文献出处：Boateng A, Qian W, Tianle Y. Cross‐border M&As by Chinese firms: An analysis of strategic motives and performance [J]. Thunderbird International Business Review, 2008, 50(4): 259-270.
原文
Cross-Border M&As by Chinese Firms: An Analysis of Strategic
Motives and Performance
Agyenim Boateng，Wang Qian，Yang Tianle
Introduction
One of the most notable developments in China over the past two decades has been the vigorous pursuit of market oriented reforms aimed at enhancing the competitiveness of Chinese firm s’ worldwide. The Chinese economic reform policies actively encourage Chinese firms to engage in outward foreign investments rather than only attracting inward foreign investments into China. As a result, the number of Chinese firms engaged in the outward cross-border merger & acquisition (CBM&A) activities is on ascendancy over the recent years. It has been reported that, over the January 2000 –December 2004 period, there were 27 outward merger & acquisition deals involving Chinese listed companies, with 11 and 16 cases taking place in Shanghai and Shenzhen stock markets respectively. Anecdotal evidence suggests that the actual CBM&A deals by Chinese firms in this period were more than the reported 27 deals however, as many of them were unlisted companies, the related data are not available.
It is pertinent to note that, there is a huge difference between CBM&A flows from developing countries to developed countries and those from developed countries to developing countries. For example, CBM&A activities involving firms from a developed country are likely to possess monopolistic and internalization advantages compared with the firms from a developing country. While firms from developed countries may be motivated to engage in CBM&As to exploit their own resources abroad, firms from developing countries may cross border to invest in order to explore
or seek ano ther country?s resources. It follows that, the M&As involving firms from emerging economy such as China to developed countries may be motivated to obtain intangible assets and resources which they do not have themselves. These assets include superior marketing skills, product differentiation, patent-protected technology, superior managerial know-how and economies of scale. It is thus argued that companies attempt to improve their core competences and fill in the strategic gap by CBM&A activities. Vermeulen and Barkema (2001) found that although the initial costs of CBM&A may be relatively high, the enterprises could expand their knowledge and improve the competitive advantage of the organization. In the long run, mergers and acquisitions may be an important vehicle to build capacity and improve organisational performance of the firm.
Given the important role played CBM&As, it is surprising that no study has been carried out on the motives and performance of the corporate M&As by Chinese firms in foreign countries. It is also important to point out that most of the empirical studies on CBM&A focus on the activities from developed to developing countries or to other developed countries. Relatively little attention has been given to CBM&As from developing countries to developed countries. It is therefore difficult to generalise the applicability of the conclusions drawn in the context of advanced market economies to the CBM&As conducted by firms in the Chinese emerging capitalist economy. This ought to be investigated. The purpose of this study is to examine the strategic motives and performance of CBM&A activities undertaken by Chinese firms using event study methodology. We examine this issue by focusing on what motivates Chinese companies to engage in cross-border M&As and the extent to which recent corporate acquisitions announced by Chinese companies have resulted in a generation of value for the acquirer.
The rest of the paper is set out as follows: The next section reviews the literature relating to motives of cross-border mergers and acquisitions and value creation for acquirers. Following that is the methodology for the study. The fourth section presents the results and discussion. A summary and conclusions are in the last section. Literature Review
There is an extensive literature on the motives and effects of mergers and acquisitions (M&As) and the market for corporate control for value creation (see Trautwein, 1990; Conn, Cost, Guest and Hughes, 2001; Campa and Hernando, 2004; Aw and Chatterjee, 2004 Gregory and McCorriston, 2005; Moeller and Schlingemann, 2005; and Francoeur, 2005). We review the extant literature focusing specifically on motivation for CBM&As and the evidence accumulated through event studies approach on the returns to shareholders of the acquirer firms.
