谐波对电容的影响及防范措施

简要介绍了电力系统中谐波对电容器造成的影响及原因,以及理论上的解决方法,并结合实际提出了解决谐波影响的实施措施。     

民营银行并购国有银行的动机、成本与风险探析

当前,在世界范围内特别是在发展中国家,掀起了一股民营银行并购国有银行的浪潮。这种并购容易产生现金流风险、信息不对称风险、政策诱导性风险、管理效率风险、并购失败风险。民营银行应通过以下措施和方法将风险消除,从而实现并购成功:结合银行实际,选用适合自身发展的并购方式;努力消除信息不对称;优化决策程序;妥善处理好与政府的关系。     

Assessing horizontal mergers under uncertain efficiency gains

The analysis of horizontal mergers hinges on a tradeoff between unilateral effects and efficiency gains. We examine the role of uncertainty in this tradeoff. In theory, the attitude towards uncertainty depends on the curvature of the social objective function. On the one hand, adjustment effects, both on the consumers' and firms' sides, tend to make consumers' surplus and firms' profits convex. On the other hand, pass-through effects may act in the opposite direction. We show that convexity prevails in a number of situations, including the most general linear demand model. Implications for empirical merger analysis are exposed.     

EFFICIENCY GAINS AND STRUCTURAL REMEDIES IN MERGER CONTROL*

This paper studies the role of structural remedies in merger control in a Cournot setting where (endogenous) mergers are motivated by prospective efficiency gains and must be submitted to an Antitrust Authority (AA) which might require partial divestiture for approval. From a merger policy perspective, this paper's main contribution is two‐fold. First, it shows that if mergers do not involve all firms in the industry, then merger remedies help the AA to increase consumer surplus only if assets are divested to competitors already in the market. Second, it presents a model which clarifies that there can only exist social costs to ‘over‐fixing’ the anticompetitive effects of a merger if merger review policy treats mergers as one‐time events. When a more dynamic view is taken of sequential merger review, then there can never be an ‘over‐fixing’ problem. In this case, however, remedies are shown to be needed to make myopic merger review optimal.     

企业并购会计处理方法的研究

伴随着市场经济的发展成熟,市场竞争日益加剧和激烈,而作为市场主体的企业欲在激烈的市场竞争中生存和发展,一般通过内部扩充和外部扩张而运行,而并购则是企业外部扩张最迅速、最典型、最重要的方式。而全球经济一体化的加速发展,中国的企业并购也愈来愈频繁。本文拟对企业并购传统会计处理方法及其新理论作初步的探讨。     

The triggers and clustering properties of merger waves

This article studies the triggers and the agglomeration of mergers and acquisitions (M&A) activity within clusters constituted by time, market and industry. Based on almost 500,000 individual transactions, we find that industry factors play a significant role in triggering activity and that M&A agglomerates strongly across related industries. While clustering in time turns out to be insignificant, stock market effects can be either an attracting or a repelling force, depending on the type of deal examined. This supports the view that merger waves are largely driven by industry shocks.     

Corporate foresight in Europe: from trend based logics to open foresight

The paper analyses the role of corporate foresight (CF) as a future intelligence gathering process, which has come into widespread use in a business context where it is confronted with specific contextual, processual and methodological challenges. The results of a 2005/2006 survey on CF by the University of St Gallen in co-operation with Z_punkt are used as a starting point to provide insights into the goals, methods and use of CF in large corporations. Taking into account the challenges facing CF and the factors considered critical for its success, the paper outlines a historical contextualisation of CF practices from the 1980s onward, identifying the underlying assumptions - the 'dominant logic' - and opting for a new model of CF as 'open foresight'.     

Evidence on real gains in corporate acquisitions

This study examines the change in operating performance of firms which merge for a sample of 324 combinations which occurred between 1967 and 1987. The results indicate that the performance of the merged firms typically improved following their combination. The results are not sensitive to factors such as offer size, industry relatedness between the bidder's and the target's businesses or bidder leverage. Separately, a positive association was found between the abnormal revaluation of the firms involved around the merger and the changes in operating performance observed. We conclude that the results documented in Healy et al. (1992) for a sample of 50 large mergers which occurred during the period 1979 through mid-1984 are not sensitive to sample size or to the period they investigated. The conclusions presented provide additional support for the idea that takeovers are motivated by expectations of improved performance due to the realization of synergistic benefits.     

Prometheus prostrate

The revival of interest among Marxists and Schumpeterians in regular, half-century long waves of economic activity since the Industrial Revolution leads beyond the mainstream liberal preoccupation with abundance-such as that spawned by Limits to Growth-to consideration of the technological revolutions historically spurring cycles of growth. The requirements and character of future technological revolutions, and prospects for capitalism and liberal institutions, are sketched in an effort to demonstrate what the debate should be about.     

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.