“毒丸计划”的防御机制分析

作为在敌意收购中最重要的防御措施之一,毒丸计划对公司治理结构和公司控制权市场产生显著影响.该文对毒丸计划的机理、种类和财富效应进行了分析.根据美国反收购实践的经验,作者倾向于支持管理层防御假说,并因此建议对毒丸计划在我国的应用采取较为严格的管制态度.     

Z集团并购S银行财务整合研究

企业并购是对社会资源的重新配置,也是企业成长的重要方式,成功的并购可以增强企业的核心竞争力,提高企业资产的整体使用效率。研究以 Z 集团并购 S 银行为例,介绍 Z 集团并购 S 银行的背景和动因,并对财务整合的效果进行分析。     

并购重组业绩承诺实施风险与中小股东利益保护——以雅百特为例

业绩承诺制度广泛应用于我国并购重组实践。基于业绩承诺实施流程不同阶段呈现的特征,构建业绩承诺实施风险与中小股东利益保护的分析框架,并以雅百特为例,考察了业绩承诺潜在风险对中小股东利益保护影响的作用机制和经济后果。研究发现:签约阶段呈现“高承诺与高估值并存”的特征,估值体系紊乱和事前监管失效可能导致中小股东利益难以受到切实保护;履约期间呈现“低兑现”和“精准达标”的特征,存在大股东通过盈余管理、财务造假或质押限售股规避补偿风险的现象,加之相关法律条款缺位以及失诺成本极低,会使中小股东利益受到损害。研究结论对于探索业绩承诺的潜在风险及其对中小股东利益保护的影响机理,优化业绩承诺多元目标契约设计,建立并购重组估值调整机制,强化信息披露和中介机构监管,完善业绩承诺相关法规具有政策启示。     

中越跨界通婚的类型与促成途径

鉴于在中越边境居民跨界通婚研究中田野方法所存在的局限性,笔者在进行个案调查的同时开展了一项较大范围的抽样调查。调查结果表明,中越跨界通婚在我国边境地区较为普遍,但不同地区的婚姻类型、促成途径均有显著差异。     

跨国技术并购与辽宁省装备制造业竞争力提升

针对迅速提高辽宁省装备制造业技术水平,发展并壮大其核心竞争力这一当前迫切需要解决的重大问题进行研究,认为通过跨国技术并购可以获取核心技术,对其进行整合、消化和吸收是促进企业创新能力和整体研发水平大幅度提高,从而增强企业核心竞争力的重要战略。分析跨国技术并购在促进企业核心竞争力提升过程中的技术即时服务效应和技术创新促进效应两方面的优势,并从技术水平、技术市场和公司管理3个方面论述了通过跨国技术并购提升辽宁省装备制造业核心竞争力应注意的问题。     

并购整合对企业并购绩效影响的实证研究

伴随着并购市场的活跃,整合环节不力导致的并购失败案屡见不鲜。文章以调研为基础,实证检验并购整合对并购绩效的影响。结论表明:并购后的战略整合、管理整合、人力资源整合和企业文化整合,有助于提升并购企业的财务绩效和市场绩效;资产及债务整合提升了并购企业的财务绩效,但对市场绩效无显著影响;战略整合对财务绩效的影响最大,而文化整合对市场绩效的影响最大;不同并购情形下,整合内容的选择对并购绩效有显著影响。     

Cross-border mobility,transnationality and ethnicity as resources: european Somalis’ post-migration mobility practices

Based on a qualitative study, this article explores post-migration mobility practices developed by Somali women and men who have settled in Europe. It focuses on the ‘politics of mobility’, considering cross-border mobility an unequally distributed resource through which people access different forms of capital, and thus an element of social differentiation. The article reveals that respondents invest resources in places other than those where they acquired them, benefiting from a favourable symbolic exchange rate between the different places. Furthermore, while a significant part of the economic, social and cultural capital of these migrants is acquired within ethnically diversified contexts, it is mostly reinvested in networks and places where their Somali ethnicity becomes an asset—either in ethnically homogeneous networks or in activities that address Somali people's needs. Cross-border mobility, transnationality and ethnicity become core resources that enable these migrants to mobilise their capital where it can be valued most highly and to access advantageous social positions, thus fostering upward social mobility. The article argues that these strategies are less the result of an identity-based ethnic preference than a compensatory mechanism implemented by people who have few prospects of having their assets valued within the wider networks in their country of residence.     

企业社会责任对市场预期的影响——基于并购中的组织学习视角

运用组织学习等理论进行分析,选择2000-2013年度收购方与转让方均为沪深A股上市公司的90个并购事件为研究样本,构造转让方企业社会责任分维度指标、总体指标及收购方股票市场预期等指标和模型,采用稳健回归方法检验资本市场对转让方企业社会责任的反应。研究发现,转让方对股东责任、对员工责任、对政府责任均与收购方股票市场预期显著正相关;而对债权人责任、对供应商责任与收购方股票市场预期的关系未通过显著性检验。研究还发现,转让方企业社会责任总体表现与收购方股票市场预期显著正相关,且并购双方属于同行业、民营化等情形均能增强前述二者的关系。收购方存在企业社会责任的学习效应,且同行业和民营化等情形能增强学习效果。     

云时代公共危机事件的跨界合作治理--基于政府与非营利组织合作的视角

近年来,频发的各种公共危机事件超出了单个的行政区域,具有一定的“跨界”特性,某一行政区域政府的单独治理已经出现了明显弊端,因此,公共危机的跨界合作治理成为世界各国危机治理研究的焦点。云时代各种网络信息技术的发展,极大地促进了政府与非营利组织的有效合作,为解决公共危机的跨界合作治理提供了强大的力量支持。目前我国非营利组织社会地位的相关法律、法规还不健全,志愿服务意识薄弱,缺乏社会公信力;沟通协调机制的不完善和政府的不信任也导致合作的局限性。因此,政府与非营利组织在治理中应进一步完善合作法规、改变政府职能、扩大合作领域、加强资源整合并加强志愿服务意识的培养。     

Similarity perceptions in investor reactions to acquisition announcements

We contribute to an improved understanding of investor reactions to acquisition announcements by building on the recent research in cognitive psychology that distinguishes between the following two types of cognitive similarity assessments: taxonomic and thematic similarity. We theorize and find that investor reactions to taxonomic acquisitions, where synergies are easier to comprehend, are generally more positive than investor reactions to thematic acquisitions, which require higher cognitive processing. We argue that this effect is driven by the cognitive processing of investors, instead of “true” synergy, since the more negative announcement returns for thematic deals reverse a few days after the announcement, converging with the announcement returns of taxonomic deals. Moreover, we find that attempts by the acquiring company to help investors assess thematic acquisitions do not seem to be effective at eliminating this effect and instead appear to aggravate investor suspicion. Overall, our findings contribute to the emerging behavioral perspective of investor reactions to acquisition announcements.