疫情危机与商业银行数字化对策研究

疫情危机的发生导致社会经济链条断裂,供应链流通受阻,并不断向上下游和其他节点传导,引爆诸多潜在的风险点,对社会经济产生巨大负面影响。本文以商业银行为例,研究疫情危机对商业银行的影响和管理危机的对策。研究表明,疫情危机的发生既是对社会经济秩序的一种破坏,同时也会在应对危机过程中催生出一些新的行业、产业或经营模式的变化。面对疫情危机,数字化不仅仅是商业银行应对危机的有效手段,更是商业银行转型升级的新方向。全面推进数字化对于其他行业应对疫情危机同样具有示范和借鉴意义。     

The real new economy

During the soar-and-swoon days of the late 1990s, many people believed that information technology, and the Internet in particular, were "changing everything" in business. A fundamental change did happen in the 1990s, but it was less about technology than about competition. Under director Diana Farrell, the McKinsey Global Institute has conducted an extensive study of productivity and its connection to corporate IT spending and use during that period. The study revealed that information technology is important--but not central--to the fate of industries and individual companies. So if information technology was not the primary factor in the productivity surge, what was? The study points to competition and innovation. In those industries that saw increases in competitive intensity, managers were forced to innovate aggressively to protect their revenues and profits. Those innovations--in products, business practices, and technology--led to the gains in productivity. In fact, a critical dynamic of the new economy--the real new economy--is the virtuous cycle of competition, innovation, and productivity growth. Managers can innovate in many ways, but during the 1990s, information technology was a particularly powerful tool, for three reasons: First, IT enabled the development of attractive new products and efficient new business processes. Second, it facilitated the rapid industrywide diffusion of innovations. And third, it exhibited strong scale economies--its benefits multiplied rapidly as its use expanded. This article reveals surprising data on how various industries in the United States and Europe were affected by competition, innovation, and information technology in the 1990s and offers insights about how managers can get more from their IT investments.     

对我国商业银行视角下中间业务收费现状的思考

商业银行中间业务是指银行利用自身的优势条件,不动用其资金,以中间人的身份替客户办理委托事项,提供各类金融服务而收取服务费用的业务。我国商业银行自引入中间业务以来,中间业务的收费问题屡次进入人们视野,收费市场混乱可见一斑。转入2014年,面对国家进一步放开存贷款利率限制以及网络金融的异军突起,商业银行由依靠传统业务向中间业务的转型迫在眉睫。然而,一直以来,商业银行对中间业务的忽视造成其发展过程中积弊重重,其中的收费问题又是各种问题集中展示的＂交通灯＂。本文试图在商业银行的立场下对当今中间业务收费现状进行思考,以期对商业银行进一步规范收费提出合理的建议。     

Strategy and the new economics of information

We are in the midst of a fundamental shift in the economics of information--a shift that will precipitate changes in the structure of entire industries and in the ways companies compete. This shift is made possible by the widespread adoption of Internet technologies, but it is less about technology than about the fact that a new behavior is reaching critical mass. Millions of people are communicating at home and at work in an explosion of connectivity that threatens to undermine the established value chains for businesses in many sectors of the economy. What will happen, for instance, to dominant retailers such as Toys "R" Us and Home Depot when a search through the Internet gives consumers more choice than any store? What will be the point of cultivating a long-standing supplier relationship with General Electric when it posts its purchasing requirements on an Internet bulletin board and entertains bids from anybody inclined to respond? The authors present a conceptual framework for approaching such questions--for understanding the relationship of information to the physical components of the value chain and how the Internet's ability to separate the two will lead to the reconfiguration of the value proposition in many industries. In any business where the physical value chain has been compromised for the sake of delivering information, there will be an opportunity to create a separate information business and a need to streamline the physical one. Executives must mentally deconstruct their businesses to see the real value of what they have. If they don't, the authors warn, someone else will.     

