世界银行、亚洲开发银行和日本国际协力银行近期动态

世界银行董事会6月15日批准了中国重庆城市环境项目贷款,贷款总额为2亿美元。这个项目的实施将保护3百万人民的饮用水资源和提供污水处理系统。世行项目经理Read先生说：“这个项目是为人民和社区服务的,保护饮用水资源,改善城市人民的日常生活条件是这个项目的目的。”该项目总投资为5。36亿美元,中国政府将提供价值3。36亿美元的人民币投资,其余为世行贷款。     

世行贷款是如何采购的

世界银行贷款项目采购工作的依据是世行《采购指南》和《聘请咨询专家指南》中规定的政策和程序，这两份指南为实施世行贷款项目的机构在安排项目所需土建工程、货物和咨询服务采购时提供指导。贷款协议决定了借款方和世行之间的法定关系，《指南》适用于贷款协议中规     

世界银行助力三省改善城乡水环境提升民生福祉

世界银行执行董事会批准给青海西宁水环境项目、陕西小城镇基础设施建设项目和浙江农村生活污水处理项目提供贷款共计五亿美元，用于城乡公共服务基础设施建设，改善人民健康，提升民生福祉。 青海西宁水环境综合治理项目获得世行贷款1.5亿美元，助力西宁市应对缺水与水环境恶化双重挑战，推进市政污水综合治理，提高湟水河流域中水回用率。项目建设内容包括：城市排水收集管网工程、污水厂中水回用示范工程、低冲击开发及河岸环境修复工程、沟渠综合治理工程及机构与能力建设，预计直接受益人口31.9万人。新项目与正在执行中的世行贷款西宁防洪和小流域治理项目相辅相成，后者旨在提高西宁市防洪能力，保护居民生命财产安全，实现土地与水资源的可持续利用。     

世行贷款卫生人力开发项目存在的问题

世行贷款卫生人力开发项目存在的问题河南省农村卫生人力开发项目，是我省卫生系统首批利用世行贷款的项目，其主要目标是进行卫生人力培训，改善乡村医疗条件，提高卫生系统的行业管理和规划能力，并探索出一条乡村医生报酬与农民看病付费的模式。该项目于１９９３年１１...     

浅析世行贷款项目财务管理的问题及对策

作为利用外资的一项主要来源,世行贷款无疑是解决我国部分市区建设资金不足,改善基础设施条件、促进地方经济与社会事业发展的有效途径之一.随着世行贷款项目近年来在各行各业的广泛应用,其大大加快了我国经济建设的速度.基于此,本文基于我国世行贷款项目的现状对财务管理工作中所存在的问题进行了系统分析与探究,并提出了相应的完善对策.     

一好一坏 原因何在

利用世界银行贷款，增加对教育卫生事业的投入，对于改善我省教育卫生事业的落后状况，促进人力资源的开发和人口素质的提高，将起到积极地推动作用。然而，从近几年对世行贷款教育卫生项目进行审计的过程中看到，项目进展不平衡，资金使用效益好坏不一。有的项目通过贷款资助，增添了设备，培训了人员，提高了管理人员素质，促进了项目单位的科学管理，发挥了世行贷款的作用；而有的项目，不但没有达到项目预期目标，反而问题重重，甚至给项目单位造成了沉重负担。同是世行贷款项目，为何会有如此不同的结果呢?我们认为主要因素有以下几点…     

我国世行贷款城建项目存在的问题与对策

城建项目是世行贷款重点支持的项目之一,世行贷款不仅为国内城建项目提供了建设资金,而且还带来了先进的项目管理经验。但是多年来的项目实践表明,世行贷款城建项目中也存在着一些问题,这些问题阻碍了世行贷款效用的进一步发挥。本文就尝试分析我国世行贷款城建项目中存在的问题,并提出应对措施。     

世行贷款新政策

2001～2003年世行贷款新政策: 世行总的政策仍然是减少贫困,开发人力资源,促进可持续发展.除了对项目继续提供贷款以外,世行更加重视运用世界各国的成功经验,为借款国提供管理、机构和体制改革,政策调整等方面的帮助和建议,如加强公共部门管理和责任,包括宏观经济管理和财政货币政策;推动向市场经济转轨,建立法律和监管框架,促进金融体制改革,国企改革和私营部门发展,人力资源投资;促进农村发展,提高农业生产力和农民收入水平,开放和管理水资源,改善自然资源管理和环境保护;促进城市发展,推进住房、土地和劳动力市场改革等.     

世行贷款项目的社会影响评价——以辽宁省P县集中供热工程项目为例

世行贷款项目高度重视项目的社会影响评价。本文以辽宁省P县集中供热工程项目为例介绍了世行贷款项目社会影响评价的主要内容，包括项目的基本情况、外部监测评估的组织、项目影响评价、劳力安置、移民机构、公众参与、申诉渠道等。对我国其他外资利用项目的社会评价工作的开展具有一定借鉴意义。     

对利用外资项目的思考

对利用外资项目的思考□刘芬荣崔兴旺目前，各项目县（市）利用世行贷款农业项目已进入还贷高峰，项目效益如何，还贷能力怎样，通过审计调查，我们感到各项目县（市）项目经济效益不够理想，偿债压力很大，有些县已经影响到财政预算的平衡和经济的发展。一、利用世行贷款...     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.