China considers levying environment tax - FM

China＇s Ministry of Finance （MOF） is considering whether to institute an environment tax in an effort to improve energy efficiency and ease pollution, Finance Minister Xie Xuren wrote in the official periodical Qiu Shi on April 1.     

看好潜在市场规模--欧盟在华投资中小企业业绩及经营战略调查

据中国外经贸部统计,截至2001年底,欧盟企业在华投资项目累计为12598个,累计合同外资额555.8亿美元,实际投资金额294.5亿美元.在欧盟对华投资企业中,中小型规模企业占有较高的比重.我国市场广阔,随着国民经济持续稳定发展,消费结构的不断升级,适合技术密集型及劳动密集型的中小企业投资领域很多,欧盟在华投资中小企业善于抓住机遇,因而获得较大发展.     

A yen for yuan: trading and investing in the China market

As incentives to entice foreign investments are put in place, opportunities in the China market continue to expand. Many American firms are discovering that perseverance in finding the right trading or joint venture partner pays off.     

The ethics of investing

In this paper, I examine various popular notions concerning the ethics of investing. I first consider and reject the absolutist view that it is always wrong to invest in “evil” companies and the view that what makes investments in evil companies morally objectionable is the fact that by making such investments, investors are taking steps to benefit from the wrongdoing of others. I then defend the view that what makes certain investments morally objectionable is the fact that by making such investments, investors enable others to do wrong. According to this view, when weighing the purchase of a certain company's stock, investors should ask themselves the following question: “Would this sort of investment, if made by many people, enable others to do wrong?” If the answer to this question is yes, and if an investor nevertheless makes the investment in question, he can justifiably be accused of moral wrongdoing.     

中国制造何时不再伤感

当中国出口企业在为国际市场定价权大伤脑筋之时,德国制造和意大利制造却能比其他国家同类产品高出几个价位     

Doing right,investing right: Socially responsible investing and shareholder activism in the financial sector

In this article, we present an overview of corporate social responsibility (CSR) in the financial sector. We focus on how socially responsible investment and shareholder activism have been integral parts of corporate social responsibility in the financial sector. We examine how the financial sector and its firms are evaluated and rated via a sustainability index, the Dow Jones Sustainability World Index, and show that even leading financial institutions do not employ proactive practices regarding socially responsible investment and shareholder activism. Finally, we provide examples of two companies, UBS AG and the Co-operative Banking Group, that do utilize proactive practices.     

Facing Risks and Investing in Emerging Markets

The art of investing is evolving into the science of investing. As new generations of increasingly scientific investment mangers come to the task, they wi11 rely more on analysis, process and structure than on intuition, advice and whim. This does not mean heroic investment insights are a thing of the past. It means that investors will increasingly capture and apply those insights in a     

Ethical investing and capital structure

We test the relevance of the trade-off, pecking order, and market timing theories of capital structure from the point of view of a stock's religious orientation. Using a unique sample of Islamic stocks, we discover the leverage speed of adjustment (SOA) to be faster compared to that in the literature on conventional stocks, consistent with trade-off theory. We hypothesize that this result is due to the risk-sharing principal of Islamic investments that substantially reduces market imperfections. The inclusion of variables belonging to other theories of capital structure does not change the SOA, implying the importance of the trade-off theory.     

中国在WTO中进一步成熟

自中国于2001年12月加入WTO至今,中国政府曾分别在加入的第一年、第五年和第十年之际举办过正式的纪念活动。每一次,不但外界关心,中国政府自己也会反思这样一个问题,那就是作为一个新成员,中国对WTO活动的参与是否已同老成员一样娴熟、自如。要回答这个问题,需要衡量很多方面,比如国家的法治化和市场化程度、在WTO的地位和作用、专业队伍的整体素质、企业和消费者在决策中的作用、前后方协调配合的效果等等。每个方面又进一步包含许多需具体考察的要素,可举的例子可包括外交官的语言和谈判能力、秘书处中该国籍职员的比例及级别等。就这些标准而言,     

First mover advantages in investing in transitional economies

As China, Eastern Europe, and the post-Soviet republics undertake economic transitions toward more market-based systems, foreign investors have been greatly interested in these countries. However, it is not clear whether an early mover strategy or a late mover strategy will result in better performance in these markets characterized by both potential opportunities and tremendous uncertainties and difficulties. This article uses the experience of foreign investors in China to shed light on this question. Specifically, we conducted two separate tests comparing the performance of early entrants and late entrants drawing on samples from different time periods (early stage versus late stage of local operations). The results show the existence of significant first mover advantages, and the risk-return tradeoff between the first mover and late mover strategies. Implications for both early movers and late movers from these two tests are discussed. © 1998 John Wiley & Sons, Inc.     

