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Risk Assessment and Control in Medical Investment,Merger,and Acquisition
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作者 Feng Qian 《Proceedings of Business and Economic Studies》 2024年第1期51-55,共5页
The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The proc... The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities. 展开更多
关键词 Medical investment merger and acquisition Risk assessment CONTROL
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Due Diligence in Mergers and Acquisitions in Emerging Markets: Evaluated Risk Factors From the Academic and Practical View 被引量:1
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作者 Alen Sacek 《Journal of Modern Accounting and Auditing》 2015年第7期363-372,共10页
The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging busines... The obviously ever increasing number of corporate acquisitions in recent decades has improved the general knowledge and awareness of due diligence for both the industry and research. In the current challenging business environment, acquisitions face a higher degree of risk profiles, especially cross-border acquisitions in the emerging markets. Conducting a thorough due diligence investigation in the context of an acquisition is more important now than ever. In a broad analysis, this paper researches the key risk factors in the acquisition process and their assessment within a due diligence audit in the acquisition phase. The task of this paper is to match the academic and practical view in order to give a more complete understanding of risk factors to be covered in due diligence audit. The starting point is the research of academic findings which basically concentrate on common approaches considering financial, legal, commercial, and some other issues in domestic acquisitions and in developed countries. In contrast, this paper considers risk factors in cross-border and emerging markets transactions. In addition, a number of business consultants publish studies based on surveys on this topic which reflect typical risk factors based on experience of their customers being involved in cross-border acquisitions. Their risk assessment consists of specific regulatory, political, and other factors, which may lead to commercial and reputational impediments in cross-border acquisitions. The outcome of the comparison is a comprehended list of evaluated risk factors, whereby the academic findings are complemented and supported by the practical experience in the business consultant's studies. Moreover, the practical approach points to the fact that due diligence scope needs to be suited to the dynamics of the markets. The comparison and the comprehended list of evaluated risk factors call for a more integrated system of due diligence and show herein the research deficit. Hence, the novelty is the compendium of evaluated risk factors which should be assessed in the pre-acquisition phase. The originality of the paper is given by a unique analysis of academic work about acquisition due diligence literature and consultant studies from anonymized practical experience based on insider information. 展开更多
关键词 due diligence emerging markets mergers and acquisitions (M&A) risk INVESTMENT
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A Critical Study of Mergers and Acquisitions
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作者 靳珊 《疯狂英语(理论版)》 2018年第1期186-188,共3页
This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers be... This article presents and analyses the theories with respect to mergers and acquisitions, and list why companies or firms need to be reorganised. Different types of mergers occur under different situations. Mergers between companies which have same products or services called horizontal mergers; mergers between companies which have buyer-seller relationship called vertical mergers; and companies which have different business fields always use conglomerate mergers. The main motive of companies or firms choosing merger or acquisition is synergy. 展开更多
关键词 merger acquisitION motives reorganisation
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Modeling the factors that influence knowledge transfer in mergers and acquisitions 被引量:1
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作者 YU Haiyan LIANG Zhanping 《Chinese Journal of Library and Information Science》 2010年第2期48-59,共12页
This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear ... This paper constructs a model on the factors that influence knowledge transfer in mergers and acquisitions(M&A) and validates it via questionnaire surveys. Using 125valid collected questionnaires, multiple linear regression analysis and hierarchical regression analysis showed that five out of the ten factors had a positive effect on knowledge transfer effect. The ranking of factor importance, from high to low, was knowledge explicitness, relationship quality, learning intent, advanced transfer activities, and learning capability, which is fairly consistent with positive factors observed in other interorganizational knowledge transfer researches. Our results also showed that one of the control variables(size of acquired firm) had neither a direct or indirect effect on knowledge transfer in M&A. Additionally, our research found that knowledge distance and degree of M&A integration had a positive influence on knowledge transfer effect at the early stage after M&A, but had a negative influence at the late stage. Based on this research, several suggestions for knowledge transfer in M&A are proposed. 展开更多
关键词 mergers and acquisitions Knowledge transfer Knowledge explicitness Knowledge distance M&A integration
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Mergers and Acquisitions: An Efficiency Evaluation 被引量:1
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作者 Paulo Rotela Junior Edson de Oliveira Pamplona Aneirson Francisco da Silva 《Applied Mathematics》 2013年第11期1583-1589,共7页
