浅析我国外资并购的反垄断规制问题——以可口可乐并购汇源案为视角

外资并购是一把双刃剑,它已经一路成为了跨国企业扩大在华市场份额的重要手段,但由于现行《反垄断法》对外资并购的规定过于笼统并且缺乏可操作性,导致我国《反垄断法》难以得到其预期的效果。本文以美国可口可乐公司收购中国汇源公司一案为视角,立足外资并购反垄断规制立法的现状,分析我国反垄断法在外资并购相关方面存在的缺陷,并提出相应的完善意见。     

上市公司股权并购与重组

本文从上市公司股权并购与重组的含义与目的分析的电器000527收购小天鹅000418的收购案为参照案例,大致阐释了上市公司股权并购与重组的基本方案与实施方案所应该具备的条件,最后总结了股权并购与重组所能够给公司带来的好处。     

谁抛弃了汇源果汁？

总价高达179亿港币（约25亿美元）——可口可乐并购汇源果汁。双方得到了什么？而并购的真实动因是什么？     

小肥羊委身百胜迷局 选择卖掉企业，是无奈之举

最近,小肥羊要卖给百胜的事情再次搅热国人对国内行业龙头企业被外资企业并购的议论。2008年9月,可口可乐宣布以24亿美元收购汇源果汁的全部股份,但2009年3月商务部最终决定禁止可口可乐收购汇源,这起历时半年多的并购事件被闹得满国风雨。     

浅谈金融危机下中国矿业企业海外并购

受金融危机影响,国际大宗商品价格出现大幅下滑,为中国企业海外收购提供了难得的历史性机遇.在此背景下,兖州煤业并购澳大利亚菲利克斯资源公司,完成了中国企业在澳大利亚最大一宗收购案.本文对该并购案的动机与效应的分析,旨在对金融危机背景下我国矿业企业海外并购一些问题的思考。     

被外资企业并购重组，利大于弊？

可让我们少走弯路汇源果汁并购案曾被舆论炒得沸沸扬扬。中国企业被外资企业并购一直争议不断,其中有部分优秀民族品牌被外资并购后已经没落。但我们不能因此而认为被外资并购弊大于利。通过与外资公司合作,我们可以吸纳他们的新技术和资金,并吸收他们的管理经验,这对我们成为国际一流公司会起到很大作用,可以让我们少走很多弯路。     

公安机关的行政强制送治权质疑——评《精神卫生法》第28条第2款

正《中华人民共和国精神卫生法》(以下简称《精神卫生法》)历时20多年终于获得通过。其立法宗旨是保护精神病人的合法权利,避免"被精神病"现象发生。但是《精神卫生法》在保护当事人权利的同时,也授予公权力部门和医疗机构较大的权力。笔者以行政机关(公安机关)的行政强制送治权为切入点,围绕《精神卫生法》第28条的相关规定,指出该法授予公安机关无限的权力,违反了行政强制法的相关规定,属于无效条款。《精神卫生法》有关行政强制送治适用的规定     

浅论我国离婚精神损害赔偿及其完善

我国1980年的《婚姻法》并没有对离婚精神损害赔偿请求权人提供明确、有效的救济途径,侵权人也未得到应有的惩戒。2001年4月28日颁布修订的《中华人民共和国婚姻法》(以下称新《婚姻法》),则规定了离婚损害赔偿制度,被认为是开创离婚精神损害赔偿的先河。随着人们认识的提高和法律法规的不断完善,我国离婚精神损害赔偿制度将更好地保护婚姻当事人的合法权益,更好地体现公平与公正。     

企业并购的思考

<正> 在现代市场经济下,企业并购是一种企业扩张、整合资源以获得竞争优势的手段和路径,即使对于弱势企业来说,通过并购也能使自己获得生存与发展空间。企业并购能够提高资源配置效率和整个经济增长的效率,有利于新技术的广泛运用从而拉动技术进步,有利于产业的调整与升级。笔者分析研究了我国大量的企业并购的案例,从以下5个方面进行思考。 (一)加快发育我国资本市场是发展并购的基础 并购是资本市场发育成熟的产物,一个完善的市场     

对《新教伦理与资本主义精神》的探索性解读

马克斯·韦伯的大作《新教伦理与资本主义精神》主要从精神层面阐述了新教伦理与资本主义精神这两种现象之间的关联性,表明:资本主义的兴起不仅仅是一个经济和政治制度的综合体,它还有着特殊的精神风格和文化意义。本文通过对韦伯的《新教伦理与资本主义精神》中几个部分探索性的了解和解读,意在从另一种视角,从精神层面上对资本主义进行一个重新的认识。     

多再制造商回收定价竞争博弈

多个再制造商在同一回收市场中获取废旧产品并进行再制造,他们之间存在回收竞争.每个再制造商回收废旧产品的数量取决于自身付出的回收价格,同时和对手们的回收价格相关.目标是最大化各自的期望利润.本文首先利用优化理论和非合作博弈理论,证明了该博弈作为超模博弈,存在唯一的Nash均衡.然后通过比较发现竞争下的Nash均衡价格高于串谋下的合作均衡价格.最后通过数值仿真探讨了再制造商的数目和再制造成本对博弈的影响.     

