Contraction of the coal industry and the local economy

The coal industry has contracted significantly during the 1980s. Further decline will take place in the 1990s as a result of the privatization of the electricity supply industry (ESI), the relaxation of planning regulations on opencast mining, and increasing productivity in the pits.

This article looks at the actual and anticipated impact on local economies of this decline and considers the policy implications for those local authorities most affected by the future restructuring of the energy sector.     

正在兴起的日本公司重构及其效果分析

以美国大企业为代表的全球性公司重构是近20年来国际企业管理领域的一个重要趋势，其直接结果是美国企业国际竞争力重居世界第一。反观日本，受内外环境的压力，近年来许多大公司陆续开始重构。但是通过比较研究，从日本的传统企业制度、持续的低经济增长、更加激烈的全球竞争和难以承受的企业债务等方面分析，日本公司重构面临着巨大的压力。与美国及欧洲国家的公司相比，日本的公司重构基本上是被动的、迟缓的，其重构的效果如何仍需拭目以待。     

Energy Restructuring in China： Retrospects and Prospects

Thirty years have passed since China first adopted the policy of reform and opening up to the outside. Reviewing and appraising the advantages and disadvantages of the government＇s energy restructuring policy in the intervening years is of great importance to the consideration of future reform and opening-up efforts in this industry. Energy production and supply have been a major part of the national economic restructuring. In this paper, the author proceeds from three angles to review and assess the reform and opening-up efforts in the energy industry, and suggests some direction and priorities for its restrueturing in the future.     

ST公司重组的财富效应

本研究采用事件研究法对我国沪深两市的72起重组事件进行了实证研究,结果表明重组事件能给公司股东带来明显的财富效应;不同重组类型和公司股权结构的不同对股东财富影响有显著差别,股权重组类和法人股占多数类的ST公司重组财富效应相比其它重组类型和股权结构的ST公司更为显著。     

我国中央企业重组驱动的多元化与EVA研究

中央企业重组是实现国有经济布局和结构调整、提高我国综合国力的重要内容,也是提高央企核心竞争能力、实现可持续发展的要求。中央企业重组带动了多元化战略的实施。文章对2007-2009年央企控股上市公司多元化类型与EVA关系进行了研究,并分析了多元化构成要素的专业化率和关联率对EVA的影响。研究表明:相关多元化央企EVA最高,单一型央企EVA最低;关联率与EVA正相关,专业率与EVA呈U型相关。在此基础上提出了政策建议,本文的研究成果对推进央企重组具有参考价值。     

Adjusting to Trade Liberalisation: The Case of Firms in the South African Textile Sector

This paper examines the responses of firms in the textile industryof South Africa to that country's rapid liberalisation of tradesince the early 1990s. The data reveal that there have beenincreased exports accompanied by reductions in employment andcontraction of production of yarns and fabrics. Drawing on asurvey of companies, followed by interviews, it documents howcompetitive pressures from imports have led firms to increasetheir exports. Exporting is not, however, directly associatedwith better performance. This is due to its being a responseby many firms to weak domestic demand and the need to maintainproduction capacity. But, liberalisation has also been accompaniedby much upgrading of equipment and by increased specialisationand vertical disintegration in order to develop competitiveniches despite South Africa's manufacturing wage levels beinghigher than those of many of its international competitors.Firms focusing on non-price factors of export competitivenesshave been better performing. Firms have also been most successfulwhere technological capabilities based on the domestic marketprovided a foundation for export competitiveness. There areindications that with the restructuring induced by liberalisationthe sector is in a position more effectively to exploit itscompetitive strengths in international markets. In addition,the United States' African Growth and Opportunity Act (AGOA)offers some stimulus for the textile industry to supply fabricsto firms in the export garment sector which previously importedthem.     

Piecing together the peace dividend: Managing change in communities dependent on defence expenditure

To date governments have been slow to appreciate that, as well as a peace dividend, arms reduction will bring social and economic hardship to communities which have relied upon defence expenditure for employment. Conversion of military bases, let alone restructuring of defence industries, cannot be left to market forces to achieve; government intervention is required to ensure the successful adjustment of communities.

During the Cold War, the dominance of the “military-industrial complex” spread the notion that disarmament would threaten not only security, but jobs. Current geopolitical changes present an opportunity to challenge this argument. Local employment initiatives are essential to prevent defence cuts from causing unemployment.     

我国供应链金融公司的创立模式研究

本文指出建立供应链金融公司是解决中小企业融资困境的重要途径,提出了以供应链利益攸关方为主体,创建独立于商业银行的供应链金融公司的设想,并进一步研究了将非银行金融机构改制为供应链金融公司的创立方式。     

Pricing in Russia’s sugar supply chains

The russian sugar market is considered as a production and logistics system that reflects the integration processes in the supply chain of goods. The existing plants can meet Russia??s domestic demand for sugar. To enter the international market, Russian companies need competitive prices, which can be obtained through the management of logistics costs. The development of a national stock exchange for trade in goods will have a positive effect on the formation of sugar supply chains.     

