风险投资是什么?

风险投资是什么?一个本是很明确的问题,怎么就有了疑问. 前不久,本刊记者应邀参加了牛仔投资承办的2007首届武汉国际风险投资大会,两天议程走下来,忽然觉得风险投资是一个需要经常说起的话题,特别是在中小企业融资难的今天.     

关注核心竞争力提升企业价值

一、信息技术的发展带给金融业的机遇随着我国加入 WTO 已成现实,国内各行各业都不可避免地要卷入机遇与竞争这一现实之中,而首当其冲的非金融业莫属。信息技术的创新成果,势必     

企业管理中的团队建设

本文通过对企业管理中团队建设的阐述,分析了在企业管理中周队建设的好坏决定着一个企业后继发展是否有实力,也是这个企业凝聚力和战斗力的充分体现。随着市场经济的不断发展,众多企业也都在不断面对各种机遇和挑战,而纵观历史,我们不难发现,很多时候,成功的并不只是单单的一个人,而多数时候,是一个集体,一个团队。     

企业生存的目的究竟是什么

“商业越是故意追逐利润,它就越不可能得到利润。”企业是否像安布·比尔斯(Amb-roseBierce,1911)很久以前对其下的定义那样,是“一个个体不用负责的实现个体利润的巧妙的工具?”由于忽视伦理管理的要求,过分地追求所谓的利润最大化,企业经营活动中以次充好、坑蒙拐骗、损人肥己等违反商业道德的行为,在世界各国都不同程度地存在着。据统计,在美国的500家大型企业中,有115家曾被起诉,或曾由于行为不良而被判民事罚款。在这些企业名录中,埃克森石油公司、美孚石油公司、通用汽车公司、美国电报电话公司、IBM公司、海湾石油公司、西尔斯公司、通用电气公     

专业理财团队提升顾客感知价值的探索

在理财产品同质化,交易通道服务和标准化客户服务易复制性的今天,一个券商所具备的使客户资产保值增值的差异化服务能力是提升其核心竞争力的关键,而这种服务的提供离不开高素质的人才。专业的理财团队将通过技术质量和功能质量的提升带动顾客感知价值的腾飞。     

专业理财团队提升顾客感知价值的探索

在理财产品同质化,交易通道服务和标准化客户服务易复制性的今天,一个券商所具备的使客户资产保值增值的差异化服务能力是提升其核心竞争力的关键,而这种服务的提供离不开高素质的人才。专业的理财团队将通过技术质量和功能质量的提升带动顾客感知价值的腾飞。     

试论风险投资与企业价值评估——兼论实体现金流量折现模型的应用

（一）在风险投资过程中 ,无论是资金投入还是退出 ,都需要对被投资企业进行价值评估。然而按照会计准则和财务会计制度和方法计算出的会计利润并不等于企业持有的现金 ,税后利润并不是公司可以用来分配给股东的现金红利或可用于再投资的资金。而且 ,会计利润受到会计核算方法的影响 ,譬如存货计价方法、折旧提取方法、成本核算方法等都会影响会计利润。可见 ,会计指标体系不能有效地衡量企业创造价值的能力 ,会计指标基础上的财务业绩并不等于公司的实际价值。同样 ,企业的实际价值也并不等于企业的帐面价值。从理财的角度来看 ,财务会计意…     

企业价值最大化是财务管理目标的理性选择

所谓企业价值最大化是指企业通过财务上合理、合法经营，采取最优的财务策略和政策，充分考虑货币时间价值、风险及收益等因素，正确处理各种财务关系，在保证企业长期稳定发展的基础上，使企业财富达到最大。企业价值最大化具有深刻的内涵，其宗旨是把企业长期稳定发展放在首位，着重强调必须正确处理各种财务关系，最大限度地兼顾企业各利益主体的利益。所以说，企业价值最大化是企业财务管理目标的理性选择。（一）企业价值最大化有利于企业长期稳定发展企业价值最大化注重在企业发展中考虑各利益主体的利益关系，在企业价值增长中满足各…     

The value of multinationality and business group for Japanese firms

We provide evidence for the combined value impacts of corporate multinationality and business group affiliation, incorporating the effect of endogeneity of diversification decisions. The results for Japanese industrial firms indicate that multinational firms have a statistically significant 2.3% value premium during FY1995–2011 relative to comparable domestic firms; however, the multinationality premium is moderated by the nature of business group as well as the characteristics of the host country. Specifically, the multinationality premium is negatively associated with both keiretsu membership and main bank ownership of group firms. Main bank ownership as well as vertical keiretsu affiliation positively impact the value of multinationality for firms operating in developing countries. These results hold even during the later part of the sample period, when the keiretsu and main bank systems have been under pressure. The implication is that corporate multinationality is a substitute for business group and for inadequate indigenous institutional infrastructure.     

