通用电气:为何能获得长久的发展

<正> 美国通用电气(以下简称GE)公司是全球最大的多元化经营的跨国集团,在多方面确立了世界公认的领先地位,其下属的十一个业务集团均已雄踞时代的尖端。目前,GE公司是道·琼斯工业指数1896年创立以来唯一一家至今仍榜上有名的企业,被多家权威机构列为全球杰出公司之首:包括《财富》杂志评出的“美国最受推崇的公司”;《全融时报》的“世界最受尊敬的公司”;《福布斯》杂志“全球超级50强”之首等。GE公司为什么能保持如此长久的生命力?尤其是当新经济时代来临时,GE公司不但没有显现出丝毫老态,反而表现出勃勃生机。特别是韦尔奇先生自八十年代初执掌GE公司帅印以来,GE公司从制造业向服务业进行大规模战略转型,韦尔奇先生的超前眼光和GE公司所取得的成绩令人叹为观止。王建民先生在这里谈到的GE公司充满智慧的企业文化,也许正是企业不断前进的动力源。     

让民间自发配置金融资源--访美国耶鲁大学管理学院金融学终身教授陈志武

当人们对国有商业银行股份制改造给予更多的关注时，还有一个更值得关注的问题，这就是民营银行的地位和前景。前不久，本刊记者采访了美国耶鲁大学管理学院金融学教授陈志武，请他谈了对此的看法。     

美国经常项目赤字影响几何

从上世纪70年代起，美国经常账户开始赤字。70至80年代期间，赤字的规模很小。但是从1991年起，赤字的规模开始放大，特别是2001年后出现了经常账户和财政收支的“双赤字”，2004年末赤字规模已攀升到GDP的5.67%。美国经常项目赤字归根结底是美国的储蓄不足造成的，美元国际储备货币的地位和亚洲国家政府出口导向的经济发展政策，使得亚洲国家的中央银行不得不以较低的利率为美国经常账户赤字提供融资，从而延缓了美国采取相应的高速政策的进程。     

移民美国另辟蹊径

近来,美国各区域中心投资移民项目发展迅速,正在掀起一轮全新的投资移民热潮.6月9日,美国正道汽车公司(HybridKinetic Motors Corp.)与美国投资移民中心ACFI(America's Center forForeign Investments)在北京金宝街励骏酒店,就"正道汽车阿拉巴马项目"共同举办了大型说明会,再次将区域中心投资移民项目推到了聚光灯下.     

2000年—美国网络经济的滑铁卢

历来被世人公认为IT业巨人、网络经济火车头的美国,在世纪末的2000年遭遇了前所未有且大大出乎人们意料的重创。 2000年可谓美国网络公司的“大灾之年”,据统计,从1999年12月到2000年11月建立的美国网络公司共有22267家,其中16％已经倒闭,其余的均在不同程度上裁员和收缩经营,从硅谷传出的消息说,目前几乎没有不裁员的网络公司,几乎没     

杰米·戴蒙：美国最当红的银行家

在美国第一银行经济最困难的时候,杰米·戴蒙临危受命,接过CEO的权杖,并在三年中使这家亏损累累的金融机构实现了大幅盈利的漂亮转身。与华尔街各大银行在金融危机之中引项哀鸣与痛苦哭嚎完全不同,杰米·戴蒙统帅的摩根大通却一次又一次吹响了胜利的“集结号”。不仅如此,处于金融风暴漩涡中的杰米·戴蒙承担起了拯救大型金融机构的重任,并一次又一次策应白宫,向嗷嗷待哺的市场输送着资本的血液。     

杰米·戴最当红的美国银行家蒙

背负着被老师无情解雇的痛苦,杰米·戴蒙接过了美国第一银行CEO的权杖,并在短短三年中推动了这家亏损累累的金融机构实现了大幅盈利的漂亮转身;与华尔街各大银行在金融危机之中引项哀鸣与痛苦哭嚎完全不同,杰米·戴蒙统帅的摩根大通却一次又一次平安度险。不仅如此,处于金融风暴漩涡中的杰米·戴蒙承担起了拯救大型金融机构的重任,并有效策应着政府向嗷嗷待晡的市场输送着源源不断的资本血液。     

Deleveraging Corporate America: Job and Business Recovery Through Debt Restructuring