This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing e... This article sheds light on how synergies arise through mergers and acquisitions (M&A). Enterprises go through the process of Mergers and Acquisitions (M&A) with the goal of improving performance, increasing efficiency and obtaining business synergy. Prior literature suggests that synergies could arise due to taxes, market power or efficiency improvements. This study evaluates the efficiency of M&A in Brazil among publicly-traded companies. We used models with multiple objectives from Goal Programming and Data Envelopment Analysis (GPDEA), employing accounting indicators as input and output variables, and thus evaluated the emergence of synergy gains. These models allow us to analyze and classify the M&A according to the efficiency obtained in such processes. Some of the M&A cases analyzed were mistakenly considered efficient when used traditional models. And, as expected, the GPDEA was proved to be superior to classical models;however it was noticed that few of the cases investigated were proved to be effective. We presented a new application for multi-objective approach that can be used to assess mergers and acquisitions. The dualapplication of GPDEA provided a greater understanding of efficiency generation in synergy creation by means of M&A. 展开更多
关键词 merger and acquisition Multiple-Objective Optimization Goal Programming Data Envelopment Analysis SYNERGY
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Selection of Mergers and Acquisitions by Foreign Capital in Open Economies
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作者 郑迎飞 陈宏民 胥莉 《Journal of Southwest Jiaotong University(English Edition)》 2007年第2期160-165,共6页
By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. M... By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions. 展开更多
关键词 mergers and acquisitions Foreign capital Open economy SELECTION Domestic social welfare
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Economic Policy Uncertainty and Corporate Mergers and Acquisitions
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作者 Xun Han Kexin Chen Xianjing Huang 《Journal of Economic Science Research》 2020年第4期24-39,共16页
In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The... In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper. 展开更多
关键词 Economic Policy Uncertainly Corporate merger and acquisition Financing constraints M&A performance
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The Efficient Market Theory and Mergers and Acquisitions (M&As) Puzzle: Evidence From Italy
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作者 Domenico Celenza Fabrizio Rossi 《Journal of Modern Accounting and Auditing》 2012年第11期1704-1711,共8页
The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event stud... The efficient market theory is a central point in finance. If the capital market is competitive, the investors cannot expect superior gains from their investment strategies with respect to the risk profile. Event studies are an approach to verify the impact of the information on the stock prices. In an efficient market, stock prices should fully, promptly, and quickly capture all the information. Instead, the market shows phenomena of an under-reaction and over-reaction for both the short and the long run. The mergers and acquisitions (M&As) are examples of anomalies. Often, the bidder companies record the negative abnormal returns for both the short and the long run. In contrast to the efficient market theory, the empirical evidence shows that this phenomenon is widespread in all (or most of) the countries of the world. This work examines the long-run performance in M&As. For this purpose, 40 bidders were observed in Italy during the period of 1994-2008 among listed companies. The buy and hold abnormal returns (BHARs) methodology was used, with which it was possible to observe the returns for three years following the deal. 展开更多
关键词 efficient market theory mergers and acquisitions (M&As) portfolio choice investment decisions buyand hold abnormal returns (BHARs) long-run performance Italian stock market
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ANALYSING METHOD FOR THE FORMULATING PROCESS OF ENTERPRISE MERGER AND ACQUISITION STRAGEGIES BASED PETRI NET
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作者 杨伟民 刘春红 +1 位作者 范平 蔡建国 《Journal of China Textile University(English Edition)》 EI CAS 1997年第1期68-74,共7页
For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merge... For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merger and acquisition strategies, provides a clear and simple tool for supporting the management bureau of enterprise to make its merger and acquisition strategies. 展开更多
关键词 PETRI NETS enterprisE merger and acquisitION strategies analysing and describing
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Enhancing mergers and acquisition quality,accelerating technological innovation and achieving the second leap of China's steel industry
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作者 XU Lejiang 《Baosteel Technical Research》 CAS 2010年第2期1-4,共4页
Over the past 10 years, China's steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with ... Over the past 10 years, China's steel industry has made a substantial development in terms of scale, and has finally become a steel giant in the world. In the upcoming 10 years, fundamental changes will be made with the economic growth in China. Against this background, China' s steel industry will shift from a rapid development to a slow but sound development. In order to fulfill the second leap of China's steel industry, based on its current developing status and characteristics, and from the perspective of both national and corporate development, mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry, while technological innovation is the solid foundation for its second leap. 展开更多
关键词 mergers and acquisition technological innovation output scale steel industry
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Study on the Strategy of Pricing for Enterprise Merger and Acquisition
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作者 Changqing Li Yan Zheng 《Chinese Business Review》 2004年第7期54-59,共6页
Enterprise merger and acquisition is one of the property right exchanges. This paper researches the strategy of pricing for enterprise merger and acquisition, displays finance decision-making model, program and method.
