The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The proc...The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.展开更多
This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and ev...This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and evaluate its merger strategies is developed when the enterprise is making the decision of its merger strategies the method can be used to provide scientific support.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 reg...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
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
Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the...Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the background level was observed. These experiments use different neutrino detection technologies and are sensitive to various neutrino types. A combined analysis was performed on the KamLAND, Super-Kamiokande and Borexino experimental data with a frequentist statistical approach to achieve a global picture of the associated neutrino fluence. Both monochromatic and Fermi-Dirac neutrino spectra were assumed in the calculation. The final results are consistent with null neutrino signals associated with the process of a binary black hole merger. The derived 90% confidence level upper limits on the fluence and luminosity of various neutrino types are presented for neutrino energy less than110 MeV.展开更多
For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merge...For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merger and acquisition strategies, provides a clear and simple tool for supporting the management bureau of enterprise to make its merger and acquisition strategies.展开更多
This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the...This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the characteristics of market and products needed for the firm to improve its profit through merger were discussed under Cournot oligopoly model and Bertrand oligopoly model. To raise the firm’s profit can be well described as the incentive of advantage complementary merger. The change of social welfare influenced by the merger was also discussed. From the view of maximizing global social welfare, some advice was also given to regulate this type of merger.展开更多
This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strat...This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.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
The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&...The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward.展开更多
This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financ...This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financialboundary for the M&A decision.The paper also putsforward the negotiation range of transferring price andcondition for the acquirer and acquiree by quantitativeanalysis.In the end,the peper points out that it is prof-itable for both of the acquirer and acquiree to implementacquisition in the range of financial boundaries.展开更多
Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of t...Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of the progenitors of non-repeating FRBs and notices that the repeating FRBs can also be explained if a magnetar formed after such NS-WD merger. In this paper, we investigate this channel of magnetar formation in more detail. We propose that the NS-WD post-merger, after cooling and angular momentum redistribution, may collapse to either a black hole or a new NS or even remains as a hybrid WDNS, depending on the total mass of the NS and WD. In particular, the newly formed NS can be a magnetar if the core of the WD collapsed into the NS while large quantities of degenerate electrons of the WD compressed to the outer layers of the new NS. A strong magnetic field can be formed by the electrons and positive charges with different angular velocities induced by the differential rotation of the newborn magnetar. Such a magnetar can power the repeating FRBs by the magnetic reconnections due to the crustal movements or starquakes.展开更多
Based on the analysis of the theories of value chain and multinational merger and acquisition, we research the merger and acquisition of petrochemical industries based on value chain, according to the trait of the val...Based on the analysis of the theories of value chain and multinational merger and acquisition, we research the merger and acquisition of petrochemical industries based on value chain, according to the trait of the value chain of the petrochemical industries. And we propose the implementation process and the integration method for the merger and acquisition of petrochemical industries based on value chain.展开更多
The aim of this study is to examine if the merger of banks improves the profitability of banks before and after the completion of the merger,in the Hellenic Banking System.For this reason,data were collected one year ...The aim of this study is to examine if the merger of banks improves the profitability of banks before and after the completion of the merger,in the Hellenic Banking System.For this reason,data were collected one year before the merger took place and then for the following years.The consequences of merging banks using different financial indicators,such as the capital ratio index,the foreign-to-equity index and the loan burden numerator,were also investigated.The effectiveness of interpreting the improvement of the bank’s financial image before and after the merger,for the years 2007-2016,years,before and after the Greek Financial Crisis,in the mergers carried out in the Hellenic Banking System was examined.展开更多
The merger of Sainsbury’s and Asda caused huge impacts on Britain retail industry.Since the announcement that J Sainsbury plc would acquire Asda for £7.5 billion was published in April,2018,the changes in the UK...The merger of Sainsbury’s and Asda caused huge impacts on Britain retail industry.Since the announcement that J Sainsbury plc would acquire Asda for £7.5 billion was published in April,2018,the changes in the UK grocery market have been discussed and questioned.And the grocery market in UK will be reordered without doubt.This essay firstly introduces Sainsbury by using Pestle model,then aims to figure out the type and the benefits of this M&A,analyze the market response and how investors react to this event in the first two parts.In the third and the last part,we aim to explain why the CMA blocked the merge.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
