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- Language: Chinese
- Creators: Arizona State University
- Resource Type: Text
- Status: Published
Description随着我国资本市场的快速发展，连续并购成为上市公司实现市值提升的重要策略，然而对于连续并购是否能实现有效价值创造和市值增长，国内外文献研究均没有一致的结论。本文研究连续并购对上市公司短期和长期绩效的影响，并探究管理层过度自信现象和学习效应、公司股权性质和并购交易特征等对结果的影响，就企业如何更好的发挥连续并购价值创造功能，避免潜在风险等方面提出相应建议。利用国泰安（CSMAR）并购重组数据库, 本文以2010-2017年A股公司为研究样本，通过事件研究法发现，连续并购能带来正的超额收益(CAR)，但当连续并购阶次达到4阶时，市场反应明显变负。CAR随着阶次递增呈现下降趋势，证明了连续并购的财富递减效应。进一步地，本文发现首次并购成功带来的过度自信会导致高阶次并购绩效不断下降；管理层未经过充分学习和准备就进行的并购，会伤害公司短期绩效，并且可能阻碍公司更高阶的并购事件的发生。结果证明了管理者过度自信假说在A股市场的适用性，以及组织学习理论的部分解释能力。控制并购交易等因素后的多元回归结果和前述发现一致。
接下来，本文采用多元回归对连续并购长期绩效影响进行实证检验。在经营绩效方面，连续并购行为短期内不会产生明显负面影响，但随着并购的完成和新业务的开展，连续并购对经营业绩的负面影响逐渐凸显并显著，结果证实连续并购对公司长期经营业绩是有害的。交易特征变量、公司治理结构和财务状态一定程度上能够改善公司长期业绩。对于长期市场估值倍数，本文发现连续并购能够显著提升公司的市场估值倍数， 并且该正面影响随着并购的完成和新业务的开展不断增强。进一步探究发现，连续并购对经营绩效的负面影响只存在于国有企业，而连续并购对市场估值倍数的提升作用只存在于私有企业，从而解释了连续并购后经营绩效和市场化估值倍数结果相悖现象的出现。基于本文发现，文章最后向上市公司管理层的并购决策提出了相应建议。
ContributorsLi, Zhuang (Author) / Pei, Ker-Wei (Thesis advisor) / Yu, Xiaoyun (Committee member) / Arizona State University (Publisher)
Created2021
Description随着商品房住宅市场调控政策大幅收紧，商办类公寓市场成为住房自住需求和投资需求共同关注对象，这有力地促进了商办类公寓市场发展。然而在公寓市场快速发展过程中也暴露出一些问题，比较突出的表现有：商办类公寓价格影响因素不明确使得公寓定价和高溢价产品开发方面缺乏科学决策依据；政府政策不稳定，公寓市场发展前景不明确，地方政府表现的态度各不相同，支持的地方政府允许个人购买公寓并享受学区资格，不支持的地方政府要求公寓只能售给单位。这些表现反映出商办类公寓市场发展过程中调控政策和运营策略亟待完善。本文以商办类公寓为研究对象，从宏观视角对商办类公寓价格影响因素进行分析，以及从微观视角对商办类公寓需求群体分析，从而为商办类公寓市场调控政策和公寓产品开发商运营策略建言献策。本文首先对影响房地产价格因素、客户群体分类分析和政府出台的商办类公寓政策进行了文献综述；其次对商办类公寓相关概念进行界定，梳理有关理论知识从而为后续分析奠定理论与方法基础；然后以无锡地区为例，从政策、运营和需求三个维度确定影响商办类公寓产品销售价格因素，构建商办类公寓价格回归模型并进行调整与分析，使用时序数据分析了无锡主要调控政策对于价格增长率的影响；进一步聚焦商办类购房群体，以无锡市某商办类公寓项目购房群体为样本运用二元Logit回归分析对该群体进行不同角度的分析；最后，针对商办类公寓市场现行调控政策进行反思并给出政策建议，针对采用“集中收购-整合-销售-租赁”模式的公寓产品开发商给出运营策略建议。
本研究成果能够为公寓开发商在收购商办类资产、目标客户营销方面提供指导意见。这有助于提高公寓运营商盈利能力、降低重资产投资风险，促进公寓市场的长足发展；能够指明公寓购房需求群体特点，该如何区分对待，从而为政府决策者出台更合理、灵活的公寓市场规范化政策提供参考建议，而不是通过简单“一刀切”式的行政手段去干预。
ContributorsZhang, Ergan (Author) / Pei, Ker-Wei (Thesis advisor) / Wang, Tan (Thesis advisor) / Ju, Nengjiu (Committee member) / Arizona State University (Publisher)
Created2021
Description
With the rapid rise of distributed generation, Internet of Things, and mobile Internet, both U.S. and European smart home manufacturers have developed energy management solutions for individual usage. These applications help people manage their energy consumption more efficiently. Domestic manufacturers have also launched similar products.
