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风险投资的退出绩效研究——IPO与M&A的比较 被引量:44
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作者 王晓东 赵昌文 李昆 《经济学家》 CSSCI 北大核心 2004年第1期102-111,共10页
风险投资的成功必须依赖于良好的退出机制,风险投资理论的发展和风险资本市场的完善使得风险投资退出机制的创新成为必然趋势,从而为风险投资的退出提供了更多的路径选择。从目前各国风险投资的发展状况来看,首次公开发行(IPO)和企业并... 风险投资的成功必须依赖于良好的退出机制,风险投资理论的发展和风险资本市场的完善使得风险投资退出机制的创新成为必然趋势,从而为风险投资的退出提供了更多的路径选择。从目前各国风险投资的发展状况来看,首次公开发行(IPO)和企业并购(M&A)已经成为风险投资最主要的两种退出方式。本文以上述两种方式的比较为主线,试图对风险投资的退出绩效问题进行较为全面和深入的研究。 展开更多
关键词 风险投资 首次公开发行 IPO 企业并购 m&a 退出机制 评价指标 金融市场
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Analysis of radiation diffusion of COVID-19 driven by social attributes
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作者 年福忠 杨晓晨 师亚勇 《Chinese Physics B》 SCIE EI CAS CSCD 2024年第1期773-779,共7页
This paper first estimated the infectious capacity of COVID-19 based on the time series evolution data of confirmed cases in multiple countries. Then, a method to infer the cross-regional spread speed of COVID-19 was ... This paper first estimated the infectious capacity of COVID-19 based on the time series evolution data of confirmed cases in multiple countries. Then, a method to infer the cross-regional spread speed of COVID-19 was introduced in this paper, which took the gross domestic product(GDP) of each region as one of the factors that affect the spread speed of COVID-19 and studied the relationship between the GDP and the infection density of each region(China's Mainland, the United States, and EU countries). In addition, the geographic distance between regions was also considered in this method and the effect of geographic distance on the spread speed of COVID-19 was studied. Studies have shown that the probability of mutual infection of these two regions decreases with increasing geographic distance. Therefore, this paper proposed an epidemic disease spread index based on GDP and geographic distance to quantify the spread speed of COVID-19 in a region. The analysis results showed a strong correlation between the epidemic disease spread index in a region and the number of confirmed cases. This finding provides reasonable suggestions for the control of epidemics. Strengthening the control measures in regions with higher epidemic disease spread index can effectively control the spread of epidemics. 展开更多
关键词 COVID-19 basic reproduction number gross domestic product(GDP) geographic distance cross-regional spread
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浅谈会计方法对企业M&A价值的影响
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作者 高凤革 高新阳 《煤炭经济研究》 北大核心 2004年第5期49-50,共2页
关键词 m&a 资本运营 会计方法 企业并购 中国 并购会计 市场份额 并购价值 会计核算
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全球M&A·的动向及其效果
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作者 郑甘澍 《经济资料译丛》 2001年第3期12-21,29,共11页
一、全球化背景下快速增长的M&A (一)欧洲企业对美国的M&A 据统计1999年全球跨国界的M&A从1998年的6,406亿美元增加到8,528亿美元,增长了41.0%.自1995年以来连续5年刷新了历史最高记录.2000年1-9月已达到8,925亿美元,超过了... 一、全球化背景下快速增长的M&A (一)欧洲企业对美国的M&A 据统计1999年全球跨国界的M&A从1998年的6,406亿美元增加到8,528亿美元,增长了41.0%.自1995年以来连续5年刷新了历史最高记录.2000年1-9月已达到8,925亿美元,超过了1999年的水平,连续6年的记录刷新已成定局(参见表1). 展开更多
关键词 全球企业并购 m&a 动向 效果 企业文化 全球环境
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浅谈促进企业活力的M&A战略
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作者 连漪 陆艺 《技术经济信息(广西)》 1997年第3期28-31,共4页
关键词 产业结构 企业活力 国有企业 m&a 企业兼并 目标选择 企业规模 生产要素 规模经济 高度化
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M&A浪潮与宏观经济环境 被引量:1
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作者 谢佩苓 《华东师范大学学报(哲学社会科学版)》 CSSCI 北大核心 1998年第6期47-49,共3页
