雅典卫城

许多债务危机都发展到了事态失控的一刻.随着恐慌的出现,债券收益率急剧上升,股市和汇市随之惊慌一片.2008年9月,曾经的明星投行雷曼兄弟的倒闭几乎将整个世界银行体系拖下水.     

全球金融风暴走远了吗?

2001年中国投资与消费增长率都有所提高,但经济增长率却随出口曲线下降,说明外需对中国经济增长影响较大,这种情况在短期内不会变化,所以,要看清未来中国的经济走势,就必须先看清世界经济走势,特别是美国经济走势.     

还能“牛”多久

几位老领导老朋友聚餐,席间自然聊起了许多过去的事情,不用说多是些轶闻趣事,大家时不时的便是一阵阵的开怀大笑,气氛十分热烈。过去的一把手忆起当年的出五关,斩六将,更是喜形于色的了。     

前前后后话报告

自从查尔斯.斯内尔用鹅毛笔签发了那份著名的"南海公司"查账意见书,注册会计师便开始与审计报告如影相随了.从19世纪下半叶到上世纪20年代末,审计报告模式处于放任自流的阶段.     

The IASC And Japan

The support of Japan, as a powerful nation and world leader, will be critical to the International Accounting Standards Committee (IASC) in its aim of promoting the harmonisation of international accounting standards. Japan represents a substantial challenge to the IASC objective; cultural and institutional factors have been regarded as impediments to its preparedness to adopt IASC standards. As deputy chairman of the IASC, the co-author of this paper, Michael Sharpe, has been involved in a number of seminars and discussions in Japan relating to the IASC activities and aims. This paper draws on those discussions, and on recent events and developments in Japan, to suggest that relations between the IASC and Japan are heading in the right direction and to make some prognoses about the acceptance of IASC standards by Japanese regulatory bodies.     

The Future of Securities Regulation

The U.S. system of securities law was designed more than 70 years ago to regain investors' trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in the new millennium, investors' perception is that they have been defrauded by managers who are not accountable to anyone. For this reason, I propose a series of reforms that center around corporate governance, while shifting the focus from the protection of unsophisticated investors in the purchasing of new securities issues to the investment in mutual funds, pension funds, and other forms of asset management.     

核电未来

9月14日,夏季达沃斯2011年新领军者年会上,福岛之后的能源安全分会场讨论激烈,而不能放弃核电发展则成为与会代表的共识。从现实的能源需求看,核电依然是多元化的一次能源结构中不可替代的部分,在接受《中国投资》专访时,国家发改委能源研究所原所长、中国能源研究会副     

管理会计的未来

与传统的财务会计相比,如今,管理会计工作的内容与方式已发生了翻天覆地的变化,管理会计在企业中的作用与意义更是今非昔比。诚然,管理会计的发展有着广阔的空间,但绝非坦途。我们期待迎来管理会计的那片蓝海。     

The Future of Private Equity

A distinguished University of Chicago financial economist and longtime observer of private equity markets responds to questions like the following:

• ? With a track record that now stretches in some cases almost 30 years, what have private equity firms accomplished? What effects have they had on the performance of the companies they invest in, and have they been good for the economy?
• ? How will highly leveraged PE portfolio companies fare during the current downturn, especially with over $400 billion of loans coming due in the next three to five years?
• ? With PE firms now sitting on an estimated $500 billion in capital and leveraged loan markets shut down, are the firms now contemplating new kinds of investment that require less debt?
• ? If and when the industry makes a comeback, do you expect any major changes that might allow us to avoid another boom‐and‐bust cycle? Have the PE firms or their investors made any obvious mistakes that contribute to such cycles, and are they now showing any signs of having learned from those mistakes?

Despite the current problems, the operating capabilities of the best PE firms, together with their ability to manage high leverage and the increased receptiveness of public company CEOs and boards to PE investments, have all helped establish private equity as “a permanent asset class.” Although many of the deals done in 2006 and 2007 were probably overpriced, the “cov‐lite” deal structures, deferred repayments of principal, and larger coverage ratios have afforded more room for reworking troubled deals. As a result of that flexibility, and of the kinds of companies that get taken private in leveraged deals in the first place, most troubled PE portfolio companies should end up being restructured efficiently, thereby limiting the damage to the overall economy. Part of the restructuring process involves the use of the PE industry's huge stockpile of capital to purchase distressed debt and inject new equity into troubled deals (in many cases, their own). At the same time the PE firms have been working hard to rescue their own deals, some have been taking significant minority positions in public companies, while gaining some measure of control. Finally, to limit overpriced and overlev‐eraged deals in the future, and so avoid the boom‐and‐bust cycle that appears to have become a predictable part of the industry, the discussion explores the possibility that the limited partners and debt providers that supply most of the capital for PE investments will insist on larger commitments of equity by sponsors to their own funds and individual deals.     

