全流通专家的悲哀

来自全流通专家们说“不”的声音之强烈,在某种程度上甚至大大超过了我们这些一开始就表示怀疑的人。这无疑是当前值得非常关注的一种特殊的现象。     

不得不炒股的悲哀

中国股民的队伍之庞大可以说是世界第八大奇迹。许多人解释为“中国人生性爱赌”。分析师张华桥却认为是中国人不得不选择的结果。     

众筹变“化缘”的悲哀

对于很多怀揣财富梦想的人来说,创业永远是一个充满诱惑的美丽词汇。丑小鸭变成白天鹅,草根屌丝华丽转身财富新贵,如童话般美丽的成功故事,为创业增添了如梦的光环。然而真正的创业并非编故事,财富梦想的光环背后则是常人难以想象的艰辛。     

张曙气：“红顶商人”：市场经济的悲哀

前几年一些地方大搞政企一体，将“红顶商人”作为经验推广，以封建社会中最腐朽的官商勾结、官场权谋之术参与改革，令人倒吸一口凉气。     

欲强国,必强军——读《武士的悲哀》

矫枉过正是一种纠偏的方法,但如果矫的结果是正没有树起来,自己反而倒下了,这就是一场悲剧。北宋立国之后采取的崇文抑武基本国策,便是最好的证明。秦皇汉武,唐宗宋祖,这几个帝王所处的朝代,唯有宋朝不是打下来的,是趁着人家孤儿寡母之际,靠兵变得来的,多少有点欺负人的味道。好在宋太祖黄袍加身以后,一方面优待柴氏后人,一方面杯酒释了兵权,没有大杀开国元勋,受到后世的称赞。鉴于五代时期军阀割据、武人跋扈的教训,     

日本东北大地震对日本经济的影响

此次日本东北大地震将会对日本经济带来深远的影响,至于这种影响或者冲击究竟会持续多长时间,则更主要取决于日本的震后救灾情况,核危机持续时间越长,对日本经济的不利影响将会更大     

老龄化的日本

几年前,科技杂志《连线》（Wired）刊登过一个名为“日本女学生观察”（Japaneseschoolgirlwatch）的固定专栏。该专栏的理念并不像其名字听起来的那样暧昧一一即日本的女学生是;1领科技新潮流的先锋,她们今天使用的小玩意明天就会走向全球。     

日本的商业银行

一、日本商业银行的分类 日本的商业银行一般称为普通银行,可分为城市银行和地方银行二种。日本的商业银行目前共有77家,分支机构达11109个,从业人数31万余人。 1.城市银行。日本城市银行现在为13家,平均资产28.4兆日元。可分为三种类型:一是与六大垄断财团关系密切,并成为其核心的银行。如第一劝业、住友、富士、三菱、三井以及三和银行。二是由地方银行转变成的城市银行,如太阳神户、琦玉以及东海银行。三是由专业银行转变而成的城市银行,如协和银行、大和银行、东京银行以及北海道拓殖银行。     

THE PERFORMANCE OF CORPORATE MERGERS IN JAPAN

This paper presents an objective and systematic analysis of the performance of corporate mergers in Japan. Two types of tests are provided. One is to compare fmancial ratios of merging firms before and after the merger. Negative effects of mergers are verified. The other is to compare the financial performances of merging and nonmerging firms before and after the merger in the same industry. No clear distinction is obtained between them. General comparisons between merging and nonmerging fms indicate negative effects of mergers.     

PERFORMANCE AUDITING IN THE CENTRAL GOVERNMENT OF JAPAN

Performance auditing is a common interest in the Supreme Audit Institutions of the developed countries. In Japan, the Board of Audit (JBA) has been developed and has expanded performance audits since its establishment (1880). In this paper, the methodological and organizational problems which arise according to expansion of performance audits are discussed, based on JBA's experiences. As for methodological problems, a self-development approach should be needed, added to the compliance approach (that is, traditional auditing concept). And as for organizational problems, the function presenting feedback information to the Diet should be put in an important position in government auditing to avoid "unintended effects".     

