凯雷迷恋中国市场

<正>日益升温的中国创业投资市场,已吸引不少国际投资巨鳄的目光。7月5日,全球私募投资公司凯雷集团(CarlyleGmup)在北京成立办事处,这是该机构继在沪港两地成立全职办事处后的第三家办事处。据称,凯雷集团已经盯上了北京广阔的房地产市场。从近来的频频举动可以看出,凯雷集团在中国的投资战略已经从高科技、制造业或零售业领域,开始转向多元化投资领域。据知情人透露,凯雷集团在中国的发展目标是一年投资10亿美元,这将会占凯雷集团亚洲投资的30%-50%。届时中国将成为凯雷集团全球的发展中心。     

凯雷发力中国市场

凯雷不愧是高瞻远瞩的战略投资基金组织，它不同于那些打一枪换一个地方的投机性对冲基金，套现就溜，而是认定中国市场未来相当长一段时间都是稳定的盈利期。     

中国VS印度

摩根大通、凯雷、华平、黑石、新桥以及欧洲的31集团等国际大型私募基金公司纷纷设立瞄准亚太地区的基金，激起了中国的投资热情，但同时类似凯雷正在印度开设分公司并组织筹建印度收购基金的消息也不时传来。中国和印度有相似的人口和潜力市场，经济都处于高速发展阶段，都存在业务提升所获得的收益机会。谁会是下一个真正的热点？     

最受瞩目的投资

一个剪不断理还乱的“徐工收购案”，使凯雷毫无疑问成为2006年中国市场最受瞩目并饱受争议的国际资本。“每次旅程都始于小小的一步。”这是凯雷的创始合伙人戴维·鲁宾斯坦（David Rubenstein）最著名的一句话。但是戴维·鲁宾斯坦先生可能没有想到，他的这一小步却始终没有在徐工并购案上“落地”。始于2004年的徐工收购绵延三年至今未有定论，对于凯雷并购徐工事件，中国媒体用得最多的形容词是“迷雾”。当2005年10月25日，凯雷踌躇满志地表示，凯雷赢得“美人”徐工芳心的时候，凯雷肯定没想到，这场对徐工的追求竟如此好事难成。[第一段]     

赵令欢领舞弘毅投资

在美国资本市场叱咤风云的KKR、黑石和凯雷等私募股权基金，用了20年时间发展，至今管理着上千亿美元的资金。在经济迅速发展的中国市场，中国的“KKR”是否比这些“野蛮人”还要快？ 把KKR作为目标的弘毅投资管理顾问有限公司（以下简称弘毅投资），在短短的4年时间，依托联想的支持驰骋在并购市场，通过“中国玻璃”一役率先确立了其在国内并购市场领先的“江湖地位”。此后，弘毅投资越发勇猛，势如破竹，一举将中国玻璃、先声药业、济南沃德汽配、中联重科、林洋新能源、巨石集团、石药集团等行哑萤鼍级的氽业一一攒入怀中，从而确立了其在中国私募股权基金的强势地位。[编者按]     

项目/合作

凯雷地产基金投向中国，捷银加强手机支付业务，英特尔确定三家幸运儿，建行组建建信基金公司     

股权

凯雷亚洲增长第四支基金募集完成 7月1日,凯雷投资集团旗下亚洲增长基金（CAGP）第四支基金已募集完成。共募集10．4亿美元。亚洲增长基金的投资者主要来自政府养老基金和金融机构。第四支基金较上一次募集的资金规模超过50％以上,此次募集资金的40％来自于新投资者,其中来自亚洲地区的投资者比例有明显增长。     

应对外资并购风潮

上得山多终遇虎,大卫·鲁宾斯坦(David Rubenstein,凯雷集团创始合伙人兼董事总经理)先生在中国顺风顺水发展了这么些年,大概万万没有想到,收购徐工集团的交易会使凯雷集团成为几乎整个中国舆论界的众矢之的,新的外资并购管理规则也可能以此为契机而顺势出台.     

博龙资本 谋而后动？

在中国，博龙资本这个名字并不为许多人熟知。不过，在华尔街，博龙资本称得上与凯雷、KKR这些如雷贯耳的私募股权基金齐名。     

媒体

《中国新时代》:美国基金“中国选秀”“总统俱乐部”?“总统俱乐部”! 你无须怀疑凯雷的实力,听一听它的美誉,就能略知一二了。这就难怪,鲁宾斯坦跟诺里斯及两个律师朋友一起成立的凯雷,能在19年后成为让全球都为之侧目。尽管他们低调,但出手却准确无误,至今,他们管理着总额超过349亿美元的资产。凯雷将一只脚踏入中国,不过是5．6年的时间,但是如今,他们却创造了一连串的“奇迹”:2000年,凯雷果断为携程投资800万美元,第一单为它带来了14倍的回报!     

