拓展我国投资银行并购业务的思考

并购 (Ｍｅｒｇｅｒｓ＆Ａｃｑｕｉｓｉｔｉｏｎｓ) ,是合并(或兼并 )与收购的简称 ,指在市场经济中 ,被并购企业将产权有偿让渡给并购企业 ,并购企业实现资产一体化 ,同时取消被并购企业法人资格的一种经济行为。从西方企业并购的实践和发展历史看来 ,投资银行在其中起到了举足轻重的作用。对于起步不久的我国投资银行而言 ,能不能积极而稳妥地拓展自己的并购业务 ,形成新的业务和利润增长点 ,正是本文所要探讨的。投资银行在企业并购中的作用投资银行作为并购的经纪人 ,以各种方式参与并购活动 ,从安排并购计划、目标企业的寻找、帮助目标…     

投资银行在中国

什么是投资银行 投资银行是主要从事证券发行、承销、交易、企业重组、兼并与收购、投资分析、风险投资、项目融资等业务的非银行金融机构,是资本市场上的主要金融中介.     

积极参与企业改革 提高金融服务水平

中国加入 WTO后,商业银行将直接面对外资银行强有力的竞争,而竞争的焦点无疑是金融服务水平的高低。商业银行除了大力巩固传统的存贷款业务外,还应利用投资银行业务灵活多样、服务高效的特点,拓宽对企业的金融服务领域,提高金融服务水平。利用投资银行业务服务手段提高商业银行服务水平涉及面较广,业务种类较多,这里笔者仅就商业银行积极通过参与企业并购,提高自身金融服务水平作一论述。 　　企业并购又称为企业的兼并和收购,简称并购。兼并和收购实质上都是一个企业通过产权交易取得其他企业一定程度的控制权,包括资产所有权…     

论企业并购的法律规制

随着改革开放的深入与市场经济体制的建立,企业间的竞争日益激烈,企业并购也越来越频繁。企业间的并购不仅有利于扩大企业规模提高企业影响力,优化企业的产业结构,外商投资并购境内企业还有利于直接引进外资。然而,目前对于企业并购的法律规制并不十分完善。首先效力较高的法律少之又少;其次效力较低的各种部门规章错综复杂;再次,有关企业并购的法律法规并未形成一个完整的体系,并没有相应的司法解释等相配套。为比本文从企业并购的基本理论和模式分类入手,借鉴台湾的相关立法,对我国目前企业并购的相关问题进行研究进而对企业并购的法律规制提出意见和建议。     

上市公司收购的N种玩法

兼并收购是企业的一种投资行为。做为投资行为,最大限度地降低风险、最大程度地获取收益成为投资者的目标。在成熟的市场经济条件下,企业兼并收购这种投资行为的根本动机在于利润最大化,但从具体情况来看,兼并收购的目的一般有如下3个主导方向:一是以追求现有业务的协同效应为主要目的,通过并购以后双方能在生产经营方面都提高效益,如太太药业(600380)收购丽珠集团(000513),以及太极集团(600129)收购桐君阁(000591)等;二是以追求现有业务的市场份额与市场地位为主要目的,并通过横向兼并、纵向     

我国投资银行国企并购业务拓展策略初探

我国国企并购与西方发达国家相比,无论从理论上还是从实践上都显现出独有的"中国特色".一方面,各级政府尤其是地方政府作为其行政边界内国有企业的产权主体,从自身利益出发左右企业并购,并在企业并购中发挥中介替代功能.另一方面,我国企业并购的特殊制度背景和证券市场的不成熟,决定了目前我国投资银行业务的单一以及企业对投资银行的低层次需求,投资银行在企业并购中的作用甚微.因此,在现阶段拓展我国投资银行的国企并购业务已迫在眉睫,刻不容缓.     

我国商业银行经营投行业务的现状、风险与对策

随着市场竞争日趋激烈和管制的放松,我国商业银行出现了传统业务与投资银行业务交叉融合的现象,投资银行业务有望成为商业银行重要的利润增长点。在投资银行业务发展中要面临道德风险、市场风险、政策风险、信用风险等,因此,需要设立防火墙制度,加强人力资源建设,完善风险内控体系,优化外部监管操作,来完善商业银行的风险管理体系。     

浅析投资银行在企业并购和资产重组中的作用

作为资本市场供求双方的中介者——投资银行的重要作用，已逐渐引起社会的关注。目前，是我国资本市场发生深刻变化、国有企业改革进入关键时刻的历史时期，投资银行业务的开展将在企业并购和资产重组中发挥重要的作用。     

简述投资银行并购业务

自19世纪以来.西方资本主义国家先后掀起了5次大的并购浪潮.我国并购活动也随着资本市场的发展而逐渐兴起并蓬勃发展.本文从投资银行及其并购业务的内涵入手,总结了公司并购的动因及投资银行在并购活动中扮演的重要角色.同时分析了我国投资银行的并购现状,并得出我国投资银行需继续提高其竞争力及我国经济体制面临一系列改革的结论.     

上市公司并购支付方式研究现状综述

一、上市公司并购支付方式研究的基本范式 企业并购,就是企业间的兼并与收购,国际上通常称为Merger and Acquisitions.由于实际中兼并与收购在概念上很难严格区分,因此一般情况下不做特别区分,统称为并购(M&A).     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…