文献出处：Saat M, Himmelsbach J. Sustainable Merger and Acquisition Transactions–Important Aspects as Part of a Process Model Especially for Enterprises in the Service Market [J].International Journal of Business and Social Science, (2014):65-74.
原文
Sustainable Merger and Acquisition Transactions–Important Aspects as Part of a Process Model Especially For Enterprises in
the Service Market
Maksim Saat
Department of Business Administration
Tallinn University of Technology
Abstract
The recent years have seen worldwide an unprecedented wave of mergers and acquisitions. However empirical research studies show a high failure rate of implemented M&A transactions in enterprises in the service sector. The aim of the paper is to show important success factors for sustainable M&A transactions in enterprises in connection with a newly developed holistic concept for national and international M&A processes for the testing service market (TICET market) and for the service sector market in general. This important success factors are especially the developed and implemented risk management model and the innovation management. Furthermore the results of the developed holistic M&A process model will be analysed, measured and objectivised with the help of a case study, and management instruments will be highlighted. As part of the case study the results of M&A transactions carried out by TüV NORD and by its main competitor TüV SüD were used.
Keywords: Sustainable M&A transaction, holistic M&A Model, Risk Management Model, Innovation Management, Competition Analysis, Benchmark Analysis.
1. Introduction
A lot of publications and studies show the enormous importance of Merger and Acquisition (M&A) transactions in the context of realising growth and profit targets and the accompanying value increase in an enterprise [2, 3]. Against this background the implementation of sustainable M&A transactions allow the assumption that M&A should be a very successful strategy for the development of enterprises. However, an analysis of the numerous available empirical research studies shows a high failure rate of implemented M&A transactions. For example, a study made by J.P. Morgan showed a failure rate in the implementation of mergers of approximately 40%; the failure rate of M&A transactions in the service sector was even higher, at around 50% [4, 5, 6].
In the relevant scientific literature most publications on the topic of M&A only present a rough and not detailed process structuring of M&A transactions and they vary from author to author. For example the authors Picot, Grill, Bauer, Düsterlho, Berens, Brauner, Strauch [7, 8, 9, 10] present only several parts of a holistic M&A process model. While other authors as Theurl, Tsch pel [11] show only rough structural concepts of M&A processes.
However, according to the intense research by the authors, no detailed and holistic concept exists which considers the special features of M&A processes in the testing service market and in the service sector market in general. In these circumstances the aim of the authors of the paper in the first step is to show the most important success factors innovation management and the risk management model as parts of a newly developed holistic concept for national and international M&A processes, especially for the testing service market (TICET market) and for the service sector market in general.
In the second step, the results of the developed holistic M&A process model will be analysed, measured and objectivised with the help of a case study, and management instruments will be highlighted.
As part of the case study the results of M&A transactions carried out by TüV
NORD (more than 10.000 employees) and by its main competitor in the business field – TüV SüD (more than 16.000 employees) – were used [12, 13]. Both enterprises are global leaders in the testing service market with comparable business activities and with more than 140 years of enterprise history. The testing service market has an estimated market volume of at least €40-50 billion.
2. Newly Developed Holistic National and International M&A Process Model
In this section, the most important aspects of the holistic M&A process model, which has been developed by the authors specifically for enterprises in the testing service market and also for the service market, is presented together with many success factors, by using the example of TüV NORD in comparison with TüV SüD. The newly developed holistic national and international M&A process model consists of the following three phases, and is shown in the figure 1.
With the support of the authors, special attention is given in the following to both the newly developed and implemented the risk management model and the innovation management. These aspects will be shown in the paper and their means of implementation are especially necessary as parts of a successful sustainable acquisition processes.
2.1. Risk management model in connection with sustainable M&A transactions
In the last seven years, the TüV NORD Group has made 28 acquisitions. 17 of the enterprises purchased are headquartered in Germany and 11 abroad. Due to the acquisitions, the number of employees has increased from more than 2,000 to more than 10,000. At the same time period the TüV SüD Group also has acquired 28 enterprises [14].Against the background of new knowledge and experience gained in connection with the expansion of the TüV NORD Group, the risk management is continuously developed and extended.
In order not to have to register unknown or unforeseen risks in the context of the integration of acquired enterprises, a risk analysis should be performed in the context of the acquisition process. However, risk analysis is different from operational risk management, in particular with regard to its project character and information basis (publicly available information and information provided by the target enterprise)[15].
Risk analysis should include the most important elements of risk management, i.e. risk identification and risk evaluation, and can be integrated into the due diligence process. A due diligence procedure also should be carried out for each acquisition. {According to Section 11 of the US Securities Act of 1933, brokers reproached for having withheld important information from investors were able to relieve themselves from personal liability by the defence of due diligence. To do this, they had to prove, among other things, that as a consequence of an appropriate investigation they had reasonably believed that all information published had been true and no essential information had been omitted[16]}.