Motivation for Cross-border M&As
Over the past two decades CBM&As have been a popular strategy for firms and constitute an important mode of entry into foreign markets (See UNCTAD, 2000). Official statistics from UNCTAD (2000) suggested that the share of CBM&As as a percentage of FDI flows rose from 52% in 1987 to 88% in 2000. Although, CBM&As activities as a share of foreign direct investment (FDI) fell to 55% in 2004, the total number of global M&As has been increasing at a rapid rate in recent times. For example, the Financial Times (2007) reported a huge rise in global volume of mergers and acquisition to about $1,130 billion in the first three months in 2007 and this provides a clear indication that mergers and acquisitions remain popular. A number of researchers attribute the phenomenal growth in CBM&As to increasing globalization of business, industry consolidation, privatization, and the liberalization of economies (Shimizu, Hitt, Vaidyanath and Pissano, 2004). Despite this, a study by KPMG (1997/1998) found that only 17% of CBM&As created value for shareholders compared with 53% destroying it. What then motivates firms into engaging in CBM&As? Prominent among the motives found in the extant literature include: Access and Acquisition of Resources and Technology
A number of studies have examined the motivation for CBM&As from the resource-based view (RBV) (see Baum and Oliver, 1991; Hennart, 1991; Eisenhardt and Schoonhoven, 1996; Madhok, 1997) and organizational learning perspectives (Barkema and Vermeulen, 1998; Vermeulen and Barkema, 2001). These studies suggest that CBM&As are motivated by an opportunity to acquire new capabilities and learn new knowledge. Thus as Ohmae, (1989: 145) argues: ―today?s products rely
on so many different critical technologies that most companies can no longer maintain cutting edge sophistication in all of them‖. Therefore, tapping external sources of know-how becomes an imperative. Acquisition of existing foreign business allows the acquirer to obtain resources such as patent protected technology, superior managerial and marketing skills, and overcome special government regulation that create a barrier to entry for other firms (Errunza and Senbet, 1981). Shimizu et al. (2004) endorses this view by suggesting that firms may engage in M&As in order to exploit intangible assets. This line of reasoning is consistent with Caves (1990) who argues that acquisition of foreign competitor enables the acquirer to bring under its control a more diverse stock of specific assets and can therefore seize more opportunities. Schimizu et al (2004) suggest that cross border M&As may also be initiated to internalize an acquirer’s intangible assets to reduce or avoid transaction costs. This view is consistent with the internalization theory which suggests that firms with intangible assets should invest across the border in order to avoid the costly market mechanism of transferring those assets (Buckley and Casson, 1976, Buckley and Cater, 1999). In short, CBM&As may be motivated through the internalization of theacquirer’s various intangible assets. Conversely, the acquirer can also use the target’s intangible assets by the way of reverse internalization. Internalization and reverse internalization can help acquirers to avoid any misappropriation of intangible assets and reduce transaction costs. Seth, Song and Pettit (2000, 2002), Cheng and Chan (1995), Eun, Kolodny and Scheraga (1996), Morck and Yeung (1992) and Markides and Ittner (1994) studies have rendered support for internalization and reverse internalization as motives for CBM&As.
Diversification
Diversification –a well documented strategy for expansion of firm has been suggested as one of the dominant reasons for CBM&As (Seth, 1990; Trautwein, 1990; Shleifer and Vishny, 1992; Markides and Ittner, 1994; Denis, Denis and Yost, 2002). It is argued that international acquisitions do not only provide access to important resources but also allow firms an opportunity to reduce the costs and risks of entering into new foreign markets (Porter and Fuller, 1986; Boateng and Glaister, 2003). Seth
(1990) reported that the desire to reduce risks both operational and financial risks through geographical market diversification are a source of value in cross-border acquisitions but not domestic acquisitions. For example, the sources of value such as those associated with exchange rate differences, market power conferred by international scope, ability to arbitrage tax regimes are unique to international mergers (Manzon, Sharp and Travlos, 1994; Morck and Yeung, 1992; and Seth, Song and Pettit, 2000; 2002). Moreover, as economic activities in different countries are less than perfectly correlated, portfolio diversification across boundaries should reduce earnings volatility and improve investo rs’ risk-return opportunities. A numbers of studies including Erruza, 1977; Lessard, 1973, Logue, 1982 and Davis, 1991 have rendered support for risk reduction through portfolio diversification argument. It therefore follows that firms may engage in CBM&As primarily to reduce risk through diversification.
To Facilitate Faster Entry into Foreign Market
Martin, Swaminathan and Mitchel (1998) have suggested that CBM&As can be used to access new and lucrative markets as well as expanding the market for a firm’s current goods. Similar conclusions have been drawn by Datta and Puia (1995) who stated that CBM&As activity provides the opportunity for instant access to a market with established sales volume. UNCTAD (2000) also indicated that cross-border mergers provide the fastest means for international expansion. Kogut and Singh, 1988; Barkema et al., 1998, Boateng and Glaister, 2003 argued that it is expensive, difficult and time consuming to build up a global organisation and a competitive presence due to issues such as differences in culture, liability of foreignness, different business practices and institutional constraints. CBM&As offer significant time saving in this respect. For example, CBM&As allow an immediate access to a local network of suppliers, marketing channels, clients and other skills.
Efficiency theory
A number of scholars including Friedman and Gibson (1988); Bradley, Desai and Kim (1988); Trautwein (1990) argue that firms engage in mergers to achieve synergies. Synergies stem from combining operations and activities such as marketing,
research and development, procurement and other cost components, which were, hitherto performed by separate firms. Synergy is a broad concept which encompasses different sources of value gains including economies of scale and scope, increasing market share and power, taking advantage of tax and exchange rate differentials between countries. For example, it is argued that by combining operations and activities, mergers can increase firm's capacity and provide an opportunity to reduce costs through economies of large-scale production, pooling resources to produce a superior product and generate a large market share and long-run profitability (Trautwein, 1990, Doukas and Travlos, 1988, Ghauri and Buckley, 2003). Similarly, synergy in CBM&As can also be created by taking advantage of exchange rate differential (Kish and Vasconcellos, 1993) and tax differential between the host and home countries (Servaes and Zenner, 1994). McCann (2001) suggests that lower tax rate will attract inward acquisitions and higher tax rate in a country will inspire outward acquisitions to avoid the damage of domestic higher tax rate. The role of tax rate differential as a motive of CBM&As has also been supported by Froot and Stein (1991), Manzon, Sharp and Travlos (1994), Servaes and Zenner (1994), and Goergen and Renneboog (2004).
