基于广义资源观的企业并购整合的价值创造

并购是重新配置资源有效机制,而并购后的整合是提高社会资源配置的有效手段。并购后整合是否能实现价值的创造是决定企业是否进行并购的重要决定因素。基于广义资源观,探讨了并购后整合的价值创造机理,认为在企业并购中资源、能力和知识的转移是可以实现的,但因要素特性不同和转移过程中遇到的影响因素不同使得其转移的过程和难度有所不同。在企业并购中,经过长期学习积累起来的、以知识为主要形态的无形资源、隐性知识和核心能力的转移难度就很大。无形资源、隐性知识和核心能力的转移难度与这些要素的特征有直接关系。     

Migration,Friendship Ties,and Cultural Assimilation

We study immigrant assimilation by analyzing whether friendship with natives is a measure of cultural assimilation, and by investigating the formation of social ties. Using the German Socio‐Economic Panel, we find that immigrants with a German friend are more similar to natives than those without German friends, along several important dimensions, including concerns about the economy, an interest in politics, and a host of policy issues. Turning to friendship acquisition, we find that becoming employed, time spent in the host country, the birth of a child, residential mobility, and additional education acquired in the host country are significant drivers of social network variation.     

Reconceptualizing cultural distance: The role of cultural experience reserve in cross-border acquisitions

Cultural distance is one of the most widely used distance construct in international business. However, scholars have long questioned the notion that cultural distance has a homogenous impact on organizational actions and performance. We redress this by examining how the relationship between cultural differences and deal abandonment in cross-border acquisitions is contingent on firm-level cultural experience reserve and industry affiliation. Drawing on the organizational learning theory and cultural friction perspective, we first propose that the cultural experience reserve of a focal firm mitigates the positive impact of cultural differences on cross-border deal abandonment. We then hypothesize that the firm's industry context affects the uncertainties associated with cultural differences. Our findings based on a sample of 197 Indian services sector firms support our theoretical predictions.     

发达国家中小企业税收政策对我国的启示

发达国家非常重视中小企业,采取种种税收鼓励措施扶持其发展。我国没有建立起规范的中小企业税收制度,政策优惠力度不足,增值税制不完善,需要进一步建立与完善有利于中小企业发展的税收政策体系,提高税法级次,调整现行政策,加大对中小企业的税收支持力度,促进中小企业的快速发展。     

企业并购溢价对企业绩效的影响研究——基于我国沪深A股的实证检验

近年来,我国并购市场如火如荼,越来越多的企业选择通过并购来实现自己的战略目标,迅速占据市场地位,进入新兴行业。在并购交易热潮下,高溢价似乎也成为并购重组的"标配",高溢价并购屡见不鲜。可是企业支付高溢价换来的是否为优质资产,其是否能给企业带来价值的提升,这些都是值得研究的议题。因此,文章基于我国并购交易市场,研究了国内上市公司并购溢价的绩效反应。运用相关性分析、多元回归分析等研究方法探讨了并购支付溢价对并购绩效的影响。最后,根据实证研究结果阐述本文的结论,给出相应的建议。研究结果表明:并购溢价在一定程度上代表了并购后协同效应的大小,支付的溢价越高表明预期达成的协同效应越大,企业后期的绩效表现会越好。     

A2/O工艺处理焦化废水

本文介绍了采用厌氧-缺氧-好氧生物脱氮工艺(简称A2/O工艺)处理焦化废水的工艺流程及原理,和主要构筑物及运行基本情况,并进行了分析总结。     

一种分层A~*路径搜索算法及性能

基于层次道路网提出了一种分层A*路径搜索算法,其特点是在同一层路网中采用A*算法,而在层次切换时采用一种启发式定向搜索入口节点的方法。既顾及了道路等级性和朝着目标行进等驾驶员的心理因素,又可以获得比传统算法更快的求解速度。实验表明,该算法是可行的、高效的。     

顺应理论下的翻译策略与方法——以《红楼梦》杨宪益英译本为例

Verschueren的顺应理论为从语用学的角度研究翻译提供了新的理论框架。翻译策略和方法的选择应该分别实现对宏观交际语境和微观语言语境的动态顺应。归化和异化是实现动态顺应的翻译策略,直译和意译则是翻译方法。《红楼梦》的杨宪益译本为顺应论视角下翻译策略和方法的成功选择提供了例证。     

An updated ranking of academic journals in economics

Abstract We conduct an update of the ranking of economic journals by Kalaitzidakis, Mamuneas, and Stengos (2003) . However, our present study differs methodologically from that earlier study in an important dimension. We use a rolling window of years between 2003 and 2008, for each year counting the number of citations of articles published in the previous 10 years. This allows us to obtain a smoother longer view of the evolution of rankings in the period under consideration and avoid the inherent randomness that may exist at any particular year, because of new entrants.