The aim of due diligence has to be the identification of all risks of an enterprise and their subsequent minimization or inclusion into the calculation of the enterprise value. In a due diligence process the enterprises can also cooperate with external advisors such as auditing and law firms to perform due diligence checks and risk analyses.
In the following, the authors will deal with issues of risk management or risk analysis in the acquisition processes which are of great importance for every enterprise. For this background to ensure a complete record of all important risks, it is necessary to adopt a systematic process to identify them, which was developed and implemented from the authors in the TüV NORD Group in the last years to reduce the risks concerning acquisitions. For this the issues will be classified by external and internal influences on the enterprise (Figure 2). With regard to the risk levels and risk fields established, all the relevant risks must be identified, measured and describe as precisely as possible.
External Influences on the Enterprise
At the "global environment" risk level, in particular the issues of macroeconomic development, technological development and political-legal development are of very great importance for every enterprise and also to the TüV NORD Group. Furthermore the issues of socio-cultural and ecological development are to consider.Macroeconomic development in particular includes cyclical risks which find expression in the fluctuation of economic variables (e.g. gross domestic product) of a
national economy and foreign currency and inflation risks [17].
To enable the assessment of such risks for a country in which an acquisition is planned publicly available information provided by financial or research institutions can be used. The country-specific risk potential is estimated on the basis of this data. In its assessment of the technological developments and the associated technological risks, the TüV NORD Group usually relies on own Know-How which is supplemented by publicly available studies. Where own Know-How does not exist because the acquisition is made to set up a new business division, enterprises often cooperates with external advisors who prepare expert reports on the further technological development of the market in question. On this basis, the risk potential is estimated.
Political-legal risks identified by enterprises basically are the following (additional detailed explanations see [17]):
Fiscal risks: Fiscal measures by governments may present a risk to enterprises.
Transfer risks: Governments may make retransfer of invested capital, e.g. in the form of distribution of profits, difficult.
Expropriation and terrorism risks
Corruption risks: Regular publication of country rankings provides an overview which likewise is very important to enterprises due to the corporate governance and compliance obligations.
Legal risks: These may be the lack of basic conditions for quality, liability and protection risks or the general jurisdiction.
In the context of an acquisition project, the political-legal risks are also determined, analysed, assessed and compiled. Central to the risk field socio-cultural developments are circumstances and changes in demographic features (e.g. age structure) or social values, attitudes and norms (e.g. attitudes to the environment).Ecological developments arising from the exploitation of finite resources or changed environmental and climatic conditions (e.g. environmental disasters) may represent risks for an enterprise.
At the "competitive environment" risk level, the competitors, suppliers and
customers issues are often of great relevance to enterprises. Therefore, a detailed analysis of the competitor, supplier and customer situation in a country is performed in the context of the acquisition process. For instance, the general price, service and quality level of testing services, the possibility of new customers entering (entry barriers) or the customers' market power and payment behaviour are analysed in connection with this.
Internal Influences on the Enterprise
At the "enterprise internal" risk level, all issues are very important always in the case of acquisitions which are why during an acquisition process a due diligence check including a risk analysis for the enterprises to be acquired is carried out jointly with local public accountants and lawyers.
With regard to this, risks may result from an enterprise's strategy/corporate governance, e.g. with respect to questions of composition of the service portfolio, choice of location enterprise investments.
Risks in connection with human resources or cultural aspects are of the highest importance for all service related enterprises because the business model is based on the provision of services by people, not machines. Accordingly, it is important for the management of enterprises to detect risks in connection with key persons (Know-How carriers) at enterprises to be acquired and reduce them by contractually binding these key persons to the enterprise at least for a certain time. Without such agreements which serve to reduce the risk potential, an acquisition should usually not be performed.
Jointly with public accountants, the management of enterprises look for financial risks or risks with regard to the assets of the enterprise to be acquired. These may in particular be found in various items of the balance sheet such as the intrinsic value of receivables from customers or fixed assets (e.g. values of buildings, machines, technical installations and the equipment of the IT system), pension plans or risks arising from under-insurance.
External lawyers can be involved in particular in the determination of organisation risks or business process or project risks. Risks may concern the
operational and the organisational structure or exist in the business processes along the value-added chain. There also may be risks in an individual current or future project, environmental or quality management.
At the end of the acquisition process, all risks in connection with external and internal influences on the enterprise which have been identified have to be compiled and assessed.
Based on these reports, the board of management and if existing the supervisory board of enterprises have to decide whether or not the acquisition will be made. In this way, there should be a close interlocking between the enterprisesrisk management and the acquisition management already prior to an acquisition. In the next section especially the innovation management as part of the holistic national and international M&A process model is presented.
