EVA AND THE "NEW ECONOMY"

Some have observed that the new economy means the end of the EVA performance measurement and incentive compensation system. They claim that although the EVA system is useful for oldline companies with heavy investments in fixed assets, the efficient management of investor capital is no longer an imperative for newage firms that operate largely without buildings and machinery–and, in some cases, with negative working capital. This article argues that EVA is not only suitable for the emerging companies that lead the new economy, but even more important for such firms than for their “rust belt” predecessors. While there may be a new economy in terms of trade in new products and services, there is no new economics– the principles of economic valuation remain the same. As in the past, companies will create value in the future only insofar as they promise to produce returns on investor capital that exceed the cost of capital. It has made for sensational journalism to speak of companies with high valuations and no earnings, but this is in large part the result of an accounting framework that is systematically flawed. New economy companies spend much of their capital on R&D, marketing, and advertising. By treating these outlays as expenses against current profits, GAAP accounting presents a grossly distorted picture of both current and future profitability. By contrast, an EVA system capitalizes such investments and amortizes them over their expected useful life. For new economy companies, the effect of such adjustments on profitability can be significant. For example, in applying EVA accounting to Real Networks, Inc., the author shows that although the company reported increasing losses in recent years, its EVA has been steadily rising–a pattern of profitability that corresponds much more directly to the change in the company's market value over the same period. Thus, for stock analysts that follow new economy companies, the use of EVA will get you closer to current market values than GAAP accounting. And for companies intent on ensuring the right level of investment in intangibles– neither too much nor too little– EVA is likely to send the right message to managers and employees. The recent decline in the Nasdaq suggests that stock market investors are starting to look for the kind of capital efficiency encouraged by an EVA system.     

新经济条件下工商银行的跨越式发展

美国新经济是在科技生产力与货币推动力有机结合的基础上产生的,美国银行业在支撑新经济发展的同时,自身也得到了极大地发展与创新.工商银行实现跨越式发展,就是要完成从国内银行向全球全能银行的跨越,完成商业化,实现全能化,推进国际化.这既需要一定的条件,也需要恰当制定发展策略和采取得力措施.本课题在认真分析工商银行的发展阶段及未来发展的影响因素等基础上,提出了工商银行跨越式发展的主要策略:深化改革,建立现代化金融企业;加紧培养,建设国际化人才队伍;迎头赶上,提高信息化管理水平;大胆创新,完善多样化业务体系;充分合作,吸收多元化发展经验.     

世界聚焦中国经济新发展

每年年末的中央经济工作会议,一向被外界视为中国经济政策的风向标,也是外界探寻世界第二大经济体发展“密码”的窗口。日前,中央经济工作会议在京召开。此次会议充分肯定2021年中国经济发展成绩,要求2022年经济工作稳字当头、稳中求进,同时以高水平开放促进深层次改革、推动高质量发展,引发外媒广泛关注。     

林毅夫：求索经济学宏旨

2012年从世行卸任后,林毅夫回到了熟悉的北大校园。对于中国经济的未来,他始终抱有极大期望,而面对国际上的纷繁言论,林毅夫总有自己独到而客观的见解。     

"四轮驱动"--中国区域经济新格局

"振兴东北老工业基地"与"西部大开发战略"是"东西互动的两个轮子",东北、西部在我国经济增长拉动中的作用只是前轮;马力更大的在两个后轮,即在东部和中部--总体而言"四轮驱动".     

新提法：加快发展多层次资本市场 提升服务实体经济能力

＂五年前,十七大报告提出要＂优化资本市场结构＂;五年后,十八大报告则要求＂加快发展多层次资本市场＂。新提法不仅顺应当前经济发展的客观需要,引导资本市场更好地服务实体经济,也适应了不同投资主体及风险偏好的多样化需求。无疑,措词更为具体的新提法为资本市场改革与发展指明了清晰的目标和方向。＂     

THE EMERGENCE OF AN OFFSHORE ECONOMY

There has been growing interest over the past few years in the changing political structure of the world. Predictions range from the withering away of the state to the advent of a global state. This article proposes an alternative scenario: that the state system is not disappearing, but is in the process of creating secondary, relatively unregulated juridical spaces in which economic activities can develop more or less without hindrance. This secondary space, known as `offshore', already dominates international finance and shipping, and plays a significant role in international trade and telecommunications. Offshore is a barrier to the extension of those social provisions that were traditionally provided by states. This paper offers an insight into the ways by which increasing integration of the global market is supported and facilitated by the state system.     

