求异型市场定位与叠加型风险控制：村镇银行可持续发展的必然选择

为有效解决农村地区银行业金融机构网点覆盖率低、金融供给不足、竞争不充分等问题,继人民银行推行“只贷不存”小额贷款公司试点之后,中国银监会又决定在四川、内蒙古等6省（区）进行村镇银行试点。截止今日,全国陆续开业20余家村镇银行,大家在为这些新机构的设立击节叫好的同时,也生出几分担忧。一是担忧村镇银行会不会办成当年的基金会;二是担忧这些村镇银行办起来后,会不会像上世纪八十年代的个体工商户冲击供销社、百货站、食品站一样冲击现有农村的国有和集体银行业机构;三是担忧这些村镇银行办起来后,会不会因为规模不大、网络不全面影响它的竞争力和服务功能,最后产生风险,有违设立村镇银行的初衷。     

刀口舔血的狼

“血腥味”最浓的时候,就是风险最大的时候。也许你的利润不是最丰厚的,但保 证不会成为“爱斯基摩人”的盘中美味。     

樊纲：资产泡沫令人担忧

央行货币政策委员樊纲2月1日称,中国的通货膨胀问题和资产泡沫压力＂令人担忧＂,但居民消费价格指数（CPI）不会轻易大涨,资产泡沫是真正应担忧的问题。樊纲表示,中国是本轮危机中全球复苏最早、最快的国家,但目前流动性过剩是个问题，因此，流动性管理应该成为抑制资产泡沫的工具之一。     

铜价表现强劲

沪铜： 本周铜价表现强劲,铜价上破阻力位后继续上行。分析来看,中美经济数据好于预期,欧债发行顺利,对宏观担忧的缓解使铜市压力大减,基本面成为市场的主要支撑。在全球经济担忧放缓的背景下,铜的消费有望保持增长,     

风险随转型发生

企业需要利润，是不会允许由于转型而使企业利润长期下滑或者短期大幅度萎缩的。因此企业向品牌转型，必须在一定时期内取得一些成效，大家才会有信心，才不会半途而废。     

钢铁企业盈利将继续高速增长

贵金属、证券经纪、航空、制铝、煤炭业仍排名靠前。基于对钢材出口回落对国内钢材价格大幅冲击,铁矿石价格上涨,以及政府可能会采取调控措施从而导致行业利润下降的担忧,钢铁板块排名跌出前10。     

像大师一样寻找投资机会

最近,两位国际投资大师对中国市场截然相反的态度,让不少投资者迷惑不已.股神巴菲特在抛空中石油后,表达出对中国股市的担忧,声称A股已出现过热迹象,即便有便宜的股票,点石成金也很困难,故暂时不会购买A股.     

丰富自己

人的烦恼多半是因为对过去的懊悔或者对未来的担忧。曾经犯下的错误让人扼腕叹息、辗转反侧乃至捶胸顿足，但是再怎么悔恨，时光也不可能倒流，错过的机会也不会重现。潜伏的危机使人心慌意乱、郁郁寡欢以至如履薄冰，可危机只是意念中的假想，或许它们根本就不会发生。     

中美利差波动背景下的大类资产配置策略

中美利差倒挂引发市场担忧。文章基于历史分析指出,短期内倒挂可能仍会延续,但投资主线和逻辑下半年会回归基本面和政策面。在国内经济爬坡修复偏慢、政策仍需维持宽松托底,以及海外衰退风险增加、全球风险偏好下移等背景下,中美利差倒挂不会成为国内债市的核心制约,下半年债市的核心分歧和核心机会可能仍聚焦于国内经济和政策本身。文章最后结合市场调研结果提出下半年大类资产配置建议。     

美国经济：通胀还是通缩？

美国经济的主要担忧是增长动力不足，而不是通货膨胀。具有讽刺性的是，当货币政策不足以成为对通胀担忧的理由的同时，它也不足以成为对增长前景乐观的理由。换句话说，美联储无需担忧通胀问题，但即使他们将刺激政策用至极限，也可能无法将美国经济拉上高速路     

Market power and reputational concerns in the ratings industry

This paper studies the incentives of rating agencies to reveal the information that they obtain about their client firms. In the model, rating agencies seek to maximize their reputation and protect their market power. They observe public information and obtain either precise or noisy private information about a firm. Reputational concerns dictate that a rating reflects private information when it is precise. However, when private information is noisy, two situations arise. In a monopoly, the rating agency may ignore private information and issue a rating that conforms to public information. Under some conditions, it may even become cautious and issue bad ratings ignoring both types of information. With competition, however, it has incentives to contradict public information as a way to pretend that it holds precise private information. Moreover, it may become more likely to issue good ratings in an attempt to protect market power.     