Cross border M&As and Acquirers’ Performance
The theory behind the positive returns from CBM&As is premised on the assumption that firms engaged in cross border transactions in foreign markets to exploit the firms’ specific resources to take advantage of market imperfections (Buckley and Casson, 1976; Morck and Yeung, 1992. In other words, prior literature suggests that CBM&As provide integration benefits of internalization, synergy, risk diversification and consequently create wealth for the acquirer-firm shareholders (Kang, 1993; Markides and Ittner, 1994).
The evidence on returns to the acquiring firm shareholders is evenly distributed between studies that report negative cumulative abnormal returns and slightly positive cumulative abnormal returns. For example, a review study carried out by Bruner (2002) reported that out of the 44 studies he surveyed 24 reported positive returns with 20 reporting negative returns for the acquiring firms. This finding is consistent
with the conclusion drawn by Campa and Hernando (2004) who pointed out that the returns to the acquirer firm is less conclusive. A number of studies have reported positive performance indicating that CBM&As actually create value for the bidding firms’ shareholders. For example Morck and Yeung (1992), Markides and Ittner (1994), Manzon, Sharp and Travlos (1994), Doukas (1995), Cakici, Hassel and Tandon (1996), Markides and Oyon (1998), Black, Carnes and Jandik (2001), Kiymaz and Mukherjee (2001), Gleason, Gregory and Wiggins (2002), Kiymaz (2003) and Block (2005) have reported significant bidder return in case of US bidders acquiring foreign target firms. All of the above studies have found significant positive abnormal returns for bidding firms ranging from 0.29% to 1.96% for event windows varying between ten days before and after the announcement date.
Beside the studies that show positive performance of bidding firms, there are other studies that show negative returns for the bidding firms. For example, using market model Mathur, Rangan, Chhachhi and Sundaram (1994) and Datta and Puia (1995) reported significant negative performance for bidders. Using both index model and market model, Danbolt (1995) analysed bidders from different countries that acquired UK firms and reported that acquirers earn significant negative abnormal returns for event window -8 to +5 months. Eun, Kolodny and Scheraga (1996) examined acquiring firm return by using mean adjusted return model. Their study finds that the foreign acquirers of US targets earn statistically significant negative abnormal returns of -1.20% for an event window of -5 days to +5 days for the total sample. Moreover, using market adjusted return model and market model, Aw and Chatterjee (2004) reported that UK bidders earn significant negative abnormal returns of -4.46% and -8.07% in six months and twelve months after the acquisition respectively. In addition to positive and negative announcement performance of bidding firms, there are several other studies that have reported insignificant bidder returns for the overall sample at or around the announcement time of CBM&A (Doukas and Travlos, 1988; Fatemi and Furtado, 1988; Mathur, Chhachhi and Sundaram, 1989; Servaes and Zenner, 1994; Danbolt, 1995; Yook and McCabe, 1996;
Kiymaz and Mukherjee, 2000; Eckbo and Thorburn, 2000; Seth, Song and Pettit, 2000; Campa and Hernando, 2004; and Gregory and McCorriston, 2005).
Summary and Conclusions
This paper examines the motivation and performance of 27 cross-border acquisitions by Chinese firms over the 2000-2005. The study represents the first attempt to examine wealth gains of acquiring firms in China and provides new findings in an under-research geographical region. First, this paper identifies the main motives that influence cross border mergers and acquisitions formation by Chinese firms in foreign markets. The study finds that takeovers by Chinese firms’ abroad are not motivated by a single reason but by a set of multiple motives. The motives include: to facilitate international expansion and diversification?and ―to acquire strategic assets’ including technology, research and development capabilities and other management know-how. This suggests that the motivation for M&As by Chinese firms appears to be intrinsically linked to market development and power and strategic knowledge sourcing. CBM&As by Chinese firms are seen primarily as a means of faster entry into new markets and increase market share thereby gaining the benefits of internalization, synergy and risk reduction through diversification. This study tends to provide support for the survey findings reported by KPMG Management Consulting (1997/1998) in which 'to increase market share' and new presence in other geographical areas were identified as the most important motives for M&As in Europe. A tentative conclusion to be drawn from the results is that mergers in China are used as a competitive weapon designed to obtain technology, market power and synergies.
Regarding the results of event studies, the findings of this study suggest that cross-border mergers and acquisitions by Chinese firms experience significant and positive wealth gains for shareholders of the acquiring firms. The findings lend support to the view that cross-mergers & acquisitions enable international firms to exploit imperfections in product, factor and capital markets, and thus create more gains for their shareholders (Kindleberger, 1969; Caves, 1971; Hymers, 1976; and Froot and Stein, 1991).