Inducing manufacturer’s quality enhancement via retailer’s acquisition strategy

This paper investigates a manufacturer’s quality enhancement and a retailer’s acquisition strategies in a decentralized supply chain setting, wherein the consumer preference is unknown initially but can be resolved by the retailer’s acquisition behaviour. To uncover the strategic effect of acquisition timing, we specifically consider two scenarios, committed acquisition and contingent acquisition, depending on whether the retailer has to commit to her acquisition strategy before or after the manufacturer’s quality enhancement decision. We show that under either scenario, there exists a positive interaction between the manufacturer’s quality and the retailer’s acquisition decisions. However, under committed acquisition scenario, the retailer is more active on adopting acquisition than that under contingent acquisition scenario, and the manufacturer’s quality investment remains at a stable level that is independent of the acquisition cost. Differently, under contingent acquisition scenario, although the retailer possesses a lower acquisition incentive, she can induce the manufacturer to invest a higher quality level via acquisition than that under committed acquisition scenario. Under such a circumstance, the enhanced quality level monotonically increases in the acquisition cost. The retailer prefers contingent acquisition when the acquisition cost falls into an intermediate range that acquisition results in an higher quality enhancement than that under committed acquisition. In contrast, the manufacturer can always derive a higher payoff under the committed acquisition scenario.     

Managing Demand Uncertainty through Core Acquisition in Remanufacturing

We discuss the optimal raw material acquisition strategy for a third party remanufacturer (3PR). We specifically investigate whether a 3PR should acquire used products or cores in bulk with uncertain quality levels, or in sorted grades with known quality levels; and whether to acquire and remanufacture cores before the demand is realized (planned acquisition), or after the demand is realized (reactive acquisition), or on both occasions (sequential acquisition). When only sorted cores are acquired, we find that, (i) it is optimal to acquire cores in multiple grades to balance acquisition and remanufacturing costs; (ii) if reactive acquisition is possible, it reduces the assortment size (number of grades in which cores are acquired) and the total inventory acquired in the planned acquisition; and (iii) the optimal portfolio of grades to acquire and the optimal acquisition and remanufacturing quantities of these grades can be determined analytically. When bulk cores are acquired in addition to sorted cores, the property of reduction in assortment size of the planned acquisition is preserved. We also show that the 3PR should acquire only a fraction of the demand in planned acquisition, and leave the rest for reactive acquisition. This fraction changes during the lifecycle of a remanufactured product. Using a combination of empirical and realistic data from a smartphone remanufacturer we show that sequential acquisition increases expected profit by up to 8% and 27% over only planned and only reactive acquisitions respectively, and reduces the inventory acquired by up to 21% over only planned acquisition.     

Too Big to Learn: The Effects of Major Acquisition Failures on Subsequent Acquisition Divestment

We examine whether firms learn from their major acquisition failures. Drawing from a threat‐rigidity theoretical framework, we suggest that firms do not learn from their major acquisition failures. Furthermore, we hypothesize that host‐country experience reinforces the negative effects of major acquisition failures. Our research hypotheses are tested using an event history analysis of 741 acquisitions undertaken by French listed and non‐listed firms in the USA between January 1988 and December 2008. We use failure divestment (divestment resulting from acquisition failure) as a proxy for acquisition performance. Consistent with our theoretical framework, we find that major acquisition failures have a negative impact on future acquisition performance. Furthermore, we find that such negative effects are reinforced by firms’ host‐country experience.     

Effects of Firm-specific and Country-specific Advantages on Relative Acquisition Size in Service Sector Cross-Border Acquisitions: An Empirical Examination

Using a sample of 348 service sector cross-border acquisitions by U.S. firms in 44 countries during 1990–2006, our study seeks to identify factors that influence relative acquisition size (acquisition transaction value as a percentage of acquiring firm's asset value). Our findings indicate that firm-specific advantages (FSAs) in the form of available financial slack and target industry knowledge were positively associated with relative acquisition size. However, contrary to expectations, we observed a negative relationship between cross-border acquisition experience and relative acquisition size. In addition, our results suggest that country-specific advantages (CSAs) associated with higher market potential, lower political risk, and greater cultural similarity contributed to increased relative acquisition size in service industry cross-border acquisitions. Finally, our analysis reveals that the relationship between available financial slack and relative acquisition size is contingent on cultural similarity with the relationship being more pronounced when cultural similarity is high.     

