Failure to Complete Cross-Border M&As:“To”vs.“From” Emerging Markets

周晨希是厦门大学管理学院2015年引进的海归博士，受聘为“群贤计划”市场学助理教授。他是美国佛罗利达大学商学院营销学专业博士,主要从事企业战略管理、行为经济学等方面的研究。 本研究调查涉及新兴市场跨国并购完成的预测因数如何取决于全球扩张的方向,即向发展中市场的入境投资或来自发达市场的出境投资。【Abstract】While cross-border mergers and acquisitions (M&As) involving emerging markets have been increasing in recent years, a high percentage collapse before completion. This study investigates how the predictors of cross-border M&A completion involving emerging markets depend upon the direction of global expansion, i.e., investment inbound to a developing market or outbound from a developing market. Analysis based on 15 years of data from four emerging economies, Brazil, Russia, India, and China, from 1995 to 2010,reveals fundamental differences in the predictors of inbound vs. outbound M&A completion. Country-level factors reflecting differences in political, trade,and legal environments strongly affect the completion for inbound M&As, but have a much weaker influence on outbound M&As. By contrast, firm-level factors such as past M&A experience have a significantly stronger effect on completion for outbound than for inbound M&As. Most interestingly, two deal-level factors (the percentage of stake sought by the acquirer and whether or not the deal is a cash transaction) increase the likelihood of completion for inbound but decrease it for outbound M&As. These findings have important managerial implications for enhancing the success of global expansions

野生达乌尔黄鼠与室内F1代的社会性及社会行为比较

在进化上小型哺乳动物能够通过改变行为策略以适应局部环境的变化。达乌尔黄鼠(Spermophilus dauricus)是进行冬眠相关研究的模式动物,但关于其社会行为方面的研究较少。本研究通过旷场实验、社会性偏爱实验以及同性社会互作实验,检测了野生雌、雄达乌尔黄鼠及室内F1代的社会性及社会行为。结果发现,野生达乌尔黄鼠在运动性、焦虑水平、社会性以及社会行为包括社会探究、亲密行为、跟随及自饰行为等方面没有表现出性别差异,且非社会行为占比时间达到45%以上; 室内F1代鼠与野生鼠相比,焦虑水平、亲密行为及自饰行为显著降低。在社会性偏爱实验中,F1代鼠对陌生同性个体表现出了更积极的探究行为,但野生鼠没有发现这样的现象。这些结果表明达乌尔黄鼠的社会性及社会互作程度较低,室内出生及成长环境会影响其焦虑水平和社会行为

Design of a snake-like robot and analysis of friction influence on its motion performance

为使蛇形机器人的结构和运动形式能够适应各种复杂环境,研究了蛇形机器人运动性能与环境的关系及其运动控制,设计了一种单被动轮为接触面的正交串联蛇形机器人,分析了蛇形曲线参数对其运动的影响,通过实验研究了摩擦系数对其运动步态的影响,得出了蛇形机器人的前行速率随蛇形曲线参数α的增大而增大,随摩擦系数μ的增大而减小的结论,以及蛇形曲线步态参数的调节策略

Characteristics of microbial communities and their association with immunity and metabolism at the early developmental stage of Protosalanx chinensis(大银鱼早期发育阶段微生物群落特征及其与免疫和代谢的关联)

In order to understand the changes and characteristics of microbial communities during early development of Protosalanx chinensis, samples were collected at five developmental periods, which are the embryonic period (heartbeat stage, XT), the endogenous nutrition period (the first day after hatching, H1), the mixed nutrition period (the fourth day after hatching, H4), the open feeding period (the seventh day after hatching, H7), and the exogenous nutrition period (the tenth day after hatching, H10). Microbial community succession during early development was observed by 16S rRNA gene sequencing technology, especially the characteristics and key microbial genera before and after feeding. Combined with the transcriptome data of the same batch of samples, the microbial genera related to immunity and metabolism were analyzed based on the association network method. The results showed that there were significant differences in β diversity among the different periods at the early developmental stage (P＜0.001). The dominant bacteria in the XT period were Flavobacterium and Chryseobacterium, and the dominant bacterium in the H1 period was Pseudomonas. The main bacteria in the H4 period were Flavobacterium and Pseudomonas. The main bacteria in H7 and H10 periods were Flectobacillus and Pseudomonas. The abundance of Pseudomonas was stable at all developmental periods. Node bacteria such as Flectobacillus were significantly associated with the expression of various immune and metabolic genes. This study has obtained the microbial succession information of the early developmental stage of P. chinensis for the first time, and screened out the dominant bacteria and node bacteria, which will provide references and ideas for the scaled cultivation of P. chinensis fry.(为了解大银鱼早期发育过程中的微生物群落变化规律与特征，采集大银鱼胚胎期（心跳期，XT）、内源性营养期（采样时间为孵化后第1天，记为H1）、混合性营养期（孵化后第4天，H4）、开口摄食期（孵化后第7天，H7）和外源性营养期（孵化后第10天，H10）5个发育时期的样本。通过16S rRNA基因测序技术观察大银鱼早期发育过程中的微生物群落演替，尤其是摄食前后的微生物群落特征和关键菌属；并结合同批次样品的转录组数据，基于关联网络方法重点分析了与免疫和代谢相关的菌属。结果显示：大银鱼早期发育阶段各时期的β多样性存在显著差异（P＜0.001），其中，XT的优势菌群为黄杆菌属（Flavobacterium）和金黄杆菌属（Chryseobacterium）；胚后H1时期的优势菌群为假单胞菌属（Pseudomonas）；H4时期的主要菌群为黄杆菌属和假单胞菌属；H7和H10时期的主要菌群为弯曲杆菌属（Flectobacillus）和假单胞菌属。假单胞菌属在各时期中稳定存在。与多种免疫和代谢基因表达显著相关的是弯曲杆菌属等节点菌属。本研究首次获得了大银鱼早期发育阶段的微生物演替信息，同时，筛选到的优势菌属与节点菌属将为大银鱼苗种的规模化培育提供思路和参考。

修士論文要旨 : C. 文化・社会環境科学研究領域

departmental bulletin pape

Measurement of integrated luminosity of data collected at 3.773 GeV by BESIII from 2021 to 2024

We present a measurement of the integrated luminosity e+e- of collision data collected by the BESIII detector at the BEPCII collider at a center-of-mass energy of Ecm = 3.773 GeV. The integrated luminosities of the datasets taken from December 2021 to June 2022, from November 2022 to June 2023, and from October 2023 to February 2024 were determined to be 4.995±0.019 fb-1, 8.157±0.031 fb-1, and 4.191±0.016 fb-1, respectively, by analyzing large angle Bhabha scattering events. The uncertainties are dominated by systematic effects, and the statistical uncertainties are negligible. Our results provide essential input for future analyses and precision measurements