Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, w...Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, while M＆A performance is an important index to measure if enterprise M＆A is successful. In this paper, the influence of entrepreneurs＇ political connection on the M＆A driving factors and M＆A efficiency of the enterprises with different property rights are analyzed using 357 mergers and acquisitions of China＇ s 189 listed companies in 2005-2011 as samples based on the distinction between political connection and the nature of enterprise property rights. The results show that the political connection plays a very significant positive influence on the M＆A performances of the central state-owned enterprises and private enterprises, but exerts a very significant negative influence on the local state-owned enterprises; the intensity of entrepreneurs＇ political connection also plays a certain influence on enterprise merger and acquisition, and the central political connection and the local political connection are significantly different in the influence on the enterprise M＆A performance.展开更多
The assessment of economic potential of technological innovation projects and its valuation are key aspects in negotiations among universities, research institutes, and companies. Among the reasons for this, it can be...The assessment of economic potential of technological innovation projects and its valuation are key aspects in negotiations among universities, research institutes, and companies. Among the reasons for this, it can be quoted portfolio prioritization, which involves several different economic, social, and environmental impacts aspects and industrial productivity. The standard of economic potential is an important reference in the project selection process. For technology transfer, the valuation of technologies consists in a relevant task to support intellectual property （IP） negotiations. However, in dynamic environments, negotiations for the commercial exploitation and payment of IP resulting from research projects require quick answers, due to several aspects like tight deadlines to sign contracts. Moreover, technology valuation is one of the most complex activities related to the technology transfer. Due to these challenges faced by Instituto de Pesquisas Tecnol6gicas do Estado de S~,o Paulo （IPT--Institute For Technological Research） in its participation in Brazilian Association of Industrial Innovation （EMBRAPII, acronym in Brazilian Portuguese）, authors developed an expedite technology valuation method, based on concepts of discounted cash flow （DCF） associated with Gompertz curve adaptations as a way to support universities and research institutes in negotiations with enterprises. This method has been regularly applied on negotiations between 1PT and companies. This paper will present cases of metallurgical companies. The results obtained confirm the validity of the method in supporting the definition of the payable amounts for commercial exploitation of technologies, enabling the application of this method as an alternative to some methods found in the literature and eventually employed by universities and research institutes in Brazil. For future research, authors recommend comparative studies between Gompertz curve and other methods, such as the Pearl curve, using the same variables of our method.展开更多
文摘Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, while M＆A performance is an important index to measure if enterprise M＆A is successful. In this paper, the influence of entrepreneurs＇ political connection on the M＆A driving factors and M＆A efficiency of the enterprises with different property rights are analyzed using 357 mergers and acquisitions of China＇ s 189 listed companies in 2005-2011 as samples based on the distinction between political connection and the nature of enterprise property rights. The results show that the political connection plays a very significant positive influence on the M＆A performances of the central state-owned enterprises and private enterprises, but exerts a very significant negative influence on the local state-owned enterprises; the intensity of entrepreneurs＇ political connection also plays a certain influence on enterprise merger and acquisition, and the central political connection and the local political connection are significantly different in the influence on the enterprise M＆A performance.
文摘The assessment of economic potential of technological innovation projects and its valuation are key aspects in negotiations among universities, research institutes, and companies. Among the reasons for this, it can be quoted portfolio prioritization, which involves several different economic, social, and environmental impacts aspects and industrial productivity. The standard of economic potential is an important reference in the project selection process. For technology transfer, the valuation of technologies consists in a relevant task to support intellectual property （IP） negotiations. However, in dynamic environments, negotiations for the commercial exploitation and payment of IP resulting from research projects require quick answers, due to several aspects like tight deadlines to sign contracts. Moreover, technology valuation is one of the most complex activities related to the technology transfer. Due to these challenges faced by Instituto de Pesquisas Tecnol6gicas do Estado de S~,o Paulo （IPT--Institute For Technological Research） in its participation in Brazilian Association of Industrial Innovation （EMBRAPII, acronym in Brazilian Portuguese）, authors developed an expedite technology valuation method, based on concepts of discounted cash flow （DCF） associated with Gompertz curve adaptations as a way to support universities and research institutes in negotiations with enterprises. This method has been regularly applied on negotiations between 1PT and companies. This paper will present cases of metallurgical companies. The results obtained confirm the validity of the method in supporting the definition of the payable amounts for commercial exploitation of technologies, enabling the application of this method as an alternative to some methods found in the literature and eventually employed by universities and research institutes in Brazil. For future research, authors recommend comparative studies between Gompertz curve and other methods, such as the Pearl curve, using the same variables of our method.
