中国啤酒产业动态并购的建模、仿真与预测研究
详细信息    本馆镜像全文|  推荐本文 |  |   获取CNKI官网全文
摘要
并购活动往往不是孤立的行为,一个厂商发动并购常常会诱发竞争对手的并购动机,形成动态并购现象和并购潮特征。动态并购影响产业竞争结构演变,也影响厂商竞争交互策略,而产业竞争结构又是影响并购动机的重要变量。因此,研究产业动态并购模型、利用竞争结构预测并购行动倾向,在我国目前大规模产业结构调整与重组背景下具有重要的理论与实践意义。
     尽管目前针对动态并购和并购潮的解释理论不少,但这些理论大多数关注产业冲击、股市波动、管理者动机和羊群效应等外生变量。从根本上来说,它们属于外生型动态并购和并购潮解释理论,忽视了产业内厂商间竞争交互和市场竞争结构变化等内生变量的影响,即内生型动态并购和并购潮解释理论还比较贫乏。在竞争对抗预测方面,除了陈明哲(Chen M. J)提出的“竞争性行动与竞争性响应”预测框架外,还没有出现过利用竞争结构来预测并购行为倾向的研究方法和思路。
     因此,本文尝试利用复杂网络分析方法,提出产业竞争压力扩散诱发动态并购理论模型,并以我国啤酒产业为例,研究多市场竞争情景下的动态并购形成机理:即从厂商竞争交互与市场竞争结构演化角度分析厂商A并购厂商B为什么会诱发C并购D、E并购F等一连串的动态级联并购效应,最终形成产业层面的并购潮现象?同时,基于竞争结构与并购行动的相关性,提出“竞争结构—并购行动”预测框架。
     具体说来,本文首先利用1997-2008年全球并购数据构建了跨国并购复杂网络模型,在分析全球并购规律基础上,分析了我国啤酒产业重组背景、动态并购和并购潮现象及其动因;其次,讨论了啤酒产业多市场竞争格局特征和形成原因,分别以该产业1992-2009年数据,构建了“市场—厂商”二分布尔和加权时间序列网络、产业竞争关系时间序列网络,通过分析网络拓扑结构变化揭示了并购行动对产业竞争结构演变的作用规律;紧接着,利用啤酒产业竞争关系和并购行动数据,构建了“竞争关系—并购行动”二层复杂网络模型,计算了网络的拓扑结构属性指标,并分析竞争结构变量与并购行动变量的相关性;随后,提出了竞争压力扩散驱动的动态并购理论模型,利用仿真手段分析了厂商竞争结构变量对动态并购和并购潮形成过程的影响,同时讨论了产业并购政策与厂商并购策略。最后,在前文实证研究的基础上,基于复杂网络结构相似性的链路预测思想和神经网络数据挖掘工具,提出“竞争结构—并购行动”预测框架和方法,以啤酒产业为例进行了相关预测。
     通过对以上内容的研究,本文发现:(1)本文构建的“市场—厂商”二分网络、产业竞争关系网络、“竞争关系—并购行动”二层网络的大部分统计特性,都与复杂网络的无标度、小世界等特性相符,并购行动引起的产业竞争关系网络属于时变网络。(2)随着啤酒厂商跨市场动态并购行动增加,我国啤酒产业产业竞争关系也日趋复杂,动态并购行动使我国离散、分割的区域市场逐渐形成全国统一的啤酒市场,厂商竞争关系逐渐由地方单一市场竞争对抗转向多市场竞争对抗。(3)“竞争关系—并购行动”二层网络模型能综合整体网与局域网、无权网与加权网、无向网与有向网等,对分析厂商竞争关系与对抗行动具有重要价值,研究发现厂商竞争结构与并购行动之间存在显著相关性。(4)动态并购模型与仿真结果表明,产业竞争压力扩散能够触发级联动态并购效应,并形成产业并购潮,竞争结构变量对动态并购和并购潮的影响规模、持续时间和稳定状态都有重要影响。(5)结合复杂网络链路预测思想和神经网络数据挖掘工具,利用竞争结构变量能够预测厂商的市场进入倾向、发生竞争关系的可能性和厂商生存年限,这表明基于“竞争结构—并购行动”预测框架和方法具有可行性。
     在创新方面,首先,本文尝试将复杂网络方法、多市场动态竞争和厂商并购理论结合起来,提出了产业竞争结构演化和竞争压力扩散驱动的动态并购模型,分析了竞争结构对动态并购形成过程的影响,从新的视角解释了内生并购潮现象。其次,结合复杂网络链路预测思想、神经网络数据挖掘工具,以啤酒产业数据验证了“竞争结构—并购行动”预测框架的可行性。第三,本文建立了多个时间序列网络、“竞争关系—并购行动”二层网络,揭示了啤酒产业动态并购行动与产业竞争关系演变的规律,解释了该产业近20年来的动态并购形成机制,为制定产业并购政策和厂商并购策略提供了理论依据。第四,产业竞争关系复杂网络方法的引入,既能考虑网络中节点厂商基于资源和能力观的理性并购决策因素,又能分析产业竞争环境对厂商并购决策的影响,从而将战略管理和产业组织理论衔接起来,这对现有的产业竞争与并购决策研究来说具有方法创新价值。
The merger is usually not an isolated activity. The launch of a firm’s merger will usually induce a rival’s motivation of merger, forms the phenomenon of dynamic merger, and macro to presents the characteristic of merger wave. Dynamic mergers will not only influence the evolution of the industry competitive strucuture, but also influence the firm’s competitive interaction tactic. Simultaneousl, industry competitive structure is a very important variable on firm’s merger motive. Thus, the research on the model of dynamic merger and predicting merger tendency by using of competive structure variables appears to be extraordinary important on theory and reality, under the background of Chinese high speed development and large scale industrial structure adjustment and restructure.