MarketBusting: strategies for exceptional business growth

If company leaders were granted a single wish, it would surely be for a reliable way to create new growth businesses. Business practitioners'overwhelming interest in this subject prompted the authors to conduct a three-year study of organizational growth--specifically, to find out which growth strategies were most successful. They discovered, somewhat to their surprise, that even companies in mature industries found rich new sources of growth when they reconfigured their unit of business (what they bill customers for) or their key metrics (how they measure success). In this article, the authors outline these and other moves companies can make to redefine their profit drivers and realize low-risk growth. They offer plenty of real-world examples. For instance: CHANGING YOUR UNIT OF BUSINESS: Once a conventional printing house, Madden Communications not only prints promotional materials for customers but also manages the distribution and installation of those materials on-site. Its revenues grew from dollars 1o million in 1990 to dollars 133 million in 2004, in an industry that many had come to regard as hopelessly mature. IMPROVING YOUR KEY METRICS-PARTICULARLY PRODUCTIVITY: Lamons Gasket, with dollars 80 million in revenues, built a Web site that radically improved its customers' ability to find, order, and pay for goods. The firm's market share rose along with its customer retention rate. The authors also suggest ways to identify your unit of business and associated key metrics and recognize the obstacles to changing them; review the key customer segments you serve; assess the need for new capabilities and the potential for internal resistance to change; and communicate to internal and external constituencies the changes you wish to make in your unit of business or key metrics.     

Capturing the real value in high-tech acquisitions

Eager to stay ahead of fast-changing markets, more and more high-tech companies are going outside for competitive advantage. Last year in the United States alone, there were 5,000 high-tech acquisitions, but many of them yielded disappointing results. The reason, the authors contend, is that most managers have a shortsighted view of strategic acquisitions--they focus on the specific products or market share. That focus might make sense in some industries, where those assets can confer substantial advantages, but in high tech, full-fledged technological capabilities--tied to skilled people--are the key to long-term success. Instead of simply following the "buzz," successful acquires systematically assess their own capability needs. They create product road maps to identify holes in their product line. While the business group determines if it can do the work in-house, the business development office scouts for opportunities to buy it. Once business development locates a candidate, it conducts an expanded due diligence, which goes beyond strategic, financial, and legal checks. Successful acquires are focused on long-term capabilities, so they make sure that the target's products reflect a real expertise. They also look to see if key people would be comfortable in the new environment and if they have incentives to stay on board. The final stage of a successful acquisition focuses on retaining the new people--making sure their transition goes smoothly and their energies stay focused. Acquisitions can cause great uncertainty, and skilled people can always go elsewhere. In short, the authors argue, high-tech acquisitions need a new orientation around people, not products.     

我国数字贸易发展:现状、挑战与策略研究

借助互联网新技术的发展与应用推广,全球数字贸易得以快速发展,市场规模增速已经超过传统货物贸易及服务贸易,成为世界贸易发展新动能。我国数字技术和数字经济的高速发展使传统制造业与服务业融合加深,贸易服务性更强,因此我国数字贸易正面临着前所未有的发展机遇。但数字贸易作为数字经济的重要表现形式,其经营模式以及国际间的冲突摩擦,又致使其面临诸多发展挑战,由此提出从内部制度和外部环境两方面同时进行改进与完善,进而推动我国数字贸易发展。     

CAP Forum on E‐Business: Compromise or Customize: XBRL's Paradoxical Power

Business reports are changing in response to regulatory and market demands. Requests by regulators for electronic filings of financial statements and tax forms are increasing and such filings are rapidly becoming mandatory in many countries. In response, extensible business reporting language (XBRL) is a market‐driven, collaborative effort to make electronic filings more useful to, and to reduce the burden on, both publishers and consumers of business reports. XBRL does much more than simply list data items that can be submitted in an electronic filing. XBRL is a complete set of tools for regulators or groups to fully communicate the meanings of and interrelationships among the business reporting concepts. In addition, core sets of concepts from regulators or groups can be extended, expanded, or otherwise modified for more specific communication by jurisdictions, industries, or individual corporations. This unique customization capability lets companies better present their electronic filings as parallels to their paper filings. A “customizable standard” offers new opportunities and new challenges. This paper discusses XBRL's paradoxical power ‐ the trade‐offs between customizing to better parallel existing paper reports and compromising to more closely match the standards, and the research needed for the transition from freeform to customized reports.     

