从A123破产看美国支持新兴产业政策的失灵

2009年,美国政府宣布在经济复苏法案中拨款24亿美元支持电动汽车电池产业的发展,生产锂电池的A123系统公司获2.49亿美元拨款。A123虽获美国政府新兴产业政策的大力支持,但在美国能源法案关于资金用途的约束下,从辉煌走向崩塌,于2012年申请破产。A123的破产启示我们:政府培育新兴产业的政策要在尊重市场规律的前提下突出产品创新,提高产品的技术含量和成熟度;在新兴产业的发展过程中,最关键的是产品的技术含量,而对资金、人力资源起基础配置作用的是市场,若忽视产品的技术完善,背离市场规律,尽管政府扶持政策力度很大,也会出现政策失灵。     

历史冲击下的工业集聚:来自156项工程的经验证据

历史冲击是催生产业集聚的重要因素之一,规模报酬递增和正反馈效应使得在历史冲击下形成的产业集聚得以自我强化,进而实现持续领先。本文考察了“一五”计划时期实施建设的156项工程对中国工业集聚的长期影响,结果发现:第一,通过持续提升所在城市的工业集聚水平,156项工程能够长期塑造中国工业集聚的空间格局;第二,156项工程作为一种历史遗产在远离港口的内陆地区被更好地继承下来,对于内陆地区所在城市工业集聚水平的提升效应更强,这表明156项工程不仅在中华人民共和国成立初期平衡了沿海与内地的发展差距,对于新时代区域协调发展依然具有重要意义。实证结论在进行一系列稳健性检验后依然成立。研究156项工程对于工业集聚的长期影响和空间差异,有助于我们更加深刻地理解中国特色社会主义政治经济学。     

并购商誉、商誉减值与股票错误定价

以近年来上市公司频发的并购重组为背景,选取2007—2019年我国沪深A股上市公司为研究样本,实证检验了并购商誉对股票错误定价的影响。研究发现,商誉加剧了并购方的股票错误定价,高商誉的公司股价被严重高估,计提商誉减值能够向投资者传递增量信息,缓解商誉导致的股票错误定价。进一步研究发现,会计稳健性和投资者情绪在并购商誉对股票错误定价的影响中发挥了部分中介作用。商誉对股票错误定价的影响在管理层持股高、分析师跟踪人数多的情况下更为显著,上市公司大股东及管理层存在利用并购商誉导致的股价高估实现高位减持的行为。研究结论有助于投资者对并购商誉正确定价,提高资本市场定价效率。     

我国商业银行并购绩效文献综述

并购重组是典型的市场配置资源手段,是经济效率提升的重要载体,市场经济条件下的并购同样是银行业寻找新的增长点的关键。西方国家的银行并购经验对我国商业银行并购有借鉴意义,以市场化手段开展银行并购,有助于提升我国商业银行的国际竞争能力。     

煤炭消费减速背景下煤炭企业发展战略研究——以山西省为例

目前全国在建煤炭产能14亿t,按照规划,2012—2014年年均投产规模应为5亿t左右,实际上2012—2013年平均每年产量只增长1亿t左右。2013年,我国煤炭产量增速仍继续下滑,同比回落1.4个百分点。试图用战略管理的基本工具分析我国煤炭大省——山西省煤炭企业面临的市场环境,同时提出该省煤炭企业相应的发展战略,即相关多元化战略和并购整合战略,希望对煤炭企业的发展具有借鉴意义。     

Antecedents of M&A success: The role of strategic complementarity,cultural fit,and degree and speed of integration

In this paper, we develop a comprehensive model of M&A success. We integrate fundamental constructs of different schools and discuss their interdependencies with M&A success. Our theoretical framework was tested empirically across a sample of 106 SME transactions in the machinery, electronic, and logistic industries in the German‐speaking part of Central Europe. The results of our study support the demand for an integrative perspective and theory on M&A. M&A success is a function of strategic complementarity, cultural fit, and the degree of integration. Strategic complementarity also positively influences cultural fit and the degree of integration. Cultural fit positively influences M&A success, but surprisingly has a negative impact on the speed and degree of integration. The degree of integration is positively related to speed of integration. Copyright © 2013 John Wiley & Sons, Ltd.     

利用粉煤灰合成A型沸石分子筛的实验研究

以烟台某电厂排放的粉煤灰固体废弃物为原料,对原料进行预处理及水热合成实验合成出沸石分子筛,经XRD表征可知产物为A型分子筛。通过试验确定最佳合成条件:焙烧温度为750℃、碱度比为1.3、晶化温度为100℃以及晶化时间为10 h。在此条件下合成的沸石结晶度较高,具有很好的应用前景。     

Gender and graduate economics education in the US

Abstract

This paper reports on the findings of a survey of top economics graduate schools as they relate to women and men. The results provide strong evidence that at these top graduate schools, women graduate students are less integrated in their economic disciplines than are male graduate students. In the second part of the paper, this paper relates those findings to alternative theories as to why this is the case. This paper concludes by suggesting that the emphasis on theoretical studies in the current core of the graduate economics program can be seen as a type of hazing process that seems to have a significant cost since many women (and men) with great creative promise are discouraged from continuing in economics and do not benefit nearly as much as they would have from more policy-driven core courses.     

Non-Demographic versus Demographic Determinants of “Buy Domestic” Activities in Two Nations

Abstract

Multiple regression analysis of survey data from the U.S. and Portugal demonstrates that certain demographics make a moderate contribution to explaining Buy Domestic behavior. However, explanation of these reported purchase-related activities is greatly increased by adding constructs suggested by helping research, based on the premise that some purchasers buy domestic products to help domestic workers whose jobs are threatened by imported products. For both nations, the results show Buy Domestic activities increase with purchasers' older age, greater perceived empathy regarding threatened workers, and greater exposure to social norms that support helping. For the U.S. only, Buy Domestic purchase also increases with female gender and decreases with higher perceived costs of helping. For Portugal only, it increases with greater perceived ability to help the workers and stronger solidarity with the national in-group. These findings hold important implications for Buy Domestic marketers.     

并购重组需要发挥并购基金和高收益债券等债券产品的作用

中国人民银行、银监会等机构从2009年开始设立并购基金,引导和支持金融机构积极参与企业并购重组业务等活动,鼓励规范上市公司通过并购重组,促进资源整合和有效配置。当前应进一步解决支付手段单一和手续繁琐而导致的融资困难等瓶颈问题,同时应加大开发高收益债券等债券产品力度,使其发挥更大的作用。