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 generation, connotation, property, subject and object, and contents of environment rights and environment resources property were studied. And based on these, the similarities and differences were discussed so as ...The generation, connotation, property, subject and object, and contents of environment rights and environment resources property were studied. And based on these, the similarities and differences were discussed so as to master the connotation of environment resources property.展开更多
The objective of this paper is to propose a conceptual framework stimulating the sustainable management of natural resources in Central Africa. Based on the forest resources, we show how good identification and alloca...The objective of this paper is to propose a conceptual framework stimulating the sustainable management of natural resources in Central Africa. Based on the forest resources, we show how good identification and allocation of property rights strengthen the joint management of forest resources. Cameroon is selected as an example, since the country represents one of the most forest-intense areas in Africa. In doing so, we first evaluate the performance of institutions in fostering sustainable forest management. Second we show how good elaboration and allocation of property rights may contribute to improving efficiency in forest management. Using the New Institutional Economic (NIE) theory we provide an outline of the potential relationships between forest management and property rights allocated to stakeholders involved in forest exploitation. Finally we provide two forms of institutional structures that could improve forest management efficiency: public-private partnership and multi-stakeholder management approaches. Public-private partnerships are joint project management processes operated by both private businesses and public entities in order to combine public prescriptive mechanisms with private operational roles. Multi-stakeholder management approach is also a co-management initiative combining public entities, private actors and local population to increase the involvement of local dwellers living in forest areas in the decision process.展开更多
In this paper,the writer uses a mathematical model to analyze:a theoretical model of land resources optimal allocation with the constraint of sustainable development;equilibrium and defects of land resources allocatio...In this paper,the writer uses a mathematical model to analyze:a theoretical model of land resources optimal allocation with the constraint of sustainable development;equilibrium and defects of land resources allocation in a competitive market;and how effective governmental supervision can change the equilibrium in the market and promote the optimization of land resources allocation.The main points of this paper are:continuous and excessive conversions that change land resources from agricultural use to non-agricultural use in the process of economic development are economic rules;a competitive market is an important way to improve the efficiency of land resources allocation;effective governmental supervision can cover the shortage of market and promote the optimization of land resources allocation;a reasonable arrangement of land property rights can reduce the transaction costs of government management in optimizing land resources allocation;and,the targets of land resources optimal allocation are developing along with economic development.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.
基金Supported by Key Project of National Social Science Fund(10AJL002)
文摘The generation, connotation, property, subject and object, and contents of environment rights and environment resources property were studied. And based on these, the similarities and differences were discussed so as to master the connotation of environment resources property.
文摘The objective of this paper is to propose a conceptual framework stimulating the sustainable management of natural resources in Central Africa. Based on the forest resources, we show how good identification and allocation of property rights strengthen the joint management of forest resources. Cameroon is selected as an example, since the country represents one of the most forest-intense areas in Africa. In doing so, we first evaluate the performance of institutions in fostering sustainable forest management. Second we show how good elaboration and allocation of property rights may contribute to improving efficiency in forest management. Using the New Institutional Economic (NIE) theory we provide an outline of the potential relationships between forest management and property rights allocated to stakeholders involved in forest exploitation. Finally we provide two forms of institutional structures that could improve forest management efficiency: public-private partnership and multi-stakeholder management approaches. Public-private partnerships are joint project management processes operated by both private businesses and public entities in order to combine public prescriptive mechanisms with private operational roles. Multi-stakeholder management approach is also a co-management initiative combining public entities, private actors and local population to increase the involvement of local dwellers living in forest areas in the decision process.
文摘In this paper,the writer uses a mathematical model to analyze:a theoretical model of land resources optimal allocation with the constraint of sustainable development;equilibrium and defects of land resources allocation in a competitive market;and how effective governmental supervision can change the equilibrium in the market and promote the optimization of land resources allocation.The main points of this paper are:continuous and excessive conversions that change land resources from agricultural use to non-agricultural use in the process of economic development are economic rules;a competitive market is an important way to improve the efficiency of land resources allocation;effective governmental supervision can cover the shortage of market and promote the optimization of land resources allocation;a reasonable arrangement of land property rights can reduce the transaction costs of government management in optimizing land resources allocation;and,the targets of land resources optimal allocation are developing along with economic development.
