五百强的新缺失

如果现在入围世界500强的企业悄然消失,各国人民的物质生活将受到极大的影响。但这个名单里,笔者似乎没有发现中国企业。     

外运长航：瞄准世界五百强

中国对外贸易运输（集团）总公司（简称中国外运）是国务院国资委在央企中建立规范董事会的试点企业之一,也是第一家外部董事任董事长的试点企业。试点从理论上讲允许失败,但在中国,试点则意味着上级的重视、重托,只能成功不能失败。试点的结果能否真正实现决策权与执行权的有效分离？能否让这家不够大的企业做大做强？这对中国外运来说,是机遇,更是挑战。经过近五年的努力,他们成功了,     

从“500强情结”说起

进入世界500强曾经是中国社会和经济生活中的一个热门话题,目前,它对中国企业的发展也产生着比较广泛的影响。但对人们一哄而起的事物,我们往往有必要保持自己清醒的头脑。     

土豆、猪肉和人

初冬的晚上,接到一个电话,一个叫碧玉的女孩子要来看我。碧玉是我老乡,一个单纯漂亮的女孩子,从小我看着她长大,总是头插栀子花在大月亮底下缠着我讲童话故事。我们全家搬到上海后,听母亲说她在浦东打工,一直没办法联系,没想到她倒主动找上门来。我很高兴,决定亲自下厨好好招待     

烧心的五百元

唐河县人民银行总稽核面带怒色,将一叠人民币重重地拍在玻璃板上,桌旁愣愣地站着一位西装革履但脸色尴尬的中年人。事情是这样的,九月底人民银行唐河县支行五层办公大楼将要结顶,铝合金钢窗的使用已成为燃眉之急。货虽急需,但基建负责人总稽核张斌却态度坚决,在钢窗的价格和质量上定要货比三家。几个厂家的推销员都使出浑身解数争相成交。一位推销员使出了在外地多次得手的高招,悄悄地给张总送去了500元人民币。这烧心的500元激怒了一贯廉     

中国企业首次登顶全球五百强 前十强中国企业占三个

英国《金融时报》5月30日发布了全球五百强企业排名,中石油首次超过美国埃克森石油公司,成为全球市值最大的企业,前10强中国企业有三个。这是《金融时报》全球五百强第十四期年度排名,也是中国企业第一次站在排名榜榜首。     

我和《黑龙江金融》的情结

夜深人静,独坐斗室的书案前,翻阅着封面已经微微泛黄的《黑龙江金融》,便产生一种深情的感喟,心头一阵阵热浪翻滚,拂去尘封的日子,一件件记忆深刻、清晰如昨的往事禁不住浮上心头。18年前,原人行黑龙江省分行派员到宾县搞乡镇企业资金情况的调查,我当时在县委机关工作,受领导指     

王强的情结

王强,身材颀长,面皮白净,虽然今年已过不惑之年了,但是,看上去他却不像是只有三十七八岁的模样。尽管王强的实际年龄和长相在支行员工中还并不算     

优酷土豆没有完成的任务

在海外IPO难见窗口期的时候,中国互联网行业最大的一笔并购交易诞生了.3月12日,中国两家最大的在线视频网站——优酷(NYSE:YOKU)和土豆(NASDAQ:TUDO)以全部换股的方式达成合并协议,交易涉及金额规模达到10.4亿美元.新公司更名为优酷土豆股份有限公司,优酷网股东及美国存托凭证持有者将拥有新公司约71.5％的股份,土豆网股东及美国存托凭证持有者将拥有新公司约28.5％的股份.     

The Dynamics of the S&P 500 Implied Volatility Surface

This empirical study is motivated by the literature on “smile-consistent” arbitrage pricing with stochastic volatility. We investigate the number and shape of shocks that move implied volatility smiles and surfaces by applying Principal Components Analysis. Two components are identified under a variety of criteria. Subsequently, we develop a “Procrustes” type rotation in order to interpret the retained components. The results have implications for both option pricing and hedging and for the economics of option pricing. This revised version was published online in June 2006 with corrections to the Cover Date.     