译文
可持续的并购业务
——尤其是企业在服务市场上流程模型的重要方面
马克西姆萨特
企业管理系
塔林理工大学
塔林，12618，爱沙尼亚
约根
汉德技术监督服务有限公司财政部
埃森，45259，德国
摘要
近年来出现了全球前所未有的并购浪潮。然而实证研究显示了企业服务部门并购交易高失败率的现实。本文的目的是为企业并购交易提供重要的成功因素，并且为国家和国际并购流程测试服务市场(TICET市场)和服务业市场提供一个新开发的的整体概念。这个重要的成功因素在实现风险管理模型和创新管理上尤其显著。此外，这个整体性的并购流程模型的结果分析显示，在案例研究和管理工
具的帮助下。作为案例研究结果的一部分，汉德集团和其主要竞争对手德国莱茵南商贸易将进行并购交易。
关键词:可持续的并购交易，整体并购模型，风险管理模式，创新管理，竞争分析，基准分析。
1．引言
大量的作品和研究显示,合并和收购(并购)在实现经济增长、利润目标和相应的企业价值增加的情况下非常重要[2、3]。在此背景下，可持续的并购交易的实现允许这样一个假设的存在，并购应该是一个非常成功的企业发展战略。然而,许多可用的实证研究显示，企业并购交易实现的失败率较高。例如,摩根大通(J.P. Morgan)的一项研究显示，实施并购的失败率约为40%,失败的并购交易在服务行业甚至更高,在50%左右[4、5、6]。
在相关科学文献中大多数关于并购的主题只是一个粗略的而不是详细的过程构建，他们的描述因作者而异。例如作者皮科，格里尔，鲍尔，贝朗斯，布拉维恩，施涛河[7, 8, 9, 10]只描述几个部分的并购流程模型。而其他作者Theurl,，贝利[11]只解释并购过程的粗糙结构的概念。
然而,根据作者们进一步的研究表明，在考察服务市场和服务行业市场时，并购过程的特点没有详细和全面的概念存在。在这种情况下，作者在第一阶段的目是展示创新管理最重要的成功因素，风险管理模型作为国家和国际并购过程一个新开发的整体概念，特别是考察服务市场(TICET市场)和服务行业市场。
在第二步中，发达国家整体并购流程模型的结果分析，在实践性和客观性案例研究的帮助下，管理工具的优势突出。
作为案例研究的一部分,并购交易的结果由汉德集团（超过10000员工）以及在业务领域的主要竞争对手——德国莱茵南南贸易（超过16000员工）所使用[12,13]。测试服务市场类似的业务活动和超过140年历史的企业都是全球性的领导者。测试服务市场的市场容量至少有€40 - 50美元。
2．新开发的整体国家和国际并购流程模型
在本节内容中，整体并购流程模型最重要的方面即：由作者开发的专门为企业测试服务市场和服务市场，加上许多成功的因素，通过应用汉德集团与德国莱
茵公司相比较的案例。新开发的整体国家和国际并购过程模型包括以下三个阶段,如图1所示。
在作者的支持下，新开发和实施风险管理模型以及创新管理得到了特别的关注。这些方面将在本文得到展示，其实施方法在部分成功的可持续收购流程中尤其重要。
2.1风险管理模型与可持续的并购交易
在过去的七年里，汉德集团的收购达28次。购买的企业，总部在德国的有17个，在国外有11个。由于收购，员工人数已从2000多增加到10000多。同一时期，德国莱茵集团也收购了28家企业，在新知识与经验的背景下，德国莱茵集团得到了扩张，其管理的风险也不断升级与扩张。
在收购企业的过程中，为了不获得未知或不可预见的风险，应当在收购的过程中进行风险分析。然而，风险分析不同于操作风险管理,要对其项目特点和信息基础进行分析(公开信息和提供的信息目标企业) [15]。风险分析应包括风险管理的最重要的元素,即风险识别和风险评价,可以集成到详细的调查过程。详细的调查过程中也应该为每个收购进行。{根据1933年美国证券法案的第11节，经纪人责备投资者隐瞒重要信息，从而能够减轻自己法人责任。要做到这一点,他们必须证明,除此之外,由于合理的调查结果，他们认为所有的信息发布都是真实的，没有省去必要的信息[16] }。
调查的目的是识别一个企业的所有风险以及企业价值的计算。在尽职调查过程中，企业也可以配合审计等外部顾问和律师事务所进行尽职调查和风险分析。
在下文中，作者将针对风险管理的问题或每个企业重视的收购过程中的风险分析问题进行探讨。在确保一个完整的记录所有重要风险的背景下，有必要采用一种系统过程来识别他们，从作者开发和实施在德国莱茵集团在过去的几年来减少有关收购的风险。对于这个问题将由外部和内部分类对企业的影响(图2)。对建立的风险水平和风险领域,必须确定所有相关的风险,尽可能精确的测量和描述。
外部因素对企业的影响
在“全球环境”风险中，特别是宏观经济发展的问题，（完整译文请到百度文库）技术开发和政治法律环境的发展是每一个企业、也是汉德集团非常重视的
工业设计原著选读 优秀的产品设计 第一个拨号电话1897年由卡罗耳Gantz 第一个拨号电话在1897年被自动电器公司引入，成立于1891年布朗强，一名勘萨斯州承担者。在1889年，相信铃声“中央交换”将转移来电给竞争对手，强发明了被拨号系统控制的自动交换机系统。这个系统在1892年第一次在拉波特完成史端乔系统中被安装。1897年，强的模型电话，然而模型扶轮拨条的位置没有类似于轮齿约170度,以及边缘拨阀瓣。电话，当然是被亚历山大格雷厄姆贝尔（1847—1922）在1876年发明的。第一个商业交换始建于1878（12个使用者），在1879年，多交换机系统由工程师勒罗伊B 菲尔曼发明,使电话取得商业成功,用户在1890年达到250000。 直到1894年，贝尔原批专利过期，贝尔电话公司在市场上有一个虚拟的垄断。他们已经成功侵权投诉反对至少600竞争者。该公司曾在1896年，刚刚在中央交易所推出了电源的“普通电池”制度。在那之前，一个人有手摇电话以提供足够的电力呼叫。一个连接可能仍然只能在给予该人的名义下提出要求达到一个电话接线员。这是强改变的原因。 强很快成为贝尔的强大竞争者。他在1901年引进了一个桌面拨号模型，这个模型在设计方面比贝尔的模型更加清晰。在1902年，他引进了一个带有磁盘拨号的墙面电话，这次与实际指孔，仍然只有170度左右在磁盘周围。到1905年，一个“长距离”手指孔已经被增加了。最后一个强的知名模型是在1907年。