中国企业海外投资困局求解

近年来，中国企业大量的海外购并，引起了世界上很多企业和政府的关注。中国企业在国外，也遇到了很多的投资壁垒。这些投资壁垒，有些是针对所有国家的，并不是只针对中国的。但是，有一些问题是只针对中国的，比如说出于战略的考虑，在能源、资源、高科技产业，给中国的企业设置更高的门槛。但是，另外某些方面也是中国企业自身的问题所导致的。     

李雷：买人心比买资产难得多

中国企业在海外投资数据上的成绩固然喜人,但整合失败的案例也屡见不鲜。事实上,能够持续经营和维持被收购企业的业务模式、技术、产品、市场,以及与客户的关系,一方面是并购方已经得到被收购企业员工的人心、管理层的人心．以及客户、供应商的人心的最好印证,另一方面也反映出并购企业对收购目标企业的整合效果,而这些因素通常也决定了企业整个并购活动的成与败。     

诺贝尔经济学奖与数学(2002)

20 0 2年的诺贝尔经济学奖授于美国—以色列心理学家DanielKahneman(1 93 4— )和美国经济学家VernonL .Smith(1 92 7— ) ,以奖励他们在实验经济学和行为经济学方面的开创性工作。对Kahne man是奖励他“对把心理研究融入经济科学 ,特别是有关在不确定环境下人们的判断和决策 ,有完整见解。”对Smith是奖励他“在经验经济分析中 ,特别是在备选市场机理研究中 ,建立了实验室试验。”经济学从来都被看作非实验科学 ,因为它涉及的因素太多 ,人们无法在实验室内控制各种有关的因素 ,来观察因素变化引起的各种试验结果。然而 ,半个多世纪以前 …     

诺贝尔经济学奖与数学(续十四)

20 0 02 0 0 0年的诺贝尔经济学奖授予两位美国经济学家 James Heckman (1 944— )和 Daniel Mc Fadden(1 937— ) ,以奖励他们发展广泛应用在经济学以及其他社会科学中对个人和住户的行为进行统计分析的理论和方法 .尤其是 ,对 Heckman奖励他对分析选择性样本的理论和方法的发展 ,对 Mac Fadden奖励他对分析离散抉择的理论和方法的发展 .这两位经济学家所从事的学科领域可称为微观计量经济学 .如所周知 ,早年计量经济学主要都用在宏观经济学上 ,即主要研究以国民经济为主体的经济行为 .微观经济学问题 ,即个人、住户和企业的经济行为问…     

战略性新兴产业典型国家的产业发展对比研究

以战略性新兴产业领域发展较好的世界典型国家为研究对象,与中国七个战略性新兴产业发展现状进行一一对比分析.结果表明:(1)美国占据节能环保产业的生产和消费绝对优势,中国的节能环保产业市场规模相比显得幼小;(2)全球新一代信息技术产业的主要市场份额由美国、欧盟占据,但中国对该产业的国内市场需求发展迅速;(3)全球生物医药产业呈现集群化发展态势,美国、欧洲、日本拥有世界94%的专利,中国的技术研发薄弱;(4)美国、加拿大、欧洲、俄罗斯的高端装备制造业在全球处于全面领先地位,中国的该产业在市场和技术上紧追发达国家;(5)美国、日本、德国、俄罗斯的新材料产业技术处于全球领先地位,中国、印度和巴西的迅速发展;(6)新能源产业方面以光伏为主,中国光伏装机规模最大,北美、欧洲、日本出口市场放缓,中国仍然存在产能过剩风险;(7)中国、美国、欧洲新能源汽车销售增长率最快,中国新能源汽车自主使用率高,但对政府补贴的依赖很严重.针对上述分析结果,结合中国战略性新兴产业发展存在的实际问题,提出了相应的对策建议.     

成功并购“三部曲”

兼并收购作为企业外延式发展的重要手段,已经被国内外企业所广泛采用,然而据统计资料显示,在已发生的众多并购案例中,并购成功率是很低的,不到40%。其实并购作为企业的一项重大投资决策行为,如何去正确实施,应该重点关注哪些环节,怎样才能成功实现并购活动,日益成为企业关注的课题。大体来说,知己知彼、交易多赢、平稳整合构成了成功并购＂三部曲＂。     

企业绿色创新行为的演化博弈分析——基于环保社会组织参与的视角

绿色创新是企业应对政府环境规制的有效方式, 而环保社会组织的参与监督和引导则是对政府环境规制效果的有力补充。本文通过构建企业、环保社会组织和政府三方演化博弈模型, 研究企业绿色创新行为演化过程中三方主体的互动机理。结果表明:增加环保社会组织直接参与监督的比例、环保社会组织对企业提供的绿色创新支持、对企业污染行为的震慑压力等因素均能影响演化结果。最后从政府、环保社会组织和企业自身角度给出推动企业绿色创新的政策建议。     