日本商业银行的私人金融服务业务

1998年6月日本金融改革法正式实施,一个以自由、公平、国际化为目标的金融改革在日本迅速兴起.金融自由化取消了银行、证券、保险业之间的界限,加剧了金融业之间的竞争,对个人金融资产的分布结构产生重大影响.为保持和提高已有的市场份额,日本的商业银行凭借自身的优势,调整对私人金融服务方面的拓展战略,进行跨行业联合,加大投入力度,加快产品创新,引导个人金融资产多元化分布.一场围绕私人金融服务领域的竞争,正在日本金融业以及日本和外资金融机构间进行.本文分析了日本个人金融资产的构成及变化趋向,考察了银行私人金融服务的策略和手段,这对我国银行业具有一定的参考价值.     

日本金融改革的经验和教训

日本自1995年以来为改革金融体制进行了诸多尝试,其主题是引入美国式以直接融资为核心的金融制度,发展证券市场,实现由间接金融为主向直接金融为主的转变,同时拓展国际市场.但由于在进行结构调整的同时还要处理巨额的不良贷款,使其改革步履迟滞;更重要的是日本金融业内一直回避竞争,信息披露的透明度低,因此尽管在形式上已具备了美国金融模式的框架,实质上还是以银行为中心的融资体制.迄今为止,改革从总体上看是不成功的.中国的金融结构与日本有类似之处,而且也面临着处理不良贷款的问题.日本的经验教训应对中国金融结构改革有一定的借鉴意义.     

ESTIMATING THE DEPENDENCE STRUCTURE OF SHARE PRICES: A COMPARATIVE STUDY OF THE UNITED STATES AND JAPAN

In this paper, we show that estimating the correlation structure of domestic share prices via the Overall Mean method cannot be considered universally superior to estimation at the Full Historical level for all countries. Specifically, the Japanese data show that the Full Historical Model outperforms the Overall Mean Model in forecasting accuracy, while the opposite is true with the U.S. data. We derive a Composite Model that analytically explains this contrasting result. The Industry Mean Model, which allows for efficient ex ante portfolio selection via a simple algorithm, is likely to be the best forecasting model applicable to both the U.S. and Japanese stock markets.     

从银企关系看日本金融改革的难点及对我国的启示

日本在政府主导型金融体制模式下形成了以主办银行制为基础的债权债务关系、相互持股的资本结合关系和以银行为主导的人事渗透关系三种模式的银企关系.70年代中期以后,日本的银企关系越来越不协调,最终促成了日本泡沫经济的生成和崩溃,也成为金融改革的主要障碍.由于企业长期高负债经营,导致银行的巨额不良债权问题难以化解.相互持股的资本结合关系和人事渗透弱化了社会对银行和企业的监督,加大了代理成本和道德风险,造成内部人控制问题严重.因此,要想确保金融改革的成功,日本必须从根本上解决政府主导型金融体制,建立新型银企关系.这一点对当前改善我国的银企关系具有重要的参考价值.     

CORPORATE GOVERNANCE AND CORPORATE PERFORMANCE: A COMPARISON OF GERMANY, JAPAN, AND THE U.S.

Contrary to assertions that there are fundamental differences in the efficiency of "market-based" and "relationship-oriented" corporate governance systems, this article presents evidence that the German, Japanese, and American systems appear about equally effective in disciplining poor managerial performance. For example, both the job security and total compensation of German and Japanese managers appear to be tied to stock performance and current cash flows- measures that some would refer to as "short-term"-to roughly the same extent as those of U.S. managers. Furthermore, the punishments and rewards for German and Japanese managers are not more sensitive to sales growth-a measure some would refer to as "long-term"-than those of their U.S. counterparts.
But, if there is no clear difference between the three governance systems in responding to poor stock and earnings performance, there is one important difference: the U.S. system is more effective than the German and Japanese systems in discouraging successful companies from overinvest-ing. One reason for this is the fact that U.S. managers hold much larger equity positions than managers in Japan and Germany. Another important factor, however, is the difficulty faced by Japanese companies in returning capital to their shareholders. Dividends are minimal; and, until 1995, it was illegal for a Japanese company to repurchase its stock.