港币的未来

以紫色作为主色,以塑料作为材质,因抽象的几何图案有别于传统版面设计而被香港本地人俗称为“花蟹”或“胶蟹”的10元港币,自2007年开始正式发行流通。塑料材质的特点决定了这款货币不但可以循环再造,提升防伪效果,还可延长钞票寿命,节省发钞成本,可谓“撕不坏的货币”。还记得它的手感吗？光滑、少污渍,即使咖啡洒上面了轻轻一擦就能擦掉;不小心放进洗衣机里洗了也不用担心,拿出来依然完好无损,光洁如新。这样“撕不坏的港币”,广受香港地区以及来港活动的各地公众欢迎,更被人们称为“中国好港币”。按照基本法规定,如无意外,我们到2047年以前仍能使用港币,仍能使用“花蟹”。但从近期各方面获得信息进行简单分析和初步推断,这种形势正逐渐发生着变化,一场变革似乎正在酝酿当中。     

管理会计的未来

11月14日,全球最大的管理会计组织—英国皇家特许管理会计师公会（CIMA）在上海举行＂中国2012年度颁奖典礼暨CFO高峰论坛＂。当日下午,卡夫食品中国CFO黄瑞龙、上海大众汽车有限公司CFO周江、箭牌中国CFO李景辉、碧水源科技股份有限公司常务副总裁何愿平、CIMA北亚区总裁李颖等,就经济转型期管理会计的发展与应用进行讨论。     

物流业发展方兴未艾

物流业作为第三产业中的一个新兴行业,正吸引着越来越多的产业资本向该领域转移,通过对我国物流业的发现现状的介绍,以及与发达国家在物流业上的差距分析,来揭示国内物流业存在的巨大商机,并由此切入进军物流领域最为积极的上市公司可从中获取怎样的利益,从而为证券市场市场投资投资物流板块提供一种分析思路和投资依据。     

未来的世界:可预测的周期、趋势和未来

未来将会有许多为这些普通人做事的机会。企业家、商人和投资者将迎来重大的商业机遇。那些具有创造性而且有趣的工作岗位也会大量增加。问题是,这种机会会出现在哪些行业?如果你是一个考虑学习科学、商业或金融专业的学生,你应该关注哪些方面?如果你是一名熟练的企业家,在哪里你可以用很少的钱启动创业,并有机会让你的企业成为一个伟大的公司,甚至在相对较少的几年内,就得到初始投资1000倍的回报?或者,如果你是一个投资者,在未来的几十年里,哪些资产和哪些行业将是最有利可图的?如果你的时机和选择都很好,你完全可能在10年内获得10倍的回报.     

把握中国经济脉搏促进多方互惠共赢——"中国论坛:实现可持续增长-融资和投资机遇"在北京召开

中国经济近年来保持了高速平稳增长的势头,显示出了蓬勃的生机,世界把越来越多的目光投向了中国。而在经济增长的大背景下,中国资本市场的发展也呈现出前所未有的繁荣。由中国工商银行、汇丰银行以及《欧洲货币》杂志共同举办的"中国论坛:实现可持续增长-融资和投资机遇"为国内外的投资者提供了一个了解中国经济发展、交流投资经验、捕捉投资机会的良好平台。中国经济和资本市场的发展会对商业银行的发展带来哪些机遇和挑战?作为全球银行业市值最大的商业银行,中国工商银行将如何把握机遇、迎接挑战实现新的跨越?本刊编录姜建清董事长、杨凯生行长以及部分与会嘉宾在论坛上的演讲内容,希望能有助于读者有个比较清晰的了解。     

货币市场的未来

2011年,我国将实施稳健的货币政策,健全宏观审慎政策框架。企业应做好准备,以应对紧缩的信贷环境。而继续推进利率市场化改革成为"十二五"的重点工作之一,在为资本跨境流动提供监管与引导的同时,也对外贸企业CFO的专业性提出了更高要求。