诺贝尔经济学奖与数学（续六）

198 71 987年的诺贝尔经济学奖授予美国经济学家 Robert M.Solow(1 92 4—— ) ,以奖励他对经济增长理论的贡献 .长期来 ,经济增长理论都是经济学研究的中心论题 . Solow的贡献之一在于他在 1 95 6年为新古典主义经济增长理论建立了一个数学框架 ,使得各种经济因素在经济增长中的作用既可在理论上、也可在实际度量上得到阐明 .这一数学框架是用微分方程来刻画的 .其中一部分可表达为 :QQ-LL =(1 -η(z) ) (KK-LL) ,其中 Q是产出 ,L是劳力 ,K是资本 ,而 Q =F(L ,K ) ,即产出是劳力和资本的函数 .　　假设 F为一次齐次函数 ,…     

不确定条件下判断和决策的新领域--前景理论

Danel Kahneman诺贝尔经济学奖的主要贡献在于“把心理学的，特别是关于不确定条件下人的判断和决策的研究思想结合到经济科学中”，解释了人类在不确定情况下的判断和决策行为，开创了行为经济学研究的新领域。本阐述Kahneman等人开创的前景理论(Prospect Theory)在实际判断和决策方面偏离传统经济理论预测的内容，重点介绍该理论提出的新的决策模型。并探讨其广泛应用。     

捐赠者偏好异质性与项目完成率:关联及演化——基于贝叶斯分位数回归模型的经验分析

慈善经济学认为,捐赠者会根据不同公益项目特征表现出不同的捐赠偏好与决策,那么互联网公益市场参与者行为偏好是否同样如此?基于"腾讯公益"平台的项目证据,结合理性选择理论与行为金融学,建立贝叶斯分位数回归模型分析捐赠者的项目特征偏好.结果显示:在各分位点上,捐款人数与目标金额分别是捐赠者最为偏好和规避的项目特征.而不同项目领域的捐赠偏好两极分化,且捐赠过程存在羊群效应与挤出效应.此外,对于不同项目执行方,捐赠者更为偏好高公信力的国家慈善组织.     

企业战略对并购行为的影响和潜在机制

为探究企业战略风险度和偏离度对并购行为的影响,本文以沪深A股2010~2017为样本数据,基于Logit和Possion模型对企业战略与并购行为的影响机制进行实证检验。结果显示:企业战略风险度与并购行为显著正相关,表明企业战略越是风险偏好型的企业,其并购倾向越高,并购次数越多;企业战略偏离度与并购行为显著负相关,表明企业战略越是偏离同行常规战略的企业,其并购倾向越低,并购次数越少。进一步研究表明,完善的内部控制、较高的薪酬激励和聘请稳健的高管能够有效约束由企业战略引起的过度并购和并购不足行为,促进并购行为合理化。本文基于企业战略视角研究并购倾向和并购次数,有助于理解并购行为形成的内在机制,同时,对上市公司并购行为的治理和风险管控亦提供了新的线索和证据。     

Semigroups in Möbius and Lorentzian Geometry

The Möbius semigroup studied in this paper arises very naturally geometrically as the (compression) subsemigroup of the group of Möbius transformations which carry some fixed open Möbius ball into itself. It is shown, using geometric arguments, that this semigroup is a maximal subsemigroup. A detailed analysis of the semigroup is carried out via the Lorentz representation, in which the semigroup resurfaces as the semigroup carrying a fixed half of a Lorentzian cone into itself. Close ties with the Lie theory of semigroups are established by showing that the semigroup in question admits the structure of an Ol'shanskii semigroup, the most widely studied class of Lie semigroups.     

How resource information backgrounds trigger post-merger integration and technology innovation? A dynamic analysis of resource similarity and complementarity

Overseas mergers and acquisitions (M&A) proposed by companies from emerging economies have been aiming to secure outward technology sourcing from developed countries in order to improve their technology innovation abilities in recent years. This paper proposes a comprehensive analytical framework of post-merger integration’s influence on technology innovation by global game modeling. We show how different resource similarity and resource complementarity backgrounds of the acquirer and target companies can affect post-merger strategies and technology innovation output through multi-stage analysis with an asymmetrical payoff structure. We focus on two main dimensions of post-merger integration, which are integration degree and target autonomy. Equilibrium analysis that is based on potential innovation output signals show that resource similarity has a positive relation with integration and a negative relation with target autonomy in overseas M&A; however, resource complementarity has the opposite effects compared with resource similarity. The positive interaction between resource similarity and complementarity will trigger more M&A and increase the degrees of integration and autonomy; M&A integration has a positive impact on technology innovation output. The innovation growth of the acquiring company is affected by the effectiveness of the post-merger process and the interaction of substitution elasticity with resource potential difference. Our study provides insight into the factors driving post-merger decisions and contributes to a multi-stage resource-based understanding of technology innovation induced by overseas post-merger integration.     