     Even though there are some theories aim at explaining dynamic mergers and merger waves nowadays, most of those theories pay their attentions to the industrial shock, stock market’s fluctuation, manager’s motivation, herd action and so on. But fundamentally, they all emphasize the influence of exogenous variable to dynamic mergers and merger waves. And neglect the importance of endogenous variable such as competition interaction among firms of an industry, market competition structure and so on. That is to say, there are few of endogenous explaining theories on dynamic mergers and merger waves. On the side of predicting the rival action, there has not been ermerging the theory framework for predicting merger tendency by using of competitive structure variables. The only predict theory is Chen’s competitive action and competitive response.
     Thus, this document attempt to utilize the method of complex network analysis, raise the theory model of industry competition pressure’s diffusion inducing strategic merger. Take the beer industry of our country as an example, study the mechanism of strategic merger’s formation under the situation of multi-market competition, which means to analyze why the merger of firm A to firm B will induce the merger of firm C to firm D, firm E merger firm F and series of cascade merger effect in the point of view of strategic interaction and market competition structure evolution, and ultimately form the phenomenon of strategic merger. Beside this , this paper tries hard to put up a new predict framework of competitive structure and merger actions, on base of relevance of competive structure variables and merger actions.
     Specifically, first, this document applies the status of global strategic merger of 1997-2008 to build the model of transnational merger complex network. On the basis of analyzing the law of global strategic merger structure, analyze the recombination background, the phenomenon of merger waves and its driver of our country’s beer industry. Secondly, discuss the cause of the formation of the situation of multi-market competition in our country’s beer industry, separately construct the“market-firm”dichotomy time series network, which are based on the data of our country’s beer industry from 1992 to 2009. Proclaims the law and characteristic of industrial competition structure evolution through network topology variation, the evolution is caused by beer firms’merger. After that, build the“competition relationship and merger action”double layer complex network model, using the data of beer industry’s competition relation and merger action. Calculate the attribute indexes of network’s topological structure, and analyze the relativity of competition structure variables and merger action variables. Then, on the basis of competition structure and rival action frame, put forward the model of dynamic merger model driven by competition pressure diffusion. And discuss the influence of firm competition structure variable to the forming process of dynamic mergers and merger waves through simulation. In addition, discuss the industry competition and merger policy, strategy of firm multi-market merger, aiming at the sensibility of competition variables’influence to merger action. Finally, on base of the empirical study and simulation results, this document put up a new forecst framework and method of“competitive structure-merger action”on the complex network link prediction and neural network data mining method, then make some relational prediction by taking the forecast analysis of beer industry as an example.
     Through the research we found the following: (1) the statistical property of marks-firm bipartite networks, industry competition relationship networks,“competition relationship-merger action”networks built in this document corresponded to the complex network’s character of scale free, small world. And competitive network driven by merger action belongs to a time-depent netowork. (2) As the more and more action of cross-market merger of beer firms, the“market-firms”bipartite network, industry competition relationship networks’structure is getting complicated. The action of cross-market merger makes the discrete, splitted regional market gradually forms the nationwide unified beer market. The competition relations among firm gradually turn from regional market to multi-market rivals. (3) the two network model of“competition relationship-merger action”could composite the ensemble network and the local area network, unweighted network and weighting network, undirected network and directed network, since the analysis of the firms’rival actions determined by objective industry competition relation has significant values, through the research we found the remarkable relativity between beer firms competition structure and merger action. (4) the results of modeling and simulation indicates that the diffusion of industry competition pressure could strike the dynamic merger and form the merger waves, variable such as the competition structure, and the multi-market merger strategy has important influence to the spread to the extends, duration and stable state. (5) combining the forecast thoughts of complex network link forecast and node similarity forecast, we can precisely predict the competition relation of beer firms, frequency of merger and average life through the data of competition structure and merger action. It indicates the feasibility of firm rival action prediction based on competition structure.
     In the aspect of innovation, first of all, attempting to combine the industry competition relation analysis method of complex network analysis, the theory of multi-market dynamic competition, raise the model of dynamic merger driven by industry competition structure evolution and competition pressure diffusion. This is the expansion and supplement of merger waves theory’s explanation. Secondely, combining data excavate tools such as complex network prediction, neural network, using the beer industry data to verify the feasibility of using competition structure variable to predict merger action variable of“structure-action”prediction. Thirdly, time-depent complex networks and“competition relationship-merger action”double network excavate the character and law of beer industry’s competition relation and multi-market structure dynamic evolution, supply the new analytical framework to the research of industry organization and dynamic competition. Besides, in the process of simulation, we discuss the industry competition and merger policy, firm merger strategy under the environment of multi-market competition. Finaly, by introducing complex network theory to the industrial competitive relationship, which not only could take account the rational descion-making factors from the view of the manufacturing firm’s resources and capacity, but also could analyse industrial competitive envirment influence on their descion-making. Thus, this method could link the strategy management theory and industry organization theory together which put up a new method for industry competition and merger descion-making analysis.
