国有企业产权转让的定价研究

国有企业产权转让的难点是产权的定价。就大水桥糖厂产权拍卖的案例,在假设竞争的并购企业之间、成功的并购者和目标企业之间关于协同效应与战略关系的信息不完美,利用实物期权博弈论方法,分别就完全竞争和垄断研究生产函数为Cobb—Douglas函数情形的企业并购的时间和条件。模型应用于国有企业产权转让的定价,给出国有资产相对流失和绝对流失的定义．分析了影响资产流失大小的主要因素。研究表明：企业产权的价格不等于资产的价格。国有资产流失主要受三种因素影响：一是目标企业本身的特征,二是目标企业所在产业的特征,三是并购的“沉没成本”大小。建立全国性规范的产权交易市场．由市场决定企业产权的价格才会有效防止国有资产的流失。     

基于实物期权的企业兼并行为分析

利用实物期权博弈论等理论和方法,研究信息完全条件下有负债企业兼并的均衡价格和最优时机.通过对随机市场下企业兼并的动机、过程的微观机理的深入剖析,对影响兼并定价的主要因素进行分析,分别给出随机市场下有负债的"好企业"增资扩股的均衡条件和最优时机的解析式,以及对"一般企业"和"差企业"兼并的最优时机和均衡价格的解析式,并进行比较静态分析和数值模拟.研究结论与经验相符.     

基于期权视角的兼并价格确定的博弈分析

论丈提出了企业兼并价格确定包括基于期权视角的兼并目标价值确定和基于博弈视角的价格确定两个阶段.其次,在指出著名的Rubinstein讨价还价定理中隐含博弈目标价值服从均匀分布假设的基础上,给出了博弈目标价值服从一般随机分布条件下博弃均衡价格确定的分析思路.在此研究基础上讨论了企业兼并过程中的目标企业利润流在服从几何布朗运动的条件下大于经营成本或者小于经营成本的两种情况下企业兼并价格公式,最后在此研究基础上进行了数值仿真以说明模型对现实的解释能力.     

企业并购中的人力资本估价

一、企业并购的动机 企业兼并与收购是企业资本营运的重要形式,在市场经济环境中,发挥着越来越重要的作用.在美国,企业的兼并收购活动贯穿于经济发展的全过程.从最早的平行兼并浪潮至今,它共经历了5次企业并购的浪潮,且有一浪高过一浪的势头.在我国,企业间的兼并和收购活动也日益普遍.20世纪90年代中期以来,在全球范围内产业升级、结构调整以及经济一体化等因素的推动下,企业并购的规模和数量一直呈现不断上升的趋势.2000年全球并购交易额达到3.4万亿美元.目前,我国已经成为亚洲第三大并购市场,并购价值达GDP的15%.企业并购为什么能受到众多公司的青睐呢?究其原因主要有以下5点.     

外资并购国有企业中的定价问题

在外资并购国有企业的实践中,资产评估和企业定价是问题最多的领域。探讨公正合理的资产评估和企业定价方式对规范外资对国有企业的并购意义重大。本文从理论和实践两个方面探讨了外资并购国有企业中资产评估和企业定价,存在的诸多问题,如评估定价的方法、土地的定价、上市公司国有股转让的定价等,并认为外资并购国有企业定价要与国有企业产权改革的目标进行综合考虑,同时要以科学务实的态度看待并购价格与国有资产流失的关系问题,在此基础上提出了规范外资对国有企业并购定价的对策。     

战略并购的产权构造要求

产权改革的方向正影响着我国国有企业的改革的成败。本文明确了国有企业改革的最终目标,分析了企业所有权与产权的内在关系,认为并购作为国有企业产权重组中的重要手段,迫切要求有明晰的产权。产权构造的状况,将决定企业兼并的动机和效率     

