This study examines the factors that affect the performance of foreign acquiring firms in Chinese M＆As （mergers and acquisitions） market. Comparing between overseas Sino-Group and Anglo-Group, this study found that...This study examines the factors that affect the performance of foreign acquiring firms in Chinese M＆As （mergers and acquisitions） market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M＆A transactions in China. It also found that unrelated M＆A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M＆As after the opening of Chinese market in China. The authors＇ finding provided a more universal explanation in the cross-border M＆As in China.展开更多
Mergers ＆ acquisitions （M＆As） are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike - ...Mergers ＆ acquisitions （M＆As） are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike - despite promising prospects upfront. Applied research has been trying to find a ＂panacea＂ to prevent or at least predict M＆A failure, investigating motives, synergies and performance. Despite the growing unease with the stationary explanatory models in literature, research has only marginally focused on the concept of time, with inquiries into market timing and integration speed. Yet other timing concepts have been neglected in concepts so far despite early empirical evidence for their existence. The purpose of this paper is thus to identify and elaborate on the importance of further relevant theories of timing. For this, and true to the exploratory nature of the topic, the authors have chosen a qualitative comparative case study design based on existing case reports which are investigated for narrations highlighting timing concepts. This study reveals six factors which have a crucial impact on the M＆A outcome： time of acquisition, M＆A duration in its entirety, M＆A sequence, synergy chronology, frequency of acquisitions and time to step back. It contributes to theory and practice in outlining the careful attention that needs to be paid in planning in these factors to enhance the chances of a successful M＆A transaction.展开更多
On November 30th, according to the Global Capital Confidence Barometer （hereinafter referred to as the Barometer） which was recently released by Ernst ＆ Young, the increase in this year＇s transactions will continu...On November 30th, according to the Global Capital Confidence Barometer （hereinafter referred to as the Barometer） which was recently released by Ernst ＆ Young, the increase in this year＇s transactions will continue to raise global M＆A activities.展开更多
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
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
Under the circumstance of Core competence＇s cultivation becoming the trend of M＆A, the paper studies core competence-based M＆A strategy and builds a framework of theoretical analysis of core competence-based M＆A f...Under the circumstance of Core competence＇s cultivation becoming the trend of M＆A, the paper studies core competence-based M＆A strategy and builds a framework of theoretical analysis of core competence-based M＆A from the aspect of the theory of core competence, corporate competence and competitive strategy.展开更多
目的探讨m1A RNA甲基化相关基因和血浆m1A甲基化水平对结肠腺癌(colorectal adenocarcinoma,COAD)的诊断效能,为COAD早期诊断提供新的方案。方法通过UALCAN、The Human Protein Atlas和TCGA-GTEx数据库,分析COAD组织和正常结肠组织中m1...目的探讨m1A RNA甲基化相关基因和血浆m1A甲基化水平对结肠腺癌(colorectal adenocarcinoma,COAD)的诊断效能,为COAD早期诊断提供新的方案。方法通过UALCAN、The Human Protein Atlas和TCGA-GTEx数据库,分析COAD组织和正常结肠组织中m1A相关基因mRNA和蛋白水平的差异表达。利用ELISA法检测收集于我院初诊的COAD患者和正常人血浆中m1A甲基化水平。结合COAD临床病理特征分析m1A甲基化对COAD的诊断效能。结果m1A编码器和读码器基因的蛋白水平和mRNA水平在COAD组织中的表达显著上调,其中以TRMT6和TRMT10C两个编码器表达升高最为显著。两个编码器基因均可作为COAD诊断,尤其是早期诊断标志物,且其AUC均达到0.9以上。m1A总体甲基化水平在COAD血浆中明显升高,并可作为早期COAD的诊断标志物。结论m1A编码器基因和血浆m1A在COAD中明显升高,有望成为一种新的早期COAD诊断标志物。展开更多
