多元化经营,跟着战略走--当代美国银行业考察报告

编者按:2002年9月～2003年9月,中国工商银行湖北省分行副行长郑子术先生作为访问学者被中国工商银行总行派往美国著名学府--宾夕法尼亚大学学习一年.其间,作者除学习了有关经济、金融专业课程,听取了有关经济、金融的专题讲座,还访问了一些主要银行,特别是到纽约银行等银行进行了为期四个月的实习.本文记载了作者在美国的所见所闻及对当代美国银行业的认识.     

ENVIRONMENTAL VARIABLES OF MULTINATIONAL TRANSFER PRICING: A U.K. PERSPECTIVE

This paper reports the findings from an empirical study of multinational transfer pricing based on the information provided by 47 British multinational companies. The results indicate that company profit after tax was the key consideration for those companies in formulating their international transfer pricing policies. In addition, they also considered other important variables including the competitive position of their foreign subsidiaries, divisional performance evaluation, and foreign restrictions on repatriation of profits. Six dimensions of environment variables of multinational transfer pricing were also extracted using factor analysis technique.     

THE WRITINGS OF HENRY A. LATANÉ: A COMPILATION AND ANALYSIS

A native Virginian, Henry A. Latané was born in Buchanan, Botetourt County, in 1907. He received a BA degree from the University of Richmond in 1928 and an MBA degree from Harvard University in 1930. From 1930 to 1940 he was employed by Bankers Trust Company of New York as a security analyst. In 1940 he joined Lionel D. Edie and Company, also in New York, and remained with that firm as a security analyst until 1951. It was while he was with Lionel D. Edie that his first publication appeared, a short article in the Journal of the American Statistical Association ( 1942 ) concerning deriving seasonal factors in economic time series data. The Latané family moved from New York to Chapel Hill, North Carolina in 1951, where he obtained a Ph.D. degree in Economics from the University of North Carolina in 1957. Before completing his doctorate, however, he had published articles in the Southern Economic Journal, The Journal of Finance, and The Review of Economics and Statistics, all in 1954. His dissertation, completed in 1957 and entitled “Rational Decision Making in Portfolio Management,” provided the foundation for many of the Latané writings that have appeared in subsequent years. Latané joined the faculty of the University of North Carolina as a Research Associate in 1958 and was appointed Professor of Finance and Economics in 1960. He was elected Meade H. Willis, Sr. Professor of Investment Banking in 1969 and achieved emeritus status in 1981. He was one of the first to obtain the professional designation Chartered Financial Analyst in 1965. For many years he has been a member of both the New York Society and the North Carolina Society of Security Analysts. He served as Vice President of the Southern Economic Association during 1974–1976 and was an Associate Editor of The Journal of Finance from 1973 to 1981.     

LESSONS FROM A MIDDLE MARKET LBO: THE CASE OF O.M. SCOTT

In 1986 The O.M. Scott & Sons Company, the largest producer of lawn care products in the U.S., was sold by the ITT Corporation in a divisional leveraged buyout. The company was founded in Marysville, Ohio in 1870 by Orlando McLean Scott to sell farm crop seed. In 1900, the company began to sell weedfree lawn seed through the mail. In the 1920s, the company introduced the first home lawn fertilizer, the first lawn spreader, and the first patented bluegrass seed. Today, Scott is the acknowledged leader in the “do-it-yourself” lawn care market, with sales of over $300 million and over 1500 employees. Scott remained closely held until 1971, when it was purchased by ITT. The company then became a part of the consumer products division of the huge conglomerate, and operated as a wholly-owned subsidiary for 14 years. In 1984, prompted by a decline in financial performance and rumors of takeover and liquidation, ITT began a series of divestitures. Over the next two years, total divestitures exceeded $2 billion and, after years of substandard performance, ITT's stock price significantly outperformed the market. On November 26, 1986, in the midst of this divestiture activity, ITT announced that the managers of Scott, along with Clayton & Dubilier (C & D), a private firm specializing in leveraged buyouts, had agreed to purchase the stock of Scott and another ITT subsidiary, the W. Atlee Burpee Company. The deal closed on December 30. Clayton & Dubilier raised roughly $211 million to finance the purchase of the two companies. Of that $211 million, almost $191 milion, or 91% of the total, was debt: bank loans, subordinated notes, and subordinated debentures. The $20 million of new equity was distributed as follows: roughly 62% of the shares were held by a C & D partnership, 21% by Scott's new subordinated debtholders, and 17.5% by Scott management and employees. After this radical change in financial structure and concentration of equity ownership, Scott's operating performance improved dramatically. Between the end of December 1986 and the end of September 1988, sales were up 25% and earnings before interest and taxes (EBIT) increased by 56%. As shown in Table 1, this increase in operating earnings was not achieved by cutting back on marketing and distribution or R & D. In fact, spending on marketing and distribution increased by 21% and R & D spending went up by 7%. Capital spending also increased by 23%.     

