Basel Faulty Simpler rules for bank regulation,please

The intense scrutiny undergone by the financial sector will reach a hiatus in 2004. Regulators will have learnt that they cannot, by prescribing ever more complex or draconian rules, prevent financial companies from taking disastrous risks, or form exploiting privileged information and diddling their customers. Those two dangers, which have preoccupied bank supervisors since the collapses of Long-Term Capital Management in 1998dan Enron in 2001, are inherent in the financial business and cannot be magicked away.     

国有独资商业银行如何实行规范的股份制？

To standardize shareholding system, first condition is doing justice to the function of stock holder‘s meeting, make it become the highest organ of power of shareholding of bank, all the things which are of vital importance to the overall situation of the bank, are discussed by it and passed through. In another word, that is govemment should transfer the power of business policy and management in the bank to stock holder‘s meeting and its routine business board of directors when state-run and solely-invested commercial bank change into shareholding bank.     

Asian Financial Cooperation as Seen From Europe

In fact, I am convinced that steps to promote the Asian bond market have the potential to make a contribution to monetary and financial cooperation in Asia that goes beyond simply deepening and enhancing the efficiency of today's bond markets. Let me explain what I have in mind by looking at Asian monetary cooperation through the European rear-view mirror. In doing so, I will first make some broad-brush comparisons between Asian and European developments and then present some observations on the forces that, in my mind, have driven the process of cooperation in Europe - leaving it to you to decide whether a similar development could be expected in Asia.     

Risky IPTV Investment

IPTV （Internet Protocol television） is a frequently mentioned word recently, since Shanda changes its main business to IPTV, which isrecognized as a new technology and at- tractive business in the future. Shanda is the most active Chinese online game pioneer, it has produced one trail box, which will be used as the host while traditional TV station as terminal of the IPTV. Shanda hopes that the box＇s development and the family entertainment service operation will boost its revenue and help to recover the investors＇ confidence. It is estimated that Shanda has spend about $450 millions on IPTV in the last year, including production research and sales channel establishment. However, it is reported that the box is of poor quality. Even the internal trial members complained about the box＇s unsatisfactory performance. In addition, the price of the box is about 6,000 RMB each （equivalent US $ 800）, it is too expen-sive to most Chinese consumers.     

THE CHINESE NATIONAL WHO SURFS THE SEA OF FINANCE IN ASIA——The Cover Personage incarnates the elegant Chinese national as the first Ranking Vice President of the ADB,famous economist and Financier active in the international financial arena

Lin Zexu,a patriot,thinker and national hero,who served as Governor for Hu Guang and Governor for Liang Guang and in other positions in Qing Dynasty,composed a couplet for self-motivation."Vast is the sea which embraces flows from millions of rivers;and upright is the precipice which rises single-mindedly to the zenith."He encouraged himself by this couplet to be magnanimous,receptive,and upright and to be a man of unbending principle.This is a motto which Jin Liqun has followed the first day he took office in Asian Development Bank (ADB),to guide his work and the way he conducts himself in this community.He practices in accordance with this principle as he carries out the mandate of this multilateral financial institution.Jin Liqun has won the accolade that he is     

金融服务营销的前途

The co--operative sides of a financial service group can make use of each other‘s client group and distribution channel to enlarge selling network through cross--sale, and increase sales amount.The theory thereunder is that the clients of a product of a bank are also the ideal objects of itsother products.     

Partners and Competitors

The United States and China are entering an entirely new and complex era in their economic relationship. In a nutshell, China is both partner and competitor, and simplistic efforts to cast the complexity of U.S.-China economic relations as either one of partnership or competition are unhelpful to the development of     

A New Catering Space

The business which could let every Chinese spend one RMB on must be a big deal, the catering industry must be one of this kind of deals. As a freshman in the catertag industry, the interact catering booking is getting more and more attentions from VCs, such as dianping.com, 57575777.com, ziye114.corn, qingke800.com, and so on. According to the reporter＇s research, this kind of websites＇ characteristic and aim are getting commission from the restaurant by booking food or dinner for customer, or give customer discounts through the website.     

Supermarket is limited to 10000m~2 within the second-ring of Beijing.

Beijing Commerce Bureau and Beijing Development and Reform Commission jointly released the categorized guiding list for the logistics in Beijing in 2004, which is called as "White Book for Beijing Business" by people and lists eight group including 79 projects that are encouraged and 8 projects that are controlled and limited.     

Why China Needs To Develop A Bond Market

Most Asian economies long have depended on bank financing,and to a lesser extent, on the equity markets, to fund investments. Except for countries like Singapore,Malaysia and a few other more developed Asian economies, corporate bonds are almost unheard of in the region. But bonds and bond markets are at least as important, if not more so, than stock markets, for the efficient allocation of a nation‘s resources. In major economies,     

汇丰银行的发展之道

As a large omnipotent international bank, there are truly some unique points for HSBC in operation strategy and mode. The outstanding character of it however is the operation concepts of “omnidirectional service mode, and of all-the-way“ customers as the priorities to all, The CEO of HSBC, John band concludes the mode of HSBC by “There aren‘t many brand-new strategies for the bank. The mostimportant is the frontline implementing force“.     