综观上世纪末至今的西方工业国家所发生的五次大规模的企业的并(M&A)浪潮,尽管各自具有不同的方式和特点,但都具有一些共同的宏观经济环境:M&A浪潮与产业结构的变动相互促进;M&A浪潮与资本市场的发展、政府的利率水平、通... 综观上世纪末至今的西方工业国家所发生的五次大规模的企业的并(M&A)浪潮,尽管各自具有不同的方式和特点,但都具有一些共同的宏观经济环境:M&A浪潮与产业结构的变动相互促进;M&A浪潮与资本市场的发展、政府的利率水平、通胀率以及金融工具的创新有着密切的联系;M&A浪潮大多是在反垄断法有所松动,法律环境相对宽松的条件下产生的。 展开更多
关键词 企业购并(m&a) 产业结构 融资环境 法律环境
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Cross-regional emergency scheduling planning for petroleum based on the supernetwork model 被引量:5
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作者 Tao Lv Yan Nie +1 位作者 Chun-Ling Wang Jian Gao 《Petroleum Science》 SCIE CAS CSCD 2018年第3期666-679,共14页
Petroleum, the most important energy source in the world, plays an essential role in securing economic development. If a petroleum shortage happens, it will severely disrupt production and life. Cross-regional emergen... Petroleum, the most important energy source in the world, plays an essential role in securing economic development. If a petroleum shortage happens, it will severely disrupt production and life. Cross-regional emergency scheduling can effectively alleviate a petroleum shortage and further enhance the efficiency of the emergency response. Considering the general lack of focus on cross-regional petroleum dispatching management, we propose a three-layer emergency scheduling network for petroleum based on a supernetwork model that can increase the regional emergency correlation by adding a transfer management process. Then, we compare the total demand for petroleum and the emergency costs considered in the petroleum emergency scheduling supernetwork model(the single-region and the cross-region scenarios).The result shows that the cross-regional emergency scheduling pattern can effectively enhance the efficiency of the emergency preparations and reduce the emergency costs in most cases. However, when the vulnerabilities in the crossregional link grow or the regional linkage decreases, the effect of single-regional scheduling is better. In addition, the advantages of the cross-regional emergency scheduling network will be strengthened with an increase in its maximum emergency capability. Nonetheless, this advantage will disappear when the petroleum demand in the crisis layer reaches the maximum emergency response capacity. Finally, according to the comparative analysis simulation among scenarios,certain strategic policy recommendations are suggested to improve the petroleum emergency scheduling ability in regions.These recommendations include strengthening the cross-regional coordination mechanism, increasing the modes of petroleum transportation and enhancing the carrying capacity of regional emergency routes. 展开更多
关键词 Petroleum emergency SUPERNETWORK cross-regional scheduling Scheduling strategy Variational inequality
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Integrating AHP into the M&A Strategy 被引量:1
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作者 张仕勇 宣国良 《Journal of China Textile University(English Edition)》 EI CAS 2000年第1期88-91,共4页
Merger and acquisition(M&A)has become an im-portant fashion for corporation to expand the operatingscale.In the course of drawing up the M&A strategy,it’s necessary that a method be adopted to balancesome kin... Merger and acquisition(M&A)has become an im-portant fashion for corporation to expand the operatingscale.In the course of drawing up the M&A strategy,it’s necessary that a method be adopted to balancesome kinds of objectives.Analytic Hierarchy Process(AHP)is the multi-criterion decisional method,whichintegrates qualitative analysis with quantitative analysisto solve the complicated problem.This article intro-duces how to apply AHP to drawing up scientific M&Astrategy. 展开更多
关键词 AHP m&a strategy.
