客户关系管理：企业竞争的利器

衡量一个企业是否成功的标准不仅仅是企业的投资收益率和市场份额,同时还有客户关系管理(CRM)的质量,应充分考虑企业的客户保持率、客户份额、客户的资产收益等指标。根据国外资料分析,如果将每年老客户保持率增加5个百分点,则利润可增加60%～100%。成品油销售企业的客户可统分     

基于边际贡献的煤炭纵向一体化运营优化研究

大型企业进行运营优化时,往往基于已发生的或预测的单位利润来进行量的优化。通过对边际贡献和单位利润的特性进行对比研究,提出基于边际贡献的本量利分析在运营优化中的优势。最后基于煤炭产运销一体化的运营特点,提出边际贡献矩阵的概念及测算方法,以及其在实现企业整体利润最大化中的具体应用。     

电力装备制造业公司资产结构及效率优化研究

合理、有效的资产结构是保证企业生产经营顺利进行的前提,它可以确保企业在自主运用资金时根据实际需要灵活安排资金,提高企业资金的利用效果,为企业带来良好的经济效益。资产效率代表企业资产的投入与产出关系,在一定程度上反映了企业资产管理的状况。一个企业资产占用的数量会直接影响企业资本成本,资产效率的高低会影响企业盈利利润,因此,对资产结构及效率进行研究,是提升企业价值的重要内容。     

资产经营

<正> 与围绕产品而进行企业管理的情况不同,一个企业的经营管理以资产为中心,让资产随着市场的变化而流动、而重组、而带来利润,这种时候的企业就是在进行资产经营了。资产经营,主要有下面几种     

浅谈资产经营

一、资产经营的概念所谓资产经营是指在市场经济体制下,根据企业经营目标的要求,对企业的资产通过裂变、组合、优化配置等多种方式进行有效运营,以确保其有效增值的企业经营方式。资产经营与生产经营既有区别又有联系。两者的区别在于：一是企业追求的目标不同。生产经营追求的目标是企业产值、利润最大化;资产经营追求的目标是企业财富最大化。二是企业与政府的关系不同。生产经营式的企业与政府是合一的,具体表现为企业有与政府系列相同的行政级别,企业的行政由高于它的政府来任免,政府既是企业税金的收缴者,也是企业利润的分配者…     

EAM在石化企业的应用和发展

1．石化行业资产管理需求 石化行业是典型资产密集型行业，一般情况下石化企业资产总额都在数十亿以上，而年资产维护费用也在几千万到几亿元的水平，其设备种类繁多，管理流程复杂，对维修及保养的要求较高，维护维修的方式方法千差万别，采用不同的维护维修策略将带来费用总额上的明显差异，进而直接影响企业的成本和利润水平。     

突破性创新、互补性资产与企业间合作的整合研究

主导企业在技术变革中经历了技术劣势后，这种劣势在何种程度上转化为商业劣势取决于突破性创新的破坏幅度。如果新技术只破坏了主导企业的技术能力而没有破坏互补性资产的价值．那么主导企业的绩效将会改进：如果新技术同时破坏了主导企业的技术能力和互补性资产的价值．那么主导企业的绩效将会下滑。正是由于大量突破性创新属于前者并且主导企业控制了大部分的互补性资产．开发了突破性创新的新进入企业只能与主导企业建立合作关系．共同分享创新利润。     

资产减值准备的核算与管理探讨

资产减值准备是企业会计处理的重要环节,对企业的财务管理工作有着重要的影响。本文分别从资产减值准备应该真实的反映企业资产价值及利润和资产减值准备对企业会计信息如何造成负面影响两个方面探讨了资产减值准备对企业会计信息的影响,对资产减值准备制度以及绩效考核评价体系的完善等方面提出了一些意见和建议。     

承包经营业绩的考核应重视“利润质量”

承包经营业绩的考核应重视“利润质量”周家平企业经营，资产所有者应追求企业利润的最大化和发展后劲的最大化，二者不可偏废。承包经营，资产所有者将其资产承包给经营者经营，是目前企业仍在采用的经营方式之一。一般来说，资产所有者或其代表者与承包者（个人或群体）...     

电网企业资产全生命周期管理系统初探

资产是指企业过去的交易或者事项形成的、由企业拥有或者控制的、预期会给企业带来经济利益的资源.本文所探讨的资产管理,指的是对有形的实物资产的管理,其构成主要是固定资产.资产密集型企业以其资产来创造核心利润,也在资产上付出大量的人力物力和财力.电网企业属于资产密集型企业,每年在资产购建、维护和管理方面的投入相当大,可是要弄清楚一项资产从头到尾的投入与产出却是一件非常复杂的管理工作.如何加强电网企业的资产管理,值得深入思考和研究.     

