阳光MBO

阳光MBO,首先,不能让MBO泛滥化,其次不要把MBO妖魔化,认为MBO就等同于国有资产流失,更不要将MBO极左化,认为MBO必将造成收入的不公正。此组专题,由本刊和10年并购经验的东方高圣联合奉献,不仅仅有阳光MBO的案例和实战手册,并试图揭示目前企业管理层这种＂潜伏＂MBO的＂方法论＂。     

退市潮之后

在登陆纳斯达克8年之后,分众传媒终于转身,彻底远离美股市场而去。 5月25日,分众传媒宣布,其已与Giovanna ParentLimited旗下全资子公司Giovanna Acquisition Limited达成协议．以35．5亿美元的交易金额完成私有化。这是亚洲企业历史上最大的一起MBO（管理层收购）。     

新浪：阳光救国

新浪醒了,在国内市场上连续几年被主要竞争对手甩开之后,新浪终于完成了一次至关重要的跨越——MBO。9月28日,新浪宣布这项重大股权交易计划,以新浪CEO曹国伟为首的新浪管理层,以约1.8亿美元的价格,购入新浪约560万普通股,成为新浪第一大股东。     

《财经》：败中胜机

得不到大股东支持的《财经》MBO,最终只是昙花一现,归于流产。＂十一＂前夕,一个巨大的变故发生在中国最有影响力的财经传媒《财经》杂志内部。9月25日,《财经》总经理吴传晖正式辞职,包括副总经理张翔、傅继红以及几乎全部中层管理团队也于9月29日递交辞呈,进而开启了管理层大迁徙的序幕。     

“阳光”之美

MBO如何量化是个难题,这也导致MBO饱受争议,一度被舆论＂妖魔化＂。本期客座总编辑约请新浪的CEO曹国伟和东方高圣投资顾问有限公司总裁陈明健一起来聊一聊＂阳光MBO＂是如何炼成的。     

袁利群：转型价值管理

袁利群说“在美的，内部说得最多的一句话就是‘唯一不变的就是变’”。美的这些年发展的有多快，袁利群是最清楚的人之一。她1992年加入美的集团，任电机事业部财务部长，2000年美的实施MBO，     

伊利遭袭“寒流”

伊利股份业绩遭遇“寒流”，同样是“天灾人祸”具足。前者主要是新会计准则中关于股权激励费用化处理的规定，后者则不仅包括伊利股份管理层在期权激励模式设计、信息披露等方面存在的问题，更有在激励费用处理上过于激进的取向。     

科学基金与基础性研究布局的调整

本文依据有关统计数据的分析，认为我国基础性研究目前在布局上存在的主要问题是：在学科布局中，应用基础学科比基础学科薄弱；在基础学科中，数学投入过低；基础性研究力量的地区分布非常不平衡。笔者认为国家自然科学基金在引导和调整基础性研究布局中应发挥更多的作用。     

智能公司 CFO有责

信息化是一个很重要的工具，其最主要的作用是为管理层决策提供信息支持。因此，有三点必须做到：     

多个大股东与非金融企业影子银行化

本文选取2007～2019年我国A股非金融上市公司的样本数据，实证检验了多个大股东对非金融企业影子银行化的影响及作用机制。研究发现，多个大股东的股权结构显著促进了非金融企业影子银行化行为。机制检验表明，由于协调成本的存在，导致多个大股东对管理层的监督失效，增加了第一类代理问题，进而促进了非金融企业影子银行化。进一步研究表明，在媒体关注度较低、非国有企业、机构投资者持股比例较低、地区法律环境较差以及数字金融发展程度较低的样本组中，多个大股东对非金融企业影子银行化的促进作用表现更明显。     

Converging Marriage in Honey-Bees Optimization and Application to Stochastic Dynamic Programming

In this paper, we first refine a recently proposed metaheuristic called “Marriage in Honey-Bees Optimization” (MBO) for solving combinatorial optimization problems with some modifications to formally show that MBO converges to the global optimum value. We then adapt MBO into an algorithm called “Honey-Bees Policy Iteration” (HBPI) for solving infinite horizon-discounted cost stochastic dynamic programming problems and show that HBPI also converges to the optimal value.     

Mean Curvature,Threshold Dynamics,and Phase Field Theory on Finite Graphs

In the continuum, close connections exist between mean curvature flow, the Allen-Cahn (AC) partial differential equation, and the Merriman-Bence-Osher (MBO) threshold dynamics scheme. Graph analogues of these processes have recently seen a rise in popularity as relaxations of NP-complete combinatorial problems, which demands deeper theoretical underpinnings of the graph processes. The aim of this paper is to introduce these graph processes in the light of their continuum counterparts, provide some background, prove the first results connecting them, illustrate these processes with examples and identify open questions for future study. We derive a graph curvature from the graph cut function, the natural graph counterpart of total variation (perimeter). This derivation and the resulting curvature definition differ from those in earlier literature, where the continuum mean curvature is simply discretized, and bears many similarities to the continuum nonlocal curvature or nonlocal means formulation. This new graph curvature is not only relevant for graph MBO dynamics, but also appears in the variational formulation of a discrete time graph mean curvature flow. We prove estimates showing that the dynamics are trivial for both MBO and AC evolutions if the parameters (the time-step and diffuse interface scale, respectively) are sufficiently small (a phenomenon known as “freezing” or “pinning”) and also that the dynamics for MBO are nontrivial if the time step is large enough. These bounds are in terms of graph quantities such as the spectrum of the graph Laplacian and the graph curvature. Adapting a Lyapunov functional for the continuum MBO scheme to graphs, we prove that the graph MBO scheme converges to a stationary state in a finite number of iterations. Variations on this scheme have recently become popular in the literature as ways to minimize (continuum) nonlocal total variation.     