A SURVEY OF U.S. CORPORATE FINANCING INNOVATIONS: 1970–1997

In the past 30 years, major changes have occurred not only in the kinds of securities issued, but also in the way securities are issued and in the national markets where they are issued. Traditional registered offerings have been partly displaced by shelf registered offerings and Rule 144A private offerings. And once exclusively domestic U.S offerings are increasingly being supplemented by foreign market offerings by U.S. companies, and by simultaneously domestic and foreign offerings. In 1997, for example, 11% of all proceeds raised by U.S. corporations were issued in one or more foreign markets. Of the $105 billion raised in these offerings, $31 billion was denominated in currencies other than the U.S. dollar.
While traditional securities still dominate the market, the authors' research indicates that the pace of innovation in the design of securities also increased markedly during the 1980s and has continued strong throughout the 1990s. In 1997, for example, innovative securities accounted for almost 30% of total domestic offerings. Three of the most common objectives of such securities have been (1) to manage the interest rate (and other financial price) risk faced by investors and issuers; (2) to reduce information costs faced by investors when buying securities from issuers with better information about their own prospects (a condition known as "information asymmetry"); and (3) to increase the tradability of financial assets.     

THE OPERATING BETA OF A U.S. MULTI-ACTIVITY FIRM: AN EMPIRICAL INVESTIGATION

Various researchers have decomposed the firm's beta (or systematic risk) into components that are reflective of the firm's corporate characteristics, for example, leverage position, product mix, etc. In this paper, the theoretical beta decompositions of Hamada (1969 and 1972) and Rubinstein (1973) are sub- jected to empirical examination for a sample of diversified (or multi-activity) firms. The results of the analysis evidence highly significant empirical support for the Hamada- Rubinstein model and for the viability of operationalizing that model with available accounting and market data.     

THE CONSEQUENCES OF GROWTH MAXIMISATION AND EXPENSE PREFERENCE POLICIES OF MANAGERS: EVIDENCE FROM UK BUILDING SOCIETIES. A STUDY OF THE CAUSES OF PROFIT INSUFFICIENCY DURING A PERIOD OF INCREASED COMPETITION USING DISCRIMINANT ANALYSIS

It has often been argued that the monopolistic position of building societies and the lack of constraints on policies of their managers has brought inefficiencies and managerial utility maximising results. This may be seen in society growth policies and their expense preference behaviour. When there is increased competition affecting margins some building societies may earn insufficient profits so as to threaten their financial stability. The present study uses multiple discriminant analysis to study the period 1978–1980 and verifies the hypothesis that both growth and expense preferences caused profit insufficiency which could lead to financial distress.     

美、德金融环境对其风险投资影响的比较及其借鉴

风险投资是技术创新和金融创新相结合的必然结果,是一种与产业资本运营相结合的金融创新活动.德国属于银行主导型的金融体制,美国属于市场主导型的金融体制,两国的产融结合模式不同.从宏观上看,美国的金融环境为其风险投资的发展提供了有利条件,德国的金融环境在一定程度上对其风险投资的发展有负面影响.具体分析,美、德两国由于其金融环境不同,使得风险投资在资金来源、投资方向退出方式和风险企业的约束与激励机制等方面存在很大的差异.我国目前的金融体系限制了风险资本的来源,同时对风险投资的退出也形成制约.因此,我国风险投资的发展应从增加风险投资资金来源及建立第二板市场入手.     

A MODEL OF HETEROGENEOUS EXPECTATIONS AS A DETERMINANT OF SHORT SALES

This study examines the role of heterogeneous expectations as a determinant of short selling of common stock. A theoretical model demonstrates that the degree of heterogeneity of opinion and the number of investors in a market both positively influence short selling. This theory is substantiated empirically using ex-ante data. Short selling is related directly to merger activity and the presence of options.