中俄IT产业合作的对策研究

早在1997年，世界信息技术贸易总额就已经超过了农产品、汽车、金属轧材、纺织品等的贸易总额，而且这一趋势仍在继续。据不完全统计，目前世界软件市场交易额达1200亿美元。中国在IT产业的成就也不可小视，已成为世界第二软件大国，信息产业在国内生产总值中的比重占到5％以上。在俄罗斯，由于财力有限，国家对IT产业的支持力度还不够，但IT产业的年增长率为40％，软件市场的发展速度相当快，扩容空间非常大。这就为中俄两国的IT产业合作提供了机遇。     

俄罗斯IT市场发展势头强劲

2011年俄罗斯IT行业的发展继续重复着2010年的趋势——大公司不断增加在市场中的份额,表现出强劲的增长势头。行业领军企业年平均收入增长约27%。Digit.ru和俄新网经济研究中心专家近日发布了2011年度俄罗斯IT公司TOP30排行榜。为IT企业排名的主要     

俄罗斯通信市场商机无限

俄罗斯自普京总统上任以来,政治的稳定为经济的发展带来了新的生机,近些年来取得了一系列成就,以2003年为例,在工业、建筑、交通运输、农业和商业流通等产业的拉动下,实现国内生产总值7％左右的增长速度,通货膨胀率降低了0.5％,俄罗斯经济的稳定增长,外国投资的增加,通货膨胀的降低,为信息产业发展提供并创造了良好的环境。一、信息产业发展空间大 由于政治体制改革引起的长期的经济危机,使得俄罗斯的信息产业基础还十分薄弱,与高速增长的俄罗斯经济不协     

俄罗斯房地产市场现状

当前,俄罗斯房屋价格飞涨,投资俄罗斯房地产业成为国内外投资商关注的焦点.     

俄罗斯高等教育市场现状

苏联时期的高等教育是免费的.近十年来,在经济改革的影响下,俄罗斯高等院校也进行了改革.     

中俄IT产业发展状况分析

面对经济全球化浪潮,如何发展信息经济以带动新经济发展,是中俄两国正在努力思考并为之奋斗的目标。本文试图在分析两国IT产业发展现状及存在问题的基础上,提出一些对策性建议。     

Dynamic return predictability in the Russian stock market

This paper explores whether the relevance of a conditional multifactor model and autocorrelation in predicting the Russian aggregate stock return fluctuates over time. The source of return predictability is shown to vary considerably with information flow. In general, predictability of the Russian stock market return is at a high level. Autocorrelation increases during periods of low information flow. During periods of high information, conditional exposure to the local market risk and changes in oil price influence the expected return on the Russian stock market. The lagged global stock market factor and currency returns have insignificant influence.     

Heavy tails and asymmetry of returns in the Russian stock market

The paper presents the robust estimates of tail indices for financial returns and returns asymmetry in the Russian stock market. We also investigate the relation between individual characteristics of companies and the degree of heavy-tailedness and asymmetry of returns. According to our estimates, the degree of heavy-tailedness is strongly related to the liquidity of stocks and the company size. At the same time, no significant effects on estimates of the tail indices of sectoral affiliation, cross-listing, adding into quotation lists, state ownership are revealed. As for the influence of the above-mentioned factors on the asymmetry of returns, the statistical reliability of relevant models is rather low. However, certain indicators of the asymmetry are observed for medium-sized regional companies, the majority showing a heavier right tail compared to the left tail. We also discuss the implications of our findings for managerial decisions and economic modeling. Our results may be useful for risk-managers, financial regulators, investors and policy-makers.     

国家油标出台,SUV市场重整布局

2005年4月27日，国家环保总局公布了汽车尾气排放标准，将于2007年7月1日起在全国开始实施，北京则会提前实行国三标准，其余城市将实现逐步淘汰、逐步过渡的方法，陆续实施国三标准。《标准》一出，加上国际原油价格的上涨，“乘用车燃料消耗量限值》的公布，消费税税率即将提高，种种因素导致购车成本增加，意欲购买SUV的消费者不得不再三考虑。仅在2005年1-4月，SUV整体销量就下滑了1／4，“中国SUV年”风光不再，似乎走到了“山重水复疑无路”的局面。有人甚至提出与其等SUV市场被冻结，不如趁此机会，一刀将“油老虎”切出市场，这对于经历了03年的急速扩张和04年的平缓发展之后呈现疲软状态的SUV市场，无疑是雪上加霜，难免引起一片哗然。SUV正面临着关乎生死存亡的压力，是危机?还是挑战?SUV市场又将会如何发展呢?     