Toward a 21st Century Social Contract

This article makes the case for a new contract between business and government that will help us address the critical challenge of our time: the globalization of commerce, and its disruptive effects on labor, local communities, and the environment. The authors begin by showing how globalization has created a new playing field for government and business in which our current governance models and a social contract that proved remarkably effective during the 20th century can no longer ensure economic stability and social progress. While the private sector has for the most part demonstrated its ability to adapt and flourish in a global economy, governments have struggled, thanks in large part to complex decision‐making processes and centralized bureaucracies that were created in response to 20th‐century realities. The result has been ever more indebted nations and governments that have been unable to maintain the core foundation and social investments on which their economic competitiveness and the social well‐being of their citizens depend. Our challenge now is to create a new social contract between business and government that is equal to the challenges of a global economy. The authors identify a number of key issues that must be addressed in creating this new framework, and explore recent and emerging business leadership initiatives that are working to address them. These range from initiatives that encourage greater self‐regulation by business of its impact on society and the environment to those that explore ways for the private sector to help governments deliver services more cost effectively. As part of the fallout from the recent financial crisis, business, broadly speaking, no longer enjoys the level of public trust it once did, which has added significantly to the challenges it now faces in taking on greater social responsibility. To direct its considerable resources to the greater public good while continuing to produce a competitive return to shareholders will require a degree of innovation and leadership that many companies will find difficult. But without this increased participation of business and its leaders, it is hard to see how we will prosper in the increasingly uncertain future we now face.     

The process audit

Few executives question the idea that by redesigning business processes--work that runs from end to end across an enterprise--they can achieve extraordinary improvements in cost, quality, speed, profitability, and other key areas Yet in spite of their intentions and investments, many executives flounder, unsure about what exactly needs to be changed, by how much, and when. As a result, many organizations make little progress--if any at all--in their attempts to transform business processes. Michael Hammer has spent the past five years working with a group of leading companies to develop the Process and Enterprise Maturity Model (PEMM), a new framework that helps executives comprehend, formulate, and assess process-based transformation efforts. He has identified two distinct groups of characteristics that are needed for business processes to perform exceptionally well over a long period of time. Process enablers, which affect individual processes, determine how well a process is able to function. They are mutually interdependent--if any are missing, the others will be ineffective. However, enablers are not enough to develop high-performance processes; they only provide the potential to deliver high performance. A company must also possess or establish organizational capabilities that allow the business to offer a supportive environment. Together, the enablers and the capabilities provide an effective way for companies to plan and evaluate process-based transformations. PEMM is different from other frameworks, such as Capability Maturity Model Integration (CMMI), because it applies to all industries and all processes. The author describes how several companies--including Michelin, CSAA, Tetra Pak, Shell, Clorox, and Schneider National--have successfully used PEMM in various ways and at different stages to evaluate the progress of their process-based transformation efforts.     

多元化并购溢价与企业转型

以往研究表明多元化并购源于代理问题、内部市场和生命周期,其绩效一般低于同行业并购。本文利用我国2008年-2014年277个重大资产重组样本发现多元化并购存在8.42%的溢价。机制上,转型到新业务企业(“另起炉灶”型)完全导致了多元化并购溢价,其并购前业绩较差,并购后业绩明显改善,企业转型的力度可以解释多元化溢价。同时,此类并购改善公司业绩的效果在并购后三年依然存在。上述结果说明,多元化并购在短期内帮助业绩较差的已上市企业实现转型,金融市场能部分反映并购后基本面的改善。     

