A survey of enterprise reforms in China: The way forward

The strategic importance of the state-owned enterprise (SOE) sector to the Chinese economy cannot be underestimated, thus the success of SOE reform is a significant factor in China's future economic prosperity. The dilemma facing state authorities is to develop market-orientated corporations while at the same time coping with potentially high unemployment and a range of equity and social justice issues. This paper presents an analysis of the current issues in SOE reform in China, drawing on relevant empirical evidence, and proposes a strategic direction and a framework for reform that challenges the recently announced program of privatization of listed SOEs. The literature indicates that state ownership is generally negatively correlated to performance. Conversely, Legal Person ownership positively influences performance. Other forms of private ownership are generally positively correlated to performance, with institutional ownership showing significant promise. Consequently, the divesture of state ownership is recommended and could be accomplished over three or four tranches. The state could divest its ownership by auction to strategic investors, both domestic and foreign, and in the next tranche an auction to the broad populace through units in mutual funds. The final proposed tranche being a distribution to nationwide pension funds to support retirement schemes, which should be made nationwide. Finally, listed firms should also issue shares as rights issues to offer present shareholders protection from dilution.     

The M4 Competition: Results,findings, conclusion and way forward

The M4 competition is the continuation of three previous competitions started more than 45 years ago whose purpose was to learn how to improve forecasting accuracy, and how such learning can be applied to advance the theory and practice of forecasting. The purpose of M4 was to replicate the results of the previous ones and extend them into three directions: First significantly increase the number of series, second include Machine Learning (ML) forecasting methods, and third evaluate both point forecasts and prediction intervals. The five major findings of the M4 Competitions are: 1. Out Of the 17 most accurate methods, 12 were “combinations” of mostly statistical approaches. 2. The biggest surprise was a “hybrid” approach that utilized both statistical and ML features. This method’s average sMAPE was close to 10% more accurate than the combination benchmark used to compare the submitted methods. 3. The second most accurate method was a combination of seven statistical methods and one ML one, with the weights for the averaging being calculated by a ML algorithm that was trained to minimize the forecasting. 4. The two most accurate methods also achieved an amazing success in specifying the 95% prediction intervals correctly. 5. The six pure ML methods performed poorly, with none of them being more accurate than the combination benchmark and only one being more accurate than Naïve2. This paper presents some initial results of M4, its major findings and a logical conclusion. Finally, it outlines what the authors consider to be the way forward for the field of forecasting.     

循环经济：与自然和谐的经济发展模式

循环经济是通过将经济活动按照自然生态系统的模式,组成"资源-产品-再生资源"的物质反馈式循环过程,使经济活动对自然环境的影响降低到最小程度,在物质不断循环的基础上实现资源的最大化利用,促进社会经济的可持续发展.发展循环经济是人类社会发展的必然选择.在我国高速的经济增长中,资源短缺和环境污染的问题非常严重,因而发展循环经济具有重要意义.发展循环经济是一项涉及各行各业、千家万户的事业,需要政府、企业和社会各界的共同努力,增强全社会的资源忧患意识和节约资源、保护环境的责任意识,构建资源节约型、环境友好型社会.     

The American for-profit university: a model for the information economy

Within the context of 'the engine of globalisation,' Sperling explores the rigidities and inefficiencies in 'traditional' American higher education institutions. He points to the ways in which the for-profit university can overcome these problems, while at the same time being a net contributor to the tax system. In particular, he suggests that it is the profit motive that makes the University of Phoenix responsive to its its customers, and technologically innovative.     

英国湖畔的精灵

英国是一个以平原和丘陵为主的欧洲岛国.这里没有雄奇伟岸的山峰,怪石嶙峋的峭壁,没有奔腾汹涌、气势磅礴的大江大河,然而,在这个终年叠翠、芳草萋萋的国度却有着梦一般柔和清丽的自然美景,如甘甜的雨露浸润着焦渴的人性.其中最引人注目的是风光秀丽、柔美多姿的湖区.     

循环经济与环境保护

循环经济的发展与环境保护有着非常密切的关系,文章结合湖南的实际情况,提出了在发展循环经济过程中应采取的环境保护措施。     

The workplace as a community: the case of British hotels

In this article the author describes workplace communities in British hotels and discusses the relationships between the workplace community and employees' subculture, family life and leisure patterns. He also discusses the role of the workplace community as an alternative to bureaucratic organisation and the consequences for people of working in a leisure context.     

追求价值之路——开元物业新三板挂牌上市后的思考

<正>近两年时光,在互联网的强势驱动下,在业主需求的快速增长下,在资本市场介入后规模化增长的经营模式下,尤其是在众多龙头企业的研究探索和实践发展后,物业管理行业发生了巨大的变化,价值观也触动了众多的参与者、关联者和关注者。     

公司"狼道"

狼正在成为这个季节最受瞩目的动物。一方面,以联想降价为由头,国内发起了一股“狼性”还是“羊性”的争论。另一方面,一本名为《狼图腾》的书,也成为公司经理人的热门推荐。什么是公司“狼道”?像狼一样的“执行力”经理人关注狼道,事实上也反映了一个现实:高层管理人员、股东和董事会已经对英雄式的领导提出了质疑。但是,不管如何质疑,大多数中国公司仍是一个重英雄而轻团队的组织。锡恩顾问总经理姜汝祥也认为,中国绝大部分公司都没有基于管理流程的战略模型,中国企业的战略是“总裁战略”——总裁的话就是战略;中国企业的管理是“总裁管…