The results of this paper have significant implications for policy makers in China. From a public policy perspective, this research signifies the importance of speeding up the economic reforms in China to enable Chinese firms to participate fully and gain the benefits arising from the global market for corporate control. Local firms should be encouraged to engage in mergers and acquisitions of foreign firms to obtain the resources they lack (e.g. proprietary technology and managerial know how) and thus enabling them to develop their firm specific advantages and effectively cope with intensifying competition stemming from Chinese accession to World Trade Organisation (WTO). Despite this study?s contribution, the sample size appears to be the main limitation of this paper and hence we could not investigate the factors influencing the short-term performance. Future studies should focus on the factors which influence the creation of value for Chinese acquirers using multivariate regression analysis.
译文
中国企业的跨国并购：战略动因与绩效分析
Agyenim Boateng Wang Qian Yang Tianle
引言
在过去二十年里中国最显着的发展是不断大力追求市场化改革，旨在加强世界各地的中国企业的竞争力。中国的经济改革政策，积极鼓励中国企业参与对外投资，而不是只吸引外来投资进入中国。因此，在最近几年从事对外跨境并购（CBM＆A）活动的中国企业数量为上存在优势。据报道，2000年1月到2004年12月期间，涉及中国上市公司的共有27起对外并购的交易，分别有11和16例发生在上海和深圳股市。有证据表明，中国企业在此期间实际的跨国并购交易数量远超过这已报道27起，因为许多公司并非上市公司，所以相关的数据都无法使用。
值得留意的是，跨国并购的资金流量从发展中国家流向发达国家和从发达国家流向发展中国家两者间存在巨大的差异。例如，来自发达国家的跨国并购企业与那些来自发展中国家的企业相比很可能会拥有垄断和内部化优势。而来自发达
国家的企业可能会利用他们国外的资源积极参与跨国并购，来自发展中国家的公司可能会通过跨国并购，以探索或寻求东道国的资源。由此可见，企业从新兴经济体向发达国家跨国并购的动机可能会是积极获取无形资产和本国没有的资源，例如中国。这些资产包括卓越的营销能力，产品的差异化，受专利保护的技术，卓越管理的诀窍和规模经济。因此，有人认为，公司试图提高自己的核心竞争力，并由跨国并购活动来填补战略缺口。Vermeulen和Barkema （2001）发现，虽然最初的跨国并购的成本可能会比较高，企业可以扩大他们的知识并提高组织的竞争优势。从长远来看，兼并和收购也许是能力建设和企业组织绩效提高的重要途径。
鉴于跨国并购发挥重要的作用，令人惊奇的是目前还没有中国企业海外并购动机和绩效的研究。同样重要的是要指出，大多数对跨国并购实证研究的重点是从发达国家向发展中国家或其他发达国家进行的。而给予跨国并购从发展中国家到发达国家的关注相对较少。因此，很难一概而论在发达的市场经济中，中国新兴的资本主义经济的企业进行跨国并购得出的结论的适用性。这应该进行调查。本文的目的是研究中国企业通过使用事件研究法，开展跨国并购的战略动机和绩效。我们通过关注已经为收购者产生价值的中国企业宣布是什么促使中国并在何种程度上参与跨国并购来研究这个问题。
本文的其余部分载列如下：下一部分将综述有关跨境并购和对创造价值的收购动机的文献。之后是研究的方法。第四部分介绍成果和讨论。摘要和结论是在最后一节。
文献综述
有关动机和效果的大量文献，兼并和收购（并购）和公司价值创造市场的控制权（见Trautwein，1990；指挥操纵，成本，Guest和Hughes，2001；Campa 和Hernando，2004；Aw和Chatterjee，2004；Gregory和McCorriston，2005；Moeller和Schlingemann，2005；以及Francoeur，2005）。我们回顾了现存文献特别注重动对外跨国并购，并通过事件研究回报给予收购公司股东的方式来积累证据。
跨境并购的动机
在过去的二十年跨国并购一直是流行的企业战略，构成了进入国外市场的重
要方式（参考联合国贸发会议，2000）。联合国贸发会议（2000）官方统计数据显示，跨国并购在外国直接投资流量中所占的百分比的份额从1987年52 ％上升到2000年的88 ％。虽然，2004年跨国并购在外国直接投资（FDI）中所占的比重下降至55％，近几年全球并购总数以极快的速度一直在增加。例如，金融时报（2007）报道了在2007年的前三个月全球大幅上升的兼并和收购总量约11300亿美元，这提供了一个明确的迹象显示，兼并和收购仍然很受欢迎。一些研究人员把跨国并购惊人的增长归因于日益全球化的企业，行业整合，私有化和经济的自由化（Shimizu，Hitt，Vaidyanath和Pissano，2004）。尽管如此，一项由毕马威会计师事务所（1997 /1998）的研究发现，只有17％的跨国并购为股东创造价值，而有53 ％的跨国并购是失败的。那么，是什么促使公司加入到跨国并购中？在现存的文献中找到的动机中最突出的包括：
（一）市场进入，资源与技术的获取
许多研究已从资源基础观（RBV）（见Baum和Oliver ，1991；Hennart，1991；Eisenhardt和Schoonhoven，1996；Madhok，1997）和组织学习观的角度审查跨国并购的动机（Barkema和韦尔默朗，1998 ;默朗和Barkema ，2001）。这些研究表明，跨国并购的动机是有机会获得新的能力和学习新的知识。因此正如Ohmae, (1989: 145)所认为：―今天的产品依赖于大多数企业不能再维持这么多不同的尖端复杂的关键技术‖。因此，利用外部资源已成为当务之急。收购现有的外国企业允许收购方获得如专利保护的技术，卓越的管理和销售技能的资源，并克服东道国政府为其他公司设置门槛的特殊调控，（Errunza和Senbet，1981）。Shimizu等（2004）赞同这一观点，这表明企业可以参与并购，以利用无形资产。这种推理是与Caves（1990）所认为的收购海外竞争对手使收购企业能够控制特定资产更多元化的股票，因此可以抓住更多的机会的观点是一致的。
Schimizu等人（2004）认为，跨国并购也可以发起一个收购内在―非物质资产，以减少或避免交易成本。这种观点与内部化理论是一致的，这表明企业的无形资产应选择跨国投资，以避免市场机制下转让该等资产的昂贵成本（Buckley 和Casson，1976；Buckley和Cater，1999）。总之，跨国并购可被收购各种无形资产的内在动机所刺激。相反，收购方也可以通过逆向内化的方式利用目标企业的无形资产。（完整译文请到百度文库）内化与外化可以帮助收购企业避免任何
英文文献及翻译 文献题目An Overview of Servlet and JSP Technology 文献作者Nagle ,Wiegley 题目翻译Servlet和JSP技术简述 参考人 院 (系) 专业班级 学号
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企业创新战略外文翻译文献(文档含中英文对照即英文原文和中文翻译) 翻译之一： Choosing an innovation strategy: theory and practice Author：Joseph T. Gilbert Nationality：America Derivation：Business Horizons, Nov-Dec, 1994 Innovations come as both inventions and adoptions. They come in many types and vary greatly in complexity and scope. Companies attempting to
