Capital flight from sub‐Saharan Africa: linkages with external borrowing and policy options

Even as African countries became increasingly indebted, they experienced large‐scale capital flight. Some of this was legitimately acquired capital fleeing economic and political uncertainties; some was illegitimately acquired wealth spirited to safer havens abroad. This paper presents new estimates of the magnitude and timing of capital flight from 33 sub‐Saharan African countries from 1970 to 2004. We then analyze its determinants, including linkages to external borrowing. Our results confirm that sub‐Saharan Africa is a net creditor to the rest of the world, in that the subcontinent’s private external assets exceed its public external liabilities: total capital flight amounted to $443 billion (in 2004 dollars), compared to the external debt of $195 billion. Econometric analysis indicates that for every dollar in external loans to Africa in this period, roughly 60 cents flowed back out as capital flight in the same year, a finding that suggests the existence of widespread debt‐fueled capital flight. The results also show a debt‐overhang effect, as increases in the debt stock spur additional capital flight in later years. In addition to policies for recovery of looted wealth and repatriation of externally held assets, we discuss the need for policies to differentiate between legitimate and odious debts, both to ease current burdens on African countries and to improve international financial governance in the future.     

次级债对商业银行利益相关人影响的数理分析——基于市场约束的视角

次级债权及存款债权对商业银行有市场约束作用,并且存款债权的市场约束不受次级债的发行而改变。但是次级债的发行一定程度上对存款债权构成了风险补偿。商业银行股东则没有发挥市场约束作用而且不受次级债发行的影响。因此应促进发挥次级债的市场约束作用,并且注意选择次级债的发行时机。     

基于ECM模型的投资拉动与经济增长波动关系实证分析——以苏州市为例

运用计量经济分析工具,分析了1981—2008年苏州市全社会固定资产与经济增长的动态关系,发现两者存在长期协整关系。运用ECM模型定量分析了全社会固定资产投资变动对经济增长波动的影响,当短期波动偏离长期均衡时,误差修正调整系数则以-0.267的力度反作用于经济增长的波动,从而使两者间呈现不断向均衡状态变化的总体趋势。     

植入式营销中的品牌个性塑造

品牌个性在创造品牌差异化、增强消费者与品牌间的情感沟通、追求消费者品牌认同和增加品牌资产方面具有重大价值。通过系统化分析的方法,认为植入式营销在塑造品牌个性上具有柔性、充分、剧情化等诸多优势。植入式营销中的情境植入方式能够通过演员自身的移情作用、演员塑造的角色的移情作用以及情景中的行为表现等三条路径对植入产品（品牌）的品牌个性进行充分塑造。最后给出了企业使用植入式营销进行品牌个性塑造的一些建议。     

零售业顾客体验对顾客忠诚的影响路径研究

零售业整体消费具有向更高体验层面发展的趋势.基于体验-情感-满意-忠诚的框架,构建偏最小二乘法的结构方程模型进行实证分析,结果表明;正向情感、负向情感和特色感知均对顾客满意,进而对顾客忠诚产生显著影响;各体验维度中,信任承诺和关联对正向、负向情感均有影响,而特色感觉、选择掌控影响正向情感,空间感觉、知识影响负向情感.可见,消费者对零售企业的满意度不只停留在服务质量评价层面,而有在购物过程中追求体验的趋势.因此,基于体验-情感-满意框架的模型比服务质量-满意模型更具预测优势.     

On Financing Models of Real Estate Enterprise

在国家加大宏观调控力度、紧缩房地产信贷规模的背景下,房地产企业面临严峻的资金压力,融资能力成为决定房地产持续发展的决定因素、国内房地产企业的融资方式较多,本文深入浅出地介绍了常见的十种模式,简单地分析了各种模式的优缺点,并结合工作实际,推荐和较详细地介绍了三种融资模式：个人委托贷款、信托融资、资产证券化     

The impacts of country characteristics upon the value of information technology as measured by productive efficiency

Based on the theory of production, this paper investigates information technology (IT) contribution at a country level by linking it to the complementarity/substitutability phenomena created by the joint presence of IT and the five selected national characteristics. It negates the relationship between IT value and productivity based on a comprehensive panel data set from 25 countries over the period 1997-2006, when the individual analytical method is applied and productive efficiency is used as the performance criterion. The IT productivity paradox is re-examined under the one-equation stochastic frontier production model, while the influence of the five national characteristics is tested under the two-equation stochastic frontier production model. The findings include the following: (i) The IT productivity paradox occurs in not only middle-income (developing) countries but also high-income (developed) countries. (ii) Eastern European countries gain more productive efficiency than the G7 countries when IT is considered as a production factor. (iii) Different national characteristics have impacts on a country's output and productive efficiency. (iv) The chosen national characteristics present both complementarity and substitutability phenomena in association with IT investment, however, the joint presence of national savings and IT creates the substitutability phenomenon across different frontiers. (v) In linking cross-country differences in the IT investments to stages of economic development, our complimentary qualitative analysis tends to conclude that the investments in IT in the advanced developed countries (e.g., G7) and some of the newly developed or emerging economies are likely needed to keep the pace with other competitors and maintain their status of economic development; and the IT investments in the Eastern European countries are necessary to reach the competitive level as well as to raise their economic-development level. (vi) An important policy implication is that policy makers must carefully utilize national characteristics while formulating IT investment strategies.     

探析行政事业单位固定资产管理的举措

行政事业单位固定资产管理日趋完善,但不规范、管理薄弱的现象依然存在。文章分析了行政事业单位固定资产管理中存在的问题,着重提出加强固定资产管理的举措。     

基于无形资产管理的旅游企业核心竞争力研究

企业核心竞争力来源于其资源和产品,但是隐藏在这些因素背后的是企业的无形资产,旅游企业也不例外。旅游企业的无形资产难以被竞争对手所模仿,从而无形资产成为其核心竞争能力的根源。旅游企业无形资产是其异质资源的核心要素、核心能力的来源和社会关系的体现。受资源和产品特质的影响,旅游企业核心竞争力来源于其资源、成本以及相关产业的差异性。基于无形资产管理的旅游企业核心竞争力构建必须以旅游者为导向,不断加强旅游企业品牌和文化建设,为核心竞争力的培育和保持提供支持。     

对增值税转型后固定资产涉税事项处理的分析

本文以国务院于2009年1月1日起实施的增值税转型改革为背景,对增值税转型后固定资产典型涉税事项的处理进行分析。