Restructuring bank networks after mergers and acquisitions: A capacitated delocation model for closing and resizing branches

During restructuring processes, due to mergers and acquisitions, banks frequently face the problem of having redundant branches competing in the same market. In this work, we introduce a new Capacitated Branch Restructuring Model which extends the available literature in delocation models. It considers both closing down and long term operations׳ costs, and addresses the problem of resizing open branches in order to maintain a constant service level. We consider, as well, the presence of competitors and allow for ceding market share whenever the restructuring costs are prohibitively expensive.We test our model in a real life scenario, obtaining a reduction of about 40% of the network size, and annual savings over 45% in operation costs from the second year on. We finally perform a sensitivity analysis on critical parameters. This analysis shows that the final design of the network depends on certain strategic decisions concerning the redundancy of the branches, as well as their proximity to the demand nodes and to the competitor׳s branches. At the same time, this design is quite robust to changes in the parameters associated with the adjustments on service capacity and with the market reaction.     

服务业跨国并购对行业本身及其上下游影响的研究综述

服务业正在成为跨国并购的投资热点,而服务业跨国并购也正在成为学者的研究热点。本文从行业经济、市场结构、企业、技术和创新、以及就业等五个方面,回顾了服务业跨国并购对行业本身的影响,并从东道国的视角总结了服务业跨国并购对上游企业、上游产品和下游消费者的影响。     

中国上市公司并购绩效评价

企业并购已经成为一种至关重要的资源重新配置的方式,是市场经济有效运转的必要手段之一.如何有效地分析和评价上市公司并购的绩效,有助于找到影响并购绩效的因素并采取有效措施来规范上市公司的并购行为,进而提高上市公司并购行为的整体绩效.对选取的30支股票抽取并购前一年、并购当年、并购后一年的6项财务指标,运用因子分析和二次相对效应的方法,分析上市公司并购前后的绩效变化,考察变化的原因,并发现主观能动性突出的股票的综合得分差值大部分为正的变化规律.     

紫金矿业成功竞购圭亚那金田的经验与启示

紫金矿业竞购圭亚那金田公司,是2020年矿业界一次极为精彩的并购案例,紫金矿业通过本次并购,以较低的代价,获得一个年产黄金4吨以上,金资源量达到185吨的海外大型矿山,取得了在圭亚那的立足点,叩开了圭亚那矿业市场的大门。本文复盘这起竞购,认为紫金矿业取得成功的经验在于事先确定公司发展战略,依据自身技术优势准确发现和评价出优质项目,竞购过程中运用合理的操作方式和快速决策机制锁定项目,并购后高效整合实现投产。这些经验对于我国致力于跨国并购的大型矿业来说,有着重要的借鉴意义。     

有线电视网络的经营发展方向

在信息社会,人们迫切希望计算机能以人类习惯的方式提供信息服务,多媒体技术应运而生。三网融合己经开始,广电借助三网融合之机遇,有了涉足电信互联网业务的条件,如何推动广电业务加速向电信领域渗透,正成为广电产业经营思考的问题。     

Trends disrupted—patent information in an era of change

Patent analysts predict trends in research and the business environment by studying the numbers and classifications of patents issued to companies around the world. Those attempts are often affected by the changes taking place in international treaties, governments, patent laws, patent classification systems, and corporate mergers and acquisitions. This paper describes some of the changes in the patent information environment that have disrupted the trends predicted by patent analyses in the past.     

Enhancing mergers and acquisition quality,accelerating technological innovation and achieving the second leap of China’s steel industry

Over the past 10 years,China’s steel industry has made a substantial development in terms of scale,and has finally become a steel giant in the world.In the upcoming 10 years,fundamental changes will be made with the economic growth in China.Against this background,China’s steel industry will shift from a rapid development to a slow but sound development.In order to fulfill the second leap of China’s steel industry,based on its current developing status and characteristics,and from the perspective of both national and corporate development,mergers and acquisition are both effective ways to raise the quality of the existing stock of asset in the steel industry,while technological innovation is the solid foundation for its second leap.     

海外矿山项目并购宏观经济风险评价

在"走出去"战略的大背景下, 我国资源型企业海外并购取得较大的发展, 然而, 我国的海外矿山项目并购却有70%走向失败.宏观经济风险是海外矿山项目并购失败最主要的风险来源之一, 文章在对宏观经济风险的主要影响因素进行识别的基础上, 构建海外矿山项目并购的宏观经济风险评价指标体系, 运用德尔菲法确定各个评价指标的权重; 其次建立基于TOPSIS和灰色关联理论的宏观经济风险评价模型; 最后以我国稀土矿海外并购项目为例, 评价9个稀土资源大国的宏观经济风险状况, 评价结果显示:美国, 马来西亚, 澳大利亚3个国家宏观经济风险处于"低"水平; 越南, 印度, 巴西3个国家宏观经济风险处于"高"水平.      

中国企业跨国并购风险的模糊综合评判

加入WTO后,中国企业的跨国并购迅猛发展,目前已成为对外直接投资的主要方式,然而,其中的风险也不容忽视.利用模糊综合评判法对中国企业跨国并购所遇到的主要风险进行定量分析,旨在为该风险提供一种可行有效的度量方法.     

Multi‐product supply chain horizontal network integration: models,theory, and computational results

In this paper, we develop multi‐product supply chain network models with explicit capacities, before and after their horizontal integration. In addition, we propose a measure, which allows one to quantify and assess, from a supply chain network perspective, the synergy benefits associated with the integration of multi‐product firms through mergers/acquisitions. We utilize a system‐optimization perspective for the model development and provide the variational inequality formulations, which are then utilized to propose a computational procedure which fully exploits the underlying network structure. We illustrate the theoretical and computational framework with numerical examples. This paper is a contribution to the literatures of supply chain integration and mergers and acquisitions.