According to the different products that two upper enterprises produce, this paper analyzes the transfer pricing of intermediate product and the effect of social welfare of vertical merger under imperfect competition ...According to the different products that two upper enterprises produce, this paper analyzes the transfer pricing of intermediate product and the effect of social welfare of vertical merger under imperfect competition market. The conclusions are: the transfer pricing of intermediate product is equal to marginal cost; the perfect outputs that upper enterprises sell to the market before and after the vertical merger of enterprises are the same; the product price in the integrated enterprises may be higher, lower or equal to the price in non-integrated enterprises.展开更多
An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting(WRF) model simulation. The results show that this atypi...An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting(WRF) model simulation. The results show that this atypical occlusion process was significantly different from the traditional,synoptic-scale occlusion process that occurs within extratropical cyclones. It was caused by the merger of two cold-type mesoscale fronts. One of the fronts developed from the gust front of convective storms,while the other was a sea-breeze front. As the two fronts moved towards each other,the warm air between them was squeezed and separated from the surface. An atypical occluded front was formed when the two fronts merged,with the warm air forced aloft. This kind of occlusion is termed a "merger" process,different from the well-known "catch-up"and "wrap-up" processes. Moreover,local convection was found to be enhanced during the merger process,with severe convective weather produced in the merger area.展开更多
文摘The risk assessment and control of medical investment,merger,and acquisition are crucial topics within the medical industry,encompassing various aspects of investment,merger,and acquisition within this sector.The process primarily targets the unique nature and associated risks of the medical industry,focusing on effective risk management and control strategies to facilitate the smooth progression of investment,merger,and acquisition activities.
基金National science Foundation of China.No.79570040
文摘This paper discusses the key factors about industrial attractiveness and enterprise strength which influence the formulation of enterprise merger strategies. A new method for supporting an enterprise to analyze and evaluate its merger strategies is developed when the enterprise is making the decision of its merger strategies the method can be used to provide scientific support.
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funded by the National Natural Science Foundation of China (Grant No. 11080922)
文摘Several neutrino observatories have searched for coincident neutrino signals associated with gravitational waves induced by the merging of two black holes. No statistically significant neutrino signal in excess of the background level was observed. These experiments use different neutrino detection technologies and are sensitive to various neutrino types. A combined analysis was performed on the KamLAND, Super-Kamiokande and Borexino experimental data with a frequentist statistical approach to achieve a global picture of the associated neutrino fluence. Both monochromatic and Fermi-Dirac neutrino spectra were assumed in the calculation. The final results are consistent with null neutrino signals associated with the process of a binary black hole merger. The derived 90% confidence level upper limits on the fluence and luminosity of various neutrino types are presented for neutrino energy less than110 MeV.
基金national Natural science Fundation of China. No.79570040
文摘For the first time, this paper introduces Petri net theory to the domain of enterprise strategy management, puts forword a new way by using Petri net to analyse and describe the formulating process of enterprise merger and acquisition strategies, provides a clear and simple tool for supporting the management bureau of enterprise to make its merger and acquisition strategies.
文摘This paper studied the change of the firm’s profit and social welfare after merger in the case of oligopoly and inhomogeneous products. By the hypothesis of an uncooperative perfect information static game model, the characteristics of market and products needed for the firm to improve its profit through merger were discussed under Cournot oligopoly model and Bertrand oligopoly model. To raise the firm’s profit can be well described as the incentive of advantage complementary merger. The change of social welfare influenced by the merger was also discussed. From the view of maximizing global social welfare, some advice was also given to regulate this type of merger.
基金This work is supported by the Nation Science Foundation(No.79570040)
文摘This paper discusses the influences of experience effect and market growth rate on the formulation of enterprise merger strategies; develops a new model for technically analysing and evaluating enterprise merger strategies by combining the progromming tool in market share theory-experience curve; and the key factor reflecting external enviornment-market growth rate, to provide scientific support when an enterprise decides to make its merger strategies.
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The financial boundaries of negotiation for the acquirer and acquiree of a non-equity corporate Merger & Acquisition (hereafter M&A) is defined. A new analyzing model to determine financial boundary for thc M&A decision is developed. The negotiation range of transaction price and condition for the acquirer and acquiree by quantitative analyzing is put forward.