make a profit cannot continue for long periods without innovating. If they try, their customers will leave them for firms with more up-to-date products or services. It is an observed fact that different companies take different approaches to the use of innovation in attempting to improve their performance. Both academic and practitioner publications in recent years have contained a great deal of writing about innovation, the subjects of which have ranged from comparisons of national patterns of innovation to studies of individual innovations. However, little has been published regarding one issue of both theoretical and practical importance: the innovation policy or strategy of individual firms. Business strategy as a field of study is concerned with how a company competes in its chosen business. It deals with the analysis of a firm's strengths and weaknesses and the opportunities and threats presented by the firm's environment. Strategy looks toward consistent execution of broad plans to achieve certain levels of performance. Innovation strategy determines to what degree and in what way a firm attempts to use innovation to execute its business strategy and improve its performance. To choose an innovation strategy, managers might logically start by thinking about various kinds of innovations and their requirements. We shall discuss three major features of innovation, and analyze each in terms of distinct opposites, even though innovations found in the real world more often appear at various points between these opposites. Innovation is sometimes used in a limited sense to refer only to inventions (products, services, or administrative procedures that no other firm has introduced). More often, however, it applies in a more general sense that includes both invention as described above and imitation (adoption by a firm of a product, service, or administrative procedure that is not an invention but is new to that firm). We use the term in this second sense. Innovations can be characterized in a variety of ways. In the following
本科毕业论文（设计） 外文翻译 原文： Performance Evaluation, Economic Value Added and Managerial Behaviour 1. Introduction For the past two decades many countries started transforming their economies from traditional protected ones to those of more liberalized, globalised and market driven. This period has also seen the economies becoming more knowledge oriented and Human Resources started assuming more prominence in the growth of the economies and businesses. But this has also posed a greater challenge for companies to acquire and retain talented workforce (especially at the strategic & managerial levels). The knowledge economy also started witnessing the rapid rise of the agency problem- conflict of interest between managers and owners. The managers – in their role as the agents–are expected to act in the best interests of the shareholders (principals). Managers will act in shareholders’ interests only if they have right incentives. So it is very essential to align the interests of the managers and shareholders or at least reduce the difference between them. So we need a measure that on one hand rightly measures the managerial performance so that he managers – with talent and greater mobility- can be suitably compensated (and hence retained) and on the other aligns the interests of the managers and shareholders. For some time now Stock Price was thought to be an ideal measure achieving the above objectives. However stock price has many limitations. We shall discuss the pitfalls of stock price as a performance measure before evaluating some of the traditional performance measures and then introduce Economic Value Added as the right measure of managerial performance 2. Traditional Measures of Managerial Performance
