财政部和环保部公示第6期环保清单

近日,国家副主席习近平在联合国贸发会议第二届世界投资论坛开幕式上发表主旨演讲,他说,要继续致力于营造公平竞争的市场环境。发展离不开竞争,竞争必须公平。中国政府鼓励自主创新的政策是覆盖中国境内所有企业的,也是适用于依法在中国设立的一切外商投资企业的,可以说,这是广泛开展国际合作条件下的开放式创新。     

论80年代以来的美国对华直接投资(上)

<正> 美国是当今发达资本主义国家中经济和技术实力最强大的国家,也是迄今为止全球对外直接投资最多的国家。中国实行对外开放政策以来,美国率发达国家之先,1980年便开始对我国进行直接投资。经过近20年的发展,美国不仅成为发达国家中对华直接投资的主要来源地,而且也成为我国利用跨国公司直接投资,获取先进技术和管理经验的重要途径。美国对华直接投资对中美两国的经济合作     

2012版《对外投资合作国别（地区）指南》发布

商务部2012年12月21日在北京发布了2012版《对外投资合作国别（地区）指南》（以下简称《指南》）。《指南》是商务部提供的重要公共服务之一，为我国企业走出去提供与投资合作相关的基本信息。《指南》覆盖全球165个国家和地区，这165个国家和地区涵盖了我国对外投资合作的绝大部分业务。     

全面推进“一带一路”贸易投资便利化战略

扭转世界经济持续性放缓甚至衰退的根本在于提高全球经济体生产力,改进资本和技术的错配,扩大全球软硬件基础设施投资,提升全球价值链合作与分工。"一带一路"战略倡议提出三年来已经进入实质性合作阶段,未来我们应着眼于构建"一带一路"的贸易投资便利化,这不仅促进"一带一路"国家贸易投资合作,也势必推动新一轮全球贸易的繁荣增长。     

气候变化:阴影下的商机

如何把化解气候危机,转化为提升国家核心竞争力的过程。全球大国领导人都在思考这个问题。"应对全球变化既是一项严峻考验,也是我国自主创新的巨大推动力",日前,国家发改委副主任、国家气候领导小组成员解振华指出,"在可持续发展的要求下,技术创新是应对全球气候变化的核心挑战,能否掌握低碳经济的核心技术反映了一个国家的竞争能力。"     

自主创新的美日模式

当今世界,科学技术的突飞猛进和经济全球化成为人类社会发展的两大突出特点,科学技术使知识越来越成为经济增长和财富创造的主导因素,而通过发展和更新以及在全球范围内利用技术资源,将科技知识转化为现实生产力的自主创新则是国家在全球竞争中取得优势的关键。     

“一带一路”矿业资源与中国矿业企业“走出去”

<正>在全球矿业持续低迷的大背景下,"一带一路"战略的实施将给矿业发展带来机遇。借助"一带一路"战略加快中国矿业投资"走出去",将有效弥补中国资源环境不足的问题。"一带一路"区域是未来我国战略发展的重要合作区域,为我国和沿线各国发展提供了一个开放包容的平台。沿线国家在矿产资源领域的合作具有很强的互补性,我国紧缺的铜、镉、镍等矿产和战略性新兴矿产等,是这些国家的优势资源。在全球矿业持续低迷的大背景下,"一带一路"战略的实     

国际投资合作新思路——张伯里：推出国际投资合作新概念正恰时

2008年全球经融危机之后,世界格局发生了深刻变化,全球产业链随之进行重构。经过30多年的改革开放,中国已经从一个尝试努力引进外资的国家变成了全球最大的发展中资本输入国和全球最强劲的发展中资本输出国。正因为如此,全球对中国的投资合作需求与日俱增。发达国家希望借助中国突破发展困境,而发展中国家亦希望搭上中国发展的快车,为其经济增长探寻新的发展着力点。所有这些都为中国“走出去”开展投资合作提供了难得的历史机遇。目前,包括政府和越来越多的学者都开始思考并探索新时期一个更适应全球新格局下的中国开放新模式,以及可以驱动未来中国经济持续发展的国际投资新路径。     

基于全球价值链视角的企业对外投资模式分析——以北京为例

基于全球价值链视角对北京的100强企业处于全球价值链阶段和运用全球价值链动力机制对外投资进行分析,结果表明:北京对外投资发展缓慢,呈现出以绿地投资为主、香港为主要投资地区、投资行业多元化且对外合作发展迅速的特征,大部分的北京企业对外投资处于全球价值链的低端,且以生产者驱动型的全球价值链为主,由此,提出全球价值链下北京企业对外投资可选择的5种模式。     

重视“稳外资”中跨国公司在华研发投资作用

在做好"稳外资"工作的同时,如何看待区域自主创新与跨国公司在华研发投资关系?能否找到开启跨国公司在华研发投资与区域自主创新互动的"钥匙"?创新是引领发展的第一动力。党的十八大以来,以习近平同志为核心的党中央把科技创新摆在优先发展的战略地位和核心位置,坚持走中国特色自主创新道路,坚定实施创新驱动发展战略,为创新型国家建设指明了方向。     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.