The corporate governance behavior and market value of Russian firms

I examine the relationship between corporate governance behavior and market value for a sample of 21 Russian firms. I use (1) fall 1999 corporate governance rankings for these firms, developed by a Russian investment bank, and (2) the ‘value ratio’ of actual market capitalization to potential Western market capitalization for these firms, determined independently by a second Russian investment bank. The correlation between ln(value ratio) and governance ranking is striking and statistically strong: Pearson r=0.90 (t=8.97). A worst (51 ranking) to best (7 ranking) governance improvement predicts a 700-fold increase in firm value. These results are tentative because of the small sample, but they suggest that corporate governance behavior has a powerful effect on market value in a country where legal and cultural constraints on corporate behavior are weak.     

Pricing of global and local sources of risk in Russian stock market

This paper investigates whether global, local and currency risks are priced in the Russian stock market using conditional international asset pricing models. The estimation is conducted using a modified version of the multivariate GARCH-M framework of De Santis and Gérard [De Santis, G., Gérard, B., 1998, How big is the premium for currency risk? Journal of Financial Economics 49, 375–412]. We take US investors' point of view and use a sample period from 1995 to 2006. The results show that the world market risk together with the currency and local market risks are priced on the Russian stock market.     

The rocky road to modernity: 20 years of the Russian capital market

From a modest start almost 20 years ago, the Russian financial market has emerged as a major force in Eastern Europe and Central Asia. This article offers a retrospective account of the two decades of development of the financial sector in Russia, with an emphasis on the securities market; outlines the main stages in its development; and proposes an assessment of the capital market in comparison to other international markets. We conclude with an overview of the market's performance during the current financial crisis. © 2011 Wiley Periodicals, Inc.     

Russian MNEs Under Sanctions: Challenges for Upgrading in GVCs (Cases of Energy and IT Industries)

Abstract

The article examines upgrading strategies of Russian multinational enterprises (MNEs) under sanctions. We focus on MNEs from energy and information technology industries. Four types of global value chain (GVC) upgrading strategies (process, product, functional, and chain upgrading) are discussed. The paper is based on the case study research. The research questions address the influence of sanctions on Russian MNEs’ upgrading strategies in GVCs and the role of import substitution policies for companies’ upgrading. Research findings show that at microlevel, sanctions do not prevent implementation of upgrading strategies. Import substitution policies provide additional support for MNEs upgrading in GVCs.     

SME Internet use and strategic flexibility: the moderating effect of IT market orientation

Abstract

One of the most important topics in the marketing literature has been the concept of market orientation. However, questions remain as to the dynamics of how market orientation translates into intermediate capabilities. This study explores relationships among different types of Internet usage, IT market orientation (the extent to which IT is aligned to manage customer and competitor information and internal activities), and strategic flexibility (firm capability to respond to the need for change). Specifically, use of the Internet for communication with relevant stakeholders, owing to its market-sensing potential, should be positively and significantly related to strategic flexibility for SMEs with more IT market-oriented alignment. The market-sensing potential of Internet communication to impact strategic flexibility positively for SMEs is likely to be lost under low IT market-oriented-alignment conditions. In contrast, IT market orientation should not moderate the relationship between Internet use for transactions with relevant stakeholders and strategic flexibility, given that the typical order taking and processing is a static, routine function for SMEs. Results supported hypothesised relationships. By delineating the type of Internet usage and required IT alignment that contribute to leveraging the Internet effectively, findings hold implications for future research by clarifying boundary conditions for Internet effects. Specifying how and when Internet use promotes strategic flexibility, an important enabler of competitive advantage, helps small business owner/managers better utilise their limited resources.     

Debt source choices and stock market performance of Russian firms during the financial crisis

This paper examines the relationship between stock returns and the sources of corporate debt during the financial crisis of 2008. In particular, using data on large-capitalization Russian firms, we investigate whether dependence on either bank debt or bonds affected stock returns during the credit crunch. Our results indicate that the firms which rely entirely on bank debt significantly outperformed the firms with public debt amidst the crisis. This finding suggests that bank debt may be particularly valuable in harsh times. However, we also document that the stock prices of the bank dependent firms recovered more slowly in the post-crisis period.