企业多元化:理论与实践的反思

多元化是目前许多企业热衷的战略选择 ,成为企业心目中的“伊甸园”。本文作者从多元化发展的理论与实践及其历程入手进行分析 ,认为不论从多元化与企业分散风险、扩张规模、增加绩效之间的联系 ,还是从发达国家多元化的实践来看 ,多元化并没有达到人们预想的效果 ,而正确的选择是坚持走专业化的道路。     

The Distribution of Information among Institutional and Retail Investors in IPOs

This study examines investor performance in IPOs using a unique database comprising 85,384 investors and 29 offerings from Finland. The evidence indicates that on average institutional investors do not obtain larger initial returns than retail investors, as the incentive to acquire information is limited by allocation rules which favour small orders. This result is in contrast to findings by Aggarwal et al . (2002), who show that institutional investors perform better in a bookbuilding environment. Within each investor category, however, large orders are associated with the best performance, suggesting that information differences figure more importantly within rather than between categories.     

The Impact of Acquisitions on Operating Performance: Some Australian Evidence

This study investigates the impact of acquisitions on the operating performance of Australian firms. For a sample of 36 Australian acquisitions occurring between 1986 to 1991 inclusive, and using matched firms to control for industry and economy-wide factors, the results based on four accrual and four cash flow performance measures show that corporate acquisitions do not lead to significant improvements in post-acquisition operating performance. The consistency of the results with the agency, the hubris and the financial motivation hypotheses suggests that corporate acquisitions in Australia may be undertaken for other than synergistic reasons. The results assist in explaining inconsistent findings reported in the literature.     

企业效绩评价体系的应用--管理创新

全球经济一体化和知识经济的迅猛发展，要求企业在激烈的竞争中不断追求创新，增强自身竞争实力。本从管理创新的角度，从效绩管理、企业财务预警、企业集团管理三个方面论述了企业效绩评价体系的应用，并且结合我国实际，提出了效绩评价体系在应用中亟待解决的问题。     

平衡记分卡在建筑企业管理中的应用

在本的研究中，分析了平衡计分卡如何在建筑企业管理中应用的问题。从平衡计分卡所含的四个方面出发，阐述平衡计分法在建筑企业实施的步骤，并为四类具体的目标找出最具有意义的业绩衡量指标。此外，结合建筑企业实际情况，分析了在建筑企业管理中应用平衡计分卡值得注意的问题。并针对如何克服平衡计分卡在建筑企业实施中的障碍，进一步给出了几点建议。     

Measures of Marketing Success: A Comparison Between China and the United Kingdom

Despite the importance of assessing business performance, there is little research on the measures used to evaluate marketing effectiveness. This paper replicates in China some UK research into the relative importance of categories of marketing metrics, e.g., financial and non-financial, customer and competitive. The Chinese results are compared with those from the UK. In China, respondents saw financial metrics as less important than their UK counterparts and they appeared to be more marketing oriented, but the difference of consumer orientation across departments of firms in China appears larger than in UK. In both countries the importance given to metrics categories were consistent with orientation, while in China there is no relationship between consumer orientation and the important of direct customer metrics as in UK, but the relationship between competition orientation and the measurement of direct customers was found in China.     

Informational Networks, Entrepreneurial Action and Performance

This paper develops a model that incorporates personal and business networks, firm action, and performance based on the existing literature. It explores the links between information and entrepreneurial-type action, and action and performance. Survey data was collected from a sample of 100 manufacturing firms in Thailand. Results show that entrepreneurs value the information they receive from their networks. However, there is little statistical support for tangible links between personal or business networks and entrepreneurial action and performance, or between action and performance.     

Antecedents and consequences of corporate governance reform: the case of Germany

The paper examines the antecedents and consequences of the voluntary adoption of corporate governance reform in firms embedded in a relationship‐based governance system with less protection of minority shareholders. In such locations, ownership structure should be a key determinant of governance reform. Firms with dispersed ownership are likely to face agency problems but may lack sufficient ownership power in the hand of external owners for adoption to occur. Extensive ownership by external parties facilitates adoption but decreases the need and motivation to adopt governance reform. We examined the adoption of stock‐based incentive plans and transparent accounting regulations (e.g., greater disclosure to shareholders) among large German firms (DAX 100) during the late 1990s. We found an inverse ‘U’‐shaped relationship between ownership concentration and governance reform. In addition, we found that firms adopting governance reform were more likely to engage in corporate divestitures and achieve higher levels of market performance than firms not adopting governance reform. Copyright © 2003 John Wiley & Sons, Ltd.     

Ethical Unit Trust Financial Performance: Small Company Effects and Fund Size Effects

Recent papers which have examined unit trusts have controlled either for a 'fund size effect' or for the 'small firms effect' in the investment portfolio. The contribution of this paper is an analysis of the 'small firms effect' whilst simultaneously controlling for the 'fund size effect'. We show that the ethical unit trusts have significantly greater exposure than general unit trusts to the 'small firms effect', and that net of this there is no significant evidence of over or under performance by ethical trusts using an adjusted Jensen measure. Using two cross-sectional approaches, we demonstrate that whilst a 'small firms effect' has a role to play in explaining unit trust performance, fund size is not correlated with the financial performance of unit trusts. This cross-sectional analysis also provides some evidence that ethical unit trusts may perform less well than general unit trusts.