The investment value of the value premium

Value investment strategies are premised on research that value stocks outperform growth stocks. However, the research findings are dependent on the portfolio classification method that is used to sort stocks using the attributes of size and book-to-market ratios. Different stock markets contain different distributions of stocks, and in many markets, illiquidity concerns combined with a lack of investment scale, effectively create barriers to practical portfolio formations that align with the research. This study conducts a case study on one such market (Australia) and demonstrates that different methods of portfolio formation lead to different conclusions. For example, previous studies in Australia find evidence of the value premium only being present in the largest stocks, in contrast to the results from the US market. However, we find a value premium that is systematic across all size categories and generally increases inversely with size. Further, we find the well-documented size premium largely disappears once portfolios are formed that better represent feasible investment sets and once ‘penny dreadfuls’ are removed. Finally, asset pricing tests support the existence of a value premium in Australian stock returns when a more appropriate portfolio formation method is employed.     

The value of tradeability

This paper determines the value of asset tradeability in an option pricing framework. In our model, tradeability is valuable since it allows investors to exploit temporary mispricings of stocks. The model delivers several novel insights on the value of tradeability: The value of tradeability is the larger, the higher the pricing efficiency of the market is. Uncertainty increases the value of tradeability, no matter whether the uncertainty results from noise trading or from new information about the fundamental value of the stock. The value of tradeability is the larger, the longer the illiquid stock cannot be traded and the more trading dates the liquid stock offers.     

The value of shorting

This paper assesses the effects of short-sale constraints on asset prices. The analysis focuses on a particular period in Sweden during which shorting stocks was impossible but stock options were traded. Firstly, the effect on both stock options and the underlying stock was investigated jointly by considering deviations from put-call-parity. Secondly, the effects on only the derivatives were investigated by considering their implied volatilites. The main findings are: (i) the impact on pricing are consistent with a short-sale constraint, (ii) these effects are much more pronounced when shorting is not possible, (iii) these effects are not solely attributable to the mispricing of the stock, as previous research indicates, and (iv) access to international shorting markets can alleviate local short-sale constraints.     

提升城市竞争力的关键在哪儿?

世界银行东亚和太平洋地区中国和蒙古局局长、常驻中国首席代表杜大伟先生是一位资深研究专家，在投资环境和增长领域的研究成果卓著。投资环境的优劣是检验一个城市竞争力的关键，是经济增长的硬指标。获知他将在国家开发银行与世界银行联合举办的城市规划国际研讨会上就此问题发表演讲，     

The accountability information needs of key charity funders

Government and philanthropic funders are key charity stakeholders, yet we know little about their accountability information needs. This New Zealand study captures these stakeholders’ perceptions of the background, financial and non-financial performance information they need from charities. It also reveals how, in addition to imposing reporting requirements, these key funders engage in ‘institutional work’ to ensure they receive appropriate accountability information.     

企业信息安全状况堪忧,管理不当成首要问题

近年来，经历了“冲击波”、“震荡波”等恶性网络病毒的冲击后，多数政府单位和企业都已经意识到信息安全的重要性，安装了防毒反黑产品。但是根据国家计算机病毒应急处理中心的统计报告显示，2005年我国仍然有80％的企业、政府机关的网络系统曾经遭受过病毒和黑客的攻击。     

The value of diffusing information

How does the speed by which information diffuses affect its value to a stock market investor? In a structural model solved in closed-form, this speed has two opposing effects on the empirically dominant term of the value of information. Faster-diffusing information means quicker and less noisy profits, but, also increases competing informed trading, impounding more information into prices and eroding profits. Structural empirical analysis of stock market reaction to drug approvals using media coverage as a proxy for the transmission rate of information finds that the value of information is hump-shaped in its future transmission rate. Moreover, the estimated amount of noise trading is small.     

The value of deed quality

This paper provides a theoretical framework of, and empirical evidence on, the positve relationship between the value of land and the warranty coverage associated with land ownership in the early years of the nineteenth century.