This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of two separate behavioural concepts: Energy Management Intention (EMI), and the traditional Energy Saving Intention (ESI).
Secondly, the author conducts statistical analyses on these two behavioural concepts. EMI is the main driver behind an individual’s EMB. EMI is affected by Behavioural Attitudes, Subjective Norms, and Perceived Behavioural Control (PBC). Among these three key factors, PBC exerts the strongest influence. This implies that the promotion of the energy management concept is mainly driven by good application user experience (UX). The traditional ESI also demonstrates positive influence on EMB, but its impact is weaker than the impacts arising under EMI’s three factors. In other words, the government and manufacturers may not be able to change an individual's energy management behaviour if they rely solely on their traditional promotion strategies. In addition, the study finds that the government may achieve better promotional results by launching subsidies to the manufacturers of these kinds of applications and smart appliances.
This paper focuses on the factors influencing Energy Management Behaviour (EMB) at the individual level. By reviewing academic literature, conducting surveys in Beijing, Shanghai and Guangzhou, the author builds an integrated behavioural energy management model of the Chinese energy consumers. This paper takes the vague term of EMB and redefines it as a function of two separate behavioural concepts: Energy Management Intention (EMI), and the traditional Energy Saving Intention (ESI).
Secondly, the author conducts statistical analyses on these two behavioural concepts. EMI is the main driver behind an individual’s EMB. EMI is affected by Behavioural Attitudes, Subjective Norms, and Perceived Behavioural Control (PBC). Among these three key factors, PBC exerts the strongest influence. This implies that the promotion of the energy management concept is mainly driven by good application user experience (UX). The traditional ESI also demonstrates positive influence on EMB, but its impact is weaker than the impacts arising under EMI’s three factors. In other words, the government and manufacturers may not be able to change an individual's energy management behaviour if they rely solely on their traditional promotion strategies. In addition, the study finds that the government may achieve better promotional results by launching subsidies to the manufacturers of these kinds of applications and smart appliances.
ContributorsFan, Yanfeng (Author) / Gu, Bin (Thesis advisor) / Chen, Hong (Committee member) / Chen, Xiaoping (Committee member) / Arizona State University (Publisher)
Created2016
Description
Executive compensation design involving equity shares has been widely used in Europe, the United States and other developed countries where the capital markets are relatively mature. In China, due to the differences in industries, ownership structure, stages of enterprise development, constraints faced by the firms, the executive compensation design using equity shares tends to vary accordingly. For the state-owned companies, the situations are more complex than others. This complexity has not been a focus of the past literature, particularly on the compensation contract design and its subsequent implementation. Based on Coase contract theorem, agency theory and human capital theory, I examined how different state-owned firms vary in their approaches on managerial stock compensation design using a case study approach. The thesis concludes with a summary of major findings and a discussion of policy implications.
