瑞典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 20世纪80年代中期以前,外国直接投资受到严格的制约,之后则开始了自由化和放松管制的进程,瑞典逐渐成为欧盟吸收外国直接投资最多的国家之一.2001～2002年,瑞典吸引外商直接投资额均在100亿美元以上,2003年出现大幅下降,2004年出现负增长,2005年后开始反弹,吸引外资96.7亿美元,占GDP的2.7%.2006年有望恢复到100亿美元以上.     

法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 法国是世界贸易组织成员国,对来自外国的直接投资基本实行国民待遇,每年吸引大量外国直接投资,是世界上吸引外国直接投资最多的国家之一.近几年由于经济不景气,法国吸引的外国直接投资有所下降,2001年吸引的外资总额为504亿美元,2002年和2003年分别下降为494亿美元和478亿美元,但从数量上看,仍位居世界前列,在欧洲则仅次于英国排在第二位.美国是在法国投资最多的国家,占在法国投资项目的1/4,德国列第二位,其次是意大利和英国.据估计,2004年法国吸引的外资有较大幅度的下降,为349亿美元.     

匈牙利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 匈牙利是中东欧国家中引进外资最多的国家之一,外资大量涌入是其经济转轨的一大特点.2004年吸引外国直接投资达46.7亿美元,2005年吸引外资66亿美元.2006年,欧盟经济增长将进一步增强投资者的信心,匈牙利吸引外国直接投资前景看好.匈牙利吸收的外资主要来自德国、荷兰、奥地利、美国、日本和英国,多集中在商业和工业部门,包括加工企业、贸易企业、电力和天然气供应公司等.     

斯洛伐克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 2005年,斯洛伐克吸收外国直接投资28亿美元.到2005年底,斯洛伐克累计吸引外资130.51亿美元,外资主要来自欧盟成员国.     

波兰投资与经贸风险分析报告

投资状况 外国直接投资状况 近年来,波兰一直是外商直接投资的净流入国。据波兰官方统计,2006年波兰吸引外国直接投资达147亿美元。到2006年底,外国公司累计在波兰投资1080亿美元。波兰吸引外国直接投资在中东欧地区保持领先地位,经过大规模私有化后短期出现下降现象,近年重拾升势,入盟后增长加快,外资企业盈利进行再投资明显增加。波兰吸收的外资主要来自欧盟,对波兰投资的主要欧盟国家为法国、荷兰、德国。在波投资的非欧盟国家主要有瑞士、     

委内瑞拉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 委内瑞拉是拉关国家中投资环境相对比较成熟的国家,但近两年外国投资呈起伏波动态.2002年外国直接投资从2001年的37亿美元降到8亿美元,只有2000年吸收外国直接投资的1/6.2003年直接投资流入达到26.6亿美元,2004年又下降到11.4美元.     

埃及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 20世纪90年代,埃及是非洲大陆吸引投资最多的国家之一.埃及人力资源丰富,水源充足,能源丰富,政局相对稳定,有着吸引外资的有利条件.2000年埃及吸引外资达到12.35亿美元,然而2001年以来吸引外资却大幅下降.2001年和2002年,外国对埃及直接投资额锐减为5.1亿美元和6.5亿美元.2003年外国对埃及直接投资(不含石油领域投资)仅为2.37亿美元,占外国对非洲投资总额的1.5%,为20年来最低水平.     

沙特阿拉伯投资与经贸风险分析报告

投资状况 外国直接投资状况 沙特实行开放性市场和投资政策,成功地吸引了众多外商直接投资.特别是2003年沙特实行了石油下游市场对外开放的政策后,对外资的吸引力增大,外国直接投资逐年增加,从2001年的0.2亿美元增加到2005年的8.94亿美元.     

秘鲁投资与经贸风险分析报告

投资状况 外国直接投资状况 秘鲁政府采取一系列吸引外资的措施,向外国资本开放各经济领域,使外国投资逐年增加。2006年,秘鲁吸引外国直接投资34．7亿美元,比2005年增加9．5亿美元。1991～2006年期间,秘鲁吸收的外国直接投资总额累计311．2亿美元。西班牙是对秘鲁投资最多的国家,其次是英国、美国和荷兰。     

丹麦投资与经贸风险分析报告

投资状况 外国直接投资状况 2000年,丹麦吸引外国直接投资达327.7亿美元.此后,在全球外国直接投资连年下滑的背景下,丹麦吸引外资的数量也连续下滑,2003年外国直接投资流入额仅为26亿美元,相应地,年引资量占GDP的比重也从2000年的20.1%剧降为1.2%.2004年,外国直接投资资金处于净流出状态,2005年得到恢复.     

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.     

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.     

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.