引文
[1]. Nilssen, T., S(?)rgard, L.(1998).“Sequential horizontal mergers”[J]. European Economic Review 42, 1683-1702
    [2]. Volker Nocke, Michael D. Whinston. Sequential Merger Review[C]. Mimeo, University of Oxford, 2007
    [3]. Eileen Fumagalli, Helder Vasconcelos. Sequential cross-border mergers. [J] International Journal of Industrial Organization 27 (2009) 175–187
    [4]. G Gowrisankaran. A dynamic model of endogenous horizontal mergers[J]. The RAND Journal of Economics, 1999, Vol.30, No.1, 56-83
    [5]. Erwan Morellec, Alexei Zhdanov. The dynamics of mergers and acquisitions[J]. Journal of Financial Economics 77 (2005) 649–672
    [6]. Scott C. Linn and Zhen Zhu. Aggregate Merger Activity: New Evidence on the Wave Hypothesis[J]. Southern Economic Journal, Vol. 64, No. 1 (Jul., 1997), 130-146
    [7]. R. J. Town. Merger Waves and the Structure of Merger and Acquisition Time-Series[J]. Journal of Applied Econometrics, Vol. 7, Supplement: Special Issue on Nonlinear Dynamics and Econometrics (Dec., 1992),83-100
    [8]. Flavio Toxvaerd. (2008).“Strategic Merger Waves: A Theory of Musical Chairs.”[J]. Journal of Economic Theory, V.140, 1-26.
    [9]. Dennis G(?)rtner, Daniel Halbheer.(2009).“Are There Waves in Merger Activity After All(?)”[J]. International Journal of Industrial Organization, 27, 708-718
    [10]. Nelson, Ralph L. Merger movements in American Industry, 1895-1956. [M] Princeton University Press, 1959
    [11]. Shughart, William F and Robert D. Tollison. The Random Character of Merger Activity[J]. Rand Journal of Economics, Winter 1984, 500-509.
    [12]. Golbe, Devra L. and Lawrence J. White. Catch a Wave: The Time Series Action of Mergers[J]. Review of Economics and Statistics, August 1993, 493-99
    [13]. John T. Barkoulas, Christopher F. Baum, Atreya Chakraborty. Waves and persistence in merger and acquisition activity[J]. Economics Letters 70 (2001) 237–243
    [14]. Mulherin J. H., Boone A. (2000). Comparing Acquisitions and Divestitures[J].Journal of Corporate Finance, 6, 117-139
    [15]. Andrade, G., Mitchell, M., and Stafford E..(2001). New Evidence and Perspectives on Mergers[J]. Journal of Economic Perspectives, 15(2), 103-120
    [16]. Jarrad Harford. (2005).“What Drives Merger Waves?”[J]. Journal of Financial Economics, 77, 529-560.
    [17].金祥荣,汪伟.并购潮动因研究评述[J].浙江社会科学, 2006(4):186-190.
    [18]. Gort, M., 1969. An economic disturbance theory of mergers[J]. Quarterly Journal of Economics 83, 623–642.
    [19]. Mitche M. L., Mulherin J.H. (1996).“The Impact of Industry Shocks on Takeover and Restructuring Activity”[J]. Journal of Financial Economics, 41(2), 193-229.
    [20]. Jovanovic B., Rousseau P. (2002).“The Q-Theory of Mergers.”[J]. American Economic Review, 92(2), 198 -204.
    [21]. Andrade G., Stafford E.. (2004). Investigating the Economic Role of Mergers[J]. Journal of Corporate Financial, 10(1), 1-36
    [22]. Jorn Kleinert, Henning Klodt. Causes and Consequences of Merger Waves[R]. Kiel Working Paper No.1092, 2002
    [23]. John A. Polonchek and Marie E. Sushka. The Impact of Financial and Economic Conditions on Aggregate Merger Activity[J]. Managerial and Decision Economics, Vol. 8, No. 2, Jun., 1987, 113-119
    [24]. Shiller, R. J.(2000).“Irrational Exuberance.”[M]. Princeton:Princeton University Press.
    [25]. Mueller, D. C. 1969. A Theory of Conglomerate Mergers[J]. Quarterly Journal of Economics, 83(4), 643- 659.
    [26]. Roll, R. 1986. The Hubris Hypothesis Of Corporate Takeovers[J]. Journal of Business,59(2),197-216
    [27]. Gugler K., Mueller D. C., Yurtoglu. B. B. 2005. The Determinants of Merger Waves[R]. Discussion Paper Series 05-15,Tjailing C. Kopmans Research Institute,University of Vienna
    [28]. Ulrike Malmendier, Geoffrey Tate.Who makes acquisitions?CEO overconfidence and the market’s reaction[J]. Journal of Financial Economics 89 (2008) 20-43
    [29]. Shleifer, A., Vishny, R. (2003).“Stock market driven acquisitions”[J]. Journal ofFinancial Economics, 70, 295–311.
    [30]. Rhodes- Kropf M., Robinson D. T., Viswanathan S. (2005).“Valuation Waves and Merger Activity:the Empirical Evidence.”[J]. Journal of Financial Economics, 77(3), 561-603.
