建立和发展我国创业板市场需注意的几个问题

在2000年5月份国务院原则同意建立创业板市场方案以来,随着中国证监会组织实施工作步伐的加快,正在紧锣密鼓筹备中的中国创业板已呼之欲出,推出时间为期不远了.建立和发展我国的创业板市场是历史赋予我们的重任,虽然我们有创立主板市场的经验和教训,也有国外创立创业板市场的成功经验可以借鉴,但我们仍然会遇到许多困难和问题,就目前而言,我认为应注意以下几个问题:     

创业板,叫我如何认识你

古人有诗云:千呼万唤始出来,犹抱琵琶半遮面。中国创业板经过十年磨砺,今天终于从红燃绿染中走出来,犹如一位娉婷少女正轻轻地撩开头上的轻纱,走到了我们面前——     

大话创业板

通过多年的探讨和筹备,深交所6月5日正式发布了《深圳证券交易所创业板股票上市规则》,规则将于2009年7月1日起施行,怀胎9年之久的创业板,终于迎来了即将临盘的一刻。     

走近创业板

许多专家认为今年证券市场将好戏连台，其重要原因是呼之欲出的中国创业板将于年内揭开面纱。创业板开业标志着中国证券市场步入了新的阶段，它的作用和意义毋庸置疑，而对中小投资者又意味着什么？也许读了此文，您会有新的认识和感悟。     

新世纪海外创业板市场的变革与分化发展

2000～2001年NASDAQ网络股泡沫破灭后,海外创业板发展进入调整期.001年以来,在整体保持良好势头的情况下,海外创业板发展出现明显分化,有的发展取得了成功,有的被关闭或合并,本文将这个阶段海外创业板发展情况归纳总结为五种类型,并分别介绍了有代表性的市场在这个阶段的主要改革措施和市场演变趋势.     

国务院《若干意见》为深交所发展带来的五大机遇

《国务院关于推进资本市场改革开放与稳定发展的若干意见》的出台，奠定了资本市场在我国国民经济发展中的重要地位，是指导我国资本市场今后若干年发展的纲领性文件。本文并不着力于解读《若干意见》的重要意义，而是探讨《若干意见》为深交所今后发展带来的重大机遇。     

国内外创业板比较浅析

纵观国外运行比较成功的创业板,如美国、英国、日本和韩国,每个国家的创业板都具有差异性,而这些差异性都与各个国家的国情差异息息相关。文章仅通过比较美国、韩国等运行较为成功的创业板市场与中国创业板市场的差异,分析了造成各国创业板差异的原因,了解他们的成功经验以及快速增长所带来的一系列问题,给刚起步运营的中国创业板一些借鉴,以求进一步完善我国创业板市场。     

我国创业板市场发展研究

创业板市场作为中小企业利用证券市场进行股权融资的场所,能够为风险投资提供退出渠道,同时还可以起到优化资源配置的作用。创业板市场在我国的设立只是时机的选择问题,为我国创业板市场设计合适的制度安排是尽早推出的基础。本文通过借鉴海外的创业板市场,为构建我国科学有效的创业板市场提出了一些建议。     

天津华明:一桩并购故事的启示

25年前，华明集团的创业雏形是一家靠洗衣粉包装生存的村办小作坊，26年后，华明集团已发展成为拥有印刷包装、电子通讯、食品加工、商贸服务、金融投资、房地产开发等六大产业、11家企业的综合性集团公司，有专家说，企业的正常生命也就十四五年，这话不无道理，但是毕竟有一些寿命长的企业，那么，这些企业靠什么超越了正常生命期？本刊记者采访了华明集团董事长兼总经理刘乃兰后，从这家企业的案例中，我们似乎能够得到这样一个结论：并购可以使企业的寿命更长[编者按]     

Interpretive management: what general managers can learn from design

The past two decades have seen a dramatic acceleration in the pace of marketplace change. Companies have abandoned the old hierarchical model, with its clean functional divisions and clear lines of authority, and adopted flatter, less bureaucratic structures. But if most organizations have begun to adapt to the uncertainty of rapid change, most managers have not. They remain locked into the mechanical mind-set of the industrial age--that is, they assume that any management challenge can be translated into a clearly defined problem for which an optimal solution can be found. That approach works in stable markets and even in markets that change in predictable ways. Today's markets, however, are increasingly unstable and unpredictable. Managers can never know precisely what they're trying to achieve or how best to achieve it. They can't even define the problem, much less engineer a solution. The challenges facing the general manager in these circumstances, the authors argue, resemble those typically confronted by design managers. In the unpredictable world of research and design, neither the flow of the development process nor its end point can be defined at the outset. Rather than the traditional analytical approach to management, the design world requires an interpretive one. And that approach is equally well suited to rapidly changing, unpredictable markets. The authors describe how companies such as Levi Strauss & Company and Chiron Corporation have stayed at the top of their industries by adopting just such an interpretive approach to management.     

