This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various...This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various stages of M&A,such as pre-merger valuation pricing difficulties,unreasonable financing structures,risks in payment method selection,obstacles to financial integration,and lack of risk management.Targeted management strategies are proposed to address these issues.This paper suggests strengthening due diligence and valuation management,optimizing financing structures,rationally selecting payment methods,deepening financial integration,and improving tax planning.These strategies aim to enhance the level of financial management in M&A,promote economic synergies and management effects,help companies quickly achieve M&A goals,and drive sustainable business development.展开更多
Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as ...Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.展开更多
The interleaving/multiplexing technique was used to realize a 200?MHz real time data acquisition system. Two 100?MHz ADC modules worked parallelly and every ADC plays out data in ping pang fashion. The design improv...The interleaving/multiplexing technique was used to realize a 200?MHz real time data acquisition system. Two 100?MHz ADC modules worked parallelly and every ADC plays out data in ping pang fashion. The design improved the system conversion rata to 200?MHz and reduced the speed of data transporting and storing to 50?MHz. The high speed HDPLD and ECL logic parts were used to control system timing and the memory address. The multi layer print board and the shield were used to decrease interference produced by the high speed circuit. The system timing was designed carefully. The interleaving/multiplexing technique could improve the system conversion rata greatly while reducing the speed of external digital interfaces greatly. The design resolved the difficulties in high speed system effectively. The experiment proved the data acquisition system is stable and accurate.展开更多
Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power chan...Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power change in Central Asia from the perspective of cross-border mergers and acquisitions(M&A)by using the social network method.The main results are as follows:(1)The complexity of the energy M&A network has significantly decreased after the financial crisis in 2008.In the meantime,energy M&A became an important way to enhance energy power for buyer countries.Betweenness centrality is becoming the most significant factor affecting energy power,yet the effect of out-degree is weakening.(2)The community underwent multifaceted restructuring,which reflected the shift of energy power in Central Asia.Kazakhstan is the most powerful country in the energy sector in Central Asia.In addition,East Asian countries/regions,represented by China,are actively enhancing their energy power.(3)Different M&A modes reflect various M&A motivations of countries in the energy sector.In the future,more efforts should be made to promote the establishment of a pragmatic and efficient multilateral energy cooperation mechanism and strength the cooperation of the economy and energy finance when China participates in the energy market in Central Asia.展开更多
Lipidomics coverage improvement is essential for functional lipid and pathway construction.A powerful approach to discovering organism lipidome is to combine various data acquisitions,such as full scan mass spectromet...Lipidomics coverage improvement is essential for functional lipid and pathway construction.A powerful approach to discovering organism lipidome is to combine various data acquisitions,such as full scan mass spectrometry(full MS),data-dependent acquisition(DDA),and data-independent acquisition(DIA).Caenorhabditis elegans(C.elegans)is a useful model for discovering toxic-induced metabolism,highthroughput drug screening,and a variety of human disease pathways.To determine the lipidome of C.elegans and investigate lipid disruption from the molecular level to the system biology level,we used integrative data acquisition.The methyl-tert-butyl ether method was used to extract L4 stage C.elegans after exposure to triclosan(TCS),perfluorooctanoic acid,and nanopolystyrene(nPS).Full MS,DDA,and DIA integrations were performed to comprehensively profile the C.elegans lipidome by Q-Exactive Plus MS.All annotated lipids were then analyzed using lipid ontology and pathway analysis.We annotated up to 940 lipids from 20 lipid classes involved in various functions and pathways.The biological investigations revealed that when C.elegans were exposed to nPS,lipid droplets were disrupted,whereas plasma membrane-functionalized lipids were likely to be changed in the TCS treatment group.The nPS treatment caused a significant disruption in lipid storage.Triacylglycerol,glycerophospholipid,and ether class lipids were those primarily hindered by toxicants.Finally,toxicant exposure frequently involved numerous lipid-related pathways,including the phosphoinositide 3-kinase/protein kinase B pathway.In conclusion,an integrative data acquisition strategy was used to characterize the C.elegans lipidome,providing valuable biological insights into hypothesis generation and validation.展开更多
Outward Foreign Direct Investment （OFDI） from emerging economies has begun to increase significantly and has been growing at a faster pace than Foreign Direct Investment （FDI） from the developed world. This resear...Outward Foreign Direct Investment （OFDI） from emerging economies has begun to increase significantly and has been growing at a faster pace than Foreign Direct Investment （FDI） from the developed world. This research seeks to assess the impact of Chinese acquisitions and their implications for the ＂Made in Italy＂ luxury sector and its firms. This paper presents a cross-case analysis of two Chinese acquisitions in order to provide some in-depth insights into the influences and the motives driving Chinese firms to invest in the luxury Made in Italy sector, the patterns and modes of the Chinese acquisitions as well as the competitive strategies and the distinctive challenges that both investors and acquired firms have to face. From the findings, it emerges that both the investor and the acquired firm need to overcome several key challenges to be mutual benefits from the acquisition.展开更多
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
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
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
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
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
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