    [31]. Ang J. S., Cheng Y. M. 2003. Direct Evidence on the Market Driven Acquisitions Theory[C]. Working Paper, Florida State University
    [32]. Dong M., Hirshleifer D., Richardson S., Teoh S. H. 2003. Does Investor Misvaluation Drive the Takeover Market? [C]Working Paper,Ohio State University
    [33]. D C. Mueller, K Gugler. (2008).“The Determinants of Merger Waves: An International perspective.”[C] SSRN working paper.
    [34]. Dimitris Petmezas. What drives acquisitions? Market valuations and bidder performance[J]. Journal of Multinational Financial Management. 19 (2009) 54–74
    [35]. Ronald W. Melicher, Johannes Ledolter, Louis J. D'Antonio. A Time Series Analysis of Aggregate Merger Activity[J]. The Review of Economics and Statistics, Vol. 65, No. 3 (Aug., 1983), 423-430
    [36]. Joseph Yagil. 1996. Mergers and Macro-Economic Factors[J]. Review of Financial Economics. Vol. 5. No. 2. 181-190
    [37]. Lambrecht, B. M. (2004).“The timing and terms of mergers motivated by economies of scale.”[J]. Journal of Financial Economics, 72, 41 - 62
    [38].张耀辉.产业组织与规制[M].北京:经济科学出版社,2006
    [39].汪伟.并购潮的动因:国内研究的新进展[J].技术经济, 2006(7):8-9,18
    [40].曹媛媛,房振明.并购潮动因前沿理论:行业冲击理论[J].外国经济与管理, 2003(11):21-24
    [41].叶会,李善民.厂商并购理论综述[J].广东金融学院学报, 2008(1): 115-128.
    [42]. Faulí-Oller, R.(2000).“Takeover waves”[J]. Journal of Economics and Management Strategy 9,189-210
    [43]. Qiu, L.D., Zhou,W.(2007).“Merger waves: a model of endogenous mergers”[J]. RAND Journal of Economics 38, 214-226
    [44].李瑞海,陈宏民.非对称市场结构下厂商横向兼并问题研究[J].中国管理科学,2005, 616 -619
    [45].翁秩丛,陈宏民等.网络效应下的厂商横向兼并与价格竞争[J].上海交通大学学报, 2002(4): 574-577
    [46].翁秩丛,陈宏民等.基于网络外部性的厂商横向兼并研究[J].系统工程学报, 2003(4):109-114
    [47].化冰,陈宏民等.差异厂商横向兼并的长期效应分析[J].管理工程学报,2003(2):5-8
    [48].张福利,达庆利等.无成本协同效应的横向兼并行为[J].系统工程理论方法应用, 2005(4):114-118
    [49].钟德强,仲伟俊.委托授权下厂商横向兼并效应与激励机制研究[J].管理科学学报,2007(12):1-12
    [50].刘莉,钟德强等.异质产品Bertrand寡头竞争厂商分散授权横向兼并效应分析[J].系统工程, 2008(2):41-46
    [51]. Chen M.J. (1996).“Competitor analysis and interfirm rivalry: toward a theoretical integration”[J]. Academy of Management Review, 21(1): 100-134
    [52]. Chen Ming-Jer.“Competitive dynamics research: an insider’s odyssey.”[J] Asia Pacific Journal of Management, 2007, 26,5-25
    [53].陈明哲.动态竞争[M].北京:北京大学出版社, 2009
    [54]. Smith, K. G., Grimm, C. M., Gannon, M.J., et al. Organizational information processing, competitive responses and performance in the U.S. domestic airline industry[J]. Academy of Management Journal, 1991, 34: 60-85
    [55].谢洪明,蓝海林,刘钢庭等.动态竞争理论的研究评述[J].科研管理, 2003, 24(6):28-35
    [56]. Porac J. F., Thomas H.. Taxonomic mental models in competitor definition[J]. Academy of Management Review, 1990, 15, 224-240
    [57]. Zajac E. J., Bazerman M. H.. Blind spots in industry and competitor analysis: implications of interfirm (mis)perception to strategic decisions[J]. Academy of Management Review, 1991, 16, 37-46
    [58]. Minzberg H., Ahlstrand B., Lampel J. (1998).“Strategy Safari: A Guided Tour through the Wilds of Strategic Management.”[M]. The Free Press, 185-192
    [59]. Smith K.G., Ferrier W.J., Ndofor H. (2001).“Competitive dynamics research: critique and future directions.”[M]. In Handbook of Strategic Management, M. Hitt, R. E. Freeman,&J. Harrison, London: Blackwell Publishers.
