无缝钢管出口积极调整产品结构拓展新兴市场

无缝钢管在中国钢铁产品中属于对外依赖度较大,且具有一定国际竞争力的品种。2008年,即使在全球金融危机、国际市场对无缝钢管需求迅猛下降的大背景下,中国无缝钢管出口总量依然达到了609万吨,同比超过30％。     

中国汽车海外市场拓展现状

2012年,对于中国汽车对外贸易而言,是具有里程碑意义的一年,汽车整车出口首次突破一百万辆。虽然从短时期看,中国汽车走向国际面临诸多压力,出口数据也不如前几年那么亮丽,但是开发国际市场、打造国际品牌,始终是众多国内汽车企业做大做强的愿望。2012年,我国共出口整车(含成套散件)及各类底盘101.58万台,同比增长19.51%,出口金额137.28亿美元,同比增长     

不容忽视的新兴市场——坚守迪拜

受全球性金融危机的影响,2009年欧美市场出现大幅下滑,曾一度被追捧的务类展会也陷入低迷。如何借助展会平台寻求新的市场机会,已成为出口企业所面临的首要问题。本期最佳商展由业内资深人士为您分析迪拜,     

新兴市场的巨人之路

对中国企业来说,进入发达国家市场,建立全球品牌,都不是朝夕之间的事业。与其动辄以“大跃进”的思路来发起一次次做大、做强的全民“运动”,还不如回归商业的本能,思考如何让企业盈利这个最实际的商业问题。     

外贸企业急需拓展新兴市场

金融危机爆发以来,全球经济出现再平衡现象。在这种形势下,笔者认为,中国外贸企业急需拓展新兴市场,应争取扩大与东亚地区的区内贸易,建立和完善新兴市场的营销网络,延伸并跨境转移生产链条,增大零部件产品出口的比重,从而减少对欧美最终产品市场的依赖。     

中国开拓新兴市场的可行性分析——以中印贸易说明

本文提出了中国在当前全球经济陷入衰退情况下,应该积极拓展发展中国家市场的观点。以中国和印度将近年来的贸易情况为例进行实证分析,论证了中国开辟发展中国家市场的可行性。希望中国能积极开发发展中国家市场,实现出口市场多元化,使中国的出口能在经济危机的寒冬下,获得更好机会。     

新兴市场成为国家风险高发区

随着中国企业全面参与国际经济竞争，中国出口信用保险公司，这家国内惟一经营政策性出口信用保险业务的机构于12月8日在北京发布了其“枋心技术”产品——《国家风险分析报告（2005）”（以下简称《报告》），对包括韩国，日本、英国、美国等60个与我国外经贸交往较为密切的国家所存在的国家风险进行了分析和评级。     

China's emerging securities market

China's phenomenal growth over the past decade has fostered numerous repercussions. Against the background of this high growth rate and a savings rate of close to 40%, alternative methods of financing economic activities were sought, giving rise to the emerging securities market. The authors analyze these markets, and predict that despite the real chance of several market crashes, the market will witness an historic bull run well into the next century.     

策略性地拓展新兴市场

就在世界将中国市场视为摆脱目前经济危机的潜在救世主时,中国出151商正以同样的方式开始关注新兴市场.东盟、中东、俄罗斯、印度,南美和非洲等新兴市场,正越来越显著地成为"中国制造"进军的新方向.我们要肯定一点,就是新兴市场占中国出口总额虽然只有15%,但是增长速度和增长空间远远高于成熟市场.     

Competing with emerging market multinationals

A new breed of multinationals from emerging markets is appearing in many industries. Western firms are wrong to underestimate, as they often do, the competitive threat from these firms. The discussion herein highlights the non-traditional competitive advantages these firms use to win at home and abroad and shows how these firms use internationalization not only to exploit competitive advantage but to bolster it. The article concludes with suggestions for how Western managers should respond to the competitive threat from emerging market multinationals.     

Consolidation and market structure in emerging market banking systems

This paper examines the evolution of market structure in emerging markets banking systems during the 1990s. While a significant process of bank consolidation has been taking place in these countries, reflected in a sharp decline in the number of banks, this process has not systematically been associated with increased concentration as measured by standard indices. Moreover, econometric estimates based on the Panzar and Rosse (1987) methodology suggest that overall, markets have not become less competitive in a sample of eight European and Latin American countries. Lowering barriers to entry, such as allowing increased participation of foreign banks, appears to have prevented a decline in competitive pressures associated with consolidation.     