强的专利大概过期于1914年，之后他或他的公司再也没有听到过。直到1919年贝尔引进了拨号系统。当他们这样做，在拨号盘的周围手指孔被充分扩展了。 强发明的拨号系统直到1922年进入像纽约一样的大城市才成为主流。但是一旦作为规规范被确立，直到70年代它仍然是主要的电话技术。后按键式拨号在1963年被推出之后，强发明的最初的手指拨号系统作为“旋转的拨号系统”而知名。这是强怎样“让你的手指拨号”的。 埃姆斯椅LCW和DCW 1947 这些带有复合曲线座位，靠背和橡胶防震装置的成型胶合板椅是由查尔斯埃姆斯设计，在赫曼米勒家具公司生产的。 这个原始的概念是被查尔斯埃姆斯（1907—1978）和埃罗沙里宁（1910—1961）在1940年合作构想出来的。在1937年，埃姆斯成为克兰布鲁克学院实验设计部门的领头人，和沙里宁一起工作调查材料和家具。在这些努力下，埃姆斯发明了分成薄片和成型胶合板夹板，被称作埃姆斯夹板，在1941年收到了来自美国海军5000人的订单。查尔斯和他的妻子雷在他们威尼斯，钙的工作室及工厂和埃文斯产品公司的生产厂家一起生产了这批订单。 在1941年现代艺术博物馆，艾略特诺伊斯组织了一场比赛用以发现对现代生活富有想象力的设计师。奖项颁发给了埃姆斯和沙里宁他们的椅子和存储碎片，由包括埃德加考夫曼，大都会艺术博物馆的阿尔弗雷德，艾略特诺伊斯，马尔塞布鲁尔，弗兰克帕里什和建筑师爱德华达雷尔斯通的陪审团裁决。 这些椅子在1946年的现代艺术展览博物馆被展出，查尔斯埃姆斯设计的新的家具。当时，椅子只有三条腿，稳定性问题气馁了大规模生产。 早期的LCW（低木椅）和DWC（就餐木椅）设计有四条木腿在1946年第一次被埃文斯产品公司（埃姆斯的战时雇主）生产出来，被赫曼米勒家具公司分配。这些工具1946年被乔治纳尔逊为赫曼米勒购买，在1949年接手制造权。后来金属脚的愿景在1951年制作，包括LCW（低金属椅）和DWC（就餐金属椅）模型。配套的餐饮和咖啡桌也产生。这条线一直
文献出处: Comell B., Financial risk control of Mergers and Acquisitions [J]. International Review of Business Research Papers, 2014, 7(2): 57-69. 原文 Financial risk control of Mergers and Acquisitions Comell Abstract M&A plays a significant part in capital operation activities. M&A is not only important way for capital expansion, but also effective method for resource allocation optimization. In the world around, many firms gained high growth and great achievement through M&A transactions. The cases include: the merger between German company Daimler-Benz and U.S. company Chrysler, Wal-Mart’s acquisition for British company ADSA, Exxon’s merger with Mobil and so on. Keywords: Enterprise mergers and acquisitions; Risk identification; Risk control 1 Risk in enterprise mergers and acquisitions May encounter in the process of merger and acquisition risk: financial risk, asset risk, labor risk, market risk, cultural risk, macro policy risk and risk of laws and regulations, etc. 1. 1 Financial risk Refers to the authenticity of corporate financial statements by M&A and M&A enterprises in financing and operating performance after the possible risks. Financial statements is to evaluate and determine the trading price in acquisition of important basis, its authenticity is very important to the whole deal. False statements beautify the financial and operating conditions of the target enterprise, and even the failing companies packing perfectly. Whether the financial statements of the listed companies or unlisted companies generally exists a certain degree of moisture, financial reporting risk reality In addition, the enterprise because of mergers and acquisitions may face risks, such as shortage of funds, a decline in margins has adverse effects on the development of enterprises.