Albira SI小动物单光子发射断层显像-X线计算机体层成像仪(SPECT-CT)是单光子放射性药物临床前研究的先进影像工具,其质量控制及检测性能是图像质量和实验数据可靠性的基本保障。为评价Albira SI SPECT-CT设备应用的真实性、可靠性,采...Albira SI小动物单光子发射断层显像-X线计算机体层成像仪(SPECT-CT)是单光子放射性药物临床前研究的先进影像工具,其质量控制及检测性能是图像质量和实验数据可靠性的基本保障。为评价Albira SI SPECT-CT设备应用的真实性、可靠性,采用临床常用单光子核素^(99m)Tc对Albira SI小动物SPECT-CT进行季度性质量控制,同时进行测量结果的线性、稳定性、偏差的检测,并初步尝试小动物骨代谢扫描。结果表明,该设备与放射性活度之间线性关系良好,稳定性强,与常用活度测量设备测量结果差异较小。Albira SI小动物SPECT-CT能够准确反映单光子核素^(99m)Tc的放射性活度分布,小鼠骨代谢显像效果好,适用于临床前放射性药物研究。本研究中建立的系统研究SPECT-CT性能的方法可为类似设备的操作提供方法学依据。展开更多
文摘This study examines the factors that affect the performance of foreign acquiring firms in Chinese M＆As （mergers and acquisitions） market. Comparing between overseas Sino-Group and Anglo-Group, this study found that familiarity and location were the most important factors influencing performance of M＆A transactions in China. It also found that unrelated M＆A deals should be merged with familiarity for gaining positive acquisition performance. The total sample used in this study was 3,442 cases from October 1980 to March 2005. Because this period included all deals of M＆As after the opening of Chinese market in China. The authors＇ finding provided a more universal explanation in the cross-border M＆As in China.
文摘Mergers ＆ acquisitions （M＆As） are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike - despite promising prospects upfront. Applied research has been trying to find a ＂panacea＂ to prevent or at least predict M＆A failure, investigating motives, synergies and performance. Despite the growing unease with the stationary explanatory models in literature, research has only marginally focused on the concept of time, with inquiries into market timing and integration speed. Yet other timing concepts have been neglected in concepts so far despite early empirical evidence for their existence. The purpose of this paper is thus to identify and elaborate on the importance of further relevant theories of timing. For this, and true to the exploratory nature of the topic, the authors have chosen a qualitative comparative case study design based on existing case reports which are investigated for narrations highlighting timing concepts. This study reveals six factors which have a crucial impact on the M＆A outcome： time of acquisition, M＆A duration in its entirety, M＆A sequence, synergy chronology, frequency of acquisitions and time to step back. It contributes to theory and practice in outlining the careful attention that needs to be paid in planning in these factors to enhance the chances of a successful M＆A transaction.
文摘On November 30th, according to the Global Capital Confidence Barometer （hereinafter referred to as the Barometer） which was recently released by Ernst ＆ Young, the increase in this year＇s transactions will continue to raise global M＆A activities.
文摘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.
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Under the circumstance of Core competence＇s cultivation becoming the trend of M＆A, the paper studies core competence-based M＆A strategy and builds a framework of theoretical analysis of core competence-based M＆A from the aspect of the theory of core competence, corporate competence and competitive strategy.
文摘目的探讨m1A RNA甲基化相关基因和血浆m1A甲基化水平对结肠腺癌(colorectal adenocarcinoma,COAD)的诊断效能,为COAD早期诊断提供新的方案。方法通过UALCAN、The Human Protein Atlas和TCGA-GTEx数据库,分析COAD组织和正常结肠组织中m1A相关基因mRNA和蛋白水平的差异表达。利用ELISA法检测收集于我院初诊的COAD患者和正常人血浆中m1A甲基化水平。结合COAD临床病理特征分析m1A甲基化对COAD的诊断效能。结果m1A编码器和读码器基因的蛋白水平和mRNA水平在COAD组织中的表达显著上调,其中以TRMT6和TRMT10C两个编码器表达升高最为显著。两个编码器基因均可作为COAD诊断,尤其是早期诊断标志物,且其AUC均达到0.9以上。m1A总体甲基化水平在COAD血浆中明显升高,并可作为早期COAD的诊断标志物。结论m1A编码器基因和血浆m1A在COAD中明显升高,有望成为一种新的早期COAD诊断标志物。