并购后控制与并购绩效的关系研究:基于合法性的调节效应

主并企业对被并企业的控制会影响并购绩效,而企业的各种利益相关者对于企业并购的态度即并购合法性会对并购后控制与并购绩效之间的关系产生影响。基于123个样本实证分析得到如下结论:主并企业对被并企业的非正式控制程度对主并企业的并购绩效具有显著积极作用,而正式控制程度与并购绩效之间没有显著相关性;并购的外部合法性对并购后正式控制与并购绩效之间的关系具有显著的正向调节作用,而并购的内部合法性对并购后非正式控制与并购绩效之间的关系具有显著的负向调节作用。研究结论对于中国企业的并购后决策以及如何实现并购目标具有理论指导价值。     

联盟控制方式对伙伴知识获取的影响研究:来自我国医院间联盟的证据

越来越多的组织依赖于战略联盟作为知识获取的平台,但理论研究对于不同类型的联盟控制方式如何影响伙伴知识获取仍然关注不足。本文采用一般组织理论分析方法,探讨正式的契约控制和非正式的信任机制对伙伴知识获取的直接与交互作用。来自国内190家联盟医院的数据分析表明,善意信任、能力信任促进了伙伴的知识获取,而契约控制与知识获取间呈现先增强后减弱的非线性关系。此外,有关交互效应的统计结果表明,善意信任与契约控制在促进伙伴知识获取的过程中相互替代,而能力信任与契约控制则互为补充。     

External technology acquisition and product innovativeness: The moderating roles of R&D investment and configurational context

An increasing number of studies in technology/innovation management contribute to the understanding of the relationship between external technology acquisition and product innovation performance. On the other hand, the meta-analytic reviews of new product development literature indicate a positive impact of product innovativeness on product innovation performance. However, existing research has not examined the link between external technology acquisition and product innovativeness. This study, therefore, aims to fill this gap of knowledge by investigating the external technology acquisition—product innovativeness relationship and examining the moderating roles of R&D investment and configurational context on this link. Based on a panel sample of 105 high-technology firms over a six-year period, a least squared dummy variable s model reveals interesting results. First, external technology acquisition has a positive impact on product innovativeness. Second, R&D investment increases the effect of external technology acquisition on product innovativeness. Lastly, firm size exhibits a negative effect on the contribution of external technology acquisition to product innovativeness. However, firm age positively impacts the relationship between external technology acquisition and product innovativeness. In addition, this study reveals a positive effect of product innovativeness on firm growth.     

From a dyadic to a triadic perspective: Divestiture research implications for understanding pre- and post-acquisition processes

Acquisition and divestiture studies remain surprisingly disconnected, although both fields address corporate restructuring modes that are tightly linked. Acquisitions entail buying a business that another company divests or even, in many cases, a subsequent sale of formerly acquired activities. In this paper, we adopt a seller perspective, explore cross-fertilization areas, and identify important complementary and challenging insights that divesture research can bring to acquisition research. Focusing on sell-off, a major divesture type that is considered symmetrical to an acquisition, we discuss how divestiture research can shed novel light on pre- and post-acquisition stakeholders and processes. We propose two ways in which a divestiture perspective invites rethinking: 1) regarding actors, by stressing the need to consider triadic (divester–target–acquirer) rather than dyadic configurations (target–acquirer) and 2) regarding processes and time, by enlarging the temporal horizon of acquisition processes by divestiture processes, which precede but also sometimes exceed the acquisition. We contribute to acquisition research by providing a fresh look at stakeholder and process perspectives and identifying important future research avenues.     

联盟管理实践获取与联盟成功：被调节的中介效应

近年来,企业间战略联盟在全世界范围内越来越普遍。联盟的高失败率使企业界和理论界人士开始关注如何实现联盟成功。在长期的联盟活动中,联盟企业都积累了各自独特的一整套被称为联盟管理实践的方法、流程和技能,以提高联盟管理能力、实现联盟预期目标。依据组织学习和关系理论,联盟企业能够从合作伙伴那里获取有价值的联盟管理实践并将其应用于自身的联盟管理活动,这一过程必然有益于联盟管理。然而,鲜有研究探讨联盟管理实践获取行为对联盟成功的影响。 基于以上考虑,引入联盟管理能力和共同行动两个概念,分别作为中介变量和调节变量,构建一个被调节的中介效应模型,以更好地揭示联盟管理实践获取对联盟成功的作用机理。为了检验上述被调节的中介效应模型及相关的作用机理,利用从中国大陆收集的调研数据进行实证研究。最终的样本包含205家联盟企业,且每家企业有两位关键信息提供者,综合采用逐步线性回归和被调节的路径分析方法验证假设。 研究结果表明,联盟管理实践获取通过联盟管理能力这一中介机制最终促进联盟成功,共同行动正向调节联盟管理能力与联盟成功的关系,存在假设中的被调节的中介效应。也就是说,联盟管理实践获取对联盟成功的影响需要通过提升联盟管理能力来实现;同时,联盟双方共同行动水平越高,这一过程越容易实现。 联盟管理实践获取为解释联盟成功的作用机理提供了一个新的视角,拓展了联盟管理能力方面的研究,尤其表现为同时关注联盟管理能力的前因和结果,将组织学习理论和关系理论统一整合到联盟成功研究的框架下,这可视为两大理论的创新性应用。此外,研究结果为现实中联盟企业实现联盟成功指出一条新路,即从合作伙伴处获取有价值的联盟管理实践以促进联盟成功。