文摘This paper discusses the acquiring methods of corporatemerger and acquisition,defines the financial boundariesof negotiation for both an acquirer and an acquiree,de-velops a new analyzing model to determine the financialboundary for the M&A decision.The paper also putsforward the negotiation range of transferring price andcondition for the acquirer and acquiree by quantitativeanalysis.In the end,the peper points out that it is prof-itable for both of the acquirer and acquiree to implementacquisition in the range of financial boundaries.
文摘Fast radio bursts (FRBs) at cosmological distances still hold concealed physical origins. Previously Liu (2018) proposes a scenario that the collision between a neutron star (NS) and a white dwarf (WD) can be one of the progenitors of non-repeating FRBs and notices that the repeating FRBs can also be explained if a magnetar formed after such NS-WD merger. In this paper, we investigate this channel of magnetar formation in more detail. We propose that the NS-WD post-merger, after cooling and angular momentum redistribution, may collapse to either a black hole or a new NS or even remains as a hybrid WDNS, depending on the total mass of the NS and WD. In particular, the newly formed NS can be a magnetar if the core of the WD collapsed into the NS while large quantities of degenerate electrons of the WD compressed to the outer layers of the new NS. A strong magnetic field can be formed by the electrons and positive charges with different angular velocities induced by the differential rotation of the newborn magnetar. Such a magnetar can power the repeating FRBs by the magnetic reconnections due to the crustal movements or starquakes.
文摘Based on the analysis of the theories of value chain and multinational merger and acquisition, we research the merger and acquisition of petrochemical industries based on value chain, according to the trait of the value chain of the petrochemical industries. And we propose the implementation process and the integration method for the merger and acquisition of petrochemical industries based on value chain.
文摘The aim of this study is to examine if the merger of banks improves the profitability of banks before and after the completion of the merger,in the Hellenic Banking System.For this reason,data were collected one year before the merger took place and then for the following years.The consequences of merging banks using different financial indicators,such as the capital ratio index,the foreign-to-equity index and the loan burden numerator,were also investigated.The effectiveness of interpreting the improvement of the bank’s financial image before and after the merger,for the years 2007-2016,years,before and after the Greek Financial Crisis,in the mergers carried out in the Hellenic Banking System was examined.
文摘The merger of Sainsbury’s and Asda caused huge impacts on Britain retail industry.Since the announcement that J Sainsbury plc would acquire Asda for £7.5 billion was published in April,2018,the changes in the UK grocery market have been discussed and questioned.And the grocery market in UK will be reordered without doubt.This essay firstly introduces Sainsbury by using Pestle model,then aims to figure out the type and the benefits of this M&A,analyze the market response and how investors react to this event in the first two parts.In the third and the last part,we aim to explain why the CMA blocked the merge.
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.
文摘According to the different products that two upper enterprises produce, this paper analyzes the transfer pricing of intermediate product and the effect of social welfare of vertical merger under imperfect competition market. The conclusions are: the transfer pricing of intermediate product is equal to marginal cost; the perfect outputs that upper enterprises sell to the market before and after the vertical merger of enterprises are the same; the product price in the integrated enterprises may be higher, lower or equal to the price in non-integrated enterprises.
基金the Chinese National Natural Science Foundation of China （Grant Nos. 40575003 and 40333033） the Chinese Academy of Sciences Innovation Foundation （Grant Nos. KZCX3- SW-213 and KZCX3-SW-225） the Key Project of the Ministry of Science and Technology of China （Grant No. 2001BA610A-06）.
基金supported by the National Research Fund for Public Welfare (Grant No.GYHY200906011)the National Key Technology R&D Program of China (Grant No.2009BAC51B01)the National Fundamental 973 Research Program of China (Grant No.2013CB430100)
文摘An atypical occlusion process that occurred in North China on 14 July 2011 is studied based on both observations and a real-data Weather Research and Forecasting(WRF) model simulation. The results show that this atypical occlusion process was significantly different from the traditional,synoptic-scale occlusion process that occurs within extratropical cyclones. It was caused by the merger of two cold-type mesoscale fronts. One of the fronts developed from the gust front of convective storms,while the other was a sea-breeze front. As the two fronts moved towards each other,the warm air between them was squeezed and separated from the surface. An atypical occluded front was formed when the two fronts merged,with the warm air forced aloft. This kind of occlusion is termed a "merger" process,different from the well-known "catch-up"and "wrap-up" processes. Moreover,local convection was found to be enhanced during the merger process,with severe convective weather produced in the merger area.
