英国投资与经贸风险分析报告

投资状况 外国直接投资状况 英国是世界上最大的外资接受国之一,投资者来自世界各地,外国投资的产业部门广泛,投资地域遍布全国。共有22000家外国公司在英国运营,其中最重要的外资来源地是美国、     

伦敦投资局携手中国银行介绍伦敦投资环境

近日，英国伦敦官方外国直接投资服务机构伦敦投资局（Think London）与中国银行在北京举办招待会，介绍了伦敦的投资环境及可为寻求拓展英国市场的中国企业所能提供的国际金融服务专长。     

到伦敦投资先找谁?

伦敦投资局(Think London)是伦敦地区的官方外国直接投资服务机构,专门为希望到伦敦投资的海外公司和机构提供免费且保密的咨询及协助服务.该机构自1994年成立以来,已经帮助了来自30多个国家750多家企业在伦敦设立机构.中国大陆企业目前有400多家在英国投资,其中250家选择在伦敦开展业务.2006年4月,伦敦投资局北京办事处成立,正式面向中国企业开展招商引资活动.那么,伦敦投资局究竟能为中国的企业提供什么服务?中国企业到伦敦投资会享受哪些优惠政策?到伦敦投资会在哪些方面受益?为此,本刊记者采访了伦敦投资局中国首席代表胡胜利先生     

英国商业银行的体制及业务运作

英国商业银行的体制及业务运作广西农行赴英学习考察团英国是现代商业银行的发祥地，创建于１６９４年的英格兰银行是世界上第一家现代模式的商业银行（后成为英国的中央银行）。为学习、借鉴外国先进经验，我们对英国进行为期两周的学习、考察。访问了伦敦国民西敏寺银行...     

在纽约和伦敦的外国银行

伦敦一直是世界金融的中心,可是近年来在纽约开设分支机构的外国银行日益增多,1970年时还只有73家(伦敦有161家),至1979年底已增至234家(伦敦328家。) 此外,还有28家是间接通过银团来进行业务的,从国籍来分。在纽约开设银行机构的有48个国家。在英国的外国银行,基本上集中设在伦敦,仅有少数几家外国银行在伦敦以外开设机构,有的是因为北海油田的关系在苏格兰开行,有些则开设在外裔公民聚居的城市里。     

中行与伦敦投资局联合举办投资推介会

8月23日,中国银行与英国伦敦官方外国直接投资服务机构伦敦投资局（Think London）在北京联合举办伦敦投资推介会,向来自中国著名企业的嘉宾介绍了伦敦的投资环境及中国银行能够向赴英投资的中国企业提供的金融服务。中行副行长张燕玲表示,中国银行在英国的业务得到了蓬勃发展,并将继续为客户提供更加全面、     

伦敦金融城看好北京

近期,伦敦金融城市长秘书理查德·马丁先生应邀到来京访问。据他介绍,伦敦金融城在英国和世界都享有十分特殊的地位。金融城是伦敦市33个行政区中最小的一个。伦敦成为世界三大金融中心之一,实际上仰仗于金融城。这个约4平方公里的“城中城”汇集了近500家外国银行、世界最大的20家保险公司、180多个外国证券交易中心、2／3的世界500强企业。金融城的外汇交易额、黄金交易额、国际贷放总额、外国证券交易     

毛里求斯投资与经贸风险分析报告

投资状况 外国直接投资状况 吸引外国直接投资是毛里求斯政府实现经济多元化、扩大出口、保持经济稳定增长的重要手段。毛里求斯是世界上最为开放的经济体之一。由于稳定的政治经济环境和优越的投资投策，特别是税收政策，毛里求斯迄今已吸引到9000多家外国公司。过去，外国直接投资主要来自亚洲和印度次大陆，主要投向出口加工区的纺织服装业。随着毛里求斯纺织服装业竞争力的削弱，外资流入呈下降趋势。在政府优惠政策的吸引下，     

外国公司在美国如何融资

外国公司在美国直接投资,建立子公司和分支机构,进入美国市场,分享世界上最大市场的利益,这是七十年代以来海外私人投资的一个显著特征.到1986年底,外国公司在美国的直接投资总额已达2093亿美元,比美国公司对外直接投资的2599亿美元相差不远了.在这些投资中,来自英国、荷兰、西德、日本、加拿大五国的跨国公司占了主要份额,它们的投资主要分布在批发、石油、化工、房地产,保险、银行、食品、机械、零售等行业。     

英国投资与经贸风险分析报告

投资状况及风险分析 外国直接投资状况 2000年,英国吸引外国直接投资达到创纪录的1222亿美元.此后,随着全球并购活动陷入低潮,加上受欧元诞生的影响,英国外国直接投资流入陷入低谷,2001～2003年连续3年大幅下降.不过,虽然德、法等欧元区国家吸引外资的比重明显上升,根据联合国贸发会议<2004年世界投资报告>,截至2003年英国6720亿美元的引资额仍领先于欧盟其他国家,占欧盟引资总额的20.1%.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.