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日本M&A市场的新趋势
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作者 刘维东 《现代日本经济》 CSSCI 2010年第2期52-56,共5页
随着经济全球化的深入,世界规模的企业重组和资金流动改变着各个行业中的企业势力范围。从10年前开始,日本企业为了保卫和加强现有的势力范围防止来自国内或国外的威胁开始了一场新的M&A高潮。这次的M&A不管在M&A件数,还是... 随着经济全球化的深入,世界规模的企业重组和资金流动改变着各个行业中的企业势力范围。从10年前开始,日本企业为了保卫和加强现有的势力范围防止来自国内或国外的威胁开始了一场新的M&A高潮。这次的M&A不管在M&A件数,还是在所涉及的行业、规模、收购金额大小上都有突破,在日本的M&A历史上留下一页。同时,M&A收购过程也改变了日本社会对M&A的认识,也冲击到了日本传统的终身雇佣制。运用M&A来解决日本社会面临的问题,如人口减少和老龄化的问题也是这次M&A的新尝试。 展开更多
关键词 日本 m&a市场 核心业务 多元化经营 恶意收购 老龄化
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风险投资退出(IPO和M&A)的经济学解释
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作者 邵丰 潘金平 仲崇岭 《改革与战略》 北大核心 2003年第S1期91-93,共3页
关键词 IPO m&a 风险投资退出 风险企业 高资本收益 经济学解释 风险投资公司 二板市场 场外交易市场 风险资本
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基于SaaS的M&A系统结构设计
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作者 郭钰 《信息技术》 2013年第6期107-110,共4页
文中针对多媒体及广告(Multimedia and Advertisement)系统的功能需求,研究分析了基于应用的M&A系统存在的问题,结合SaaS技术和Web环境的特点,建立了一个基于SaaS的M&A系统体系框架。在此基础上,给出了七层结构设计和服务设计,... 文中针对多媒体及广告(Multimedia and Advertisement)系统的功能需求,研究分析了基于应用的M&A系统存在的问题,结合SaaS技术和Web环境的特点,建立了一个基于SaaS的M&A系统体系框架。在此基础上,给出了七层结构设计和服务设计,以及部署方式定义。实现结果表明,新系统具有服务灵活、降低成本、易于维护等明显特点。 展开更多
关键词 SAAS m&a 服务
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Cultural Integration in M&A Enterprise
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作者 范徵 《Journal of China Textile University(English Edition)》 EI CAS 2000年第3期100-104,共5页
This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It inten... This thesis aims at studying the cultural integration of M&A enterprises,mainly involved with the manifesta-tion,process,type,method,risk and countermeasures of cultural integration in M&A enterprises.It intends to provide a complete set of management and operation sys-tem on cultural integration for M&A enterprises.Keywords:cultural integration,M&A(merger and acquisi-tion). 展开更多
关键词 CULTURAL INTEGRATION m&a ( MERGER and acquisition) .
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A Study on Foreign Capital M&A of Agribusiness
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作者 Juan XU 《Asian Agricultural Research》 2016年第7期21-23,26,共4页
After joining the WTO,Chinese government has gradually fulfilled various promises,such as cancellation of restrictions on foreign capital share ratio,and opening up of foreign investment areas. There are new changes i... After joining the WTO,Chinese government has gradually fulfilled various promises,such as cancellation of restrictions on foreign capital share ratio,and opening up of foreign investment areas. There are new changes in foreign merchants' direct investment in China,and it shifts from " green investment" featured by high risk and long period of return on investment to cross-border M&A. Since Coca-Cola failed to complete M&A of Huiyuan Juice in 2009,people have paid close attention to foreign capital M&A of domestic agribusiness. New changes and features appear in both scale and industrial areas,and M&A incidents have mushroomed in the industries of meat processing,wine,dairy and beverage,and the related industries have become the hot areas of cross-border M&A. Through the study of M&A incidents in China's agriculture-related areas in recent years,this paper aims to offer an overview of current foreign capital M&A of China's agribusiness in terms of scale and industry. 展开更多
关键词 FOREIGN CAPITAL m&a Agribusiness SCALE CHANGE INDUSTRIAL CHANGE
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证券市场全流通时代信托的参与——信托参与M&A的设想
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作者 马娜 杨义卿 《商场现代化》 北大核心 2006年第12X期161-161,共1页
在并购成为时代主题的背景下,本文介绍了信托公司参与M&A的优势,设计出信托公司可采取的操作模式,并对参与过程中可能存在的收益和风险进行分析。
关键词 m&a 信托参与优势 模式 收益与风险
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Utilization of cross-regional interconnector and pumped hydro energy storage for further introduction of solar PV in Japan
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作者 Shota Ichimura 《Global Energy Interconnection》 2020年第1期69-76,共8页