审计独立性的影响要素及措施分析

在资本市场迅猛发展的今天,审计独立性问题引起越来越多人的关注.审计的独立不仅会影响注册会计师的职业判断及审计质量,还会增加投资者对审计报告的期望度.而审计失败则将会损害审计的内在价值及执行审计任务的会计师事务所的声誉,甚至资本市场的稳定.本文主要从资本市场及公司治理结构分析审计独立性的影响要素,并结合西方国家先进的观点及普遍做法,提出几点提高审计独立性的改进意见     

Bioregional planning in central Georgia, USA

Human influences in the five-county region around Fort Benning, Georgia, USA, have been long and intense. Only 4% of the native longleaf pine (Pinus palustris) forest remains intact. Besides the loss of species, habitats, and ecosystem services associated with longleaf pine forests, the environmental concerns of the region include air, water, and noise pollution. The mix of federal and private ownership in this region leads to complicated land-management issues that will likely become even more difficult as the city of Columbus continues its projected growth along the northern border of Fort Benning. To understand how anthropogenic developments affect the environment, we are developing a Regional Simulator (RSim) to project future developments and their impacts on environmental conditions. Using RSim, we can identify the potential effects of growth on noise and air pollution, water-borne nutrients, and habitats for focal species. Noise impacts are already large in the areas of current and projected urban growth for the region. This knowledge of potential futures allows options for environmental protection to be considered. A key lesson from this analysis is that regional simulation models are a cost-effective way to assess the long-term environmental implications of anthropogenic growth and development.     

中国家居业迈向资本时代

消费者对家居装饰的需求越来越高。此前,没有进入风投视野的家居行业,正成为风投商关注的焦点。     

浅析如何促进员工身心健康和企业发展

随着我国经济的飞速发展,企业竞争日趋激烈,那么我国企业的管理也成为人们关注的话题,每一个企业都不能仅仅关注经济效益,还要重视员工的身心健康,及时为员工消除顾虑,减轻压力,这样才会为企业谋出一条可持续发展的可行之路,实施员工援助计划是加强对企业员工关注的有效之路,那么怎样通过实施员工援助计划的手段来促进员工身心健康和企业发展呢,本文对其着重探讨。     

相互依赖、信任对企业关系导向合作的影响分析

关系导向合作主要是基于效率动机、稳定动机和互惠的动机。关系导向合作是企业之间相互依赖和信任的结果;信任与企业关系导向合作之间的关系受到依赖程度的调节影响,信任对关系导向合作的影响因不同的依赖水平而不同;相互依赖程度和关系导向合作之间的关系受到信任水平的调节影响,当信任水平较低时,依赖不对称程度对关系导向合作的影响是反向的;当信任水平较高时,依赖不对称程度对关系导向合作的反向影响就会变得不明显或者甚至是正向的影响;对称的相互依赖和信任之间的互动,有利于企业长期的关系导向合作。     

The Labor Market for Directors and Externalities in Corporate Governance

This paper studies how directors' reputational concerns affect board structure, corporate governance, and firm value. In our setting, directors affect their firms' governance, and governance in turn affects firms' demand for new directors. Whether the labor market rewards a shareholder‐friendly or management‐friendly reputation is determined in equilibrium and depends on aggregate governance. We show that directors' desire to be invited to other boards creates strategic complementarity of corporate governance across firms. Directors' reputational concerns amplify the governance system: strong systems become stronger and weak systems become weaker. We derive implications for multiple directorships, board size, transparency, and board independence.     

Analyst Reputation,Communication, and Information Acquisition

Earlier studies have shown that reputational concerns tend to reduce agents' opportunistic behavior. However, a recent study by Morris argued that analysts' (experts') reputational concerns may discourage truthful communication when they try to avoid being perceived as being misaligned with investors. In this paper, I examine the effect of reputational concerns on communication in a setting where analysts can choose their precision endogenously. Because both misaligned and aligned analysts want investors to trust their reports in the future, both will aim to build a reputation for being aligned. In equilibrium, aligned analysts will acquire more information than misaligned analysts. As a result, investors may favorably update their beliefs about the analysts' type when the report is proven to be accurate. Therefore, both types of analysts will have reputational incentives to communicate truthfully. The paper also derives conditions under which the analysts' reputational concerns have a nonmonotonic impact on aligned analysts' equilibrium precision choices and investors' welfare.     

Contextual marketing--the real business of the Internet

The painful truth is that the Internet has been a letdown for most companies--largely because the dominant model for Internet commerce, the destination Web site, doesn't suit the needs of those companies or their customers. Most consumer product companies don't provide enough value or dynamic information to induce customers to make the repeat visits--and disclose the detailed information--that make such sites profitable. In this article, David Kenny and John F. Marshall suggest that companies discard the notion that a Web site equals an Internet strategy. Instead of trying to create destinations that people will come to, companies need to use the power and reach of the Internet to deliver tailored messages and information to customers. Companies have to become what the authors call "contextual marketers." Delivering the most relevant information possible to consumers in the most timely manner possible will become feasible, the authors say, as access moves beyond the PC to shopping malls, retail stores, airports, bus stations, and even cars. The authors describe how the ubiquitous Internet will hasten the demise of the destination Web site--and open up scads of opportunities to reach customers through marketing "mobilemediaries," such as smart cards, e-wallets, and bar code scanners. The companies that master the complexity of the ubiquitous Internet will gain significant advantages: they'll gain greater intimacy with customers and target market segments more efficiently. The ones that don't will be dismissed as nuisances, the authors conclude. They suggest ways to become welcome additions--not unwelcome intrusions--to customers' lives.     

中美货币:苹果与橘子的冲突

假如,中国货币利率与美元、欧元、日元等在国际市场永远是"橘子与苹果"那样"不可比"的话,那么中国可能是60年、甚至100年也无法与美元、欧元、日元进行融通,成为永远的"南橘北枳",那么中国的崛起就货币而言就可能与全球公然冲突。