    [60]. Gatignon. Hubert, David Reibstein. Creative Strategies for responding to Competitive Actions [J]. Wharton on Dynamic Competitive Strategy, 1997: 237-255
    [61]. Basuroy S., Nguyen D. Multinomial logit market share models: Equilibrium characteristics and strategic implications[J]. Management Science, 1998, 44: 1396–1408
    [62]. Gimeno J. Multipoint competition, market rivalry and firm performance: A test of the mutual forbearance hypothesis in the United States airline industry. 1984-1988[D]. Unpublished dissertation, Purdue University. 1994
    [63]. Baron J. C., Kom H. J.. Dynamics of dyadic competitive interaction[J].Strategic Management Journal, 1999(20): 251-278
    [64]. Bemheim D., Whinston M. D. Multimarket Contact and Collusive Action[J].RAND Journal of Economies. 1990, 21, 1-26
    [65]. Mcgrath R.G., Chen M.J., MacMillan I.C. Multimarket maneuvering in uncertain spheres of influence: Resource diversion strategies [J]. Academy of Management Review, 1998, 23: 724–740
    [66]. Golden B.R., Ma H. Mutual forbearance: The role of intra-firm integration and rewards[J]. Academy of Management Review, 2003, 28: 479–493
    [67]. Evans William N,Kessides Ioannis N. Living by the‘Golden Rule’:multimarket contact in the U.S. airline industry[J].The Quarterly Journal of Economics, 1994, 109(2): 341-366
    [68]. Singal Vijay. Airline mergers and multimarket contact[J].Managerial and Decision Economics, 1996, 17(6):559-574
    [69]. Gimeno J., Woo C.Y. Hypercompetition in a Multimarket Environment: The Role of Strategic Similarity and Multimarket Contact in Competitive De-Escalation[J]. Organization Science, 1996, 7(3): 322-341
    [70]. Baum J.A.C., Korn H.J. Dynamics of dyadic competitive interaction[J]. Strategic Management Journal, 1999, 20: 251–278.
    [71]. Haveman H.A., Nonnemaker L. Competition in multiple geographic markets: The impact on growth and market entry[J]. Administrative Science Quarterly, 2000, 45: 232–267.
    [72]. Stephan J., Murmann J. P., Boeker W., et al. Bringing managers into theories ofmultimarket competition: CEOs and the determinants of market entry[J]. Organization Science, 2003, 14: 403–421.
    [73]. Jayachandran S., J. Gimeno, P. R. Varadarjan. The Theory of Multimarket competition:A Synthesis and Implieatiom for Marketing Strategy[J].Journal of Marketing, 1999, Vo1.63(July): 48-66
    [74].胡瑞娟,匡林.多市场接触与市场竞争行为市场竞争行为——以中国民航运输业为例[J].旅游学科, 2008(6),68-7
    [75].韩炜.动态竞争理论的研究述评与批判[J].科学学与科学技术管理, 2007(8):126-131
    [76].吴金南,仲伟俊,梅姝娥,张玉林.动态竞争战略形成过程:一个集成分析模型[J].科学学与科学技术管理, 2007(12):111-115
    [77].刁昳 .多市场接触对厂商间竞争强度影响的探析[J].现代管理科学, 2008(10):60-61,109
    [78].王斌,田志龙.多点竞争战略中的厂商动态博弈模型分析[J].管理评论, 2005(8):17-23
    [79].洪江涛,陈俊芳.厂商动态竞争战略选择的微分博弈分析[J].上海交通大学学报,2007(12):1075-1978,1984
    [80].秦剑、王迎军.动态竞争:综述、概念框架与研究建议[J].西安财经学院学报, 2008(3):83-87
    [81].冯桂平.动态竞争条件下的厂商间竞争行动特征研究[J].科技与管理, 2009(11):96-99
    [82].何辛锐,李兴旺.多点竞争:已有文献回顾及未来研究方向[J].兰州商学院学报, 2010(2):107-118
    [83].方石,任佩瑜.动态竞争视角的多点竞争理论研究[J].软科学, 2010(4):126-129
    [84]. Jensen, M. C. and R. S. Ruback. (1983).“The Market for Corporate Control: the Scientific Evidence.”[J]. Journal of Financial Economics, 11, 5 - 50.
    [85]. Grossman, S. J. and O. D. Hart. (1980).“Takeover Bids, the Free-rider Problem and the Theory of the Corporation.”[J]. Bell Journal of Economics, 11: 42 - 64.
    [86]. Leland, H. (2007).“Financial Synergies and the Optimal Scope of the Firm: Implications for Mergers Spinoffs, and Structured Finance.”[J]. Journal of Finance, 62 (2), 765 - 807.
    [87]. Fama, E. F. and M. C. Jensen. (1983).“Separation of Ownership and Control.”[J]. Journal of Law and Economics, 26
    [88]. Jensen M. C. (1986).“Agency Cost of Free Cash Flow, Corporate Finance and Takeovers.”[J]. American Economics Review, 76
    [89]. Muller, D., M. Sirower. (2003).“The Cause of Mergers: Tests Based on the Gains to Acquiring Firms Shareholders and the Size of Premia.”[J]. Managerial and Decision Economics, 24, 373– 391
    [90]. Ulrike Malmendier, Geoffrey Tate. Who makes acquisitions? CEO overconfidence and the market’s reaction[J]. Journal of Financial Economics 89 (2008) 20-43
    [91]. G. L. Mullin, J. L. Mullin, W. P. Mullin. (1995).“The Competitive Effects of Mergers: Stock Market Evidence from the U. S. Steel Discussion Suit”[J], Rand Journal of Economics, 26 (2), 314 - 330.
    [92]. Brandow, G. E. (1969).“Market Power and its Sources in Food Industry.”[J]. American Journal of Agriculture Economics, Vol.51, 1-12..
    [93]. E. Han Kim, Vijay Singal. Mergers and market power: evidence from the airline industry[J]. The American Economic Review, Vol.83, No.3, 549-567
    [94]. Stephen Martin. (2002). Advanced Industry Economics. [M].史东辉等译.高级产业经济学(第二版),上海财经大学出版社, 2003.
    [95]. Salant, S.W., Switzer, S., Reynolds, R.J. (1983).“Losses from Horizontal Merger: the Effects of an Exogenous Change in Industry Structure on Cournot–Nash Equilibrium. [J]”Quarterly Journal of Economics, 98: 2,185- 199.
