,是备受关注的国内第一宗跨地区并购案例。文章用EVA评估模型对该并购的协同效应进行评估,分析并购协同的因素,判断并购是否产生了协同效应,探寻协同效应产生的原因,最后给出该案例的启示。     

我国跨国并购企业文化整合策略

全球金融风暴令中国企业跨国并购迎来新的历史性机遇。然而,无论是在国际还是国内,并购的整体结果并不乐观。中国跨国并购企业只有了解企业文化整合的内容,采取正确的企业文化整合原则,选择恰当的文化整合策略,才能顺利实现企业跨文化整合,达到企业预期的并购目标。     

1998年中国上市公司并购实践的效应分析

对上市公司的收购是中国股市近些年出现的新现象 ,本文以 1 998年深沪两市发生的全部 67家公司的并购为样本 ,以公司净资产收益率 (NROA)和主业利润率(CROA)为指标 ,将所有样本根据并购原因划分为 6类 ,以并购前 2年和并购后 3年的数据为基础 ,系统分析了并购的效应与得失。在此基础上 ,还讨论了国有企业与民营企业作为收购方的并购效应和并购的有偿转让与无偿划拨方式的不同结果。文章的结论是 :业绩较差的公司较愿出让控股权 ;多数并购是战略性的 ,获上市地位是主要的并购动力 ;并购后主业得到明显加强 ;市场化的战略性并购效果较好 ,有偿并购的效果也较好。     

湘火炬基于核心能力的产业并购策略分析

文章在考察湘火炬发展历程的基础上,结合核心能力理论,对湘火炬发展背后的深层次原因进行了分析。通过对湘火炬并购策略的思考,从中分析了湘火炬并购策略的启示和存在的主要问题。     

供应链剩余与并购协同效益

供应链协调机制是介于企业外部的市场交易机制和企业内部的行政权威机制之间的一种中间机制。具有完全独立自主权的单个企业以牺牲一定的独立性和控制权加入供应链并遵循供应链的协调。必然要求获得某种额外的补偿。超出供应链形成前的单个企业收益总和的供应链剩余的形成并在参与企业间的合理分配。是供应链合作关系形成的前提。收入上升、成本下降、税负减少和资本成本的降低是企业并购产生协同效益的四个主要来源。这四个来源同样是供应链剩余的主要来源。但并购协同效益与供应链剩余在四个来源的具体实现方式上存在不同。这种不同正好体现了一体化的内部协同与供应链成员企业之间的合作协同之间的差异。