上市公司国有资产价值流失分析

本文通过对资产概念的广义理解，界定了上市公司国有资产总价值及流失体系，然后从市场价值、安全价值、权力价值和无形价值等四个方面分别探讨了上市公司国有资产的价值流失问题。本文认为，造假、圈钱、内部人控制是当前严重的上市公司国有资产价值流失问题，上市公司国有资产的控制权、监督权、剩余索取权等权力的丧失，上市公司国有资产风险的增加，上市公司国有资产增值、保值机会的丧失以及无形资产价值的流失都是上市公司国有资产价值流失的表现形式。     

Comparing U.S. and Japanese corporate-level operating performance using financial statement data

This study uses financial statement data restated to a similar reporting basis to compare the operating performance of U.S. and Japanese companies, identifying possible strategic and environmental explanations for the differences observed. Comparisons are made for U.S. and Japanese samples as a whole, for groups of Japanese firms (keiretsu v. nonkeiretsu), and for 11 industries. The results show that neither country appears to generate systematically higher profit margins, but that U.S. firms turnover assets other than inventory more quickly and therefore have higher rates of return on assets. More intensive examination of these results suggests that environmental factors, such as cultural or structural differences, are the primary causes of the observed differences in the data analyzed.     

企业创新、价值链扩张与制造业盈利能力——以中国医药制造企业为例

本文分析了企业创新与价值链扩张之间的互动关系对企业盈利的影响。利用1998—2010年中国医药类上市公司和相关调研数据,实证研究了中国医药制造企业的整体盈利能力及其沿价值链不同方向扩张对盈利能力的影响,并具体分析了价值链上各环节的主要因素对企业盈利能力的影响程度。研究结果表明,纯制造类医药企业净资产收益率和销售净利率的下降幅度远远大于纯制造—扩张类医药企业,医药制造企业通过创新实施价值链上的业务扩张可以改善其盈利能力;中国医药制造企业盈利能力与价值链扩张之间存在着非线性关系,沿价值链向研发环节与营销环节的扩张都能有效提高、改善企业的盈利能力。     

银行系金融租赁：扩张、风险与对策

首批银行系金融租赁公司的资产规模高速扩张，对经济增长的促进作用进一步显现。然而，高速扩张的银行系金融租赁公司在经营理念、市场定位、行业集中度、资产浦动性、租赁模式等方面存在的风险隐患值得关注。排除风险隐患，引导融资租赁行业可持续发展，银行系金融租赁公司的经营理念要由资金引导型向物权引导型转换，市场定位要向节能减排和中小企业倾斜，行业选择要走差异化发展道路，要把握租赁资产出/入口提高资产流动性，同时还要创新租赁结构实现租赁模式多样化。     

Optimizing capital investments under technological change and deterioration: A case study on MRI machine replacement

ABSTRACT

We study the multiple style and type parallel asset replacement problem (MST-PRES), which determines an optimal policy for keeping or replacing a group of assets that operate in parallel under a limited budget. Operating assets generally suffer from deterioration, which results in high operation and maintenance (O&M) cost and decreased salvage value, and technological improvements make it possible for new assets to operate more efficiently at a lower cost. In order to address these issues, we formulate a multi-objective mixed-integer programming (MIP) model that minimizes fixed and variable costs of purchasing new assets, O&M cost, inventory cost, and penalty cost for unmet demand minus salvage values, while considering technological advances and deterioration as a gain and loss in capacity, respectively. We apply our model to a case study involving two different styles of assets: a full-body magnetic resonance imaging (MRI) machine and a smaller extremity magnetic resonance imaging (eMRI) machine. Each has two types: high-field and low-field. We perform computational experiments and analyses using key model parameters and illustrate optimal replacement strategies considering the impact of technological advances and deterioration. Results show that the proposed MIP model provides valuable insights and strategies for companies, decision makers, and government entities on the capital asset management.     

