How to improve acquisition performance: The role of a dedicated M&A function,M&A learning process,and M&A capability

How to improve the performance of mergers & acquisitions (M&A) continues to be a confounding issue. We show that a dedicated M&A function is a new phenomenon that is positively related to a firm's M&A performance and M&A learning process. Moreover, we find that an M&A learning process (involving articulation, codification, sharing, and internalization) helps build up an M&A capability, which in turn is positively related to a firm's overall M&A performance. We use survey data from a sample drawn from the M&A activities of German firms to test our arguments. Ltd. Copyright © 2015 John Wiley & Sons, Ltd.     

由阿Q之死谈阿Q的自我超越性

阿Q的性格包括国民劣根性与自我超越性两个层面,后者是对前者的否定。本文从自我超越性的角度重读阿Q,使读者看到在激烈动荡的社会大环境中,阿Q自身已开始解体、衍变,并流露出弱者的生命意识,显示着自我的尊严与价值。如果说把阿Q作为国民劣根性的典型来批判是为了反思中国文化传统,那么,提出阿Q性格中的自我超越性便是为了引发我们思考中华民族超越停滞、重新树立民族信心的可能性。     

上海A、B股市场收益率波动性对比研究及预测

运用GARCH(1,1)-M模型对样本期内上海A、B股市场收益率波动性进行了对比研究及预测。结果显示:上证A、B股指数收益率序列均存在"ARCH/GARCH现象";上海A、B股市场中,期望收益与期望风险正向变动;上海A股市场记忆期长于B股市场;长期中,上海B股市场预期收益将超过A股市场。进一步结合基本面情况可知,上海B股市场具有相对较高的长线投资价值。     

Rawls,rules and objectives: A critique of the two principles of justice

John Rawls has made two large claims for the two principles of justice: that they are what everyman would choose behind the veil of ignorance as the foundation for laws and institutions, and that they are the rock bottom requirement for the stability of political liberalism. I argue here that these claims are altogether unsubstantiated. The two principles are more like a social welfare function than like what we ordinary think of as justice. They are a false social welfare function in the sense that everyman would not choose them behind the veil of ignorance. Their connection with the stability of liberal democratic government is tenuous at best. Stability is dependent on the entire corpus of rules by which a society is guided, rules that are no more identifiable behind the veil of ignorance than when the veil is lifted. There no basis for supposing that the appropriate rules can be derived from the two principles of justice, and there is some question as to whether they can be derived from any well-specified social welfare function. What remains valid in the two principles was recognized long before the two principles were enunciated. The exaggeration of common ideas in the two principles is not enlightening.     

Economic and political competition in neoclassical and evolutionary perspective

Neoclassical welfare economics still looms large in the discipline of public choice. Particularly, by constructing analogies of political competition fundamental shortcomings of old neoclassical paradigms found their way into a new theory of political economy. Especially the failure to deal with the problem of limited knowledge and with the role of institutions obscured fundamental differences between political and economic systems of coordination and control. Hence, I propose a non-neoclassical perspective, using Hayekian concepts like competition as a discovery procedure or spontaneous order to develop an alternative agenda for many fields of public choice. I shall first outline a critique of neoclassical equilibrium settings in economics and in similarly constructed models of democracy. Then various properties of economic and political institutions, the competition of ideas and institutional competition among jurisdictions will be discussed in an evolutionary perspective. Not surprisingly, these applications reveal some similarities to central themes of constitutional political economy.     

试论我国对跨国并购的法律应对

方兴未艾的第五次企业并浪潮已席卷了世界各国,跨国并购成为当今国际直接投资的重要方式。本文首先对企业跨国并购的利弊进行了分析,阐述了其他国家对企业跨国并购的法律规制和我国现有规制企业跨国并购的法律体系及不足之处。在此基础上提出了我国在法律上的应对之策。     

我国企业合并会计处理方法选择的现实思考

由于选择不同的会计处理方法对企业的财务状况及经营成果影响很大，因此企业合并的会计处理方法选择一直是国内外会计界最有争议的问题之一。在权益结合法行将被美国乃至世界大多数国家淘汰之际，我国上市公司与非上市公司的换股合并无一例外地采用了权益结合法。为了保证会计信息的可靠性和相关性，应尽快制定适合我国国情的《企业合并准则》来规范企业合并的会计选择。     

企业并购交易决策博弈分析

企业并购是并购交易双方在追求各自利益最大化的前提下所进行的博弈过程。由于企业并购交易市场的信息不对称性和不完美性，企业并购交易将会出现市场完全成功、部分成功、接近失败和完全失败四种不同性质和效率的市场均衡，其中只有市场完全成功是最理想和有效率的均衡。但在具体的企业并购交易中出现哪种均衡，主要取决于企业并购交易博弈模型中不同质量目标企业的价值、交易价格、风险成本和质量高、低比例之间的相互关系。减少出现上述三种低效率均衡机会的最有效方法是克服企业并购交易市场的信息不对称性问题，并提高并购企业的识别能力。     

中国上市公司并购绩效的实证分析

西方经典企业并购理论可主要归结为使总价值增加的效率理论、自大理论、代理问题和再分配理论。为检验这些理论在中国的适用性，本文分别采用会计研究法和事件研究法，对中国上市公司1999年发生的85起控制权转让案和2002年55起重大资产重组案的并购绩效进行了全面分析，兼顾了并购绩效产生所需的时间因素和实证研究的实效性，从而揭示中国企业并购之动机及其绩效。研究表明，并购重组给目标企业带来了收益，其CAR为24．502％，超过20％的国际水平；而收购企业收益不大且缺乏持续性。同时本文结合个案分析补充大样本研究的不足，得出并购理论在中国具有一定适用性。最后，本文从并购动机、并购方式等不同角度分析了我国并购失败率高的原因。