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
Phosphorus(P)is an essential nutrient for crop growth,making it important for maintaining food security as the global population continues to increase.Plants acquire P primarily via the uptake of inorganic phosphate(P...Phosphorus(P)is an essential nutrient for crop growth,making it important for maintaining food security as the global population continues to increase.Plants acquire P primarily via the uptake of inorganic phosphate(Pi)in soil through their roots.Pi,which is usually sequestered in soils,is not easily absorbed by plants and represses plant growth.Plants have developed a series of mechanisms to cope with P deficiency.Moreover,P fertilizer applications are critical for maximizing crop yield.Maize is a major cereal crop cultivated worldwide.Increasing its P-use efficiency is important for optimizing maize production.Over the past two decades,considerable progresses have been achieved in studies aimed at adapting maize varieties to changes in environmental P supply.Here,we present an overview of the morphological,physiological,and molecular mechanisms involved in P acquisition,translocation,and redistribution in maize and combine the advances in Arabidopsis and rice,to better elucidate the progress of P nutrition.Additionally,we summarize the correlation between P and abiotic stress responses.Clarifying the mechanisms relevant to improving P absorption and use in maize can guide future research on sustainable agriculture.展开更多
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
With the continued expansion of oil and gas exploration,both in the eastern and western regions,the quality of seismic acquisition has become a key factor in oil and gas exploration in complex areas.However,convention...With the continued expansion of oil and gas exploration,both in the eastern and western regions,the quality of seismic acquisition has become a key factor in oil and gas exploration in complex areas.However,conventional seismic acquisition methods cannot efficiently avoid challenging acquisition locations and produce high-quality seismic data.In this regard,based on the curvelet transform,this paper proposes an irregular seismic acquisition method,which utilizes the high-precision characteristics of the curvelet transform and simulated annealing algorithm to establish a method for the evaluation of the coherence of irregular sampling matrices and design of observation systems.The method was verified using forward simulation and actual acquisition data.The results suggest the superior quality of seismic data gathered in complicated areas through this method over those acquired using traditional methods,which can provide technical guidance for the design of observation systems in complex areas.展开更多
文摘This article focuses on financial management issues in mergers and acquisitions(M&A).It provides an indepth analysis of the financial risks and management challenges faced by contemporary businesses during various stages of M&A,such as pre-merger valuation pricing difficulties,unreasonable financing structures,risks in payment method selection,obstacles to financial integration,and lack of risk management.Targeted management strategies are proposed to address these issues.This paper suggests strengthening due diligence and valuation management,optimizing financing structures,rationally selecting payment methods,deepening financial integration,and improving tax planning.These strategies aim to enhance the level of financial management in M&A,promote economic synergies and management effects,help companies quickly achieve M&A goals,and drive sustainable business development.
文摘Objective To explore the impact of mergers and acquisitions(M&A)on the innovation performance of the companies from both a patent perspective and a financial perspective by taking the case of M&A Company J as an example.Methods The literature research method,patent data analysis method,and financial data analysis method were used.Results:The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.Results and Conclusion The literature research method,patent data analysis method,and financial data analysis method were used.The M&A has a positive impact on the innovation performance of Company J,and the results from the patent perspective and the financial perspective are consistent.
文摘The interleaving/multiplexing technique was used to realize a 200?MHz real time data acquisition system. Two 100?MHz ADC modules worked parallelly and every ADC plays out data in ping pang fashion. The design improved the system conversion rata to 200?MHz and reduced the speed of data transporting and storing to 50?MHz. The high speed HDPLD and ECL logic parts were used to control system timing and the memory address. The multi layer print board and the shield were used to decrease interference produced by the high speed circuit. The system timing was designed carefully. The interleaving/multiplexing technique could improve the system conversion rata greatly while reducing the speed of external digital interfaces greatly. The design resolved the difficulties in high speed system effectively. The experiment proved the data acquisition system is stable and accurate.
基金The Strategic Priority Research of the CAS,No.XDA20040400National Natural Science Foundation of China,No.41871118,No.42022007China Scholarship Council,No.201904910633。
文摘Central Asia is emerging as an important pole of global economic and political power,thanks to its unique location at the heart of Eurasia and its abundance in energy reserves.This study explores the social power change in Central Asia from the perspective of cross-border mergers and acquisitions(M&A)by using the social network method.The main results are as follows:(1)The complexity of the energy M&A network has significantly decreased after the financial crisis in 2008.In the meantime,energy M&A became an important way to enhance energy power for buyer countries.Betweenness centrality is becoming the most significant factor affecting energy power,yet the effect of out-degree is weakening.(2)The community underwent multifaceted restructuring,which reflected the shift of energy power in Central Asia.Kazakhstan is the most powerful country in the energy sector in Central Asia.In addition,East Asian countries/regions,represented by China,are actively enhancing their energy power.(3)Different M&A modes reflect various M&A motivations of countries in the energy sector.In the future,more efforts should be made to promote the establishment of a pragmatic and efficient multilateral energy cooperation mechanism and strength the cooperation of the economy and energy finance when China participates in the energy market in Central Asia.