企业兼并中的热点问题

从法律角度讲,企业兼并是指一个企业购买其他企业的产权,使其他企业失去法人资格或改变法人实体的一种民事法律行为。这种行为所产生的法律后果一则是被兼并企业丧失其法人资格,其财产为兼并企业所有;一则是被兼并企业法人资格仍然存在,但其经济实体的所有人发生变化,其实质是兼并企业的经营权。目前,从我国企业兼并的情况看,形式是多种多样的,有同一地区同一行业企业之间的兼并,也有跨地区跨行业企业之间的兼并;有国有企业之间的兼并、集体企业之间的兼并,也有不同所有制企业之间的兼并;等等。在各种形式的兼并过程中,不论哪一种兼并形式,我们都必须十分重视法律方面的问题,正确依法实施兼并活动。在当前我国企业兼并行为中,以下几个方面的问题值得我们加以重视。     

我国企业兼并中政府行业及效应分析

伴随着中国经济体制改革的深入进行，以企业兼并为核心的“存量改革”力度日益增强。我国企业兼并除实现资源合理配置、调整产业结构以外，还要防止国有资产流失、消灭亏损企业的现实动因。由于我国特殊的产权翻度特点和不成熟的并购市场环境决定了政府行为在企业兼并中占有重要的地位。因此，分析政府行为在企业兼并中的作用就有其必要性和现实性。     

政府竞争、资本配置与上市公司“壳资源”转让

地方政府间的晋升锦标赛迫使政府官员寻求一切可能的方式完成政绩、争夺和保护地区的优势资源,人为地干预资本资源配置.以2000年至2006年地方上市国有企业被民营企业并购、控制权发生转移的公司作为样本,以是否为辖区内并购作为因变量,以行业调整的绩效指标和企业规模作为自变量,建立Logit回归模型,探讨稀缺的"壳资源"在辖区内外转让是否因其质量的不同而具有差异性.在控制公司特征、治理因素和年份固定效应等因素后,发现在卖方主导的国有上市公司"壳资源"转让过程中,地方政府倾向于将绩效好、影响力大的国有企业转让给本地民营企业,而将绩效差、影响力小的国有企业转让给外地民营企业.根据地区竞争力水平对样本进行分组,发现竞争力排名靠后的地区比排名靠前的地区"壳资源"的质量在辖区内外转让的差异更为明显,表明在经济基础较为薄弱的辖区,地方政府更倾向于采取地方保护主义的方式维持地方经济.     

不完全信息下基于双目标的博弈并购决策研究

建立复合实物期权模型,研究并购企业在竞争环境下满足收益最大化和并购成功概率最大化的并购决策问题。基于并购企业对竞争对手企业价值补偿值具有不完全信息的现实,运用实物期权博弈的方法,以企业期望价值收益最大化和成功并购概率最大化为目标,建立并购决策模型并求解最优并购时机,在此基础上进行并购决策分析,通过数值比较,得到并购企业的若干策略选择。研究结果表明,不完全信息下存在竞争的并购企业的期望收益小于完全垄断下的期望收益,即竞争因素削弱了并购的实物期权价值;并购企业在与对手企业进行并购博弈时,并购企业给目标企业的价值补偿越高,其最优并购时机越迟;不完全信息下若使并购企业期望收益最大的溢价比例不在溢价比例概率分布的区间内,则并购企业应取区间内的最大值,并购企业可以获得最大的期望收益和最大的成功并购概率;反之,使并购企业期望收益最大的溢价比例在概率分布内,企业取该溢价比例时可获得最大的期望收益,但企业需要在获得最大收益和增大成功并购概率之间权衡,当溢价比例取值越高时,并购时机越迟,所获收益也就越大。     

Educational Landscapes and Urban Development. Contextual and Spatial Interfaces and Linkages

In the broad sociopolitical discussion on education quality within the last decade, it has become apparent that education is gaining importance for urban development, as well as space and the urban context are important dimensions of education. This becomes particularly evident in concepts for local educational landscapes (Ger. Bildungslandschaften). The young field of research on educational landscapes is currently lacking empirical research from spatial and planning sciences. In the paper, the current state of scientific research on educational landscapes in Germany and Europe and first insights to contextual and spatial interfaces and linkages between education and urban development in general are presented.     