    [96]. Deneckere, R. and Davidson, C. (1985).“Incentives to Form Coalitions with Bertrand Competition. [J]”Rand Journal of Economics, 16(4): 473-486
    [97]. Perry M .K, Porter R. H. (1985).“Oligopoly and the incentive for horizontal merger. [J]”American Economic Review,1985,75(1):219- 227.
    [98]. Jonathan B. Baker. (2008).“Market Concentration in the Antitrust of Horizontal Mergers[J]”. Antitrust Law & Economics, Keith Hylton, ed., 2009
    [99]. Amburgey, Terry L., Anne S. Miner. (1992).“Strategic Momentum: The Effects of Strategy, Structure and History on Merger Activity. [J]”Strategic Management Journal, 13, 335-348.
    [100]. Anthony Creane, Carl Davidson. (2002).“Multidivisional Firms, Internal Competition and the Merger Paradox.”[C] Working paper from SSRN
    [101]. Christina ?berg, Stephan C,et al. (2007).“Changing Network Picture: Evidence from Mergers and Acquisitions. [J]”Industrial Marketing Management, 36, 926-940.
    [102]. D D. Davis, B J. Wilson. (2008).“Strategic Buyers, Horizontal Mergers and Synergies: An Experimental Investigation. [J]”International Journal of Industrial Organization, 26, 643-661.
    [103]. Bernile, G., E. Lyandres and A. Zhdanov. (2007).“A theory of strategic mergers. [C]”Working paper available on SSRN.
    [104]. Hamel, G., Prahalad, C. K. (1989). Strategic Intent[J]. Harvard Business Review, 67(3): 63–76
    [105]. Anand, J., Singh, H. (1997). Asset redeployment, acquisitions and corporate strategy in declining industries[J]. Strategic Management Journal, 18: 99–118.
    [106]. Huaichuan Rui, George S. Yip. Foreign acquisitions by Chinese firms: A strategic intent perspective[J]. Journal of World Business 43 (2008) 213–226
    [107]. Tina Kao, Flavio Menezes.(2009).“Endogenous mergers under multi-market competition. [J]”Journal of Mathematical Economics. 45: 817–829
    [108].郭雷.复杂网络[M].上海:上海科技教育出版社, 2007
    [109]. Watts D.J., Strogatz S.H. Collective dynamics of‘small world’networks[J]. Nature, 1998, 393.
    [110]. Barabasi A.L., Albert R. Emergence of scaling in random networks[J]. Science, 1999, 286: 509-512.
    [111].汪小帆、李翔、陈关荣.复杂网络理论及其应用[M].北京:清华大学出版社,2006
    [112]. Newman M E J. J. Models of the small world[J]. Journal of Statistical Physics. 2000, 101: 819-841.
    [113]. Strogatz S H. Exploring complex networks[J], Nature, 2001, 410: 268-276.
    [114]. Albert R, Barabási A L. Statistical mechanics of complex networks[J], Rev. Mod. Phys., 2002, 74: 47.
    [115]. Dorogovtsev S N, Mendes J F F. Evolution of networks[J]. Advances in Physics, 2002, 51: 1079-1187.
    [116]. Newman M E J. The structure and function of complex networks[J]. SIAM Review 2003, 45: 167.
    [117]. Boccaletti B, Latora V, et al. Complex networks: structure and dynamics[J]. Physics, 2006, 424: 175-308.
    [118].韩筱璞、汪秉宏、周涛.人类行为动力学研究[J].复杂系统与复杂性科学, 2010(2-3):132-144
    [119].吕琳媛.复杂网络链路预测[J].电子科技大学学报, 2010(9):651-661
    [120]. C.T. Butts. Revisiting the foundations of network analysis. Science, Vol.325, 414-416
    [121].谭跃进、吴俊.网络结构熵及其在非标度网络中的应用[J].系统工程理论与实践, 2004, 24(6):1-3
    [122].杨建梅、陆履平、谢王丹.广州软件厂商竞争关系的复杂网络分析[C].北京:第二届全国复杂网络学术论坛论文集, 2005:616-619
    [123]. Jianmei Yang, Lv Ping Lu, Wangdan Xie, et al. On Competitive Relationship Networks: A New Method for Industrial Competition Analysis [J]. Physica A, 2007, 382(2): 704~714.
    [124].杨建梅.厂商间竞争关系与对抗行动的二层复杂网络分析思路[A]. 2006全国复杂网络会议论文集[C], 2006: 232-233
    [125]. Jian-mei Yang, Xi-zhong Huang, Dong Zhuang, et al. The Complex Network Analysis of Competitive Relationships between Firms in Foshan Ceramic Industry Cluster [C]. Proceedings of 2006 International conference on Management Science & Engineering (13th), Lille, France, 2006, 10: 1020~1023.
    [126]. Jian-mei Yang, Wen-jie Wang, Guan-grong Chen, A two-level Complex Network Model and its Application [J]. Physica A, 2009, 388(12): 2435~2449.
    [127]. Zhuang D., Yang J.M., Pan X.D., et al.. The bipartite network based growth mechanisms of complex company competitive relationship networks[C]. Proceedings of IEEE Asia-Pacific Conference on Services Computing, 2006, 247-252
    [128]. Dong Zhuang, Jian-mei Yang. The Community Structure of Competitive Pressure Networks for Multi-market Industries [C]. Proceeding of the 4th International Conference on Wireless Communications, Networking and Mobile Computing, Dalian, China, 2008, 5:1~4.
