Going Public to Grow? Evidence from a Panel of Italian Firms

This paper investigates the consequences of the decision to go public for the growth of Italian firms using US firms as a benchmark for comparison. We find Italian firms conducting IPOs are larger than US firms, but raise fewer funds from the IPO and grow more slowly afterwards. We also compare Italian IPOs across time. Firms going public in the 1990s display features that are more similar to US IPOs. We describe changes to the Italian economy and financial markets that are potentially responsible for the change. We compare firms of different size and with different governance structures, and we find that they behave differently after going public. Our results suggest that going public does not guarantee faster growth or more jobs. As such, public policies that simply increase access to equity markets may not be effective unless they provide incentives for the firms’ decision-makers to use the new capital to grow.      

China Public Data Network

TheChinaPublicDataNetworkisundertheadministrationoftheDataCommunicationsBureauofChinaTelecom,whichhassofarestablishedanumberofnationwidenetworks,includingCHINANET,CNINFO,CHINAPAC,CHINADDNandCHINAFRN.CHINANET(ChinaPublicComputerInterconnectedNetwork)AsapubliccomputerinterconnectednetworkundertheoperationandadministrationofChinaTelecom,CHINANEThasbecomethelargestandfastestnetworkinthecountry,coveringavastareaandwiththelargestnumberofusers.CHINANEThasaroamingfunction…     

政府部门在突发公共事件网络舆情中的应对策略

政府部门对突发公共事件的认知及应对,对于此类事件所引发的网络舆情处置起着决定性的作用。恰当的信息发布及舆论引导,可以在组织内外迅速释疑解惑、形成共识,从而加快处置过程,推动事件朝着良性轨道发展。反之,不当的处置应对不仅会引起事件当事方的不满,还会造成信息混乱,进一步激化与公众之间的对立,进而引发公共事件。本文通过分析当前政府部门在舆情处置方面存在的问题,提出具体应对策略,供各级政府部门参考。     

网络舆情的动态传播演化研究

根据网络舆情的动态传播演化过程与遗传算法中遗传操作的相似性,本文将二者结合起来进行研究。通过对网络舆情的动态传播演化的循环渐进分析,详细阐述了网络舆情的形成、舆情观点的交融、舆情主题的变异及舆情关注点的获得过程。在此基础上找出了在网络舆情传播演化过程中起关键作用的因素,对此提出政府舆情监管部门的应对措施,为舆情管理者更好地开展网络舆情监管调控工作提供建议。     

Going outIs a Must,the Earlier the Better

In August,2008,the export of heavy trucks began to face the daunting challenge presented by the current global climate.     

发挥网络平台的作用积极推进政务公开

政务公开网络平台,是依托互联网实现政务公开、满足社会公众服务需求的综合性网络平台。它直接面向社会公众,具有方便快捷、覆盖面广、时效性强和贴进群众生活等特点。积极发挥网络平台的监督作用对于政府管理创新,深化行政管理体制改革,积极推进政务公开,具有十分重要的意义。政府应采取由形象展示向便民服务转变;增加沟通交流,发挥群众的积极性;建立公共信息服务与企业网站的联系体系;加强监督,建立网络平台的保障机制等措施,从而充分发挥网络平台的作用。     

食品安全视域下网络舆论监督审视

近年来,食品安全成为网络舆论关注的热点问题,网络舆论监督在食品安全事件中发挥了极其重要的作用,但是它也暴露出了诸多缺陷与不足。因此,建议从健全网络媒体的监管机制、提升网络媒体从业者素质和发挥公众主体性作用等方面来完善食品安全事件中的网络舆论监督。     

微客下乡遭尴尬:买车便宜用车难

<正>从2009年3月开始实施的汽车下乡优惠政策,大力推动了农村机动车市场的繁荣,其中微型客车市场受惠较多。2009年12月9日国务院常务会议决定将汽车下乡政策延长实施至2010年底,这意味着微型客车在未来1年面临新的发展机遇。     

Going green across the World

Concern for environmental damage caused by industries' pollution has reached fever pitch globally.Proactive waste management systems practiced today are still in the“end-of-the-pipe”phase.They need to move beyond recycling to work at minimizing waste generation.This can be done by revisiting the entire production processes of different industries.Worldwide, companies are waking up to the fact that the only sustainable path to the future is the observance of the zero emissions doctrine. As a new paradigm,zero waste has to be embraced with a zeal that goes beyond recycling waste.At the basic level,it would mean that the manufacturer takes back some part of the product for reuse. The significant barriers to zero-waste drive are evident.If there was resistance to setting up effluent treatment plants in the early 1990s,radical shifts in today's production process are bound to face stronger resistance. The only answer to all this is that polluting industries are inefficient,as research will show.These industries have a short lease on life if they continue down this path.Consumers are already bearing the costs of pollution;they just might be willing to share the price of protection. Governments could subsidize this,but at a cost to the company in terms of higher taxes.And most of all,zero emission would allow companies the opportunity to save costs in the long term. By Editor     