Inventory Models with Continuous and Poisson Demands and Discounted and Average Costs

We develop a new, unified approach to treating continuous‐time stochastic inventory problems with both the average and discounted cost criteria. The approach involves the development of an adjusted discounted cycle cost formula, which has an appealing intuitive interpretation. We show for the first time that an (s, S) policy is optimal in the case of demand having a compound Poisson component as well as a constant rate component. Our demand structure simultaneously generalizes the classical EOQ model and the inventory models with Poisson demand, and we indicate the reasons why this task has been a difficult one. We do not require the surplus cost function to be convex or quasi‐convex as has been assumed in the literature. Finally, we show that the optimal s is unique, but we do not know if optimal S is unique.     

E-governance and Corruption-developments and Issues in Ethiopia

This paper reports the results of a survey of 400 respondents in Ethiopia about factors generating corruption and the potential of e-Governance to mitigate corruption. It is suggested that e-Governance can help not only in weeding out corruption but also in the establishment of sounder government citizen relationships in Ethiopia. While e-Governance cannot cure all the structural factors that breed corruption in the society, strategic implementation of e-Governance can help improve the critical variable in combating corruption-government citizen relationships. It is argued that while e-Governance initiatives can make important contributions to improving public services they can best do so by helping improve overall relationships between governments and citizens.

CEO and Chairperson characteristics and firm performance

This paper focuses on the relationship between Chief Executive Officer (CEO) and Chairperson characteristics and firm performance. Specifically, the study examines the association between the characteristics of the CEO and the Chairperson of the board and firm performance. Using a sample of S&P 500 firms, the evidence found suggests that demographic and experience-related characteristics may be associated with the market valuation and financial performance of the firm. In particular, the reported results indicate a positive relationship between the presence of female CEOs or Chairs and firm performance, thus suggesting that gender-based differences may affect the CEO’s/Chairperson’s success. Moreover, the findings concerning the age of the CEO or Chair are mixed, while their experience and quality appear positively related to firm performance. Interestingly, a CEO or Chairperson holding multiple board seats is negatively associated with firm performance, whereas CEO duality has a positive relationship with Tobin’s Q and the return on assets (ROA) of the firm.     

David and Goliath: causes and effects of coopetition between start-ups and corporates

Coopetition (collaboration between competitors) among young firms (i.e. start-ups) and larger, more established firms (i.e. corporates) may be beneficial for both partners as each party typically has something to offer that is missing in the other. Start-ups often develop innovative ideas, are flexible and agile, willing to take risks, and aspire to achieve high growth, but they tend to lack the required resources, capabilities, and knowledge due to their newness and smallness. Corporates have resources, routines, and experience that enable them to work efficiently but lack a certain innovation capability. Research has suggested that coopetition represents an opportunity for start-ups facing restrictions in resources, while corporates benefit from start-ups’ innovative ideas. However, it is yet unknown whether start-ups and corporates engage in coopetition with each other and, if so, how and why they do this. This study seeks to fill this void by exploring the motives of coopeting start-ups and corporates, how they manage their coopetitive relationship, and what implications occur including potential benefits and risks. We present a multiple case study based on qualitative data collected through 70 interviews with Austrian-based start-ups and corporates representing 35 coopetitive partnerships. Discussing the findings based on our data, we propose relationships concerning coopetition and its role to enlarge resource- and technology-bases as well as its role in the development of dynamic capabilities.     

Career orientations and career success among research,and development and engineering professionals

Managing the careers of research, development and engineering (RD&E) professionals is important to the strategic use of RD&E in the economy. Appropriate mechanisms for motivating RD&E professionals will probably emerge as a critical success factor for organizations that want to compete in world markets. This study examines dimensions and levels of career orientation and their correlations with individual and work-related outcome variables among 78 RD&E professionals. The findings reveal a rich diversity of career orientation in RD&E professionals. The data strongly suggest that RD&E professionals are service, lifestyle and security oriented. However, they scored low on technical orientation and entrepreneurship. This paper suggests that the dual career ladder is not an effective device for managing RD&E professionals. Organizations must be careful to provide career paths that retain and motivate workers and, more importantly, find matches between organizational needs and individuals' needs, and restructure jobs accordingly. The authors offer suggestions for future research and identify implications for management.     

