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本文以股改之前七年内引发控制权变更的非流通股协议转让事件为样本,区分本地并购与异地并购、相关并购与多元化并购,对实际控制人通过转让控制权攫取私有收益的程度进行研究发现,地方政府实际控制人,以及普遍受到地方政府干预的非政府实际控制人将控制权转让给异地、异行企业时获得的转让溢价更高;支付较高控制权转让溢价的并购方实施内幕交易的程度更严重,获得的累计超额收益更多。 相似文献
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传统静态研究中, 由并购引起的不确定性主要体现为参与并购企业掌握自身生产效率信息, 而外部企业无法辨识并购是否会影响参与企业的效率.文章在传统研究基础之上进行动态延伸, 假设市场中存在领导者和追随者企业, 在序贯决策的框架下研究企业并购动因及并购企业实际盈利.根据并购前后参与企业的市场角色不同, 文章研究比较了四种可能发生的并购类型, 并证明当并购伴随企业角色改变时, 即便存在效率损失, 并购仍是有利可图的.此外, 文章还从政府政策角度出发, 针对政府并购控制的介入时间以及审核标准选择进行了深入的理论探讨.结果证实当政府进行事前干预时, 消费者福利标准更加精确、严格;而当政府进行事后干预时, 社会福利标准的优势更为明显. 相似文献
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本文按企业并购进行的时间顺序将企业并购风险分为并购前风险,并购实施阶段的分险和并购整合阶段的风险,探讨其形成的不同原因,分析政府干预对不同风险成因的影响, 相似文献
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地方政府在国有企业并购重组的具体实施过程中起着至关重要的作用,但地方政府在并购重组过程中过多的行政干预,会严重影响企业的正常发展,这就需要地方政府加快转型定位,创建更加有利于国有企业并购重组的外部环境。 相似文献
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基于当前大力推行国有企业混合所有制改革的背景,本文深入考察了非实际控制人的董事会权力对国有企业并购效率的影响。研究发现,当非实际控制人具有董事会权力时,国有企业的并购活动"做得更少但做得更好",即发起并购的可能性较低但所选项目的并购绩效较高,呈现出较高的并购效率。进一步研究表明,当非实际控制人为国有性质或者国有企业实际控制人为地方政府时,非实际控制人董事会权力的治理效应会更加显著;并且,具有董事会权力的非实际控制人主要是通过减少无效并购(源头控制)和提高并购整合能力(过程控制)这两条路径来为国有企业并购效率的提升提供保障的;另外,混合所有制改革政策的正式推出放大了非实际控制人董事会权力在属于战略性行业的国有企业中的治理效应。本文的研究不仅从并购视角拓展了有关非实际控制人治理效应的研究领域,为市场化力量能否有效制衡政府股东这一问题提供了一定解答,还为国有企业如何通过混合所有制改革来提高董事会的决策能力提供了解决方案。 相似文献
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基于不同投资形态对经济、社会与政治目标的贡献差异,研究了政府干预下的资本投向选择效应,及其导致的投资结构异化对总体效率的影响.研究发现,(1)地方政府有动机干预国企增加固定资产、股权并购和垄断资产投资,削减技术资产投资.(2)在政府干预程度较大的地区,国资委直属企业的固定资产投资规模和增速最大;企业集团所属企业的股权投... 相似文献
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新中国成立之后长达30多年的计划经济体制是否直到今天仍然影响着企业决策?本文基于路径依赖理论和企业基因理论提出了政治基因对并购控制倾向的影响。采用中国沪深两市2003~2009年企业并购数据,对命题进行实证检验。结果表明:企业政治基因越强,并购过程中的控制倾向越明显,而这种非理性的控制倾向对企业并购绩效具有消极作用。考虑到主效应的非线性特点,通过第二调节作用图呈现了被解释变量整个概率区间内主效应受到市场制度环境的部分负调节和组织冗余的负调节。本文的价值体现在:理论上,识别了"历史"会影响企业的"现在",扩展了中国情境下企业政治因素系列研究的历史维度;实践上,为中国制度背景下优化企业理性决策提供了有益的管理启示。 相似文献
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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。 相似文献
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考虑地方政府因素的企业决策模型——基于企业微观视角的中国宏观经济现象解读 总被引:4,自引:0,他引:4
在经济转轨时期,企业的生产决策过程会受到地方政府很大的影响。本文通过考察中国企业的目标函数与约束条件,将那些与企业行为密切相关的地方政府因素抽象化为两个可控变量,即"产出目标影响能力"与"资源控制能力",从而构建出一个"考虑地方政府因素的企业决策模型"。通过模型分析,本文尝试着从企业行为的微观角度来理解中国的宏观经济现象:(1)模型揭示出地方政府因素是导致中国企业在要素使用上存在"低效率"的一个原因;(2)模型从"要素替代"的角度解释了中国的宏观经济投资"过热"现象;(3)模型还分析了中国的银行贷款之所以"偏高"的原因,并界定了企业贷款可能成为银行"不良贷款"的一个政府干预"上限";(4)模型分析还表明,在目前就业形势非常严峻的情况下,取消"地方政府因素"的改革须谨慎而行。在这一系列分析的基础上,本文最后部分对模型进行了扩展,通过考虑地方政府与企业之间的博弈关系,讨论了地方政府可控变量的决定过程,从而为中央政府制定对地方政府的考核目标提供了一些参考。 相似文献
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Corporate entrepreneurship can play a central role in the integration of mergers and acquisitions. This paper describes a study spanning seven years for six mergers and acquisitions that involved UK, US and Swedish acquisitions of East German firms. The authors used the respective strengths of corporate entrepreneurship to predict the likely success or failure of each M&A, with very accurate results when they revisited the companies in 2001. The authors draw further lessons from the study by linking corporate entrepreneurship to the learning organisation and providing practical lessons for managers. 相似文献
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我国上市公司并购中控制权变更市场效应的实证研究 总被引:4,自引:0,他引:4
针对1997年到2001年我国上市公司并购中控制权变更的282例样本,就其控制权变更公告日效应的平均超常收益率和累计平均超常收益率进行了实证分析。研究结论显示:我国上市公司并购中控制权变更的信号传递效应在[-2,2]区间上完全实现。在我国上市公司并购中控制权变更公告日收益率变动呈现出如下趋势:在公告日信号传递效应区间,其收益率显著为正;随着传递时间延伸,收益率显著为负,从而在整体上,我国上市公司并购中控制权变更对并购公司股东并未显示出明显绩效改善。上述结论统计检验极其显著的。 相似文献
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Christine Benedichte Meyer 《英国管理杂志》2001,12(1):47-66
This paper contributes to the understanding of allocation processes in mergers and acquisitions by applying an organizational justice perspective. This is a perspective that has been neglected in past research on mergers and acquisitions, but which is important in understanding the challenges managers face in allocating human resources and other resources of symbolic importance. In particular, the paper examines the trade-offs between multiple goals in selecting distributive and procedural justice rules, and identifies factors that constrain these choices. Mergers and acquisitions are typically driven by multiple motives. The findings presented in this paper suggest that there are different approaches to applying justice rules in mergers and acquisitions and that these approaches have different implications for meeting multiple goals. The choice of equity in combinations with fair procedural rules is an approach which complies with the two goals of maximizing economic productivity and fostering relationships. However, the choice of this approach rests upon an unbalanced power relationship and relatively low ambiguity. When there is a high degree of ambiguity and a balanced power relationship, management has to make trade-offs between maximizing economic productivity and fostering relationships. 相似文献