The amount of solar PV installed capacity has steadily increased to 44.5 GW at the end of FY2017,since the introduction of the Feed in Tariff(FiT)to Japan in 2012.On the other hand,since the first curtailment of solar... The amount of solar PV installed capacity has steadily increased to 44.5 GW at the end of FY2017,since the introduction of the Feed in Tariff(FiT)to Japan in 2012.On the other hand,since the first curtailment of solar PV was conducted on October 13th,2018 in the Kyushu area,the curtailment has been frequently executed including wind power after that.In this study,cross-regional interconnector and pumped hydro energy storage(PHES)are focused on mitigating curtailment.In Japan,there are 9 electric power areas which connected each other by cross-regional interconnectors.According to the historical operation,cross-regional interconnectors were secured as emergency flexible measures,but after the implicit auction was started from October 2018,it is used on merit order.Regarding a PHES in Japan,they have been built with nuclear power plants for several decades.Because the output of nuclear power generation is constant,so the PHES is used to absorb the surplus at nighttime when the demand declines.All nuclear power plants in Japan have been shut down after the accident at the Fukushima Daiichi Nuclear Power Plant following the Great East Japan Earthquake that occurred on March 11th,2011.There are several nuclear power plants that have been restarted(9 reactors,as of August 2019).In this study,the amount of curtailment for solar PV in the Kyushu area is sent to the Chugoku area using the cross-regional interconnector(Kanmon line).Then,the PHES in the Chugoku area is pumping with low price.Because the spot price in the market is low when the curtailment is executed.After that,the PHES is generating at night with high price when the solar PV is not generating.It makes a profit by the deference for the cost of pumping and the revenue of generating by the PHES.As a calculation result,for one week from May 2nd to 8th,2019,a profit becomes 152.2 million JPY(about 1.22 million EUR).For this purpose,it is necessary to raise the operation capacity of the cross-regional interconnector up to the rated capacity with the frequency control function of solar PV instead of the capacity to keep frequency in the event of an accident.This will allow the further introduction of solar PV in Japan. 展开更多
关键词 SOLAR PV cross-regional interconnector PUMPED HYDRO energy storage(PHES) Curtailment
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Guang Dong, Hong Kong and Macao Initiates Cross-Region Cooperation in Protecting Intellectual Property
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作者 Shi Zhihong Mo Yaojiang +1 位作者 Wang Hu Hu Yuzhang 《China's Foreign Trade》 2002年第11期53-53,共1页
关键词 Guang Dong Hong Kong and Macao Initiates cross-region Cooperation in Protecting Intellectual Property
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关于日本企业实施M&A战略的国际分析
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作者 高长春 《现代日本经济》 CSSCI 北大核心 1997年第6期6-10,共5页
关键词 日本 企业 m&a经营战略 融合模式 经济全球化 海外市场
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多数半导体产业领导人预期2016年M&A更多
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《电子工业专用设备》 2015年第12期56-57,共2页
根据商业顾问机构暨会计师事务所KPMG的一项年度调查,半导体产业领导人预期2016年的整并/收购(M&A)案件数量将会与2015年相当甚至更多。 KPMG调查了全球163位来自不同领域的半导体产业界领导人,其中有过半数受访者(59%)预期M&A... 根据商业顾问机构暨会计师事务所KPMG的一项年度调查,半导体产业领导人预期2016年的整并/收购(M&A)案件数量将会与2015年相当甚至更多。 KPMG调查了全球163位来自不同领域的半导体产业界领导人,其中有过半数受访者(59%)预期M&A案件在2016年会增加,有34%认为数量与今年相当:而去年则总计有83%的受访者认为2015年的M&A案件会超过或与2014年相当。 展开更多
关键词 m&a 会计师事务所 顾问机构 年度调查 感测 晶圆代工厂 晶圆厂 营收规模 行动装置 平均销售价格
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北美和欧洲地区M&A预测
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作者 Harry Hitchcock 李伟杰 陈维皓 《首席财务官》 2017年第16期70-74,共5页
中国企业海外并购交易量在过去五年间经历了快速增长,尽管货币、利率、商业环境等影响因素较多,中国企业仍对在美投资和在欧投资的前景保持乐观的态度。中国企业海外并购交易量在过去五年间经历了快速增长。
关键词 海外并购 目标地区 m&a 中国买家 影响因素 总交易量 协同效应 商业环境 对外投资额 境外投资项目
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Policy adjustments needed to encourage Chinese companies' overseas M&A
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作者 张文魁 《China Economist》 2010年第3期32-40,共9页
The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the r... The past several years have seen Chinese companies participating in a growing number of overseas M&A deals for increasing values.Most of China's state-owned enterprises' overseas M&A deals are in the resource and mining sectors,while private companies' deals are usually done to obtain advanced technologies and reputable brands.We can conclude,based on previous experiences,that small and medium-sized companies as well as those engaged in import substitution have a much greater chance for successful integration.Large companies and those with an export-orientated nature have slimmer chances for successful integration.The overseas M&A verification system the Chinese government practices is unfavorable for successful deals and the upgrade of Chinese companies. 展开更多
关键词 OVERSEAS m&a SMALL and medium-sized COMPANIES INTEGRATION
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