THE ECONOMIC EVALUATION OF A JOINT SUPPLY CHAIN INNOVATION

In this paper we discuss the economic evaluation of a supply chain innovation. We look at a situation in which a single manufacturer and a single distributor consider relocating assets and reengineering processes, in order to reduce total assets and total costs in the supply chain. The selling price between the manufacturer and distributor needs to be adjusted to reflect the new costs and asset levels. We investigate the price adjustment needed to maintain the ROA (Return on Assets) of both companies and to yield a nonnegative NPV (Net Present Value) for both companies. We identify conditions under which ROA and NPV yield the same results, such as the absence of implementation costs. We also demonstrate that the minimum price required by the manufacturer may lie above the maximum price acceptable for the distributor. Then the price range is empty and companies will not be able to find a price adjustment that results in a nonnegative NPV and nondecreasing ROAs for both companies.     

Das Umlaufvermögen von Verteilnetzbetreibern

How much current assets are needed to operate a distribution system in Germany? The German “Energiewende” requires tremendous amounts of investment in the distribution network over the next years. The return of invested capital is regulated by § 7 Strom/GasNEV (German network tariff regulations). Current assets are principally included in the regulatory asset base in order to determine the regulatory equity yield rate. The regulatory authorities and distribution system operators have different point of views regarding the proper amount of current assets needed for operating a distribution network. This debate seems quite significant when considering that the average ratio of current assets to total assets is 25%. On the other hand, one could argue that distribution system operators do not need current assets at all. In order to address the issue of the proper amount of current assets for distribution system operators, business specific processes (such as the “EEG process”) should be examined. Furthermore, the provision of current assets causes costs of capital, which reduces the shareholder value and makes the acquisition of capital more challenging. This paper analyses such interrelations between current assets and shareholder value in regulated markets. Moreover, the current regulatory practice of cutting current assets in the regulatory asset base to a standardized amount does not seem appropriate. Rather there is a need for a multi-level and item-by-item based valuation scheme: Is the item required for the business? Is the amount limited to the efficient minimum? Is the amount comparable to other businesses? Concerning this matter, this paper examines proper instruments, such as the cash flow statement. In addition, this paper benchmarks the current (liquidity) ratio of distribution system operators and non-regulated companies. Based on this benchmark, the current assets of distribution system operators appear comparatively efficient. The results point out a need of action regarding current regulatory practice.     

Diversifying acquisitions and financial relationships: Testing 1974-1976 behaviour

Fifty-four diverisifying acquisitions in manufacturing and mining industries from 1974 to 1976 are investigated in terms of sales growth rate, rate of return on assets, and current ratio of the acquiring and acquired companies. The average characteristics of acquired companies, classified by the characteristics of their acquiring companies, are compared. Results indicate significant structural matches between the acquired and acquiring companies to exploit strengths and avoid weaknesses in growth, profitability, and liquidity. It appears that firms try to balance their business segments in terms of product life cycle stages within a limit of maintaining proper levels of profit.     

Asset accumulation,interdependence and technological change: evidence from pharmaceutical drug discovery

Although the resource‐based view of the firm has been written about extensively, the process by which firm assets are accumulated has not been explored in detail. That is, we know little about the micro‐level mechanisms by which assets are built, nor do we have sufficient empirical evidence why some assets are more difficult to imitate, trade, or substitute. In this exploratory paper, we attempt to provide a better understanding of asset accumulation via an empirical research program in pharmaceutical drug discovery. Using a combination of field research, discovery data from nine pharmaceutical firms, and data on 218 alliances involving new technologies for experimentation and testing, three causes affecting asset accumulation are identified and described. First, the difficulty of imitating a particular asset is affected by interdependencies with other assets. Second, trading of assets can be impeded by structural inertia in the core of a firm that is adopting the technology asset. And third, fully specifying all factors affecting imitation and trading ex ante is very difficult, if not nearly impossible, under conditions of rapid technological change. We propose that the complex interactions of these causes can give rise to imperfections in factor markets. Finally, implications for further research are discussed as well. Copyright © 2002 John Wiley & Sons, Ltd.     

居民家庭金融资产组合集成风险的测量与波动分析

居民家庭金融资产在不同时期风险的聚集可能会引发宏观金融风险, 甚至导致金融危机。 因此, 文章试图测算家庭金融资产组合风险并描述其变动特点。 首先构建家庭金融资产组合的 Copula 函数, 然后计算其VaR 值, 并比较分析 VaR 值与各金融资产收益的变动关系 , 发现当金融资产中高风险资产的收益低于 VaR 值下限时, 家庭金融资产风险不断积聚并达到高点, 而这个过程与金融危机发生的时间相契合。 家庭金融资产组合风险和资产中的风险资产收益会影响未来的利率和 CPI 的变化。