美国联邦所得税政策的变迁

美国联邦所得税是美国联邦税制结构中的主体税种,美国联邦税收政策集中体现于美国联邦所得税政策,研究美国联邦所得税政策有助于我们全面把握美国税收政策的走向。美国联邦所得税政策变迁可以划分为六个主要的阶段。     

新存货准则对企业纳税的影响

新存货准则与原有的存货准则相比,有了很大变化。这些变化集中体现在存货入账环节、发出环节和期末结存环节。不同环节的存货计价方式对企业纳税会产生不同的影响。     

A comparison of academic performance in traditional and hybrid sections of introductory managerial accounting

This paper reports the results of a comparison of academic performance (course grade) in two sections of a principles of managerial accounting course, one held in a traditional format (classes held two days per week in a classroom setting) and one in a hybrid format (one class period held in a classroom setting and one in a web-based environment). After controlling for other factors, academic performance was not significantly associated with class delivery format (traditional or hybrid).     

关于会计国际化的解读

会计国际化的内涵是会计行为的国际化。会计国际化的外延包括会计行为理论的国际化、会计行为规范的国际化、会计行为研究的国际化和会计行为教育的国际化。正确认识会计国际化,具有重要的理论价值。     

对我国私募基金的思考

目前 ,私募基金已成为我国证券市场的热点。由于其自身的特点 ,使之在我国的产生有其必然性。本文拟从以下四个方面对我国私募基金的有关问题做初步探讨 :一是私募基金及其运作优势 ;二是私募基金在我国产生的客观背景 ;三是私募基金的发展对证券市场的意义 ;四是我国私募基金的设立模式及制度安排     

Initial Offer Precision and M&A Outcomes

Building on recent research in social psychology, this paper analyzes the link between the precision of initial cash offers and mergers and acquisition (M&A) outcomes. About one‐half of the offers are made at the precision of one or five dollars per share, while an additional one‐third are made at the precision of a half dollar or one quarter. The practice of making offers at round price‐per‐share levels is associated with a higher purchase price for target shares and a lower probability of deal completion.     

One Share - One Vote: the Theory

The theoretical literature on security-voting structure canbe organized around three questions: What impact do nonvotingshares have on takeover outcomes? How does disproportional votingpower affect the incentives of blockholders? What are the repercussionsof mandating one share - one vote for firms' financing and ownershipchoices? Overall, the costs and benefits of separating cashflow and votes reflect the fundamental governance trade offbetween disempowering blockholders and empowering managers.It is therefore an open question whether mandating one share- one vote would improve the quality of corporate governance,notably in systems that so far relied on active owners.     

From data analysis to storytelling in scenario building. A semiotic approach to purpose-dependent writing of stories

Scenario building is one of the activities that companies frequently carry out in order to understand and communicate aspects or strategies about the future. Methodologies related to scenario building include, in one way or another, two phases, one oriented to the research of data and analysis, and the storytelling focused on communication. This paper identifies the transition from one phase to the other as a cause of loss of consistency and information that can jeopardize the whole process. It also develops a framework to build narratives or stories from the data obtained in the first phase, turning to diverse semiotic concepts in order to bridge this transition. This methodology is illustrated with an example obtained from Telefonica technology scenarios.     

Asian Corporate Governance—and the Case of Dual‐Class Shares: CARE Conference | Hong Kong Polytechnic University | June 9, 2014

The case of the Alibaba IPO illustrates the divergence of corporate governance standards between the United States and many other markets, and reopens the debate on the one‐share one‐vote principle. Since corporate governance standards develop in ways that reflect the history and legal and political environments of different countries, we should not expect to see a global convergence of these standards—nor is it generally desirable to transplant policies from one market to another without understanding their historical backgrounds. Nevertheless, the U.S. approach to regulation raises the concern that competition among exchanges will cause issuers to “shop around” and tempt the exchanges to relax their standards in a race to the bottom. While market participants and regulators outside of the U.S. debate whether and how to modify the one‐share, one‐vote rule, they face challenges in coming up with new rules that strike the right balance between effective corporate governance and market development.     

Presentation of the English translation of Ettore Majorana's paper: The value of statistical laws in physics and social sciences

We consider a consistent pricing model of government bonds, interest-rate swaps and basis swaps in one currency within the no-arbitrage framework. To this end, we propose a three yield-curve model, one for discounting cash flows, one for calculating LIBOR deposit rates and one for calculating coupon rates of government bonds. The derivation of the yield curves from observed data is presented, and the option prices on a swap or a government bond are studied. A one-factor quadratic Gaussian model is proposed as a specific model, and is shown to provide a very good fit to the current Japanese low-interest-rate environment.