巨星“出海”

今时今日,房产已成为人们投资保值的最强有力工具,近来中国资本更是纷纷进军国际房产市场。拥有强大吸金能力的明星们当然不会落于人后,争相当起了“出海”先锋。     

网游扎堆儿出海

从今年初以来,中国网游业的坏消息频传不断。2010年第一季度,8家上市公司网游营收合计的环比增长率达到5.2%,成为两年来最低点,第二季度网游公司的财报同样不容乐观,巨人网络、搜狐畅游、完美时空等公司的表现都创下史上新低。     

同仁堂:“出海”秘方

在海外的营销过程中,"同仁堂"逐步摸索出一条以"牌名、技术"等无形资产入股投资之路,"以医带药"把同仁堂推向成功。     

慢热的创业板“1号”被热炒 特锐德 巨额超募怎么花

作为创业板头批28家上市公司之一,特锐德是第一家上会,第一家审核通过,第一个发布招股说明书并获得创业板首个代码——300001.SZ。     

商业合伙人的“诺亚方舟”

合伙创业中,几乎每个人都做好了面对市场和宏观经济起伏变化的准备,但很少会想到还有一个巨大的“隐藏风险”被普遍忽略了：你合伙伙伴的人身意外风险。一旦公司的主要股东之一不幸发生意外,你想好了该怎么应对才能让公司财务继续正常运转吗？     

Windows Phone 7诺基亚的“诺亚方舟”？

今年2月,诺基亚与微软达成战略合作伙伴关系,加速公司战略转型。6月,诺基亚宣布将塞班软件开发外包给全球管理咨询公司埃森哲,再次加速其战略转型。据外电报,8月底诺基亚将退出日本手机市场,并于7月底关闭位于东京涉谷及银座的两家Vertu手机专营店。报道指,受智能手机冲击,Vertu业务一直面临困境。诺基亚手机服务透过租用NTTDoCoMo网络设施进行运营,租约将在8月底期满并不再续约。自转型以来,诺基亚先后经历了高层变阵、全球裁员、份额下滑等严峻事件,美国著名财经网站24/7WallSt.近期评出了2012年将会消失的几大品牌,诺基亚赫然名列其中。人们似乎听到又一头大象倒地的声音……微软的WP7,会是带领诺基亚逃生的＂诺亚方舟＂吗？     

“刨根式”问询与招股说明书信息披露

以首批25家科创板上市公司为样本,基于发审全程各个节点公开的问询、回复以及不同版本的招股说明书,研究注册制下问询方式的审核是否以及如何影响信息披露的数量和质量。统计分析结果显示,多轮次、涉及面广的问询问题在很大程度上增加了招股说明书篇幅,促进了对信息披露内容的补充和改进,提升了财务信息的可靠性,并在一定程度上提升了信息披露质量。     

不妨借“港”出海

近期,招商银行收购香港永隆银行,橙天娱乐收购香港嘉禾集团股份,分别进军香港市场,引起一波震动。永隆银行是香港所剩无几的稍具规模的家族银行;嘉禾是香港最具影响力的华语电影娱乐公司之一,与邵氏电影并列为香港电影业的两大传奇。     

“买船出海”的启示

2009年6月16日,中国五矿集团公司（简称五矿）以13.8亿美元成功收购了澳大利亚OZ矿产公司的大部分资产,并成立了在澳的另一个子公司,MMG。相对于其他中国企业在澳的并购模式,五矿的收购及整合与众不同。如果说中信泰富是＂出海造船＂,兖州煤矿是＂造船出海＂,海信是＂租船出海＂,五矿的模式则是＂买船出海＂,即是收购海外成熟的矿业集团,并将所收购的企业当作是海外发展的平台,从而实现公司的国际发展战略。对于五矿来说,收购OZ公司资产,不仅是买下了该公司在澳大利亚及老挝等国的优质矿产资源,而且,还留聘了原来OZ公司的一支高素质,经验丰富的管理团队,包括原OZ公司的CEO米安卓。     

制造企业“出海”闯新路

受新冠肺炎疫情影响,全球生产、运输、交换和服务等环节受到冲击,供应链危机愈演愈烈,“断供”“涨价”频现,对制造业影响深刻。同时,欧美等国市场需求不断释放,特别是岁末年初,西方传统节日和购物节较密集,越来越多海外消费者转向线上“囤货”。在这样的背景下,“中国制造”如何借力跨境电商越洋出海?     

Fishing for Privilege

The Common Agricultural Policy of the European Community has for year attracted widespread criticism from economists, politicians and many other commentators. The Common Fisheries Policy is less widely known but it. too, neglects the truths of economic analysis. Antony Dnes, Lecturer in Business Economics at the University of Edinburgh, demonstrates how the neglect by the EEC of private property rights in fisheries encourages inefficiency, damages fish stocks, and encourages fishermen to adopt practices against their long-term interests.     