本科毕业论文外文资料翻译 系别：经济系 专业：会计学 姓名： 学号： 年月日
外文资料翻译译文 并购的风险因素分析 摘要： 目的——目前世界市场经济的全球化趋势，这意味着公司合作和加强两国关系。公司致力于发展当地市场没有许多可能性，所以合并和收购(并购)可以有机会为他们与来自世界各地的公司合作。本文的主要目标是最重要的并购交易的风险因素。这将是基于世界各地的一些著名的合并和收购的原因是什么写论文或研究的目的？ 设计/方法/方法——在欧洲和美国一些研究表明，许多并购注定要失败。本文是基于研究的数据写的。Selen,g·科尔文(2003)和s·杰克逊·r·舒勒(2002)。也有相似的结论1998 - 2002年在波兰市场。几乎40%的交易失败。本文将比较一些合并和收购的案例。 发现这种分析的结果，考虑理论和实践解决方案，显示了并购失败的主要原因。他们存在内部和外部风险因素。并购的选择更短和更便宜的方式发展相当于传统的资本投资。另一方面，他们有耗时和高风险的特点。 研究局限性——这项研究是基于一些世界并购流程指出主要的重点是这些交易的风险因素。 实际意义——本文的结论应该找对那些有兴趣的公司的领域投资。它显示了本地和国际市场的主要威胁。 社会影响，本研究对社会的影响是什么？它将如何影响公众的态度？它将如何影响企业社会责任或环境问题？怎么通知公共或行业政策吗？它会如何影响生活质量？ 创意/价值——本文显示最重要的内部和外部风险因素。了解那些方面可能非常有助于企业在并购交易过程中避免错误。 关键字：合并、收购、风险因素、整合、公司价值、金融风险、操作风险。 论文类型的观点 介绍目前世界市场经济的特点是全球化趋势，这意味着公司合作和加强两国关系。20世纪初以来的并购数量迅速增加不仅显现在世界经济中，而且在波兰这种情况更加明显。21世纪的头两年的并购使世界各地的活力严重下降。在2003年,这些交易的数量和金额又开始增长。并购是一个更短和更便宜的发展方式相当于传统的资本投资。另一方面，他们是特别耗时的,特点是高风险。在欧洲和美国一些研究表明，许多交易不达到目标，注定要失败。美国在2003年进行的研究显示，几乎70%的并购交易都没有达到的主要目标公司价值的增长(Selen,科尔文,2003)。AT Kearney的分析师得出类似的结论，只有约15%的并购交易在美国实现财务成功(杰克逊,舒勒,2002)。我们可以看到类似的研究结果在波兰并购市场在1998 - 2002年,超过40%的交易是注定要失败(Piecek,2004)。 本文的主要目标是分析最重要的并购交易的风险因素。这将是基于一些世界上著名的合并和收购的案例。 合并和收购——基本定义 合并和收购的公司事务导致股权结构的变化。 并购是相似的公司结合，两个公司变到一个独立的法律实体。在某些情况下，在结合
Interaction design Moggridge Bill Interaction design，Page 1-15 USA Art Press, 2008 Interaction design (IxD) is the study of devices with which a user can interact, in particular computer users. The practice typically centers on "embedding information technology into the ambient social complexities of the physical world."[1] It can also apply to other types of non-electronic products and services, and even organizations. Interaction design defines the behavior (the "interaction") of an artifact or system in response to its users. Malcolm McCullough has written, "As a consequence of pervasive computing, interaction design is poised to become one of the main liberal arts of the twenty-first century." Certain basic principles of cognitive psychology provide grounding for interaction design. These include mental models, mapping, interface metaphors, and affordances. Many of these are laid out in Donald Norman's influential book The Psychology of Everyday Things. As technologies are often overly complex for their intended target audience, interaction design aims to minimize the learning curve and to increase accuracy and efficiency of a task without diminishing usefulness. The objective is to reduce frustration and increase user productivity and satisfaction. Interaction design attempts to improve the usability and experience of the product, by first researching and understanding certain users' needs and then designing to meet and exceed them. (Figuring out who needs to use it, and how those people would like to use it.) Only by involving users who will use a product or system on a regular basis will designers be able to properly tailor and maximize usability. Involving real users, designers gain the ability to better understand user goals and experiences. (see also: User-centered design) There are also positive side effects which include enhanced system capability awareness and user ownership. It is important that the user be aware of system capabilities from an early stage so that expectations regarding functionality are both realistic and properly understood. Also, users who have been active participants in a product's development are more likely to feel a sense of ownership, thus increasing overall satisfa. Instructional design is a goal-oriented, user-centric approach to creating training and education software or written materials. Interaction design and instructional design both rely on cognitive psychology theories to focus on how users will interact with software. They both take an in-depth approach to analyzing the user's needs and goals. A needs analysis is often performed in both disciplines. Both, approach the design from the user's perspective. Both, involve gathering feedback from users, and making revisions until the product or service has been found to be effective. (Summative / formative evaluations) In many ways, instructional