The jump component of S&P 500 volatility and the VIX index

Much research has investigated the differences between option implied volatilities and econometric model-based forecasts. Implied volatility is a market determined forecast, in contrast to model-based forecasts that employ some degree of smoothing of past volatility to generate forecasts. Implied volatility has the potential to reflect information that a model-based forecast could not. This paper considers two issues relating to the informational content of the S&P 500 VIX implied volatility index. First, whether it subsumes information on how historical jump activity contributed to the price volatility, followed by whether the VIX reflects any incremental information pertaining to future jump activity relative to model-based forecasts. It is found that the VIX index both subsumes information relating to past jump contributions to total volatility and reflects incremental information pertaining to future jump activity. This issue has not been examined previously and expands our understanding of how option markets form their volatility forecasts.     

公司高管薪酬制度的困境与重构

20世纪90年代以来,公司高管薪酬持续飞涨,即使在全球危机背景下,一些接受政府注资的公司高管仍然领取天价高薪,以致于引起社会各界的口诛笔伐,改革企业高管薪酬制度的呼声越来越高。企业高管薪酬的失衡从根本上源于对传统薪酬制度假设的不合理,而这些理论假定的不合理则源于公司治理的内在缺陷,因此重构薪酬制度,完善激励机制,必须以改革公司治理为逻辑起点。     

2006年度会计师事务所综合评价前百家信息

根据会计师事务所的申报,中国注册会计师协会依据《会计师事务所综合评价办法(试行)》,对会计师事务所进行了综合评价。2006年12月1日,中注协正式发布《2006年度会计师事务所综合评价前百家信息》。这是中注协首次就事务所的整体素质对外发布排名信息,也是中注协推动事务所做大做强的一项重大举措。信息显示,排名前百家的事务所业务收入占全国5370家会计师事务所2005年度总收入的51%,注册会计师人数占全国注册会计师总人数69467人的19%。     

五种最优活法比鉴

受益宏观经济增长是登顶活力榜单的必要条件,凭借资本市场打开融资渠道同样非常重要。风光过后,上榜企业有四个方面挑战需要面对:一是宏观经济高增长是否持续;二是行业优势是否持续;三是现有盈利模式能否持续;四是能否适应业务结构与财务状况的转变。     

应赋予人行再监管权力

现阶段,我国形成的以人民银行、银监会、证监会、保监会即所谓“一行三会”为主的金融分业监管体制,对发挥专业监管优势,避免货币政策与监管政策在同一平台上存在的角色冲突具有明显效果。但是,这种体制也造成了中央银行与监管部门,以及监管部门与监管部门之间的行政分割,导致了相互之间的内在冲突     

The Split of the S&P 500 Futures Contract: Effects on Liquidity and Market Dynamics

The Chicago Mercantile Exchange reduced the size of its S&P 500 futures contract when it reduced the multiplier from 500 to 250 and increased the minimum tick from 0.05 to 0.10 on November 3, 1997. This is a rare major change in a very successful contract's specifications. We analyze effects of this change on liquidity and market dynamics in both a univariate and a multivariate context. The main contribution of this study is the use of multiple intervention analysis with various dynamic response functions to examine the effects of the split while taking into account several other major market events surrounding it. A multivariate analysis is also used to test the impact of the split using a structural model of liquidity and market dynamics. Empirical findings offer limited support for the hypotheses that smaller contract size resulted in smoother trading, and that more public customers trade the S&P 500 futures contract following its split. We observe a reduction in the average transaction size as well as a temporary narrowing of the bid-ask spreads, but no significant change in volatility that can be attributed to the split. We do not find any significant and lasting impact on other liquidity and market variables.     

安永十大风险与机遇报告

复杂而瞬息万变的市场环境,把全球企业带入了新一轮不确定性下的激烈竞争之中,风险与机遇依旧并存,考验着企业管理者预判的神经。企业最大的风险是不知自己的风险所在。企业最大的机遇是抓住别人未知的机遇。如果让你给出一份自己企业面临的十大风险与机遇排名报告,你将如何作答?日前,安永会计师事务所在北京发布了2011年《全球企业十大风险与机遇报告》(以     

The Cadbury Committee, Corporate Performance, and Top Management Turnover

In 1992, the Cadbury Committee issued the Code of Best Practice which recommends that boards of U.K. corporations include at least three outside directors and that the positions of chairman and CEO be held by different individuals. The underlying presumption was that these recommendations would lead to improved board oversight. We empirically analyze the relationship between CEO turnover and corporate performance. CEO turnover increased following issuance of the Code ; the negative relationship between CEO turnover and performance became stronger following the Code 's issuance; and the increase in sensitivity of turnover to performance was concentrated among firms that adopted the Code .