在华跨国公司还能给中国带来更多价值——“大众汽车畅想绿色未来”环境教育行动新五年计划启动

＂在中国,只有5%的母亲说自己的孩子常常在大自然中探索。＂美国作家理查德.洛夫在《林间最后的小孩——拯救自然缺失症》一书的序言中写道。的确,现代儿童越来越少的＂自然体验＂,不仅影响未来一代的健康体质,最终将对整个地球的生态环境有巨大的影响。谁来帮助孩子,让他们体验自然、了解自然,     

Overcoming the double hurdles to investing in technology

Technological activities of small and medium-sized enterprises (SMEs) have received considerable attention from researchers and policy makers since the mid-1980s. Small firms could nurture entrepreneurship and facilitate the creation and application of new ideas. In spite of their potential in generating innovations, it is also observed that SMEs shy away from formal R&D activities, and the firm size itself seems to be a barrier for R&D activities. SMEs operating in developing countries face extra hurdles to investing in R&D. Given the massive share of SMEs, it becomes crucial to realize their developmental potential in developing countries. In this paper, we study the drivers of R&D activities in SMEs in Turkish manufacturing industries by using panel data at the establishment level for the 1993–2001 period. Our findings suggest that SMEs are less likely to conduct R&D, but if they overcome the first obstacle of conducting R&D, they spend proportionally more on R&D than the LSEs do. R&D intensity is higher in small than in large firms. Moreover, public R&D encourages firms to intensify their R&D efforts. The impact of R&D support is stronger for small firms.     

China, promotes new-energy venicles in 7 more cities

China is promoting clean-energy vehicles for public transportation in seven more cities on top of the 13 citiesthat began promoting such vehicles last year, the Ministry of Finance （MOF） said on June 2.     

Value investing in emerging markets: risks and benefits

This paper identifies a subset of emerging markets that have higher than average expected returns and studies risk properties of this subset by investment simulations. It is found that: (1) the portfolio of ‘value’ emerging markets generates superior returns; and (2) statistical measures of its risk are close to the corresponding measures for the portfolio of all emerging markets. The statistical significance of these results has been checked by a bootstrap procedure. The results imply that the optimal share of emerging markets increases from 0% for an equally weighted portfolio to approximately 25% for the portfolio of undervalued emerging markets.     

China imports 50% more autos in first 7 months

In face of a severe domestic economy, the increasing speed of Shanghai industry has slowed down and the general output value was RMB 202.064 billion this July -- 8% higher than the same period last year. This is also the first time that the     

Venture capital investing for corporate development objectives

There is a significant new player emerging in the venture capital world whose participation is changing the way that the venture business is done. Domestic and foreign corporations have discovered that investing in venture capital adds a new dimension to their corporate development strategies and can also make an outstanding return on investment.Armed with serious amounts of cash, aware of the value of an association with their name and frequently possessing marketing power that a small company covets, corporations are competing with venture capitalists for the best deals. Obtaining a “corporate partner” is now an accepted part of a small company's financing strategy.For the corporate development executive, this activity provides a useful tool to widen the spectrum of participation in new technologies while retaining the entrepreneurial drive and reducing the cost and exposure of new ventures. However, it is not a panacea for growth and caution should be exercised to avoid creating unrealistic expectations.Both entrepreneurs and venture capitalists welcome this source of later-stage capital, providing it minimizes equity dilution and assists in product development, marketing and liquidity for their investment. However, it is a competitor for the venture capitalists in sourcing deals and a potential adversary for the entrepreneur when objectives clash. Additionally, entrepreneurs and venture capitalists often are suspicious of the corporation in the small company's boardroom.The objective of most corporations is the strategic benefits that can result from venture capital investing, such as acquisitions, technology licenses, product marketing rights, international opportunities and a window on technology. However, this objective is frequently mixed with a financial return objective and can lead to a confused strategy.Participation by corporations can take many different forms but usually begins with investments in several venture capital funds as a limited partner and evolves into direct investments in venture companies. Formation of a venture development subsidiary by the corporation is a demonstrated way to maximize the strategic rewards. If financial return is the only objective, then a stand-alone venture fund is the best vehicle.The most important factors for the strategic success of a corporate program are the creation of a high-quality deal stream and the use of outstanding people to interface between the corporation and the venture capital world. In addition, there has to be a long-term commitment, active involvement and a carefully devised internal communications strategy to promote and protect the program.Creation of a formal venture development subsidiary is probably the best way to maximize the strategic objectives. Lubrizol Enterprises operates as such a subsidiary of The Lubrizol Corporation and utilizes venture capital investing, acquisitions, partnerships, and contract research to develop strategic business units based on leading-edge technologies.