Investment decisions and internal capital markets: Evidence from acquisitions

In this paper, we examine the workings of internal capital markets in diversified firms that engage in related and unrelated corporate acquisitions. Our evidence indicates that bidders invest outside their core business (diversify) when the cash flows of their core business fall behind those of their non-core lines of business. However, bidders invest inside their core business (i.e., undertake non-diversifying investments) when their core business experiences superior cash flows. We also find that bidders whose core business are in industries with low growth prospects engage in diversifying acquisitions while bidders whose core business are in high growth industries undertake non-diversifying acquisitions. The pre-acquisition evidence, then, suggests that firms tend to diversify when the cash flows and the growth opportunities of their core business are considerably lower than those of their non-core business. Subsequent to acquisitions we find that diversifying bidders continue to allocate financial resources from less profitable business segments (i.e., core business) to more profitable business segments (i.e., non-core business). Given the low profitability of diversifying bidders’ core business, this capital resource allocation suggests that diversification increases do not result in capital allocation inefficiencies. The evidence for non-diversifying bidders, however, supports the existence of “corporate socialism” in the sense that there is transfer of funds from the profitable (core) to the less profitable (non-core) business segments in multi-segment bidders. We find that the capital expenditures of bidders’ non-core business segments rely on both core and non-core cash flows.     

Accounting for Extractive Industries: Has IFRS 6 Harmonised Accounting Practices by Extractive Industries?

Accounting for extractive industries has historically been practiced by one of a number of methods: successful efforts, full costing, area of interest, appropriation and reserve recognition accounting. The choice of method adopted leads to different accounting figures. The difference in the treatment of the costs leads to different accounting figures being reported in the financial statements of extractive companies. This means that the ‘tell it like it is’ criteria of accounting functions differently, so that stakeholders find like‐with‐like comparisons for decision‐making purposes difficult. These difficulties have culminated in the release of IFRS 6 Exploration for and Evaluation of Mineral Resources, to help harmonise accounting practice. This paper, through content analysis of annual reports of 122 upstream oil and gas companies from around the world, investigates the role of IFRS 6 in harmonising extractive industries’ accounting practices. Our analysis identifies seven types of company, which differ in their compliance with IFRS 6. Hence, we conclude that IFRS 6 has had some success in harmonising accounting treatments of exploration and evaluation expense but that this success is limited and more needs to be done to achieve wider harmonisation for the extractive industries.     

Corporate foresight and innovation management: A portfolio-approach in evaluating organizational development

The transition from a traditional industry-driven economy to a knowledge-based economy requires new concepts and methods for companies to sustain competitive advantage. Here, academia has identified corporate foresight and innovation as key success factors. While, content-wise, the contribution of futures research methods to the innovation process has already been researched, this study strives to explore the status quo of organizational development stages of both concepts. To do so, we developed a portfolio-approach, the so-called ‘Future-Fitness-Portfolio’, which enables companies to qualitatively compare amongst others and identify organizational improvement potential. In addition, we conducted expert interviews to explore future organizational development trends in corporate foresight and innovation management. As our research revealed, five strategic clusters can be identified within the portfolio. Consequently, we propose specific strategies for each individual cluster. We conclude that there will be two main organizational development trends for corporate foresight and innovation management in the future: in traditional industries with conventional business models and long product-life-cycles, companies will follow a different development path than companies in dynamic industries with innovative business models and short product-life-cycles.     