    [129]. Dong Zhuang, Jian-mei Yang.. Simulation of Rivalry Spread Effect over the Competitive Pressure Network [C]. Proceeding of the 2008 IEEE International Conference on Systems, Man, and Cybernetics, Singapore. Oct. 2008:851~855.
    [130].姚灿中,杨建梅.产业竞争关系复杂网络上的竞争扩散研究[J].管理学报. 2011(2),
    [131].李得荣、杨建梅、李欣荣、谢伟聪.产业竞争关系复杂网络模型群分析——以中国汽车零部件产业为例[J].管理学报, 2010(5),770-774,780
    [132].杨建梅、王舒军、陆履平、庄东.广州软件产业社会网络与竞争关系复杂网络的分析与比较[J].管理学报, 2006(6),723-727
    [133].欧瑞秋、杨建梅、常静.厂商-产品二分网络的社团结构分析——以中国汽车产业为例[J].管理学报, 2010(9),1403-1409
    [134].欧瑞秋,杨建梅.网络社团视角下的中国汽车产业市场结构分析[J].软科学,2010(9),8-13
    [135]. Hou Rui, Yang Jianmei, Yao Canzhong. Modeling China’s Logistics Service Providers’Competitive Relationship Based on Complex Networks[C]. International Conference on Information Management, Innovation Management and Industrial Engineering 2008, Taibei, December 19-21, 2008, Vol.2, 413-418
    [136].后锐,杨建梅姚灿中.物流产业竞争关系复杂网络模型研究[J].管理学报, 2010(3):406-411
    [137].李牧南,杨建梅,汤玮亮.基于复杂网络的产品竞争网的特性研究[J].电子测量技术, 2007(4):9-11
    [138]. Anna Grandori. Interfirm networks: organization and industrial competitiveness.刘刚、罗若愚等译.厂商网络:组织与产业竞争力.北京:中国人民大学出版社,2005
    [139]. Jarilb J.C. On strategic Networks[J], Strategic Management Journal, 1988, 19: 31-41
    [140]. Gulati R., Nohria N., Zaheer A. Strategic Networks[J]. Strategic Management Journal, 2000, 21: 203-212。
    [141].李焕荣,林健.战略网络研究的新进展[J].经济管理,2004,4:4-10
    [142].张玺.战略网络理论溯源与研究综述[J].科技管理研究,2007,2:223-224, 118
    [143].谢洪明,蓝海林.战略网络中嵌入关系的决定因素及其特征和影响[J].管理科学, 2003():
    [144].谢洪明,蓝海林.动态竞争与战略网络[M].北京:经济科学出版社,2004
    [145].谢洪明.战略网、战略生态与厂商的战略行为[J].科学管理研究,2005(2):
    [146]. D’Avenl R A. (2002).“Competitive Pressure Systems: Mapping and Managing Multimarket Contact. [J]”MIT Sloan Management Review, 44(1): 39-49
    [147]. Javier Gimeno. Competition within and Between Networks: the Contingent Effect of Competitive Embeddedness on Alliance Formation[J]. Academy of Management Journal, 2004, 47: 820-842
    [148]. Hou Rui, Yang Jianmei, Yao Canzhong. A New Conceptional Model for Merger Waves: Industry Competition Diffusion Based on Complex Networks[C].The 2nd International Conference on Networks and Digital Society (ICNDS), May 30-31, 2010, 237-241.
    [149]. Moreno Y, Gómez J B, Pacheco A F. (2002).“Instability of Scale-free Network under Node-breaking Avalanches. [J]”Europhys, Lett., 58, 630-636
    [150]. Motter A E, Nishikawa T, Lai Y C. (2002).“Cascade-based Attacks on Complex Networks. [J]”Phys. Rev. E, 66,065102
    [151]. Bak P, Tang C, Wiesenfeld K. (1987).“Self-organized Criticality: An Explanation of the 1/f Noise. [J]”Phys. Rev. E, 59,381-384.
    [152]. Lee D S, Goh K I, Kahng B, Kim D. (2004).“Standpipe Avalanche Dynamics on Scale-free Networks. [J]”Physica A, 338, 84-91.
    [153]. K. Rho, S. R. Hong, and B. Kahng. (2005).“Avalanche Dynamics Driven by Adaptive Rewiring in Complex Networks. [J]”Journal of the Korean Physical Society, 47, 558-561.
    [154].蔡宁,吴结兵.产业集群复杂网络的结构与功能分析[J].经济地理, 2006(3):378-382.
    [155].段文奇,陈忠,陈晓荣.基于复杂网络的新产品赠样目标优化策略[J].系统工程理论与实践, 2006(9), 77-82.
    [156].樊蓓蓓,祁国宁.基于复杂网络的产品族结构建模及模块分析方法[J].机械工程学报,2007(3): 187-192.
    [157].鲜于波,梅琳.主体异质性、复杂网络与网络效应下的标准竞争——基于计算经济学的研究[J].系统管理学报, 2008(2), 225-234.
    [158].朱宝宪、韩冰.阅读美国第五次并购浪潮[J].中国并购评论,2004(2),99
    [159]. Winston Moore. The impact of cross-border mergers on investment [J]. AppliedEconomics Letters, 2008, 15(12), 981-984.