网络媒体环境下企业危机公关分析

企业发展过程中难免遭遇危机,从发生机理、发展路径到应对策略,网络环境下的危机与传统环境下的危机有很大不同。通过梳理网络环境危机的特征,建立公关危机的生命周期模型,并结合家乐福、三株等案例对网络环境下的企业危机公关进行比较分析,认为在网络媒体环境下危机成型时期主动联络媒体,能有效控制风险并顺势转危为机;同时也提出了进行危机公关的策略。     

Going the (Ethical) Distance

Nearly every day we participate in the vast, interconnected global economy. In doing so, we engage in chains of transactions that ultimately result in our benefiting from, or enabling, wrongdoing by others. In some cases this seems to be in itself wrong, but in many cases it seems unproblematic. I develop a concept of ‘ethical distance’ and argue that our responsibility for the wrongdoing of others is a function of our ethical distance from it. Furthermore, I argue that the concept of moral responsibility is vague, but that when we become clearly responsible for wrongdoing by others, we ought to sever our connection to it.     

CAFTA进程中我国周边省区金融支撑体系的构建

区域金融与区域经济增长相关理论研究表明,区域金融发展对区域经济增长有巨大的促进作用。CAFTA开放前沿涉及我国广东、广西、云南和海南四省区。基于四省区经济与金融发展现状,文章认为构建区域金融支撑体系意义重大。建立区域性金融机构、拓展金融机构支撑网络、完善金融生态环境支撑、强化金融资源支撑等是CAFFA进程中构建我国周边省区金融支撑体系的重要策略。     

New Trends of Going Global

In recent days, new trends appeared in state's policy of supporting enterprises in going global. Latest voices on this issue from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Ministry of Commerce and People's Bank of China show that on emphasizing the "Going Global" strategy, different departments have the same background.     

服装创意产业园创新网络的构建——以众创空间为例

随着网络时代的到来,服装产业面临着深刻的变革。众创空间是随着网络经济的发展应运而生的,众创空间具有开放性、聚合性、初创性、盈利性的特点。众创空间的运营机制包括创客的创新精神,创业导师的引领,中介机构提供的服务,互联网技术的支撑。江西服装学院e魔方众创空间是创新网络构建的代表,该项目在人才、体制、区位、项目方面具有优势,创业导师辅导、空间资源充沛、资金充裕都助推服装创意产业的转型升级。对此,应健全众创空间管理机制,提升创业辅导服务,加强对创客项目的金融支持,完善第三方咨询服务体系,加强园区的对外交流和信息沟通工作。     

促进中小企业发展的金融支持对策

中小企业在我国小康社会的建设中居于举足轻重的地位,但与之迅速发展形成矛盾的融资难问题日趋突出。所以必须从这一困境的原因入手,通过考察、分析发达国家和地区的成熟做法与先进经验,再结合我国实际来探索在转型时期构建行之有效的金融支持的体系和方法。     

Chinese Licensing Trade Going to the World

In late spring this year, Ren Jianxin, President of the Supreme People's Court in China. welcomed the convening of the 1994 international meeting of the Licensing Executives Society (LES) held in Beijing. It was sponsored by the China Licensing Executives Society and was attended by 400 lawyers and academics from over 30 countries including the USA, Britain, France, Japan, Germany and South Korea. Science and technology is gaining     

利率市场化与商业银行稳健经营

2000年9月21日开始,外币利率进行市场化改革,贷款利率放开,大额外币存款利率由金融机构与客户协商确定.此前,2000年7月份戴相龙行长在国务院新闻发布会上表示中国将在3年内实现利率市场化.因此,如何保证商业银行在新环境下持续稳健经营是一个具有现实意义的课题.     

香港内地企业走向国际市场的跳板--香港/上海CFO2005论坛访谈录

由香港贸易发展局举办的“香港／上海CFO（首席财务官）论坛”，200511月1日在上海国际会议中心隆重举行。香港特别行政区财经事务及库务局局长马时亨．香港贸发局副总裁黄锦辉及上海市常务副市长冯国勤共同主持揭幕仪式。香港上海汇丰银行有限公司主席郑海泉．中国电力国际发展有限公司副董事长兼首席执行官李小琳．香港交易及结算所有限公司财务总监詹德慈、香港长江实业集团执行董事赵国雄等商界代表，就私募股本筹集．香港财资市场的优势．首次公开招股及房地产投资信托基金．海外并购等金融业热门议题，与参会者分享了精辟见解。逾300位内地著名企业的CEO及CFO出席了本届论坛，与香港顶尖的金融业精英进行了面对面交流。     

运用配位机制建立我国入世后农产品的支持和保护体系

我国加入WTO后,国外的农产品将通过低价优质的方式冲击国内市场。为此,我国农产品贸易必须建立一定的支持与保护体系,该体系由人才－科技－经济循环发展主系统和配位系统构成。配位系统拥有络合效应、反向激励效应以及保障和应变等功能,并由此形成配位机制。运用配位机制,不仅有助于我国按照WTO有关规则处理农产品贸易问题,而且能促进我国农业实现跨越式发展。