关键词 enterprise merger and acquisition strategy of pricing auction
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Case Analysis of Tianqi Lithium Corp’s Acquisition of Sociedad Química y Minera
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作者 Jiaqi Zhang 《Proceedings of Business and Economic Studies》 2024年第5期89-97,共9页
Enterprise mergers and acquisitions(M&A)are vital strategies for companies worldwide to expand markets,enhance competitiveness,and achieve strategic goals.The Chinese government’s strong support for the new energ... Enterprise mergers and acquisitions(M&A)are vital strategies for companies worldwide to expand markets,enhance competitiveness,and achieve strategic goals.The Chinese government’s strong support for the new energy industry has created a favorable policy environment for the development of the lithium battery sector.Against this backdrop,Tianqi Lithium Corp’s acquisition of Sociedad Química y Minera(SQM)in Chile has garnered widespread attention.This paper takes Tianqi Lithium Corp’s acquisition of SQM as the research subject,conducting a detailed analysis of the motives behind the M&A.Subsequently,financial indicators are employed to conduct a performance analysis from a financial perspective,examining the impact of the M&A.Finally,based on the findings of the case analysis,relevant suggestions are proposed to offer a reference for the development of enterprise mergers and acquisitions. 展开更多
关键词 enterprise mergers and acquisitions Tianqi Lithium Corp Sociedad Química y Minera de Chile(SCM)
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Treatment of the Income Tax in Enterprises Merger
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作者 Zheyu-PAN 《International Journal of Technology Management》 2015年第10期98-99,共2页
Many merger and reorganization is enterprises merger, because merger perplexing, the treatment of income tax accounting exists a variety of complex problems, the merging party obtains the net wealth of the combined pa... Many merger and reorganization is enterprises merger, because merger perplexing, the treatment of income tax accounting exists a variety of complex problems, the merging party obtains the net wealth of the combined party, some include the deferred income tax liabilities and deferred tax assets, there are not included. The merging party merger resulting combined balance in the merging process may affect the current income tax and deferred income tax, but also may not have any effect. This paper goes through the application case on enterprises merger' merging party or purchase party tax treatment to carry on analysis, which provides the major reference for accounting theory and accounting practice circles. 展开更多
关键词 enterprise merger Same control ACCOUNTING Deferred tax Income tax.