让资本市场更好服务国民经济——访全国人大代表、吉林证监局局长江连海

江连海指出,期权交易是一种比期货交易更加灵活、安全、有效的交易方式,它可以使交易者特别是买者的成本很低、风险有限、利润可观,如果利用期权交易进行套期保值,可以实现双重保险之功效,它是期货套期保值的再套保,能够有效降低风险度,增大保险系数。因此,应积极适时推出期权交易。     

新形势下金融新任务

在全国金融工作会议上,国务院总理温家宝用“五个坚持”、“八项任务”以及“四要”对金融改革发展做出了重要部署。党中央、国务院的高瞻远瞩和果断决策,为金融系统“转方式、调结构、促转型、求发展”指明了新方向,描绘了新蓝图。本期《特别策划＂栏目将对本次会议所传递的新信号,特别是“稳重求进”、金融服务实体经济、深化金融机构改革、引导和规范民间资本进入金融服务领域、加强和改进金融监管、提振股市信心等重点工作,进行详细解读,---呈现金融系统高层和业内外专家学者的真知灼见。     

社保基金钟情实体经济

全国社保基金理事会理事长戴相龙近日再次提及社保基金规模与养老金收支缺口相差悬殊问题,建议从中国国情出发,进一步加大划拨国有资产充实全国社保基金的力度。     

改革才是推升经济的良方

过于倚重短期政策是出现“两难”困境的症结所在,其出路在于转变经济增长模式,关键在于切实推进改革,正确发挥政府在转型中的作用。     

扩大直接融资支持实体经济

2012年不仅是稳中求进的一年,也是深化金融改革的关键年。细数上半年陆续出台的金融改革举措,从温州、珠三角金融改革创新试验区的建立,到QFII与RQF II额度扩容,再到银行存款利率上限放宽……金融改革承担着更好地为实体经济服务的历史重任,也在经济增长趋缓的形势下,为下一轮发力增长积蓄能量。     

金融以稳定宏观经济为己任

2021年,奋斗成果激荡人心;2022年,奋勇前进充满希望。近期,人民银行、银保监会、证监会等党委分别召开会议,传达学习贯彻中央经济工作会议精神,自觉将金融工作放到党和国家大局中去考虑,认真谋划2022年金融工作目标和重点任务,确保党中央、国务院的重大决策部署在银行、保险、证券等金融行业不折不扣地落到实处。     

日本"泡沫经济"时期的货币与财政政策及其教训

日本80年代后期的"泡沫经济"引起了各国经济理论界与实际部门的重视.本文通过对日本"泡沫经济"形成、发展以及破裂三个时期货币与财政政策的考察,认为"泡沫经济"与宏观经济政策的运用与协调失误有很大关系.在80年代中期,过分强调内外经济协调,导致日元在短时期内急剧升值,为了防止由此而引发的经济衰退,在国内政策上又单纯依赖货币政策,财政政策过于保守;在"泡沫经济"形成与发展过程中,日本银行恪守传统的货币政策目标,在一般物价水平稳定的情况下,忽视了资产价格的上涨及其对经济的影响;在"泡沫"破裂之后,货币政策几乎无所作为,而单纯依靠扩张性财政政策的效果有限.     

转轨时期我国金融体系的运行效率分析

当前提高我国金融体系运行效率,尤其是提高储蓄存款资源的利用效率成为一个十分重要的课题。本文通过对传统储蓄函数的进一步扩展,构造了适合我国转轨时期特征的居民部门金融储蓄函数,并利用1976～1996年我国有关的实际数据对此进行了实证分析。研究结果表明,在整个转轨时期,GNP水平、利率、金融深化、金融体系的规模及其在国民经济中的地位是影响居民金融储蓄的四个独立的、重要的因素;同时指出,我国要创造一个收益与风险匹配的金融环境,形成一种能够促使持续金融创新的体制,以保持金融市场对其微观主体的刺激和诱导能力,提高金融体系微观参与者的积极性,最终提高金融体系的运行效率。