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Etienne Redor 《Journal of Management and Governance》2016,20(4):789-821
The question of whether a “good” corporate board structure can optimize performance and minimize conflicts between managers and shareholders has been widely debated. Because mergers and acquisitions represent major managerial investment decisions that are subject to board scrutiny, the effectiveness of a board’s structure is especially visible in the context of corporate acquisitions. With that in mind, in this paper, we examine the abundant literature in the fields of strategic management, economics, and finance in order to identify which board attributes contribute to the ability of corporate boards to create value through mergers and acquisitions. In particular, we discuss the impact of four board attributes: (1) board independence, (2) board size and director-specific attributes, (3) board ownership and compensation, (4) multiple directorships. As a result of our analysis, we conclude that the impact of board attributes on shareholder wealth in mergers and acquisitions is specific to each firm. Therefore, board regulations that do not reflect a firm’s specific needs may in fact hinder the creation of a board that is capable of responding effectively to the firm’s unique needs and circumstances. 相似文献
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Dr. Martin Ruf 《Zeitschrift für Betriebswirtschaft》2010,80(7-8):777-795
The possibility to deduct interest expenses resulting from financing international mergers & acquisitions for tax purposes affects the attractiveness of international mergers & acquisitions. Multinationals can use tax planning in order to achieve a tax favored deduction of such interest expenses. On the one hand multinationals can achieve a tax effective deduction of such interest expenses in the country of residency of the target firm using an acquisition vehicle in combination with group taxation or a merger. On the other hand multinationals can try to deduct such interest expenses in the subsidiary within the multinational group being subject to the highest tax rate. The deduction of interest expenses resulting from international mergers & acquisitions should not violate the economic principle of neutral taxation. Following this principle, the deduction of such interest expenses should be granted at exactly the tax rate, at which the profits of the acquired firm are subject to taxation. 相似文献
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Mergers and acquisitions are frequently justified in terms of value creation or efficiency improvements. Nevertheless, the evidence is not consistent with the existence of benefits in terms of the costs, productivity, profitability or market value of the firms involved. A distinguishing feature of extant research is that it focuses on the assessment of the consequences of mergers around the time in which the operation takes place, limiting the possibility of observing a complete integration between the merged firms. In this context, the objective of this paper is to evaluate the effects of mergers and acquisitions on the long-run productivity of Spanish savings banks. Our results show that productivity improvements can be found in only half of the mergers that take place during the period analyzed. 相似文献
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Astrid Schreyögg 《Organisationsberatung, Supervision, Coaching》2002,9(4):319-330
Conflict-coaching during mergers This article deals with problems during mergers and acquisitions. It is proposed a positive influence of personal development methods in such cases. From all these methods has coaching for the conductors a special importance, because they have to guarantee a successful post-mergersituation. 相似文献
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This paper is concerned with the financial objectives of mergers and acquisitions and the way in which considerations in the merger transaction, such as the price paid and the method of payment used, may affect such objectives subsequent to the merger. The analysis is based on a sample of 65 mergers during the years 1968–70 inclusive [2]. 相似文献
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The complex phenomenon that mergers and acquisitions (M&As) represent has attracted substantial interest from a variety of management disciplines over the past 30 years. Three primary streams of enquiry can be identified within the strategic and behavioural literature, which focus on the issues of strategic fit, organizational fit and the acquisition process itself. The recent achievements within each of these research streams are briefly reviewed. However, in parallel to these research advances, the failure rates of mergers and acquisitions have remained consistently high. Possible reasons for this dichotomy are discussed, which in turn highlight the significant opportunities that remain for future M&A research. 相似文献