Modeling Pathology Workload and Complexity to Manage Risks and Improve Patient Quality and Safety

Anatomic pathology (AP) laboratories provide critical diagnostic information that help determine patient treatments and outcomes, but the risks of AP operations and their impact on patient safety and quality of care remain poorly recognized and undermanaged. Hospital-based laboratories face an operational and risk management challenge because clinical work of unknown quantity and complexity arrives with little advance notice, which results in fluctuations in workload that can push operations beyond planned capacity, leading to diagnostic delays and potential errors. Modeling the dynamics of workload and complexity in AP offers the opportunity to better use available information to manage risks. We developed a stock-and-flow model of a typical AP laboratory operation and identified key exogenous inputs that drive AP work. To test the model, we generated training and validations data sets by combining data from the electronic medical records and laboratory information systems over multiple years. We demonstrate the implementation of 10-day AP work forecast generated on a daily basis, and show its performance in comparison with actual work. Although the model somewhat underpredicts work as currently implemented, it provides a framework for prospective management of resources to ensure quality during workload surges. Although full implementation requires additional model development, we show that AP workload largely depends on few and accessible clinical inputs. Recognizing that level loading of work in a hospital is not practical, predictive modeling of work can empower laboratories to triage, schedule, or mobilize resources more effectively and better manage risks that reduce the quality or timeliness of diagnostic information.     

Work and shopping overflow — Consequences and differentiation among selected psychological and demographic characteristics

Contemporary individuals are forced to deal with excessive stimulation, which causes an overload in the cognitive and emotional areas. The purpose of this paper is to investigate the possible factors differentiating the perceived level of work and shopping overflow experienced by individuals and consequences of these states. Two psychological variables: cognitive control and sensation seeking, are chosen as potential factors differentiating the perceived levels of overflow. We assume that individuals with high cognitive control and sensation seeking will report lower levels of both types of examined overflows. Experiencing low overflow levels may manifest in the search for additional stimuli, rather than in the desire to limit them. Two indexes of behavior connected to seeking extra stimulation are selected: one belonging to the area of consumer behavior (readiness to participate in the experience economy) and one belonging to vocational behavior (choosing a boundaryless career). The quantitative study is conducted on a sample of 297 management students who are currently employed. The research results support the relation between cognitive control and perceived level of work and shopping overflow. Individuals who can cognitively control the situation and the incoming stimuli report lower levels of overflow. No significant relationship between sensation seeking and the level of overflow is found. The demographic variables that influence the perceived overflow are age and salary for work overflow and age for shopping overflow. As far as consequences of overflow are concerned, a low level of shopping overflow is related to readiness to participate in the experience economy. However, there is no link between work overflow and preferred career pattern. The managerial implications for human resource management and marketing strategy design are discussed.     

Review and reappraisal of modelling and predicting mental workload in single- and multi-task environments

The concept of mental workload has long been recognized as an important factor in individual performance within complex systems. It is documented that either overload or underload may degrade performance, and further affect the efficiency of the whole system. Therefore, systems designers need some explicit models to predict the mental workload imposed on individuals by the system at an early design phase so that alternative system designs can be evaluated. In examining mental-workload literature, it is found that few predictive mental-workload models have considered factors specific to individuals. This research aims to develop a practical framework for predicting mental workload in both single- and multi-task environments considering such individual factors. In order to describe mental workload more precisely and more completely, a framework for mentalworkload definitions, which contains instantaneous workload, average workload, accumulated workload, peak workload and overall workload, is proposed. In order to model individual factors, two new variables, i.e. effective workload and ineffective workload, are introduced to model the taskgenerated workload and individual-generated workload. The extension of the model to multi-task environments is also discussed. The proposed conceptual models are domain-independent and could be used to guide the development of operational models for different specific tasks.