2006昆明国际评估论坛征文

中国资产评估协会与国际评估准则委员会将于2006年9月28～29日,在中国昆明联合举办“2006昆明国际评估论坛”。届时,中外价值评估界的专家学者将汇聚一堂,共同研究行业发展中的重大问题及行业发展中所面临的热点和难点问题(详情请关注中评协网站www.cas.org.cn)。本次论坛的主题是“资产评估与市场经济发展”,论坛将从“评估立法”“、评估行业如何应对不断开放和充满竞争的市场”“、国际评估准则的借鉴与中国资产评估准则的制定”等方面进行研讨。同时,本次论坛还将举办若干分题研讨会,围绕“资产评估与金融风险防范”“、税基评估”“、…     

关于评估报告类型划分的思考——兼评《资产评估准则——评估报告准则（征求意见稿）》

2006昆明"国际评估论坛"的召开,标志着我国资产评估业从"服务于国企改革"向"服务于市场经济"的过渡,在此大环境和大趋势下,评估业务的内涵和外延将不断地丰富和扩大,评估报告的用途也将呈多元化格局.     

感谢信——致谢“2006国际评估论坛“赞助机构、翻译志愿者等

以“资产评估与市场经济发展”为主题的“2006国际评估论坛”于2006年9月28～29在云南昆明隆重举办并获得圆满成功。本次论坛由中国资产评估协会和国际评估准则委员会共同主办,云南省财政厅和云南省资产评估协会协办。共有来自于中国、美国、澳大利亚、英国、波兰、罗马尼亚、马来西亚、中国香港等十多个国家和地区的国际国内同行,来自于全国36个省(市、自治区)财政厅(局)和资产评估行业的领导及同仁,来自于报告使用方、监管方、高等院校及大型企业代表、专家、学者共350多人参会。本次论坛得到全国人大财经委、财政部、云南省政府等部门的…     

编辑手记

又是一年的岁尾,凭窗远望南来北往的人们,由衷地问候一声:今年过得可好?!忙碌之后,抚卷沉思,感慨万千。2006年对于我们的行业,可以说是一个令人欣慰的丰收年。新的一年祈愿大家事业蒸蒸日上,身体健健康康。专题报道刊发了2006国际评估论坛剪影,我们精选了国际评估论坛的精彩画面呈现给读者,请大家跟随我们的镜头一同感受2006国际评估论坛的盛况。国际评估准则委员会于今年9月在中国召开2006年国际评估准则委员会年会,并与中国资产评估协会共同举办了2006国际评估论坛。这标志着中国评估行业已成为国际评估领域的一支重要力量,在国际评估业发…     

昆明国际评估论坛外方演讲综述

在昆明国际评估论坛上,包括国际评估准则委员会维拉主席在内,外方共有16名代表发表了演讲,现综述如下:     

2006年昆明国际评估论坛将于9月举办

2006年9月28-29日,中国资产评估协会将与国际评估准则委员会在云南昆明共同举办国际评估论坛,这是继1999年北京国际评估论坛之后,中国资产评估协会与国际评估准则委员会又一次合作举办国际评估论坛.     

资产评估师网上考前辅导课程即将开通

2006年9月28-29日,中国资产评估协会将与国际评估准则委员会在云南昆明共同举办国际评估论坛,这是继1999年北京国际评估论坛之后,中国资产评估协会与国际评估准则委员会又一次合作举办国际评估论坛。中国资产评估协会自1995年加入国际评估准则委员会并于1999年成为国际评估准则委员会的常务理事以来,在代表全行业积极参与国际评估事务,宣传中国资产评估行业方面发挥了积极作用,使中国资产评估行业的国际影响力不断提升。这次国际评估准则委员会决定其2006年秋季年会在中国召开,并与中评协共同举办国际评估论坛,就是这种影响力的具体体现。财…     

加快评估立法 促进评估行业健康发展

女士们、先生们:很高兴有机会来到昆明,参加2006国际评估论坛,与国内外评估界的领导、专家,一起探讨评估行业发展的有关问题。众所周知,评估行业规范发展离不开完善的法律保障,因此,评估立法国际研究专题是本次论坛的一个重要单元。下面,我就加快评估立法,促进评估行业健康发展问题,发表几点意见,希望能抛砖引玉,与各国朋友充分交流,相互借鉴。资产评估是一种专业化市场中介服务行业,源于资产或权利转让需要一个尺度来确定所转让标的物的价值,以达到公平交易的目的。一般而言,市场会利用“无形的手”对资源进行合理配置,对公开交易的商品或…     

服务经济发展 扩大国际交流 全面开创资产评估行业发展新局面

尊敬的维拉主席,尊敬的贾志杰副主任、戴光禄副主任、程映萱副省长,各位来宾,各位朋友,女士们,先生们:在我们即将迎来中华人民共和国57周年诞辰之际,国内外评估界的朋友们,在美丽的春城昆明,欢聚一堂,出席2006国际评估论坛,就资产评估与市场经济发展问题进行探讨,这是一件很有意义的事情。召开这样的论坛,对于加强各国评估界的交流,增进彼此间的了解,推动相互间的合作,促进国际评估事业的发展,十分有益。在此,我代表中华人民共和国财政部和中国资产评估协会,对各位来宾、各位朋友的到来,表示热烈的欢迎!纵观历史,我们不难看出,资产评估是市…     

国际评估准则委员会与美国评估促进会签署合作谅解备忘录

2006年6月中旬,国际评估准则委员会(IVSC)和美国评估促进会(AF)在伦敦和华盛顿同时发布新闻公告,宣布《国际评估准则委员会与美国评估促进会谅解备忘录》正式生效。2006年2月,两会本着促进《国际评估准则》与《专业评估执业统一准则》趋同的目的,签署了谅解备忘录(麦迪逊协议,MadisonAgreement)。国际评估准则委员会理事会、评估促进会管委会分别批准了该备忘录。国际评估准则委员会成立于1981年,自1985年起开始发布《国际评估准则》;美国评估促进会成立于1987年,是美国国会授权制定评估准则的评估组织。两会一致认为,在现阶段的“兼容…     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.