基金supported by the National Research Foundation of Korea(NRF)grant funded by the Korean government(MSIT)(Grant Nos.:NRF-2018R1A5A2024425,NRF-2012M3A9C4048796,and NRF-2021R1I1A4A01057387)funded by the National Institutes of Health Office of Research Infrastructure Programs(Grant No.:P40 OD010440)supported by Plant Genomics and Breeding Institute at Seoul National University.
文摘Lipidomics coverage improvement is essential for functional lipid and pathway construction.A powerful approach to discovering organism lipidome is to combine various data acquisitions,such as full scan mass spectrometry(full MS),data-dependent acquisition(DDA),and data-independent acquisition(DIA).Caenorhabditis elegans(C.elegans)is a useful model for discovering toxic-induced metabolism,highthroughput drug screening,and a variety of human disease pathways.To determine the lipidome of C.elegans and investigate lipid disruption from the molecular level to the system biology level,we used integrative data acquisition.The methyl-tert-butyl ether method was used to extract L4 stage C.elegans after exposure to triclosan(TCS),perfluorooctanoic acid,and nanopolystyrene(nPS).Full MS,DDA,and DIA integrations were performed to comprehensively profile the C.elegans lipidome by Q-Exactive Plus MS.All annotated lipids were then analyzed using lipid ontology and pathway analysis.We annotated up to 940 lipids from 20 lipid classes involved in various functions and pathways.The biological investigations revealed that when C.elegans were exposed to nPS,lipid droplets were disrupted,whereas plasma membrane-functionalized lipids were likely to be changed in the TCS treatment group.The nPS treatment caused a significant disruption in lipid storage.Triacylglycerol,glycerophospholipid,and ether class lipids were those primarily hindered by toxicants.Finally,toxicant exposure frequently involved numerous lipid-related pathways,including the phosphoinositide 3-kinase/protein kinase B pathway.In conclusion,an integrative data acquisition strategy was used to characterize the C.elegans lipidome,providing valuable biological insights into hypothesis generation and validation.
文摘Outward Foreign Direct Investment （OFDI） from emerging economies has begun to increase significantly and has been growing at a faster pace than Foreign Direct Investment （FDI） from the developed world. This research seeks to assess the impact of Chinese acquisitions and their implications for the ＂Made in Italy＂ luxury sector and its firms. This paper presents a cross-case analysis of two Chinese acquisitions in order to provide some in-depth insights into the influences and the motives driving Chinese firms to invest in the luxury Made in Italy sector, the patterns and modes of the Chinese acquisitions as well as the competitive strategies and the distinctive challenges that both investors and acquired firms have to face. From the findings, it emerges that both the investor and the acquired firm need to overcome several key challenges to be mutual benefits from the acquisition.
文摘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.
文摘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.
基金supported by the National Planning Office of Philosophy and Social Science(Grant No.07BTQ011)
文摘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.
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.
基金The National Natural Science Foundationof China (No.70372057)
文摘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.
文摘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.
文摘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.
基金supported by grants from the National Key Research and Development Program of China(2021YFF1000500)the National Natural Science Foundation of China(32370272,31970273,and 31921001).
文摘Phosphorus(P)is an essential nutrient for crop growth,making it important for maintaining food security as the global population continues to increase.Plants acquire P primarily via the uptake of inorganic phosphate(Pi)in soil through their roots.Pi,which is usually sequestered in soils,is not easily absorbed by plants and represses plant growth.Plants have developed a series of mechanisms to cope with P deficiency.Moreover,P fertilizer applications are critical for maximizing crop yield.Maize is a major cereal crop cultivated worldwide.Increasing its P-use efficiency is important for optimizing maize production.Over the past two decades,considerable progresses have been achieved in studies aimed at adapting maize varieties to changes in environmental P supply.Here,we present an overview of the morphological,physiological,and molecular mechanisms involved in P acquisition,translocation,and redistribution in maize and combine the advances in Arabidopsis and rice,to better elucidate the progress of P nutrition.Additionally,we summarize the correlation between P and abiotic stress responses.Clarifying the mechanisms relevant to improving P absorption and use in maize can guide future research on sustainable agriculture.
文摘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.
基金innovation consortium project of China Petroleum and Southwest Petroleum University(No.2020CX010201)Sichuan Science and Technology Program(No.2024NSFSC0081)。
文摘With the continued expansion of oil and gas exploration,both in the eastern and western regions,the quality of seismic acquisition has become a key factor in oil and gas exploration in complex areas.However,conventional seismic acquisition methods cannot efficiently avoid challenging acquisition locations and produce high-quality seismic data.In this regard,based on the curvelet transform,this paper proposes an irregular seismic acquisition method,which utilizes the high-precision characteristics of the curvelet transform and simulated annealing algorithm to establish a method for the evaluation of the coherence of irregular sampling matrices and design of observation systems.The method was verified using forward simulation and actual acquisition data.The results suggest the superior quality of seismic data gathered in complicated areas through this method over those acquired using traditional methods,which can provide technical guidance for the design of observation systems in complex areas.
