让从严管理成为“新常态”——企业管理者谈“从严管理年”活动

<正>从严管理活动已经开展一年。通过一年的管理实践,怎样认识这项活动的重要意义?活动取得了哪些成效?还存在哪些问题?如何进一步将从严管理活动引向深入?记者最近采访了一些企业的主要管理者。把从严管理放在更加突出的位置孙焕泉(胜利石油管理局局长、胜利油田分公司总经理):去年的"从严管理年"活动,使我们胜利油田的安全环保及其他各项管理水平都有了明显提升,继续深入开展从严管理年活动,对提高胜利油田及整个中国石化的管理水平,     

掌握全局

过往从事中层会计工作的财务总监只集中关心数字，但时至今日，他们的工作范围扩大了，担当的角色更为重要。本文阐述了这个岗位职责的转变，以及香港会计师公会将怎样协助会员发展这方面的技能及富有挑战性的工作。     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

“超透明社会”生存法则

社交媒体与数据浪潮缔造了一个“超透明社会”。很多企业还没有意识到这一现实,也不知道这意味着什么。企业家与公司高管们应当率先转变观念,了解“超透明社会”如何改变着市场竞争、公司与客户的关系以及公司运营的政治语境;同时,密切关注客户以及公众认同的“公平”也很重要,免得一不小心站在了普罗大众的对立面     

规模与脆弱的变量关系

对于一个脆弱的事物（或存活的生物）而言，一块巨石产生的伤害要远大于1000颗小石子，反过来看，当规模越来越大之后，不确定性和混乱性电在呈非线性增加，脆弱性由此凸显。     

后工业化时代中国的转型

正长期以来,国内外一直对中国现代经济增长的起起落落充满兴趣,现在尤其如此。在过去30多年的时间里,中国实际GDP年增长率平均保持在10%,这种超级增长模式已经成为中国进一步深化经济发展和扩大繁荣的主要手段。与此同时,世界其他各国也越来越依赖中国经济对世界经济增长中的强大推动作用——特别是在经济危机之后,发达国家经济发展迟缓的背景下,这种作用显得愈发重要。