When the Great Recession roiled capital and labor markets in early 2009, up to a third of U.S. public corporations, and nearly 60% of privately owned companies, reported high levels of financial distress resulting from frozen credit markets. And the problems of “debt overhang” and corporate underinvestment were clearly in evidence as the combination of default risk and a relatively new provision of the tax code restricted the ability of distressed companies to deleverage their capital structures. But as described in this article, at least 110 U.S. companies used a little known provision in the American Recovery and Reinvestment Act of 2009 to defer taxes on the cancellation of debt income (CODI) resulting from exchanges or repurchases of significant amounts of debt. This suspension of tax policy gave many distressed U.S. companies the flexibility to cut costs, shore up balance sheets, and boost liquidity, thereby keeping themselves in business and their workers employed throughout the economic crisis. The 110 companies examined either repurchased or exchanged a total of $32.5 billion of corporate debt. The deleveraging of these companies, which represented more than $2.2 trillion in total assets and $520 billion in market capitalization, helped them to remain solvent throughout the downturn and retain their collective 2.2 million employees. The resulting tax savings are estimated to have saved (or in some cases created) almost 90,000 jobs, while contributing $3.2 billion to total corporate earnings and $10.7 billion of output to the national gross domestic product. Although this approach could be criticized as adding to the federal budget deficit, the deferral of taxes on CODI is viewed as a targeted financial policy tool aimed directly at boosting the productive capacity and employment of corporate enterprises.     

通用涅槃

2009年6月1日,美国通用汽车公司(以下简称"通用汽车")向纽约联邦法庭申请破产保护。公司宣布,其总资产为822.9亿美元,总债务则高达1728.1亿美元。在申请破产保护以后,通用汽车超越克莱斯勒,成为美国历史上破产的最大工业公司。     

美日跨国公司在华投资企业治理机制的特征及借鉴

跨国公司治理机制的形成是建立在母公司治理机制不断完善的基础之上的,其有效性包括了各子公司在内的整个企业集团治理机制的效率。跨国公司治理机制的实质就是母子公司治理机制及二者之间的内在联系。中国跨国公司的竞争力与发达国家的跨国公司相比存在很大差距,其根本原因就是公司治理水平的差异。通过对美国、日本跨国公司在华投资企业治理机制的比较,可以看出文化要素对跨国公司治理机制的独特作用,这对中国跨国公司完善治理机制具有重要借鉴意义。     

Corporate social accounting in the United States of America: State of the art and future prospects

In the past 5 years, accounting researchers, management consultants and corporate executives have been attempting to develop operational frameworks for the implementation and institutionalization of corporate social accounting. This has produced a tremendous diversity in the measurement models and reporting frameworks that have been developed. This paper synthesizes the major approaches in the U.S.A. to measurement and reporting of the impact of an organization on society. It also suggests future research needs in this area.     

The Leveraging of Corporate America: A Long‐Run Perspective on Changes in Capital Structure

In a study published recently in the Journal of Financial Economics, the authors of this article documented a substantial increase in the use of debt financing by U.S. companies over the past century. From 1920 until the mid‐1940s, the aggregate leverage of unregulated U.S. companies was low and stable, with the average debt‐to‐capital ratio staying within the narrow range of 10% to 15%. But during the next 25 years, the use of debt by U.S. companies more than doubled, rising to 35% of total capital. And since 1970, aggregate leverage has remained above 35%, peaking at 47% in 1992. Moreover, this pattern has been observed in companies of all sizes and operating in all unregulated sectors. Changes in the characteristics of U.S. public companies during this period provide little help in explaining the increase in corporate leverage. For example, the displacement of tangible by intangible assets in many sectors of the U.S. economy during the past 50 years would have led most economists to predict, holding all other things equal, a reduction rather than an increase in aggregate corporate leverage. Instead, according to the authors' findings, the main contributors to the increases in U.S. corporate leverage since the 1940s have been external changes, including increases in corporate income tax rates, the development of financial markets and intermediaries, and the reduction in government borrowing in the decades following World War II. The authors' analysis also identifies these last two changes—the development of financial markets, including the rise of institutional investors and shareholder activism, and the post‐War reduction in government debt—as having played the biggest roles in the leveraging of corporate America.     

公司治理机制对公司透明度的影响——来自中国上市公司的经验数据

越来越多的国家把公司透明度作为衡量公司治理效率的标志 ,并为提高企业透明度做出了种种努力。中国同样面临提高公司透明度的问题 ,然而截至目前 ,国内并没有关于企业透明度与公司治理机制之间关系的实证研究。本文以我国上市公司作为研究对象 ,以自愿性信息披露水平作为公司透明度的替代变量 ,分析了公司治理机制对公司透明度的影响。     

殳份有限公司董事对公司的侵权责任研究

公司制度发展到今天，大量规定了董事的法定义务，这些法定义务无法由一种法律关系完全推导出来，而董事与公司关系的这种复杂性，造成了董事对公司责任的多样性和模糊性。如何完整规制董事与公司的关系，成为立法上保护公司和股东权益，健进公司治理结构合理化的一项紧迫任务。