Virtuous capital: what foundations can learn from venture capitalists

U.S. foundations and nonprofits work diligently on behalf of society's most needy and yet report that progress is slow and social problems persist. How can they learn to be more effective with their limited resources? Foundations should consider expanding their mission from investing only in program innovation to investing in the organizational needs of nonprofit organizations as well. Their overemphasis on program design has meant deteriorating organizational capacity at many nonprofits. If foundations are to help nonprofits be assured of making payroll, paying the rent, or buying a much-needed computer, they must develop hands-on partnering skills. Venture capital firms offer a helpful benchmark. In addition to putting up capital, they closely monitor the companies in which they have invested, provide management support and stay involved long enough to see the company become strong. If foundation officers familiarize themselves with such practices, they can begin to build organizational capacity in the nonprofit sector. Foundations can hire organizational experts to assist grantees; they can lengthen grant terms to allow nonprofits to build up organization strengths; and they can create new classes of grants that allow for organizational effectiveness. Nonprofits in turn should articulate their organizational needs when applying for grants; they should apply to foundations known for longer-term grants; and they should create plans that justify long-term support from foundations.     

Organizing for enterprise in China: what can we learn from the Chinese micro, small, and medium enterprise development experience

China is a social market economy that has grown quickly, if unevenly, over the past decade. This growth has largely come about from small enterprise, in particular Township and Village Enterprises, which are micro, small-, and medium-sized enterprises (MSME), owned by local communities and partly controlled by local government. The conditions for this economic growth are quite different from the normative western model of economic development, notably the absence of private ownership or property rights. Decentralized marketization, i.e., the local freedom to establish prices and use resources, and a strong culture of Guanxi, intricate networks of mutual obligations, and cultural norms closely associated with entrepreneurship are key features that allow ambiguous local power holders to harness enterprise to fit with local conditions. A number of propositions are constructed from the evidence, from which those concerned with economic development in both developed and developing economies might learn. These propositions are concerned with local empowerment, entrepreneurial behavior of all public and private stakeholders, freedom from formal regulatory frameworks, conditions of ambiguity, bottom-up and grounded development, low significance of privatization and intellectual property and therefore the challenge to western benchmark criteria in development programmes. In a future where ideas and concepts can be spread rapidly, a deeper understanding and application of the diverse bases of small-business development can improve global economic development.     

日本大灾:影响与借鉴

日本遭遇地震、海啸乃至核泄漏危机,可谓大灾大难,乃国之殇。此次危机给日本带来了巨大的损失,在全球化的今天,作为世界第三大经济体,其灾害影响远远超过日本本身,参看本栏目文章《日本东北大地震对日本经济的影响》     

从中海油竞购优尼科看中国企业"走出去"--专访耶鲁大学金融学教授陈志武

中海油竞购优尼科是人们关注的热点是一件很正常的事情,但这个事件所引发的问题远远超过事件本身,是一个涉及到中国企业究竟如何走出去的战略性大问题     

The interrelatedness of global equity markets, money markets, and foreign exchange markets

This article investigates different aspects of global financial markets, specifically relationships among equity markets, money markets, and foreign exchange markets across countries. To represent the three major financial markets of the world, Japan is the proxy for Asia, Germany is the proxy for Europe, and the United States is the proxy for North America. Strong evidence exists that international money markets and international equity markets are becoming increasingly integrated over time. This article incorporates foreign exchange values as partial determinants of equity returns and money market returns and investigates the interactions among these three asset markets from a global perspective.     

创业板市场对商业银行发展机遇探讨

商业银行由于其业务范围的掣肘,在资本市场所发挥的作用尚未得到充分的发挥,但历经多年的探索与积累,业已具备相当的实力与业务基础.随着创业板市场发行办法与相关规程的逐步落实,企业、券商都在为冲刺进行着缜密筹备.创业板市场准入门槛相对较低,受益企业覆盖面广,示范效应明显,将给商业银行带来广阔的业务机遇.商业银行围绕目标企业展开的一系列金融服务将有助于拓展新兴业务领域,提升综合收益.本文就客户挖掘、扶持与维护等方面提出了相关策略,以期帮助商业银行在金融"脱媒"趋势下的客户结构深度调整和综合化经营发展路径探索中获取更有力的抓手.