绩效管理外文翻译外文文献中英翻译____________________________________________________________________ ________________________ Performance management-how to appraise employee performance Abstract Performance appraisal is an important content of human resource management in modern enterprises. According to the problems existing at the present stage Chinese enterprise performance evaluation, put forward the improvement measures to improve the performance appraisal. Performance management is the responsibility between managers and employees and improve the communication performance of the ongoing. The partners should understand why they become partners, thereby supporting the work. Performance evaluation is a part of performance management, do not confuse the two Introduction Challenges of performance management Reasons to avoid performance management: Manager: reports and program has no meaning; no time; afraid of conflict; feedback and observation. (performance management, prevent problems in investment in time, ensure the managers have the time to do the thing you should do staff: bad experience; what was about to happen no bottom; do not understand the significance of performance management; don't like received criticism. Criterion two, performance management, organizational success: 1 Factors: coordination among units means,
营销策略外文翻译文献 (文档含中英文对照即英文原文和中文翻译)
译文: 营销策略 内容提要：为了组织的销售能是成功的，它需要根据一个营销策略计划来帮助保证其努力的目标和宗旨与市场的需要想吻合。营销策略审查市场以确定潜在顾客的需要，竞争者的战略和市场地位，并且尝试制定出一套能使组织在市场上获取或维护竞争优势的相关战略。有一些因素会对营销策略计划的发展造成冲击性的影响，它包括内部因素例如组织的财产、技能和组织文化，外在因素例如各种各样的市场驱动者、市场或产业运作方式、战略窗口和竞争的本质。一个优选的营销策略计划也需具备一套意外情况防备策略以应对市场治理及组织生产能力的不确定性。 关键词：竞争优势竞争策略市场地位市场份额营销销售计划组织文化营销策略 营销策略简述 无论组织的产品或服务多么好，除非它们的价值能被传达给潜在的顾客，否则组织依然无法实现它的使命。这种传达和交流是组织内市场营销功能的职责。根据美国市场协会，营销是“一个组织效能和一套创造过程、交流和传达产品价值给顾客、处理与顾客关系的有益于组织和它的利益共享者的方式”。营销作用包括相辅相成的两方面。营销策略在市场上审查市场来确定潜在顾客和竞争者本质的需要，并且试图开发
出在市场上将使组织获取或维护竞争优势的战略。操作的营销被建立在营销策略作用和贯彻各种各样的计划和策略(包括适当的混合营销的发展)吸引顾客和促进顾客忠实的基础之上的。 产品和服务营销的方法 有很多的方式能用来销售你的产品或服务包括做广告，直接响应、推销活动和宣传。然而，除非你能了解顾客、市场和产业的需要并且竞争的优势和劣势，否则这些方法是不太可能成功的。营销策略帮助一个组织尖化它的焦点和在市场顺利地竞争。营销策略与二个组分有关：目标市场和用最佳的方式传达你的产品价值或服务到那个市场。一个可实行的销售方针的发展取决于几个关键维度。首先，与组织之内的所有全球性战略一样，一个成功的销售方针需要由在组织之内的最高管理层签名。销售方针本质上也具有政治性的色彩：在组织之内的强有力的单位在最佳的销售方针也许不同意，并且协议也许需要谈判达成。销售方针也许受组织文化的也影响，并且那得假定这发生。例如，如果组织总是销售它的装饰物给商业主管，它也许就看不到组织之内的低层人员甚至是成人或少年的个人消费潜力。 实施战略销售计划发展的因素 存在一些能冲击战略销售计划发展的因素，这些因素首先包括组织已经拥有或它可能欣然获取的财产和技能。例如，如果组织拥有一个重大编程的部门，就为它能做和销售应用软件提供了可行性的条件。然而，如果这些人员已经在其他工作介入并且不能自由研究一个新的软件项目，并且组织没能力聘用另外的程序员，起始一条新的软件线是不妥当
外文文献原稿和译文 原稿 Performance management - how to appraise employee performance Abstract Performance appraisal is an important content of human resource management in modern enterprises. According to the problems existing at the present stage Chinese enterprise performance evaluation, put forward the improvement measures to improve the performance appraisal. Performance management is the responsibility between managers and employees and improve the communication performance of the ongoing. The partners should understand why they become partners, thereby supporting the work. Performance evaluation is a part of performance management, do not confuse the two Introduction Challenges of performance management Reasons to avoid performance management: Manager: reports and program has no meaning; no time; afraid of conflict; feedback and observation. (performance management, prevent problems in investment in time, ensure the managers have the time to do the thing you should do staff: bad experience; what was about to happen no bottom; do not understand the significance of performance management; don't like received criticism. Criterion two, performance management, organizational success: 1 Factors: coordination among units means, towards a common goal; problem, find the problems, find problems or prevent problems; obey the law, be protected
战略管理研究参考文献 （总目录） 项保华2003-5-31 重要说明：本目录经过多届博士生的共同努力，于2003年5月整理完成，主要提供本人指导的战略管理研究方向的博士生学习参考之用。可以认为，只要通读了本目录的大部分文献，必将能够对战略管理领域的当前及经典理论、方法有比较系统的把握。若能在此基础上潜心感悟，加强与同行的交流探索，定可具备解决具体战略理论与实践问题的创新思路与实用技能，从而顺利完成博士学位论文的选题与撰写。作为战略管理研究方向博士生培养的业务目标定位为，通过对战略理论与实践的系统学习，达到胜任国内重点高等院校战略领域的教学、研究、咨询工作之要求。所以，对于硕士生以及非战略管理研究方向的博士生而言，不作全面通读本目录文献之要求，各位可以根据自己的兴趣，从本目录中选取部分文献阅读，以作为参与战略课程学习之补充。 学习建议：以具体老师为师的范围终有限，而以文献为师则可延请古今中外名家赐教，广泛借鉴吸收多方面的见解。多读、多思、多写，书山无路勤为径，以学为乐恒则成！谨以此与各位共勉！ 1、中文部分 为人经世 ?孔子, 论语（网上下载） ?老子, 道德经（网上下载） ?孙子, 孙子兵法（网上下载） ?马基雅维里（1469-1527）, 君主论, 中国社会出版社, 1999 ?葛拉西安（1601-1658）, 智慧书——永恒的处世经典（网上下载） ?何兆武, 西方哲学精神, 清华大学出版社, 2002 ?墨顿·亨特, 心理学的故事, 海南人民出版社, 1999 ?维克托·E.弗兰克尔, 人生的真谛, 中国对外翻译出版公司, 1994