Remarks on a unified theory for classical and generalized interpolation and extrapolation

A unified theory for generalized interpolation, as developed by Mühlbach, and classical polynomial interpolation is discussed. A fundamental theorem for generalized linear iterative interpolation is given and used to derive generalizations of the classical formulae due to Neville, Aitken and Lagrange. Using Mühlbach's definition of generalized divided differences, Newton's generalized interpolation formula, including an expression for the error term, is derived as a pure identity.     

An approach to two-sided M&A fits based on a cross-efficiency evaluation with contrasting attitudes

Two-sided mergers and acquisitions (M&A) fits have been regarded as a critical step, which should always be taken by a bidder company when trying to identify suitable target companies prior to an M&A. This paper proposes an approach to two-sided M&A fits based on a cross-efficiency model with contrasting attitudes. In this approach, firstly, feasible M&A fits are screened using a preference function from an M&A fit matrix, according to the preferences of both the bidder companies and target companies in terms of efficiency and return to scale. Secondly, two-sided M&A fits are selected from a feasible M&A fit matrix, according to the value of cross-efficiency with contrasting attitudes. This allows for the existence of contrasting attitudes of peers toward an M&A fit, as opposed to the aggressive, benevolent or neutral cross-efficiency evaluation which consists of just one attitude (either aggressive, benevolent or indifferent). Finally, an illustrative example is given to explain the feasibility and validity of the two-sided M&A fit strategy.     

Endoprimal distributive lattices are endodualisable

L. Márki and R. Pöschel have characterised the endoprimal distributive lattices as those which are not relatively complemented. The theory of natural dualities implies that any finite algebraA on which the endomorphisms of A yield a duality on the quasivariety is necessarily endoprimal. This note investigates endodualisability for finite distributive lattices, and shows, in a manner which elucidates Márki and Pöschel's proof, that it is equivalent to endoprimality.Presented by A. F. Pixley.     

Möbius functions and semigroup representation theory

This paper explores several applications of Möbius functions to the representation theory of finite semigroups. We extend Solomon's approach to the semigroup algebra of a finite semilattice via Möbius functions to arbitrary finite inverse semigroups. This allows us to explicitly calculate the orthogonal central idempotents decomposing an inverse semigroup algebra into a direct product of matrix algebras over group rings. We also extend work of Bidigare, Hanlon, Rockmore and Brown on calculating eigenvalues of random walks associated to certain classes of finite semigroups; again Möbius functions play an important role.     

全流通格局下沪市主并上市公司并购绩效研究

以全流通格局下2007年发生并购的56家上市公司为样本,应用超常收益方法对沪市主并上市公司并购的绩效进行实证研究.结果表明:主并上市公司并购后绩效呈上升趋势;在横向并购、纵向并购和混合并购三种方式中,纵向并购的效果优于横向并购和混合并购,而横向并购与混合并购对绩效的影响区别不明显.     

Discrete Quantum Scattering Theory

We formulate quantum scattering theory in terms of a discrete L ₂-basis of eigen differentials. Using projection operators in the Hilbert space, we develop a universal method for constructing finite-dimensional analogues of the basic operators of the scattering theory: S- and T-matrices, resolvent operators, and Möller wave operators as well as the analogues of resolvent identities and the Lippmann–Schwinger equations for the T-matrix. The developed general formalism of the discrete scattering theory results in a very simple calculation scheme for a broad class of interaction operators.     

Emergy-based ecological account for the Chinese economy in 2004

This paper provides an integrated study on the ecological account for the Chinese economy in 2004 based on emergy synthesis theory. The detailed flows of the Chinese economy is diagramed, accounted and analyzed in categories using the biophysically based ecological accounting. Through calculating environmental and economic inputs within and outside the Chinese economy, this paper discusses the Chinese international exchange, describes the resource structure, and assesses its sustainability as a whole. Also, the comparison of systematic indicators, such as emergy/dollar ratio, environmental load ratio, and emergy self-support ratio, with those of the other countries is tabled and explored to illustrate the general status of the Chinese economy in the world. Take, for example, the environmental load ratio, which was 9.29 in China 2004, it reveals that the Chinese economy put high pressure on the local environment compared with those of the environment-benign countries, such as Brazil (0.75), Australia (0.86) and New Zealand (0.81). In addition, in this paper, the accounting method of tourism is adjusted based on the previous researches.