ContributorsAn, Hongjun (Author) / Pei, Ker-Wei (Thesis advisor) / Chen, Hong (Thesis advisor) / Gu, Bin (Committee member) / Arizona State University (Publisher)
Created2016
Description
The key chanllenge for Small and Micro Enterprises (SMEs) to get credit or loans is the fact that traditional financing business model in commercial banks cannot meet SMEs’ financial needs. Through extensive theoretical research, market analysis especially on SMEs’ behavioral characteristics and demands, serveral case studies on market-leading banks such as Wells Fargo and KASIKORN BANK, and the actual implementation experiences in China Minsheng Bank and Pingan Bank, this article proposes a new business model for servicing SMEs for commercial banks in China, which includes the principle and rationale of the business model, the technical foundation, business process and organizational structure, as well as the future transition of the model.
ContributorsZhao, Jichen (Author) / Chen, Hong (Thesis advisor) / Pei, Ker-Wei (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2015
Description
This thesis aims to investigate the impacts of foreign banks’ management model on their degree of localization and operating efficiency. I decompose their management model into five major factors, including two formative factors and three reflective factors. The two formative factors are (1) strategic orientation and (2) target customers, and the three reflective factors are (1) top management team composition, (2) organizational structure, and (3) managerial authority and incentives. I propose that the formative factors influence foreign banks’ degree of localization, as demonstrated by the reflective factors, which subsequently influence foreign banks’ operating efficiency in China.
To test the above proposition, I conduct the empirical analysis in three steps. In the first step, I investigate foreign banks’ management model by surveying 13 major foreign banks locally incorporated in Mainland China. The results suggest that these 13 foreign banks can be categorized into three distinct groups based on their management model: intergrators, customer-followers, and parent-followers. The results also indicate that intergrators have the highest level of localization while parent-followers have the lowest level of localization.
In the second step, I conduct DEA (Data Envelope Analysis) and CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, Liquidity Analysis) to assess the operating efficiency of these 13 foreign banks. The assessment is conducted in two ways: 1) the inter-group comparison between foreign banks and local Chinese banks; 2) the intra-group comparison between the three distinct groups of foreign banks identified in the first step. The results indicates that the principal factor driving the operating efficiency of both local Chinese banks and foreign banks is the comprehensive technical efficiency, which includes both the quality of management and the quality of technical elements. I also find the uptrend of technical efficiency of the integrators is more stable than that of the other two groups of foreign banks.
Finally, I integrate the results from step one and step two to assess the relevance between foreign banks’ localization level and operating efficiency. I find that foreign banks that score higher in localization tend to have a higher level of operating efficiency. Although this finding is not conclusive about the causal relationship between localization and operating efficiency, it nevertheless suggests that the management model of the higher performing integrators can serve as references for the other foreign banks attempting to enhance their localization and operating efficiency. I also discuss the future trends of development in the banking industry in China and what foreign banks can learn from local Chinese banks to improve their market positions.
To test the above proposition, I conduct the empirical analysis in three steps. In the first step, I investigate foreign banks’ management model by surveying 13 major foreign banks locally incorporated in Mainland China. The results suggest that these 13 foreign banks can be categorized into three distinct groups based on their management model: intergrators, customer-followers, and parent-followers. The results also indicate that intergrators have the highest level of localization while parent-followers have the lowest level of localization.
In the second step, I conduct DEA (Data Envelope Analysis) and CAMEL (Capital Adequacy, Asset Quality, Management, Earnings, Liquidity Analysis) to assess the operating efficiency of these 13 foreign banks. The assessment is conducted in two ways: 1) the inter-group comparison between foreign banks and local Chinese banks; 2) the intra-group comparison between the three distinct groups of foreign banks identified in the first step. The results indicates that the principal factor driving the operating efficiency of both local Chinese banks and foreign banks is the comprehensive technical efficiency, which includes both the quality of management and the quality of technical elements. I also find the uptrend of technical efficiency of the integrators is more stable than that of the other two groups of foreign banks.
Finally, I integrate the results from step one and step two to assess the relevance between foreign banks’ localization level and operating efficiency. I find that foreign banks that score higher in localization tend to have a higher level of operating efficiency. Although this finding is not conclusive about the causal relationship between localization and operating efficiency, it nevertheless suggests that the management model of the higher performing integrators can serve as references for the other foreign banks attempting to enhance their localization and operating efficiency. I also discuss the future trends of development in the banking industry in China and what foreign banks can learn from local Chinese banks to improve their market positions.