Post-Fordism and the end of work

Post-Fordism is a term which has largely been rejected by the Left, mainly on the grounds that it dignifies aspects of capitalist society that should be challenged. In this article I aim to redeem the political value of the concept by showing how it can contribute to a positive critique of wage-based society. Radicalising the theory of post-Fordism requires a deepening of the principles of autonomy and responsibility which are central to the post-Fordist work paradigm. These principles should be extended, I argue, to apply to the wider social repercussions of post-Fordist labour, including destructive environmental consequences, the manipulation of consumer needs and above all the production of non-work or unemployment which flexible production methods entail. I argue that workers’ recognition of their wider social responsibilities therefore requires theoretical mediations capable of loosening the reductive equation of ‘autonomy’ with ‘work’. I also argue that the trend towards knowledge-based societies, because of the difficulties it creates in the definition and measurement of individual labour time, is making the abolition of waged work an increasingly rational ideal. I conclude by highlighting the alternative scenario towards which post-Fordist capitalism is otherwise heading. This is a society where every social activity — including consumption — is recognised, formalised and remunerated as work, as people are paid to produce themselves in accordance with the needs of social reproduction.     

The impact and role of COVID-19 uncertainty: A global industry analysis

The novel 2019 coronavirus (COVID-19) has resulted in uncertainty that permeates every aspect of life and business. In this study we undertake a comprehensive analysis of the impact of COVID-19 related uncertainty on global industry returns and volatility using a sample of 68 global industries and Google Trends search data to measure COVID-19 related uncertainty. The results indicate that COVID-19 related uncertainty negatively impacts returns on all industries and generally leads to higher volatility. We interpret these findings as uncertainty related to the future financial performance of firms and emerging opportunities for some industries. Certain industries are more resilient than others and increased uncertainty is not only necessarily associated with industries that experienced the largest negative returns. We also find that new factors emerged in the return generating process during the COVID-19 period. We show that despite an uncertain climate, some industries performed well, yielding positive cumulative abnormal returns that at times are greater than during the pre-COVID-19 period. The implications of our findings for investors are discussed.     

Strategic sourcing: from periphery to the core

As globalization changes the basis of competition, sourcing is moving from the periphery of corporate functions to the core. Always important in terms of costs, sourcing is becoming a strategic opportunity. But few companies are ready for this shift. Outsourcing has grown so sophisticated that even critical functions like engineering, R&D, manufacturing, and marketing can-and often should-be moved outside. And that, in turn, is changing the way companies think about their organizations, their value chains, and their competitive positions. Already, a handful of vanguard companies are transforming what used to be purely internal corporate functions into entirely new industries. Companies like UPS, Solectron, and Hewitt have created new business models by concentrating scale and skill within a single function. As these and other function-based companies grow, so does the potential value of outsourcing to all companies. Migrating from a vertically integrated company to a specialized provider of a single function is not a winning strategy for everyone. But all companies need to rigorously reassess each of their functions as possible outsourcing candidates. Presented in this article is a simple three-step process to identify which functions your company needs to own and protect, which can be best performed by what kinds of partners, and which could be turned into new business opportunities. The result of such an analysis will be a comprehensive capabilities-sourcing strategy. As a detailed examination of 7-Eleven's experience shows, the success of the strategy often hinges on the creativity with which partnerships are organized and managed. But only by first taking a broad, strategic view of capabilities sourcing can your company gain the greatest benefit from all of its sourcing choices.     

基于行业增加值出口的显性比较优势测算及国际比较研究

基于对出口价值构成中行业增加值出口的形式、流向以及途径的区分,从价值链的视角改进了传统的显性比较优势指数,测算12个主要贸易大国1995~2011年制造业和服务业各行业的显性比较优势。结果表明：贸易格局的总体趋势表现为发达国家在巩固制造业高端环节优势的同时又将服务业特别是金融服务业、信息服务业以及商务网络等方面的优势渗透进来,建立起服务于全球的新体系,新兴市场国家则逐渐在不同要素密集度以及不同层次的制造业方面加紧布局。加强贸易与产业的结合,有助于我国通过增加值间接出口的方式参与国际竞争。     

小企业成功因素研究

对小企业的研究应该超越那种仅把其视为大企业"迷你版"的研究范式.基于不同研究视角,从小企业固有独特性基础上对小企业成功因素的研究形成了五种典型的研究模式,这包括单因素研究、分行业研究、成败企业对比性研究、利益相关者角度研究和综合分析性研究.