? E. 迈尔, 生物学思想发展的历史, 四川教育人民出版社, 1990（网上下载） ?威尔逊, 新的综合：社会生物学（李昆峰编译）, 四川人民出版社, 1985（网上下载） 战略总论 ?项保华, 战略管理——艺术与实务（第3版）, 华夏出版社, 2003 ?明茨伯格等, 战略历程：纵览战略管理学派, 机械工业出版社, 2002 ?拜瑞·J·内勒巴夫；亚当·M·布兰登勃格, 合作竞争（Co-Opetition）, 安徽人民出版社, 2000 ?迈克尔·波特, 竞争战略（原著1980年出版）, 华夏出版社, 2003 ?迈克尔·波特, 竞争优势（原著1985年出版）, 华夏出版社, 2003 ?迈克尔·波特, 国家竞争优势（原著1990年出版）, 华夏出版社, 2002 ?迈克尔·波特等, 未来的战略, 四川人民出版社, 2000 ?格里·约翰逊；凯万·斯科尔斯, 公司战略教程, 华夏出版社, 1998 ?小乔治·斯托尔克等, 企业成长战略, 中国人民大学出版社、哈佛商学院出版社, 1999 专题探讨 ?保罗·索尔曼、托马斯·弗利德曼, 企业竞争战略, 中国友谊出版公司, 1985 ?罗伯特·艾克斯罗德, 对策中的制胜之道：合作的进化, 上海人民出版社, 1996 ?约瑟夫·巴达拉克, 界定时刻——两难境地的选择, 经济日报出版社、哈佛商学院出版社, 1998 ?芝加哥大学商学院、欧洲管理学院、密歇根大学商学院、牛津大学赛德商学院, 把握战略：MBA战略精要, 北京大学出版社, 2003 ?哈默尔、普拉哈拉德, 竞争大未来, 昆仑出版社, 1998 ?尼尔·瑞克曼, 合作竞争大未来, 经济管理出版社, 1998 ?卡尔·W.斯特恩、小乔治·斯托克, 公司战略透视, 上海远东出版社, 1999 ?乔尔·布利克、戴维·厄恩斯特, 协作型竞争, 中国大百科全书出版社, 1998
绩效考核外文文献及翻译 外文文献 1.Performance appraisals - purpose and how to make it easier Performance appraisals are essential for the effective management and evaluation of staff. Appraisals help develop individuals, improve organizational performance, and feed into business planning. Formal performance appraisals are generally conducted annually for all staff in the organization. His or her line manager appraises each staff member. Directors are appraised by the CEO, who is appraised by the chairman or company owners, depending on the size and structure of the organization. Annual performance appraisals enable management and monitoring of standards, agreeing expectations and objectives, and delegation of responsibilities and tasks. Staff performance appraisals also establish individual training needs and enable organizational training needs analysis and planning. Performance appraisals also typically feed into organizational annual pay and grading reviews, which commonly also coincide with the business planning for the next trading year. Performance appraisals generally review each individual's performance against objectives and standards for the trading year, agreed at the previous appraisal meeting. Performance appraisals are also essential for career and succession planning - for individuals, crucial jobs, and for the organization as a whole. Performance appraisals are important for staff motivation, attitude and behavior development, communicating and aligning individual and organizational aims, and fostering positive relationships between management and staff. Performance appraisals provide a formal, recorded, regular review of an individual's performance, and a plan for future development. Job performance appraisals - in whatever form they take - are therefore vital for managing the performance of people and organizations. Managers and appraises commonly dislike appraisals and try to avoid them. To these people the appraisal is daunting and time-consuming. The process is seen as a difficult administrative chore and emotionally challenging. The annual appraisal is maybe the only time since last year that the two people have sat down together for a meaningful one-to-one discussion. No wonder then that appraisals are stressful - which then defeats the whole purpose. Appraisals are much easier, and especially more relaxed, if the boss meets each of the team members individually and regularly for one-to-one discussion throughout the year. Meaningful regular discussion about work, career, aims, progress, development, hopes and dreams, life, the universe, the TV, common interests, etc., whatever, makes appraisals so much easier because people then know and trust each other - which reduces all the stress and the uncertainty. Put off discussions and of course they loom very large. So don't wait for the annual appraisal to sit down and talk. The boss or the appraises can instigate this. If you are an employee with a shy boss, then take the lead. If you are