ContributorsSun, Minjie (Author) / Shen, Wei (Thesis advisor) / Qian, Jun (Thesis advisor) / Pei, Ker-Wei (Committee member) / Arizona State University (Publisher)
Created2016
Description
Ever since the registration of private banks was deregulated in Taiwan in 1991, the sector has suffered significant decline in profitability. Facing such a dynamic sector yet vital to domestic economy, what should the banks do to successfully improve their competiveness? As external changes are often unpredictable, the exploration and buildup of internal resources is a critical approach. This article focuses on how to effectively manage internal competition so as to upgrade business performance and accomplish organizational goals.
This article discusses the effects of the compensation system and employee incentives on business performance in banking in two areas. First of all, based on the statistics on the banking sector in Taiwan, it explores the regulating effects of different compensation systems on two conflicts in the industry. It also reviews the literature on Conflict Theory. Research shows that when people trust each other, they tend to accept a value statement different from theirs. And our research also shows that trust can minimize task conflict and relationship conflict between team members. Moreover, after identifying the role of compensation structure to trust and task conflict, this article further categorizes the structure into team performance reward and individual performance reward. Analysis points out that when the organization bases compensation payment on team performance reward, the relationship between trust and task conflict is higher than that on individual performance reward. That is, team performance reward better helps to reinforce such correlation compared to individual performance reward.
Second, the research studies different forms of employee incentives in Taiwan’s banking sector as well as resulting performance. During the studied period, the majority of the financial institutions preferred cash bonus. In addition, financial institutions also take other incentives. Cash bonus covered the highest percentage, followed by share bonus, treasury repo and transfer, and options in order. We study the ROEs under different incentives and conclude it is higher and more stable in the institutions offering multiple employee shares instead of single method. Whether the incentives are implemented also influence the level of net ROE.
This article discusses the effects of the compensation system and employee incentives on business performance in banking in two areas. First of all, based on the statistics on the banking sector in Taiwan, it explores the regulating effects of different compensation systems on two conflicts in the industry. It also reviews the literature on Conflict Theory. Research shows that when people trust each other, they tend to accept a value statement different from theirs. And our research also shows that trust can minimize task conflict and relationship conflict between team members. Moreover, after identifying the role of compensation structure to trust and task conflict, this article further categorizes the structure into team performance reward and individual performance reward. Analysis points out that when the organization bases compensation payment on team performance reward, the relationship between trust and task conflict is higher than that on individual performance reward. That is, team performance reward better helps to reinforce such correlation compared to individual performance reward.
Second, the research studies different forms of employee incentives in Taiwan’s banking sector as well as resulting performance. During the studied period, the majority of the financial institutions preferred cash bonus. In addition, financial institutions also take other incentives. Cash bonus covered the highest percentage, followed by share bonus, treasury repo and transfer, and options in order. We study the ROEs under different incentives and conclude it is higher and more stable in the institutions offering multiple employee shares instead of single method. Whether the incentives are implemented also influence the level of net ROE.
ContributorsMing, Cheng (Author) / Lee, Peggy (Thesis advisor) / Chen, Hong (Thesis advisor) / Chang, Chun (Committee member) / Arizona State University (Publisher)
Created2016
Description
The current study combines field study, survey study, and public financial reports, and conducts an in-depths comprehensive study of the cost of the global tire industry. By comparing the price and the total cost structure of standardized tire products, we investigate Chinese tire industry’s global competitiveness, especially in light of China’s fast increasing labor cost. By constructing a comprehensive cost index (CCI), this dissertation estimates the evolution and forecasts the trend of global tire industry’s cost structure. Based on our empirical analysis, we provide various recommendations for Chinese tire manufacturers, other manufacturing industries, and foreign trade policy makers.
ContributorsZhang, Ning (Author) / Zhu, Ning (Thesis advisor) / Shen, Wei (Thesis advisor) / Chen, Hong (Committee member) / Arizona State University (Publisher)
Created2015