    [160]. Mohammad Faisal Ahammad, Keith W. Glaister. Recent trends in UK cross-border mergers and acquisitions [J]. Management Research News, 2008, 31(2), 86-98.
    [161]. Olivier Bertrand, Habib Zitouna. Trade liberation and industrial restructuring: the role of cross-border mergers and acquisitions [J]. Journal of Economics & Management Strategy,2006, 15(2), 479-515.
    [162]. Kofi A Amoateng. Cross-border mergers and acquisitions between Canada and the US since 1990s [J]. Journal of Global Business, 2005, 16(30), 57-64.
    [163]. Steven Brakman, Harry Garretsen, Charles van Merrewijk. Comparative advantage, cross-border mergers and mergers waves: international economics meet industrial organization [R]. CESifo Forum, 2006, 7(1), 22-26.
    [164]. Anita Macek, Rasto Ovin. Cezmejna zdruzevana in prevzemi v drzavni strategiji/Cross Border Mergers and Acquisitions in the National Strategy [J]. Nase Gospodarstvo, 2005, 51(5), 67-72.
    [165]. Kjetil Bjorvatn. Economic integration and the profitability of cross-border mergers and acquisitions [J]. European Economic Review, 2004, 48(6), 1211-1226.
    [166]. J. Marro, J.J. Torres, and J.M. Cortes. Complex Networks: Time–Dependent Connections and Silent Nodes. Arxiv preprint arXiv:0710.3320, 2007 - arxiv.org
    [167]. Dan Braha, Yaneer Bar-Yam. Time-Dependent Complex Networks: Dynamic Centrality, Dynamic Motifs, and Cycles of Social Interaction. [M]“From Centrality to Temporary Fame: Dynamic Centrality in Complex Networks,”Complexity, Vol. 12 (2), November/December 2006
    [168].欧瑞秋.网络博弈视角下的中国汽车企业对抗互动研究[D].华南理工大学学位论文,2010.4
    [169].王林、戴冠中.复杂网络的Scale-free性、Scale-free现象及其控制[M].北京:科学出版社,2009
    [170].谭跃进、吴俊.网络结构熵及其在非标度网络中的应用[J].系统工程理论与实践,2004(6):1-3
    [171]. L. Getoor, C. P. Diehl, Link Mining: A Survey[J]. ACM SIGKDD Explorations Newsletter 7 (2005) 3
    [172].汪秉宏,周涛,刘建国.推荐系统、信息挖掘及基于互联网的信息物理研究[J].复杂系统与复杂性科学, 2010(2-3):46-49
    [173]. R. R. Sarukkai, Link prediction and path analysis using markov chains [J], Computer Networks 33 (2000) 377.
    [174]. J. Zhu, J. Hong, J. G. Hughes, Using Markov chains for link prediction in adaptive web sites [J], Lect. Notes Comput. Sci. 2311 (2002) 22.
    [175]. A. Popescul, L. Ungar, Statistical relational learning for link prediction[C]. Proc. Workshop on Learning Statistical Models.from Relational Data, ACM Press, New York, 2003, 81.
    [176]. Hung-Yu Kao, Shian-Hua Lin, Jan-Ming Ho, Ming-Syan Chen. Entropy-Based Link Analysis for Mining Web Informative Structure[C]. Proceedings of the eleventh international conference on Information and knowledge management, 2002
    [177]. Vincent D.Blondel, Anahi Gajardo, Maureen Heymans et al. A Measure of Similarity between Graph Vertices: Applications to Synonym Extraction and Web Searching[J]. SIAM REVIEW, Vol. 46, No. 4,647-666
    [178]. Lise Getoor. Link Mining: A New Data Mining Challenge[J]. ACM SIGKDD Explorations Newsletter, Volume 5 Issue 1, July 2003
    [179]. Ted E. Senator. Link Mining Applications: Progress and Challenges[J] ACM SIGKDD Explorations Newsletter. Volume 7 Issue 2, December 2005
    [180]. A. Clauset, C. Moore, M. E. J. Newman, Hierarchical structure and the prediction of missing links in networks [J]. Nature, 453 (2008) 98.
    [181]. S. Redner, Teasing out the missing links [J], Nature,453 (2008) 47.
    [182]. T. Zhou, L. Lü, Y.-C. Zhang, Predicting missing links via local information[J], Eur. Phys. J. B 71 (2009) 623.
    [183]. L. Lü, C.-H. Jin, T. Zhou, Similarity index based on local paths for link prediction of complex networks [J]. Phys. Rev.E 80 (2009): 046122.
    [184]. L. Lü, T. Zhou, Link Prediction in Weighted Networks: The Role of Weak Ties [J]. Europhys. Lett. 89 (2010) 18001.
    [185]. Q.-M. Zhang, M.-S. Shang, L. Lü, Similarity-based classification in partial labeled networks, arXiv: 1003.0837.
    [186]. L. Zhang, K. Hu, Y. Tang, Predicting disease-related genes by topological similarity in human protein-protein interaction network[J], Cent. Eur. J. Phys.2010
    [187]. LüL, Zhou T. Link prediction in weighted networks:The Role of Weak Ties[J].Europhys Lett,2010,89(1):18001.

© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号

地址:北京市海淀区学院路29号 邮编:100083

电话:办公室:(+86 10)66554848;文献借阅、咨询服务、科技查新:66554700