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Differences between the Domestic and Foreign Acquisition of Cosmetics Enterprises
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作者 Zhang Jing 《China Detergent & Cosmetics》 2019年第3期15-16,共2页
Background In recently years, a rising number of brands are eyeing for entering into the huge market of cosmetics industry. For the purpose of pursuing further development, various enterprises prefer to acquisition, b... Background In recently years, a rising number of brands are eyeing for entering into the huge market of cosmetics industry. For the purpose of pursuing further development, various enterprises prefer to acquisition, by which they can re-organize resources or explore new markets, in a bid to gain a foothold among the competitive cosmetics market, and those who have been acquired may break through development bottleneck when they encountering difficulties. 展开更多
关键词 COSMETICS enterprises acquisitION
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ANOTHER NEW METHOD FOR SUPPORTING ENTERPRISE IN THE FORMULATION OF ITS MERGER STRATEGIES 被引量:1
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作者 金铭 李爽 于红 《Journal of China Textile University(English Edition)》 EI CAS 1997年第1期75-78,共4页
This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and ev... This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and evaluate its merger strategies is developed when the enterprise is making the decision of its merger strategies the method can be used to provide scientific support. 展开更多
关键词 enterprisE merger STRATEGIES KEY internal FACTORS KEY external FACTORS industrial attractiveness-enterprise strength matrix
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Financial Boundaries Condition Analyzing Model for Non-equity Corporate Merger and Acquisition Decisions
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作者 刘可新 李忠强 季萍 《Journal of China Textile University(English Edition)》 EI CAS 1999年第3期42-43,共2页
The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&... The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward. 展开更多
关键词 CORPORATE merger and acquisition FINANCIAL den-sion boundary ANALYZING model.
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A NEW METHOD FOR SUPPORTING ENTERPRISE IN THE FORMULATION OF ITS MERGER STRATEGICS
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作者 刘可新 金铭 +1 位作者 吴振寰 苏罡 《Journal of China Textile University(English Edition)》 EI CAS 1996年第1期70-74,共5页
This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strat... This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies. 展开更多
关键词 enterprisE merger strategy experience effect MARKET growth rate scale index
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Tunneling, overlapping owner and investor protection: Evidence from merger and acquisition in Asia
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作者 Sumiyana Mas'ud Machfoedz Ratna Candra Sari 《Journal of Modern Accounting and Auditing》 2010年第5期46-60,共15页
Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation... Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders' protection from expropriation. They consequently reduce the private benefits of controlling shareholders (La Porta, 1999). This study aims to investigate tunneling in the context merger and acquisition (M&A) and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder's firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection. 展开更多
关键词 TUNNELING EXPROPRIATION merger acquisition investor protection
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Effect of Cross-Border Acquisitions on Businesses Performance of Slovak Acquiring Companies
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作者 Jana Kubicova Miroslava Zahumenska 《Economics World》 2016年第1期1-6,共6页
Currently, businesses or companies apply various tools of financial engineering on improvement of their performance. One of such tools refers to acquisitions through which companies can profit from synergic effects, r... Currently, businesses or companies apply various tools of financial engineering on improvement of their performance. One of such tools refers to acquisitions through which companies can profit from synergic effects, reduce operating cost and tax expenses, and improve their market position. This paper is aimed at examining the effect of cross-border acquisitions made by Slovak companies in order to improve their performance. Authors applied the method of simultaneous equation model to examine this relation. The result confirmed the hypothesis that cross-border acquisitions positively influence a company performance. 展开更多
关键词 acquisitION PERFORMANCE Slovak company mergers and acquisitions (M&As) effect
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Merger and Acquisition, the Next Day in the Hellenic Banking System, Evidence From the Greek Financial Crisis Period
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作者 Gkinoglou E. Konstantinou Th. Gkinoglou D. 《Management Studies》 2021年第6期425-438,共14页
The aim of this study is to examine if the merger of banks improves the profitability of banks before and after the completion of the merger,in the Hellenic Banking System.For this reason,data were collected one year ... The aim of this study is to examine if the merger of banks improves the profitability of banks before and after the completion of the merger,in the Hellenic Banking System.For this reason,data were collected one year before the merger took place and then for the following years.The consequences of merging banks using different financial indicators,such as the capital ratio index,the foreign-to-equity index and the loan burden numerator,were also investigated.The effectiveness of interpreting the improvement of the bank’s financial image before and after the merger,for the years 2007-2016,years,before and after the Greek Financial Crisis,in the mergers carried out in the Hellenic Banking System was examined. 展开更多
关键词 merger acquisition financial institutions Hellenic Banking System Greek Banks PROFITABILITY ACCOUNTING financial statements financial ratios
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