企业并购文献综述总表 作者时间文章名字视角理论方法 实证 结论(应用) 样本期 限 数量所用模型 贺虹吕凡2008.01 对并购协同 效应含义及 计算方法的 认识 协同效应 的含义及 计算方法 规范我国并购协同效应的计 算可以从企业价值评估 和业绩评价的理论方法 着手，例如EVA、BSC、 DCF、股价收益评估、财 务数据等 朱宝宪吴亚君2004.09 企业协同效 应的计算 国内外协 同效应的 实证研究 中的计算 方法 规范协同效应的多种计算方 法发展较成熟的是在异 常累计基础上计算以及 从业绩改变角度着手衡 量，评价新模型和国内 的两种方法在计算的合 理性以及准确性上则需 要做进一步的探讨。 1
夏新平宋光耀1999.03 企业并购中 协同效应的 计算 内部、外部 计算模型 对协同效 应的计算 规范两种模型各有利弊，不 能忽视企业的市场价值 及交易成本，必须使用 正确的折现率和恰当的 考察时间点，排除非并 购因素对净增加现金流 和股票交易价格的影 响。另外，对并购前后 的市盈率的变化还有待 进一步的研究. 董运宝2006年并购的协同 效应分析并购协同 效应的概 念、内容 规范并购的协同效应包括 了经营、管理、财务、 无形资产及产业协同。 我国目前产业结构不合 理，公司治理结构不健 全，组织管理方式落后， 企业资本结构不合理， 这些问题都有待于在并 购中，通过发挥协同效 应的作用加以改善。 2
张秋生周琳2003.06 企业并购协 同效应的研 究与发展 国内外协 同效应理 论研究 规范研究协同效应的微观运 作机理，应用价值评估 的理论与方法量化，结 合我国企业并购的实际 情况，实证检验若干影 响协同效应实现的关键 因素。 方芳闫晓彤2002年中国上市公 司并购绩效 与思考 上市公司 财务和会 计数据 核心 竞争 理论 实证2000年 发生并 购公司 的1999 年-2001 年的财 务数据 80 横向并 购：46 纵向并 购：10 混合并 购：24 对每个样本3年选 取9个指标：每股 现金流量、每股收 益、资产负债率、 主营业务利润率、 净资产收益率、销 售净利润率、总资 产报酬率、流动比 率、速动比率。 将指标按并购前一 年、并购当年、并 购后一年分别做因 子分析 横向并购的绩效明显优 于纵向和混合并购。并 购作为提高企业竞争力 和产业整合手段正在发 挥着巨大的作用。但但 目前上市公司的并购过 程存在着很多问题 3
外文文献 Mergers and Acquisitions Basics :All You Need To Know Introduction to Mergers and Acquisitions The first decade of the new millennium heralded an era of global mega-mergers. Like the mergers and acquisitions (M&As) frenzy of the 1980s and 1990s, several factors fueled activity through mid-2007: readily available credit, historically low interest rates, rising equity markets, technological change, global competition, and industry consolidation. In terms of dollar volume, M&A transactions reached a record level worldwide in 2007. But extended turbulence in the global credit markets soon followed. The speculative housing bubble in the United States and elsewhere, largely financed by debt, burst during the second half of the year. Banks, concerned about the value of many of their own assets, became exceedingly selective and largely withdrew from financing the highly leveraged transactions that had become commonplace the previous year. The quality of assets held by banks through out Europe and Asia also became suspect, reflecting the global nature of the credit markets. As credit dried up, a malaise spread worldwide in the market for highly leveraged M&A transactions. By 2008, a combination of record high oil prices and a reduced availability of credit sent mo st of the world’s economies into recession, reducing global M&A activity by more than one-third from its previous high. This global recession deepened during the first half of 2009—despite a dramatic drop in energy prices and highly stimulative monetary and fiscal policies—extending the slump in M&A activity. In recent years, governments worldwide have intervened aggressively in global credit markets (as well as in manufacturing and other sectors of the economy) in an effort to restore business and consumer confidence, restore credit market functioning, and offset
Injection Molding The basic concept of injection molding revolves around the ability of a thermoplastic material to be softened by heat and to harden when cooled .In most operations ,granular material (the plastic resin) is fed into one end of the cylinder (usually through a feeding device known as a hopper ),heated, and softened(plasticized or plasticized),forced out the other end of the cylinder, while it is still in the form of a melt, through a nozzle into a relatively cool mold held closed under pressure.Here,the melt cools and hardens until fully set-up. The mold is then opened, the piece ejected, and the sequence repeated. Thus, the significant elements of an injection molding machine become: 1) the way in which the melt is plasticized (softened) and forced into the mold (called the injection unit); 2) the system for opening the mold and closing it under pressure (called the clamping unit);3) the type of mold used;4) the machine controls. The part of an injection-molding machine, which converts a plastic material from a sold phase to homogeneous seni-liguid phase by raising its temperature .This unit maintains the material at a present temperature and force it through the injection