股权战略

跨国公司国际直接投资中的股权战略

Strategy of Ownership Structure of Multinational Enterprise in Foreign Direct Investment

我国银行业股权战略联盟问题研究

The Study of Equity Strategy Alliance of Our Banking Industry

非股权战略联盟信任度的分析

Analysis of the Trust Degree of Non-equity Strategic Alliance

本文以企业实施非股权战略联盟前提条件的分析入手，重点对非股权战略联盟的边界问题进行研究。

Firstly , the analysis of the premise of its application in enterprises is processed .

跨国股权战略联盟体现金流交互影响的分析

The Study about Intersect Effect of International Equity Joint Venture Analyzed through the Multiple Cash Flow Methods

非股权战略联盟是介于企业和市场之间的一种中间组织类型。

Non - equity Strategic Alliance ( NESA ) is one of the middle organization forms between enterprises and the market .

依据这一特点笔者引入新制度经济学理论，从制度均衡入手探讨非股权战略联盟中的动态稳定问题。

The authors did a research of dynamic stabilization in Non-equity Strategic Alliance supported by the theories of institution equilibrium from New Institutional Economics .

提出了稳定过程中的管理协调控制机构M的假设，分别建立了在完全信息和不完全信息条件下的非股权战略联盟相对稳定模型。

Presuming a control management institute M , the dynamic stabilization model of Non-equity Strategic Alliance under conditions of complete information and incomplete information is established .

为了加强实际运用价值，论文重点对非股权战略联盟在动态条件下的利益分配、组织约束以及不稳定性的优化问题进行深入的研究。

Fourthly , to improve the application value of NESA , the issues of benefit distribution , organizational restriction and stability optimization under the dynamic environment are discussed .

论文主要以新制度经济学理论、企业战略管理理论为支撑，剖析了构建非股权战略联盟的经济动因，系统地分析了非股权战略联盟的内涵和外延。

Firstly , this paper systematically analyzes the connotation and extension meanings of NESA and its economic motives supported by the theories of New Institutional Economics and Strategy Management .

主要通过引入契约变量成本、一体化法律费用以及其他各种外显和内合成本，探讨了企业在进行边界扩张时，通过非股权战略联盟与通过内部一体化这两种方式在代价上的差异。

The question of the boundary of NESA is discussed based on the comparison of contract cost , legal cost of integration and other costs between Enterprises Integration and NESA .

用复合现金流的方法分析了跨国股权战略联盟中一些因素对跨国公司、东道国公司的现金流变化量的影响。

In this study , we discussed some factors affected the multiple NPV of MNC and the host country enterprise in the international equity joint venture through the multiple cash flow methods .

股权战略联盟作为一种企业的发展战略和组织形式，能够有效的整合内外资源，实现联盟成员间的多赢。

As one kind of the developmental strategy and the organization form of enterprise , the equity strategy alliance can conformity all the resources more effectively , and realize success between alliance members .

继而，论文从非股权战略联盟的组织结构入手，通过对成员企业战略目标、企业文化及信息沟通等角度的研究，对联盟伙伴企业间的协调问题提出解决方案。

Thirdly , it puts forward a plan to solve the coordination problems between partners through the research of NESA 's organization structure , partner 's respective strategic goal , cultural background and information communication .

本文将战略联盟理论运用在我国银行业股权战略联盟的实践中，在区分股权式联盟和契约式联盟的基础上，界定了股权战略联盟的概念。

This article applies the theory of strategic alliance to the equity strategy alliance in our banking industry . Base on the difference of the equity alliance and the non-equity alliance , the definition of the equity strategy alliance has been described .

绩效、控股权与战略投资者：转型经济银行改革的经验

Performance , Controlling Stake and Strategic Investors : Experience from Banking Reform in Transitional Economy

今年，在金融工作组内建立了一个私募股权与战略并购子工作组。

This year , a Private Equity and Strategic Mergers & Acquisitions Sub Working Group was established within the Banking Working Group .

相对于股权式战略联盟而言，非股权联盟更具有突出的灵活性特点，但正是这个特点导致其不稳定性和在管理、协调上的复杂性。

Relative to Equity Strategic Alliance , it shows the agile character . But , this character causes the instability and complexity .

在中国，私募股权和战略并购越来越重要，对经验分享与信息交流的需求随着不断增长。

With the growing importance of Private Equity and strategic mergers and acquisitions ( M & A ) in China , there is an increasing need to share experiences and exchange information .

过去，很多基于少数股权投资的战略合作关系都失败了。

Plenty of strategic partnerships based on minority investments have failed in the past .

把股权融资当作战略来思考

The strategy of equity financing

它为黑石增添了一个拥有10%股权的长期战略投资者，而这个投资者已放弃投票权，更不用说董事会代表权了。

It added a long-term strategic investor that has forgone voting rights let alone Board representation for its 10 per cent stake .

国有银行把部分股权卖给外资战略投资者，其究竟算不算贱卖，最终还得通过市场实践才能得以验证。

It will be finally tested and verified in the market practice whether selling part equity of state-owned commercial banks to foreign-funded strategy investors is undervaluing or not .

我国银行业通过股权方式引进战略投资者，为的是分散股权以达到长远的银行治理结构改善和经营效率提高的目的。

The domestic banking industry has been trying to introduce strategic investors to decentralize the share ownership structure in order to improve bank 's operating efficiency and corporate governance in the long run .

行业特征和股权特征影响企业战略转变。

Industrial and firms ' shareholding characteristics affect corporate strategy transforming .

股权结构、多元化战略与资本结构&基于代理理论的解释及经验证据

Ownership Structure 、 Diversification Strategies and Capital Structure & Based on Agency Theory Explanation and Empirical Evidence

由于更强调相关企业的协调与默契，非股权联盟更具有战略联盟的本质特征。

NESA shows the essential character of Strategic Alliance because its emphasis is put on the collaboration and privities of relative enterprises .

根据我国银企关系现状，提出组建有股权参与的银企战略联盟，指出了联盟优点以及组建后可能的道德和运营风险。

Based on the actual relationship between the banks and the enterprises , the paper proposes a tentative plan of constructing a cross share-hold strategic alliance , the merits , the possible moral and running hazards are speculated also .

其中包括对投资组合内的公司增加股权投资、将所持股权出售给战略买家，以及折价回购自己公司的债务等。

These include putting new equity into their portfolio companies , selling stakes in businesses to strategic buyers and buying back debt in their own companies at a discount .