“古船”扬帆

在拥有众多知名品牌的京粮集团中,“古船”无疑是最具影响力的旗舰性品牌。重组后的古船之所以能在摆脱困境的几年后就成为业内翘楚,除了古船自始至终对于食品安全的重视,还源自于他们众多的大胆尝试。     

财富巨子话财富

就在2001年10月,有一个英国人给中国人排名,一本叫<福布斯>的杂志排了100个最有钱的人,然后就一直争论不断,有的人说排得好,有的人说排得不好.但是不管排名怎么排的,大家满意不满意,至少这100人在某种程度上代表了中国经济发展的最中坚的力量,他们每个人都有辛酸的成功故事,他们企业发展的经历对所有创业的,或者正在造就一番大事业的人都有很多值得借鉴的经验和可以和他们探讨的地方.     

理财

招行副行长唐志宏：中国私人银行应以顾问咨询模式为主日前,招商银行副行长唐志宏在出席第十四届两岸金融学术研讨会时发表演讲．就中国刚刚兴起的私人银行业务发表看法．他认为从当前国情出发．中国的私人银行应该以顾问咨询服务模式为主。     

Wealth Accumulation and Factors Accounting for Success

We use detailed income, balance sheet, and cash flow statements constructed for households in a long monthly panel in an emerging market economy, and some recent contributions in economic theory, to document and better understand the factors underlying success in achieving upward mobility in the distribution of net worth. Wealth inequality is decreasing over time, and many households work their way out of poverty and lower wealth over the seven year period. The accounts establish that, mechanically, this is largely due to savings rather than incoming gifts and remittances. In turn, the growth of net worth can be decomposed household by household into the savings rate and how productively that savings is used, the return on assets (ROA). The latter plays the larger role. ROA is, in turn, positively correlated with higher education of household members, younger age of the head, and with a higher debt/asset ratio and lower initial wealth, so it seems from cross-sections that the financial system is imperfectly channeling resources to productive and poor households. Household fixed effects account for the larger part of ROA, and this success is largely persistent, undercutting the story that successful entrepreneurs are those that simply get lucky. Persistence does vary across households, and in at least one province with much change and increasing opportunities, ROA changes as households move over time to higher-return occupations. But for those households with high and persistent ROA, the savings rate is higher, consistent with some micro founded macro models with imperfect credit markets. Indeed, high ROA households save by investing in their own enterprises and adopt consistent financial strategies for smoothing fluctuations. More generally growth of wealth, savings levels and/or rates are correlated with TFP and the household fixed effects that are the larger part of ROA.     

贫富差距恶化呼唤员工持股

为缩小我国居民贫富差距,政府提出要增加百姓收入。员工持股制度是一种有效地企业制度安排形式,它在激励员工、增加收入、提高企业绩效具有积极作用。我国在实际操作过程中,效果却不佳。本文针对存在的问题,谈谈如何合理地运用员工持股制度。     

Wealth of a Nation

A bstract . In order to determine whether the distribution of wealth in American society uncovers deeper fault lines of inequality than income alone, data from the 1984 Survey of Income and Program Participation is examined. The findings indicate that: (1) aggregate shares of wealth held by households are distributed far more unevenly than income shares, with extreme concentrations at the upper levels; (2) the data on wealth shows that the condition of black America is far more precarious, marginalized, and unequal than was thought previously; (3) single and separated women hold few assets in comparison with their male from SIPP using the weights provided by the U.S. Census which approximates the U.S. population. Parallel analyses conducted on the weighted and unweighted samples showed similar results. 3. For a detailed analysis of black-white differences in wealth see Oliver and Shapiro (1989).     

Housing Wealth and UK Consumption

There is widespread disagreement about the role of housing wealth in explaining consumption. However, much of the empirical literature is marred by poor controls for the common drivers both of house prices and consumption, such as income, income growth expectations, interest rates, credit supply conditions, other assets and indicators of income uncertainty (e.g. changes in the unemployment rate). For instance, while the easing of credit supply conditions is usually followed by a house price boom, failure to control for the direct effect of credit liberalisation on consumption can over‐estimate the effect of housing wealth or collateral on consumption. This paper (Janine Aron, John Muellbauer and Anthony Murphyi, October 2006) estimates an empirical model for UK consumption from 1972 to 2005, grounded in theory, and with more complete empirical controls than hitherto used.     

Wealth creation from high-tech divestitures

We measure the change in value to sellers and buyers of divested high-tech assets. Sellers and buyers experience favorable announcement effects in response to high-tech divestitures. However, buyers of divested high-tech assets experience more favorable announcement effects than sellers, which is opposite of the related research findings on other types of divestitures. Based on a cross-sectional analysis, the announcement effects for sellers of high-tech assets are more favorable when there is an investment bank advisor, the transaction price is disclosed, and the size of the divestiture is large. The announcement effects for buyers of high-tech assets were also more favorable when there was an investment bank advisor during the tech-bubble period. Overall, the results suggest that the stock price behavior in response to divestitures of high-tech assets is distinctly different from that of other types of divestitures.