Enhanced migrating birds optimization algorithm for the permutation flow shop problem with sequence dependent setup times

This paper presents an enhanced migrating bird optimization (MBO) algorithm and a new heuristic for solving a scheduling problem. The proposed approaches are applied to a permutation flowshop with sequence dependent setup times and the objective of minimizing the makespan. In order to augment the MBOs intensification capacity, an original problem specific heuristic is introduced. An adapted neighborhood, a tabu list, a restart mechanism and an original process for selecting a new leader also improved the MBO’s behavior. Using benchmarks from the literature, the resulting enhanced MBO (EMBO) gives state-of-the-art results when compared with other algorithms reference. A statistical analysis of the numerical experiments confirms the relative efficiency and effectiveness of both EMBO and the new heuristic.     

Free boundary enclosure in a three-dimensional filtration problem

We give a lower and an upper estimate for the level of a fluid filtrating through a porous, homogeneous and three-dimensional dam with variable cross-section.     

Metaheuristic algorithms for balancing robotic assembly lines with sequence-dependent robot setup times

Industries are incorporating robots into assembly lines due to their greater flexibility and reduced costs. Most of the reported studies did not consider scheduling of tasks or the sequence-dependent setup times in an assembly line, which cannot be neglected in a real-world scenario. This paper presents a study on robotic assembly line balancing, with the aim of minimizing cycle time by considering sequence-dependent setup times. A mathematical model for the problem is formulated and CPLEX solver is utilized to solve small-sized problems. A recently developed metaheuristic Migrating Birds Optimization (MBO) algorithm and set of metaheuristics have been implemented to solve the problem. Three different scenarios are tested (with no setup time, and low and high setup times). The comparative experimental study demonstrates that the performance of the MBO algorithm is superior for the tested datasets. The outcomes of this study can help production managers improve their production system in order to perform the assembly tasks with high levels of efficiency and quality.     

Memetic algorithm based on marriage in honey bees optimization for flexible job shop scheduling problem

This paper proposes a new memetic algorithm based on marriage in honey bees optimization (MBO) algorithm for solving the flexible job shop scheduling problem. The proposed algorithm introduces four new features to the standard MBO algorithm, mainly to get the search to move away from the local optimum: (1) the use of a harmony memory to improve the quality of initial population; (2) the introduction of a new crossover operator called triparental crossover to help increase the genetic diversity in the offspring; (3) the addition of adaptive crossover probability (\(\hbox {P}_{\mathrm{c}})\) and mutation probability (\(\hbox {P}_{\mathrm{m}})\) to remove the need for users to specify these probabilities; and (4) the incorporation of simulated annealing algorithm embedded with a set of heuristics to enhance the local search capability. The proposed algorithm was evaluated and compared to several state-of-the-art algorithms in the literature. The experimental results on five sets of standard benchmarks show that the proposed algorithm is very effective in solving the flexible job shop scheduling problems.     

Modified two-grid method for solving coupled Navier-Stokes/Darcy model based on Newton iteration

A new decoupled two-gird algorithm with the Newton iteration is proposed for solving the coupled Navier-Stokes/Darcy model which describes a fluid flow filtrating through porous media. Moreover the err...     

On a time nonlocal problem for inhomogeneous evolution equations

Under consideration is some problem for inhomogeneous differential evolution equation in Banach space with an operator that generates a C ₀-continuous semigroup and a nonlocal integral condition in the sense of Stieltjes. In case the operator has continuous inhomogeneity in the graph norm. We give the necessary and sufficient conditions for existence of a generalized solution for the problem of whether the nonlocal data belong to the generator domain. Estimates on solution stability are given, and some conditions are obtained for existence of the classical solution of the nonlocal problem. All results are extended to a Sobolev-type linear equation, the equation in Banach space with a degenerate operator at the derivative. The time nonlocal problem for the partial differential equation, modeling a filtrating liquid free surface, illustrates the general statements.     

Slice-continuous sets in reflexive Banach spaces: convex constrained optimization and strict convex separation

The concept of continuous set has been used in finite dimension by Gale and Klee and recently by Auslender and Coutat. Here, we introduce the notion of slice-continuous set in a reflexive Banach space and we show that the class of such sets can be viewed as a subclass of the class of continuous sets. Further, we prove that every nonconstant real-valued convex and continuous function, which has a global minima, attains its infimum on every nonempty convex and closed subset of a reflexive Banach space if and only if its nonempty level sets are slice-continuous. Thereafter, we provide a new separation property for closed convex sets, in terms of slice-continuity, and conclude this article by comments.