a boss who rarely sits down and talks with people - or whose people are not used to talking with their boss - then set about relaxing the atmosphere and improving relationships. Appraisals (and work) all tend to be easier when people communicate well and know each other. So sit down together and talk as often as you can, and then when the actual formal appraisals are due everyone will find the whole process to be far more natural, quick, and easy - and a lot more productive too. 2.Appraisals, social responsibility and whole-person development There is increasingly a need for performance appraisals of staff and especially managers, directors and CEO's, to include accountabilities relating to corporate responsibility, represented by various converging corporate responsibility concepts including: the “Triple Bottom Line”; c orporate social responsibility (CSR); Sustainability; corporate integrity and ethics; Fair Trade, etc. The organization must decide the extent to which these accountabilities are reflected in job responsibilities, which would then
第三方物流问题战略外文翻译文献 (文档含英文原文和中文翻译) 我国第三方物流中存在的问题、原因及战略选择 【摘要】我国物流业发展刚刚起步，第三方物流的理论和实践等方面都比较薄弱。本文指出我国第三方物流存在的问题在于国内外第三方物流企业差距、物流效率不高、缺乏系统性管理、物流平台构筑滞后、物流管理观念落后等。分析了产生上述问题的原因，并提出了精益物流、中小型第三方物流企业价值链联盟、大型第三方物流企业虚拟化战等三种可供选择的第三方物流企业发展战略。【关键词】第三方物流；精益物流战略；价值链联盟；虚拟化战略 1引言 长期以来，我国国内企业对采购、运输、仓储、代理、包装、加工、配送等
环节控制能力不强，在“采购黑洞”、“物流陷井”中造成的损失浪费难以计算。因此，对第三方物流的研究，对于促进我国经济整体效益的提高有着非常重要的理论和实践意义。本文试图对我国策三方物流存在的问题及原因进行分析探讨，并提出第三方物流几种可行的战略选择。 2 我国第三方物流业存在的主要问题 (一)我国策三方物流企业与国外第三方物流企业的差距较大，具体表现在以下几个方面： 1、规模经济及资本差距明显。由于国外的大型第三方物流企业从全球经营的战略出发，其规模和资本优势是毫无疑问的，尤其初创时期的我国策三方物流业，本身的规模就很小，国外巨头雄厚的资本令国内企业相形见绌。 2、我国策三方物流业企业提供的物流服务水准及质量控制远不如国外同行。当国内一些企业还在把物流理解成“卡车加仓库“的时候，国外的物流企业早已完成了一系列标准化的改造。同时，国外的物流组织能力非常强大，例如德国一家第三方物流公司，公司各方面的物流专家遍布欧洲各地。如果有客户的货物需要经达不同的国家，那么欧洲各地的这些专家就在网上设计出一个最佳的物流解决方案。这种提供解决方案的能力就是这第三方物流公司的核心能力，而不像国内公司号称拥有多少条船，多少辆车。 3、我国加入 WTO 后物流产业的门槛降低。在物流服务业方面：我国承诺所有的服务行业，在经过合理过渡期后，取消大部分外国股权限制，不限制外国服务供应商进入目前的市场，不限制所有服务行业的现有市场准入和活动。同时在辅助分销的服务方面也作出了类似的承诺。这些方面的限制将在以后 3—4 年内逐步取消，在此期间，国外的服务供应商可以建立百分之百的全资拥有的分支机构或经营机构，国内物流服务业将直面国际竞争。 (二)资源浪费严重，第三方物流效率不高。 从微观上看，由于受计划经济体制的影响，长期以来许多企业，尤其是国有企业走的是“大而全”、“小而全”的路子，它们拥有自己的仓库、车队、甚至远洋船队，造成物流过程的大量浪费，具体表现为仓库的闲置，物流业经营分散，组织化程度低，横向联合薄弱。而能够提供一体化、现代化、专业化、准时化、高效服务的第三方物流企业则很少。从宏观上看第三方物流未能跟上经
外文文献翻译译文 一、外文原文 Corporate Performance Management Abstract Two of the most important duties of a chief executive officer are (1) to formulate strategy and (2) to manage his company’s performance. In this article we examine the second of these tasks and discuss how corporate performance should be modeled and managed. We begin by considering the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies, and then proceed to explain how the functioning of a company can be understood by an examination of its business, operational and performance management models. Next we describe the structure recommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system is the corporate performance evaluation model, the structure of which is mapped into the planning system’s database, simulation models and budgeting tools’ structures, and also used to shape information contained in the system’s products, besides being the nucleus of the language used by the system’s agents to talk about corporate performance. The ontology of planning, the guiding principles of corporate planning and the history of ”MADE”, the corporate performance management system discussed in this article, are reviewed next, before we proceed to discuss in detail the structural components of the corporate planning and control system introduced before. We conclude the article by listing the main steps which should be followed when implementing a performance planning, control and evaluation system for a company. 1.Introduction Two of the most important corporate tasks for which a chief executive officer is p rimarily responsible are (1) to formulate strategy and (2) to manage the company’s performance. In this article we examine the second of these tasks and discuss how