Devaluations and emerging stock market returns

Stock returns over the 2 years surrounding 24 currency devaluations are examined. Using bootstrapped distributions, returns preceding the devaluation are shown to be significantly below normal, in both dollar and local currency terms. Most of the downturn, however, occurs well before the month of the devaluation. Returns following a devaluation are normal. While industry and company specific effects appear to influence return behavior, only country effects and leverage levels are statistically significant. At the country level, both aggregate economic activity (GDP) and the size of the devaluation are important in explaining return behavior. The stock of foreign debt has little impact on returns. Finally, even though returns appear to anticipate devaluations, they are not statistically significant at predicting the size of the devaluation.     

Export performance of emerging market firms

I investigate the export performance of firms from emerging economies based on resource based view (RBV) of a firm. Based on review of extant literature, I identify firm size, research and development expenditure, advertising expenditure and business group affiliation to be important antecedents of level of exporting activities of a firm. I utilize a two-stage least square estimation (G2SLS) on a sample of 47,140 firm-year observations over a period of sixteen years from 1990–2005. The findings suggest that export sales and domestic sales are interdependent and affect each other. R&D expenditure and business group affiliation positively affect export sales, however advertising expenditure negatively affects export sales.     

Using diffusion models to forecast market size in emerging markets with applications to the Chinese car market

Marketing managers have to forecast the market size and this forecast guides strategic decisions whether to continue exporting, open new factories or expand existing production operations. Forecasting sales and the market size is a challenging task; even more so in emerging markets where data is limited and the market demand is changeable. This research proposes a novel approach that applies diffusion models using car ownership data to forecast car sales. Car ownership data may be easier to access than sales data in emerging markets but marketing managers are more interested in the sales forecast. Researchers propose using diffusion models to forecast the adoption of new products or products which are new to consumers in a market. This research demonstrates that marketing managers can use diffusion models to predict car sales in China where cars are new products to most consumers in this market. Since the majority of car buyers in China are first time buyers, car manufacturers and retailers must also forecast when the market composition will change. This effectively means predicting when first time car buying will start to slow down and repeat/replacement purchase or second hand car purchase will become more important. To forecast both sales and market composition change, marketing managers must choose a robust model. Managers want insights from models that have been tested robustly especially in less stable market conditions. In this context, this study illustrates the value of using a rolling forecast instead of a fixed horizon approach when comparing and choosing which model to use to forecast both sales and market composition change for the Chinese car market.     

Stock market correlations between China and its emerging market neighbors

We examine interlinkages of stock return behavior for China and three emerging market neighbors from the Asia Pacific region from November 1993 to July 2008. Results are based on a VAR model. Impulse responses and vector decomposition of VAR are also utilized. Evidence suggests that the aggregate markets are mostly not interrelated. However, we observe relations between China and the other markets when foreign investor returns are specifically accounted for. In addition, a shock originating in China is significantly felt in the other equity markets. Stock market characteristics and macroeconomic conditions of these countries may help explain the observed relations.     

Mexican peso crisis and its spillover effects to emerging market debt

This paper examines the spillover effects of the Mexican financial crisis to emerging financial markets. As of November 1994, the financial markets were not anticipating a change in exchange rate regime in Mexico. Coincident with the peso devaluation on 20, December 1994, Mexican Brady bond prices declined significantly and continued to experience significant decline during the subsequent three months. Emerging market assets reacted differently to the Mexican crisis. Latin America as a region was more exposed to the Mexican crisis than emerging markets from other regions. The ratio of liquid monetary assets to international reserves and the ratio of current account to GDP were the most influential variables in explaining variation in CARs across countries. Trade competition with third markets was the most significant transmission channel during the Mexican crisis.     

Sovereign credit ratings, emerging market risk and financial market volatility

This article presents event studies that find a significant effect on dollar bond yield spreads when rating agencies put emerging-market sovereign bonds on review with negative outlook. The finding has two conditional implications. If rating agencies can be turned from late into early warning signals, they would have the potential to dampen boom-bust cycles in emerging-market flows. If rating agencies cannot improve on their reactive approach witnessed in the run-up and aftermath of recent currency crises, regulation and guidelines stipulating a certain rating status for institutional investment will continue to intensify boom-bust cycles. The paper concludes with regulatory suggestions for both outcomes.