Company's General Finance Analysisand Risk

A firm’s Capital structure is the mix of a company＇s longtermdebt, specific short-term debt, common equity and preferredequity. It also aims to balance the tradeoff between thebenefits of debt financing and cost of debt financing. Debtcomes in the form of bond issues or long-term notes payable,while equity is classified as common stock, preferred stock orretained earnings. Short-term debt such as working capital requirementsis also considered to be part of the capital structure,so for target debt ratio, Target Debt Ratio is the target proportionof a firm＇s total assets that are being financed with borrowedfunds, because firms are expected to finance investmentssubsequently from equity and debt. A fundamental problem inempirical studies is that having a target debt ratio or not isunobservable from public data. So firm have a capital structurepolicy, i.e. target debt ratio.     

从国有企业到私营企业的战略管理发展

Introduction In recent years,both the number of countries and the degree to which each country has p rivafised its public business sector as well as the economic importance of the privatisation process and its scope have provided an impetus for research in this field..Furthemore,firms with a sufficiently consolidated history of privatisation are now available to researchers to help them conduct more relevant studies.     

Way to Capital Stage

What＇s the main symbol of a financial center？ The built-up skyscraper, banking network anywhere or the flourishing business center？ All these are indispensable, but there has another element which is also indispensable- a symbolic international financial conference.     

Effect of auditing: Evidence from variability of stock returns and trading volume

Although the benefits of auditing are uncontroversial in developed markets,there is scant evidence about its effect in emerging economies.Auditing derives its value by increasing the credibility of financial statements,which in turn increases investors’reliance on them in developed markets.Financial statement information is common to all investors and therefore increased reliance on it should reduce divergence in investors’assessment of firm value.We examine the effect of interim auditing on inter-investor divergence with a large sample of listed Chinese firms and find that it decreases more for firms whose reports are audited compared to non-audited firms.This finding suggests that investors rely more on audited financial information.Results of this study are robust to variations in event window length and specification of empirical measures.     

八国集团能否率先提高能源效率

In almost all cases of successful economic development, small-scale entrepreneurs have played a prominent role. In parts of east Asia over the past 40 years, for example, investments by entrepreneurs have resulted in a dynamic small-scale business sector that not only provides suppliers and subcontractors＇ for larger firms but also exports,     

iPhone, New Smartphone Champion in China

The shock wave caused by the Apple iPhone has been spreading from the U.S. to China at an unbelievable rate. Savvy entrepreneurs have been purchasing hundreds of thousands of iPhones in the U.S. and Europe, then ＂cracking＂ the operating system to allow the device to be used on any GSM network. According to China Mobile, there were about 400,000 cracked iPhones using its cellular network service at the end of 2007, representing one out of every 10 iPhone shipments announced officially by Apple. We have never doubted that the iPhone will achieve greater success than iPod in China if Apple teams with China Mobile to launch its Chinese version. There are two reasons. Firstly, different from the U.S. where the smartphone market is fairly limited, appealing primarily to business users, the smartphone market in China, though, is an entertainmentoriented individual consumer market,     

从国有企业到私营企业的战略管理发展(英文)

<正>Introduction In recent years,both the number of countries and the degree to which each country has p rivatised its public business sector as well as the economic importance of the privatisation process and its scope have provided an impetus for research in this field..Furthemore,firms with a sufficiently consolidated history of privatisation are now available to researchers to help them conduct more relevant studies.     

IPO initial returns in China: Underpricing or overvaluation?

This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and overvaluation are between 14–22% and 44–53%, respectively, depending on the method used to assess firms' intrinsic values. In addition, while both the value of the initial return and the extent of overvaluation are significantly negatively related to post-IPO long-run stock performance, overvaluation can predict post-IPO performance better than the value of the initial return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter's reputation and the existence of pricing regulation are positively related to underpricing. Investor sentiment has a positive effect on overvaluation but has no effect or a negative effect on underpricing. Overall, our results suggest that in China overvaluation accounts for a larger proportion of the initial return than underpricing,and that underpricing and overvaluation have different determinants.     

One Fragrance Alone in the Garden——An Interview with Barbara Stymiest, Chief Operating Officer of Royal Bank of Canada

Professional black suit,short golden hair, efficient, calm and elegant. That was the im- pression of Barbara Stymiest, Chief Operating Officer(COO)of Royal Bank of Canada, dur- ing a forty-minute interview."I like challenges and changes, therefore I endeavour to work at things that I like."A sweet smile occurred while she talked about her career life. This expression, rooted in enthusi- asm and confidence, deeply moved everyone there, and we realized her special quality as one of the most influential women in global business as well as her personal charm which helped her breaking into the men-dominated"upper class"of financial world. One fragrance alone in the garden.