unit nozzle into a mold .The plunger is a combination of the injection and plasticizing device in which a heating chamber is mounted between the plunger and mold. This chamber heats the plastic material by conduction .The plunger, on each stroke; pushes unbelted plastic material into the chamber, which in turn forces plastic melt at the front of the chamber out through the nozzle The part of an injection molding machine in which the mold is mounted, and which provides the motion and force to open and close the mold and to hold the mold close with force during injection .This unit can also provide other features necessary for the effective functioning of the molding operation .Moving
(文档含英文原文和中文翻译) 中英文翻译原文：
DESIGN and ENVIRONMENT Product design is the principal part and kernel of industrial design. Product design gives uses pleasure. A good design can bring hope and create new lifestyle to human. In spscificity,products are only outcomes of factory such as mechanical and electrical products,costume and so on.In generality,anything,whatever it is tangibile or intangible,that can be provided for a market,can be weighed with value by customers, and can satisfy a need or desire,can be entiled as products. Innovative design has come into human life. It makes product looking brand-new and brings new aesthetic feeling and attraction that are different from traditional products. Enterprose tend to renovate idea of product design because of change of consumer's lifestyle , emphasis on individuation and self-expression,market competition and requirement of individuation of product. Product design includes factors of society ,economy, techology and leterae humaniores. Tasks of product design includes styling, color, face processing and selection of material and optimization of human-machine interface. Design is a kind of thinking of lifestyle.Product and design conception can guide human lifestyle . In reverse , lifestyle also manipulates orientation and development of product from thinking layer.
国内外企业并购动因理论文献综述 摘要：本文总结了国内和国外学者关于企业并购动因理论的研究，并对两者的动因理论进行了比较。相对于国外发达国家的理论，我国的并购动因具有浓厚的中国特色，但另一方面，表明国外关于并购动因所提出的理论已逐渐适合中国的企业。 关键词：企业并购动因理论 并购（mergers and acquisition）包括兼并和收购，两者有一定的区别和联系。但是，随着全球化经济大发展，实业界的创新活动层出不穷，企业兼并和企业收购的界限越来越模糊。正如温斯顿说讲:“传统的主题已经扩展到包括接管以及相关的公司重组、公司控制、企业所有权结构变更等问题上,为简便起见，我们把它们统称为并购(M&A)”。 并购在当今世界扮演者越来越重要的角色。施蒂格勒(G. J. Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的，几乎没有一家大公司主要是靠内部扩张成长起来。从19世纪末英、美等西方国家发生的第一次企业并购高潮算起，历经五次企业并购高潮，至今已有近百年的历史。企业并购理论也成为目前西方经济学最活跃的研究领域之一，在该领域的研究主要集中在并购动因研究和并购绩效研究两方面，两者共同成为理解企业并购经济合理性和制定公共政策的基础。在该文中，主要总结并购动因方面的文献。 一、国外企业并购动因的研究 企业并购动因的复杂性和多变性难以用一种经济理论解释清楚，不同地区、不同历史时期企业并购的产生和发展都有深刻的社会、政治、经济等原因；对于不同企业来说，他进行并购活动的原因不同，甚至同一企业在不同时期的并购也有不同的原因。对于并购动因问题，西方学者进行了广泛而深入的研究，提出了多种并购动因理论。Berkovitch 和narayanan(1993)将并购的动因归结于协同效应（synergy）,代理问题(agency)，管理者自负(hubris),并通过实证分析表明，以协同效应为目标的并购将带来正的效应，以代理问题为目标的并购，将带来负的效应。Kode ,Ford, Sutherland(2003)认为并购的动因在于协调效应，并提出了评价并购协同效应的模型。K. D. Brouthers等(1998)认为，并购动机可以分为经济动机、个人动机和战略动机三类。其中，经济动机包括扩大营销规模、增加利润、降低风险、防御竞争对手等子项目9项，个人动机包括增加管理特权等子项目4项，战略动机包括提高竞争力、追求市场力量等4项。这些研究都为并购的动因的理论发展作出了巨大的贡献。 威斯通等（1998）可以看成是国外对企业并购理论研究的集大成者。按照威斯通的理论和其它文献的研究成果，我们可以将企业并购的动因归为两大类：第一类是并购赞成论，包括效率理论（管理协同效应理论、经营协同效应理论、财务协同效应理论、多样化经营理论、价值低估理论）、信息与信号理论、代理成本理论。第二类是并购怀疑论，包括管理主义、自负假说、闲置现金流量理论、市场势力理论。 （一）、并购赞成论 1.效率理论（Efficiency Theory） 效率理论认为并购活动能够给社会收益带来一个潜在的增量，而且对交易的参与者来说无疑能提高各自的效率。这一理论包含两个基本的要点：（1）公司并购活动的发生有利于改进管理层的经营业绩；（2）公司并购将导致某种形式的协同（Synergy）效应。该理论主要包括管理协同效应理论、经营协同效应理论、财务协同效应理论、纯粹多样化经营理论、价值低估理论5个理论。 （1）管理协同（management synergy）效应理论