国有资产经营公司的企业改制和资本运作——湖北南方集团案例研究

本文以湖北南方集团有限公司为例,分析国有资产经营公司的企业改制和资本运作方式,并进行经验总结,优劣势分析,最后提出完善建议。     

跨国汽车公司供应链深度嵌入及其驱动力分析

文章指出,随着供应链由早期的销售嵌入发展演变为研发—采购—生产—销售—管理的供应链深度嵌入与整合,跨国汽车公司在华供应链已构成其全球供应链网络的重要组成部分,并在区域性市场上发挥着极为重要的作用。文章认为,供应链深度嵌入及其链网整合,主要缘于市场和低成本战略的经济驱动以及中国产业发展的政策驱动。     

渠道创新视角下的农村商品流通模式

当前我国农村商品流通市场普遍存在着流通渠道长、渠道成员利益不均等、信息不流畅、渠道不稳定、宏观监管不到位等问题,这些成为严重制约我国农村商品流通市场体系发展的不利因素。解决农村流通问题关键在于解决农业生产与农产品销售、农业生产资料与日用消费品供应等流通渠道问题,并且要在现有流通渠道模式的基础上不断创新。很多厂商企业在开拓农村市场时,建立了独特的流通渠道模式,这些企业及模式为进一步繁荣农村市场提供了宝贵的经验。另外,21世纪的网络时代,网购将成为农村市场一种新型的流通渠道方式。     

河南国有外贸公司改制问题的症结与思考

河南国有外贸公司在改制过程中遇到了一系列问题,生存现状堪忧。针对其国有资产和人才资源流失、发展方向模糊、法人治理结构不完善等问题,文章认为,应从其经营模式、产权和管理机制等方面着手,发挥政府作用,审时度势走工贸结合一体化道路。     

我国上市公司资本结构与公司治理的探究

自1958年6月莫迪格利亚尼（Modigliani）和米勒（Miller）共同发表了《资本成本、公司融资和投资理论》一文后,理论界和学术界就开始对企业资本结构的研究,并进而研究其与公司治理的关系,随着我国国有企业改制成为上市公司,使上市公司具有了一些我国特有的特征,本文通过对我国上市公司在资本结构和公司治理方面出现的问题进行探讨,并结合二者的关系提出了解决上市公司这两方面问题的建议。     

金融危机背景下的供应链金融业务的风险应对机制——以仓单质押贷款业务为例

供应链金融业务,既有利于缓解企业生产经营过程中流动资金紧缺的问题,又有利于商业银行拓展业务范围,还能为第三方物流企业带来新的利润增长点,可谓多方共赢。在实践中,供应链金融在其市场推广过程中仍存在信息不对称等问题,金融业的态度谨慎,而金融危机又使供应链金融业务产生新的风险。因此,如何在新的经济条件下开展以仓单质押贷款业务为代表的供应链金融业务,研究应对风险的机制有着重要的现实意义。     

私人股权投资在中国的投资操作路线及其现状

海外私人股权投资机构通常运用完美闭环操作,用股权投资方式进入中国。但由于中国种种政策的限制,私人股权投资机构一般利用离岸公司进行投资,以便资金退出。本文介绍了离岸公司的特征及其离岸重组过程,最后介绍了私人股权机构利用离岸公司在中国进行投资的近况。     

中小企业成长性因素模型的实证研究

本文应用企业成长理论建立了中小企业成长因素模型,并以2001-2004年上市的中小企业数据为样本,对所提出的企业成长因素模型进行了实证分析,从而揭示了影响企业成长的各因素及其作用机制,并进一步提出了若干以促进中小企业发展为目的的政策建议。     

Corporate Restructuring and Leveraged Buyouts in the Asia Pacific 1980–2010

Leveraged buyout markets in the Asia Pacific have grown substantially since the 1980s and now play an important role in the market for corporate control. This paper undertakes an international comparative analysis of the emergence and growth of leveraged buyout firms in the Asia Pacific and their role in corporate restructuring, with a focus on Australia, Japan and South Korea. Three distinct periods in the development of these markets are identified. The paper highlights the importance of state involvement and changes in domestic economic policy around financial crises, where governments created new rules to facilitate buyouts as an organisational restructuring solution to distressed companies.     

关于如何在供电企业中开展创先争优活动的理论思考

在创先争优活动过程中,要结合供电企业当前生产和经营的实际情况,紧紧围绕企业改革发展思路,将创先争优活动与企业党建工作联系起来,以便增强活动的时效性和针对性。为此,本文论述了供电企业创先争优活动的必要性,并对如何开展创先争优活动做了具体探讨。     

我国农村承包地流转制度变迁解读——基于新制度经济学的视角分析

制度变迁的过程是一种效益更高的制度对另一种制度的替代过程,其目的是使外在的潜在利润内部化。随着改革开放的深入,家庭承包责任制的边际效益和边际效率均逐渐递减,农民在潜在外部利润和获利机会下自发倡导、组织和实行承包地流转,实行诱致性制度变迁。但这种承包地流转制度极不规范,没有一定的制度规则可循。虽然制度变迁是制度主体为实现利益最大化而进行的社会博弈过程,但在我国工业化和城市化同时快速发展时期,政府尤其是中央政府在承包地流转发展完善期间应居于主导地位,从农业发展和国民经济的整体目标决定制度供给的方向、形式、进程及战略安排。