Hungarian Privatisation Strategy and Financial Performance of Privatised Companies

This paper examines Hungarian privatisation strategy and the financial performance of privatised enterprises. The results suggest that Hungary has preferred privatisation by direct sales by a considerable margin, but has recently shifted towards share issues. Both types of sale have predominantly been gradual. Subsequent sales, however, confirm the government's intention to sell previously retained shares. An analysis of IPOs during 1990–1998 shows positive initial returns on Privatisation Initial Public Offers (PIPOs) and greater underpricing than for other IPOs. The long term returns of PIPOs are positive and they outperform other IPOs in all periods after the listing.     

渔业管理问题之经济学透视

近年来，全球渔业普遍面临着过度投资、种群枯竭、渔获量下降和资源利用冲突加剧等问题，严重阻碍了渔业可持续发展目标的实现。本论文从经济学的角度，分析了渔业经济绩效最大化问题、渔业过度投资和渔业资源过度利用问题、渔业管理制度安排及其激励效应问题。在此基础上，总结归纳了成功的渔业管理制度必须满足的一些必要条件。     

股权结构对上市公司并购重组绩效影响的研究——按关联与非关联交易分类

并购重组类型分为关联交易与非关联交易,利用2009—2013年沪深两市主板A股制造业发生并购重组的200家上市公司的非平衡面板数据,研究检验了股权结构对这两种不同并购重组类型的绩效影响。结果表明,在非关联交易中第一大股东的持股比例与并购重组短期绩效呈正相关,与并购重组长期绩效呈负相关,在非关联交易中,股权制衡度与短期并购重组绩效呈正相关与长期绩效呈负相关,在关联与非关联交易中,上市公司的控制人属性与并购重组绩效无相关关系。     

上市公司收购境内企业外资股权的财务绩效研究

以我国上市公司收购海外资本持有内地企业股权的案例为研究对象,采用因子分析法对并购的财务绩效进行分析,结果显示:从样本总体来看,上市公司收购海外资本所持内地企业的股权后财务绩效得到了明显的改善;企业性质、规模和行业类别不同的上市公司样本并购后的财务绩效表现差别很大。     

上市公司职业经理人薪酬与企业绩效关系的实证研究

本文主要讨论了我国上市公司职业经理入薪酬变动与企业绩效变动的关系。本文选取了2002年和2003年的上市公司年报中披露的业绩和职业经理入薪酬的数据,利用线性回归和相关分析法检验了我国上市公司职业经理入薪酬的激励制约机制。研究发现,职业经理入的薪酬变动与上年业绩相关性显著,并且随着经理入是否持股、国有股比例和公司所处地域的影响。而职业经理入本年薪酬变动与本年业绩变动的关系不明显,说明我国的激励机制有待完善。而且,职业经理入薪酬下降时导致本年业绩的下降,说明薪酬的制约机制有待建立。     

突发事件情境下组织冗余资源的作用分析

资源在企业的生存、发展、绩效等方面扮演着重要的角色.作为企业一种重要的资源存在形式,组织冗余资源在企业中所起的作用不容忽视.然而,不同学者对冗余资源的作用有不同的理解,既有积极的观点也有消极的观点,这种差异主要是受到研究情境和冗余资源自身类型的影响.冗余资源最主要的作用就是能够缓冲环境变化给企业带来的冲击,保护企业的技术核心,给管理者提供较大的管理弹性,促进企业创新行为和组织变革的发生,帮助企业适应环境.     

Vertical alliance portfolios and the business performance of small technology-based firms

This paper discusses how small technology-based firms (STBFs) effectively manage vertical alliances by choosing proper alliance structures to both manage challenges and pursue higher performance. We consider the main challenges of STBFs’ vertical alliances as opportunistic risk and coordination concern between partners, and derive four types of vertical alliance portfolios with different extents of risk and return based on the relational perspective. We then examine the impact of each portfolio on performance and the moderating effect of STBFs’ age and technological capability. The results show the portfolio focusing on bilateral alliances is not helpful for STBFs, while the others are useful. The portfolio focusing on unilateral alliances promises young firms better performance, while hybrid portfolios of unilateral and bilateral alliances are more helpful for older STBFs. In hybrid portfolios, bilateral alliance in the upstream is beneficial to specific technology-focused firms, while bilateral alliance in the downstream is recommended to STBFs whose technology covers a wider range.     

基于Fluent的波节管内流体流动与传热特性研究

为了深入研究影响波节管传热效果的主要因素,应用CFD软件Fluent对波节管内流体的流动和传热特性进行数值模拟,分别研究了不同入口流速v(0.3,0.5,0.7和0.9 m/s)、波峰直径D_1(28,30,32,34和36 mm)、弧形段长S_1(34,23,17,13和10 mm)下波节管内流体的流动与传热特性。结果表明,不同型号波节管的努塞尔数(Nu)、流体压力损失以及综合性能随着入口流速的增加而增加;随着波峰直径D_1(弧形段长S_1)的增大,波节管的Nu先增大后减小,最后趋于一个相对稳定的值。当波节管的波峰直径D_1=34 mm时,波节管的传热性能最好,流体压力损失最大,综合性能最好;弧形段长S_1=23 mm时,波节管的换热性能最佳,流体压力损失最大,综合性能最好。通过参数正交分析可知,影响波节管传热效果的因素由强到弱依次为入口流速v、波峰直径D_1、弧形段长S_1。研究成果可为工程实际中提高波节管传热性能提供理论指导。     

Innovative human resource management and corporate performance in the context of economic liberalization in India

The Indian economy was forced to adopt a structural adjustment programme at the beginning of 1991. The structural adjustment programme or liberalization initiated the process of the opening up of an otherwise closed economy of India. Liberalization created a hyper-competitive environment and to respond to this turbulence, Indian organizations adopted innovative changes in their HRM practices. Current research shows that HRM practices are important for enhanced corporate performance but little has been reported on the effect of HRM practices and corporate performance in the context of economic liberalization of India. This study tries to understand the role of innovative HRM practices and specifically questions how HRM practices, such as the role of HR department, recruitment, retraining and redeployment, performance appraisal and compensation, enhance corporate performance during the change process. A multiple-respondent survey of 69 Indian organizations was undertaken to study the impact of innovative HRM practices on firm performance. The survey found that the innovative recruitment and compensation practices have a positive significant relationship with firm performance. It was observed that recruitment, the role of the HR department and compensation practices seem to be significantly changing within the Indian firms in the context of India's economic liberalization. The synergy between innovative HRM practices was not significant in enhancing corporate performance during the liberalization process.     

高速公路建设项目卓越管理绩效熵权-层次评价方法

笔者引用"卓越绩效"概念,界定了高速公路建设项目卓越管理绩效评价的概念,并分析了其特点及影响因素,运用组合评价的基本思想,将层次分析法与熵权法组合起来,用秩相关系数对熵权-层次组合评价方法进行组合前检验,并用Kendall协和系数对组合评价方法进行组合后检验,以验证该组合评价方法的可行性和科学性。