2014年值得关注的六大问题

进入2014年，在新的商业环境下，哪些是企业应该关注的问题值得关注。为此，INTHEBLACK杂志梳理了2014年值得关注的六大问题。     

网上银行入门

2007年，本刊关注过银行网点“长龙”问题，关注过取消银行卡跨行查询收费问题，也关注过银行卡跨行通存通兑问题。其实，在很多时候，如果我们用好网上银行，这些问题就不再成为问题。     

全面预算管理

随着我国经济体制改革的不断深入，企业的产权结构发生了变化，出现了分散的多元化的投资者群体，企业也出现了所有权与经营权的两权分离。企业投资者不仅关注企业当前的经营成果。而且关注企业未来的发展前景；不仅关注企业当前实现的利润，而且关注企业未来的盈利能力和发展能力；不仅关注利润的总额，而且关注利润的质量。在这种情况下，为了适应投资者的需要，经营者对企业的控制和规划，当然也要从经营结果扩大到经营过程，并进而延伸到经营质量。因此，推行全面预算管理是企业投资者和经营者在产权制度变革新形势下的必然选择。     

春天里的信心

三月里，嫩芽吐绿，花苞待放，春意融融，这是一个充满勃勃生机的季节。三月里，十一届全国人大二次会议和全国政协十一届二次会议在北京召开。这是三月里最大的看点。据全国政协新闻发言人介绍，今年政协委员提案和讨论中重点关注两大问题，一是关注经济平稳较快发展，二是关注社会和谐稳定。而关注经济平稳较快发展的首要问题，是关注全球金融危机对中国经济的影响以及如何应对。     

以“新课标”为指导，改进珠心算教学

新的课程标准的核心是促进学生的发展，强调改变学生的学习方式，强调既要关注学生的未来生活，又要关注学生的现实生活，由原来过多地关注基础和技能转变为在学习基础知识和技能的同时，更关注学生的情感，态度、价值观，关注学生的一般发展，作为众多教学课程之一的珠心算教学，也是应顺应形势的发展，改变传统的教学思想和方法，以“新课标”为指导，为学生创设轻松愉悦的课堂生活环境。     

浅谈全面预算管理的意义及存在的问题

随着我国经济体制改革的不断深入，企业的产权结构发生了变化，出现了分散的多元化的投资群体，企业也出现了所有权与经营权的两权分离。企业投资不仅关注企业当前的经营成果，而且关注企业未来的发展前景；不仅关注企业当前实现的利润，而且关注企业未来的盈利能力和发展能力；不仅关注利润的总额，而且关注利润的质量。在这种情况下，为了适应投资的需要，经营对企业的控制和规划，当然也要从经营结果（利润预算）扩大到经营过程（业务预算和资金预算），并进而延伸到经营质量（资产负债预算和现金流量预算）。因此，推行全面预算管理是企业投资和经营在产权制度变革新形势下的必然选择。     

中小企业的“长尾之美”

长尾理论是网络时代兴起的一种新理论，由美国人克里斯·安德森提出。长尾理论认为．由于成本和效率的因素，过去人们只能关注重要的人或重要的事，如果用正态分布曲线来描绘这些人或事，人们只能关注曲线的“头部”，而将处于曲线“尾部”、需要更多的精力和成本才能关注到的大多数人或事忽略。例如，在销售产品时，厂商关注的是少数几个所谓VIP客户，无暇顾及在人数上居于大多数的普通消费者。     

反弹一触即发

在流动性受限与IPO重启预期下，大盘量能是否有效放大是后市需要关注的重点。预计后市将在2000点一线多空反复博弈，随着市场人气逐渐回暖，市场有望反弹上攻。实战操作上，建议投资者采取避高就低策略，重点关注有政策预期的低估值改革板块，逢低关注调整充分的战略新兴产业。     

Visa国际组织亚太区"确保支付安全"市场调查数据

1、主要调查结果 保护持卡人数据安全成为最受关注的焦点 在调查中，受访被要求用1到10来表达他们对支付卡安全问题的关注程度，1表示“完全不关注”，10表示“极为关注”。右图列出了对保护持卡人数据安全、支付卡欺诈及身份盗用三大问题最为关注（得分为8-10分）的市场。     

走出蓝筹股投资价值的两大误区

随着上证指数在2000点区域的盘整，蓝筹股的投资价值越来越受到市场的关注，市场上不时传来QFII与RQFII买进蓝筹股的消息。包括蓝筹股盘中的偶尔上涨，也都能吸引市场对蓝筹股关注的目光。毕竟蓝筹股是市场的风向标，市场对此关注也属正常。     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.