The mold designing and manufacturing The mold is the manufacturing industry important craft foundation, in our country, the mold manufacture belongs to the special purpose equipment manufacturing industry. China although very already starts to make the mold and the use mold, but long-term has not formed the industry. Straight stabs 0 centuries 80's later periods, the Chinese mold industry only then drives into the development speedway. Recent years, not only the state-owned mold enterprise had the very big development, the three investments enterprise, the villages and towns (individual) the mold enterprise's development also rapid quietly. Although the Chinese mold industrial development rapid, but compares with the demand, obviously falls short of demand, its main gap concentrates precisely to, large-scale, is complex, the long life mold domain. As a result of in aspect and so on mold precision, life, manufacture cycle and productivity, China and the international average horizontal and the developed country still had a bigger disparity, therefore, needed massively to import the mold every year . The Chinese mold industry must continue to sharpen the productivity, from now on will have emphatically to the profession internal structure adjustment and the state-of-art enhancement. The structure adjustment aspect, mainly is the enterprise structure to the specialized adjustment, the product structure to center the upscale mold development, to the import and export structure improvement, center the upscale automobile cover mold forming analysis and the structure improvement, the multi-purpose compound mold and the compound processing and the laser technology in the mold design manufacture application, the high-speed cutting, the super finishing and polished the technology, the information direction develops . The recent years, the mold profession structure adjustment and the organizational reform step enlarges, mainly displayed in, large-scale, precise, was complex, the long life, center the upscale mold and the mold standard letter development speed is higher than the common mold product; The plastic mold and the compression casting mold proportion increases; Specialized mold factory quantity and its productivity increase;
Design Without Designers 网站截图： https://www.doczj.com/doc/8d13135662.html,/baidu?word=%B9%A4%D2%B5%C9%E8%BC%C6%D3%A2%CE%C4%CE%C4%CF%D 7&tn=sogouie_1_dg 原文： Design Without Designers I will always remember my first introduction to the power of good product design. I was newly arrived at Apple, still learning the ways of business, when I was visited by a member of Apple's Industrial Design team. He showed me a foam mockup of a proposed product. "Wow," I said, "I want one! What is it?" That experience brought home the power of design: I was excited and enthusiastic even before I knew what it was. This type of visceral "wow" response requires creative designers. It is subjective, personal. Uh oh, this is not what engineers like to hear. If you can't put a number to it, it's not important. As a result, there is a trend to eliminate designers. Who needs them when we can simply test our way to success? The excitement of powerful, captivating design is defined as irrelevant. Worse, the nature of design is in danger. Don't believe me? Consider Google. In a well-publicized move, a senior designer at Google recently quit, stating that Google had no interest in or understanding of design. Google, it seems, relies primarily upon test results, not human skill or judgment. Want to know whether a design is effective? Try it out. Google can quickly submit samples to millions of people in well-controlled trials, pitting one design against another, selecting the winner based upon number of clicks, or sales, or whatever objective measure they wish. Which color of blue is best? Test. Item placement? Test. Web page layout? Test. This procedure is hardly unique to Google. https://www.doczj.com/doc/8d13135662.html, has long followed this practice. Years ago I was proudly informed that they no longer have debates about which design is best: they simply test them and use the data to decide. And this, of course, is the approach used by the human-centered iterative design approach: prototype, test, revise. Is this the future of design? Certainly there are many who believe so. This is a hot topic on the talk and seminar circuit. After all, the proponents ask reasonably, who could object to making decisions based upon data? Two Types of Innovation: Incremental Improvements and New Concepts In design—and almost all innovation, for that matter—there are at least two distinct forms. One is