管理者的财务砍刀

做企业就是做数学，管理就是管数字。而所有数字里面最关键的5个数字是10、9、1，10是收入，9是成本，1是利润。10-9=1，收入一成本=利润，这就是企业的管理公式，这就是企业家和经理人必须高度管理的数字。     

管理者过度自信与企业价值研究综述

在传统财务理论研究中加入了对行为和心理学的考虑,放开了理性人假设,行为财务理论产生。此理论中最重要的一个方面就是过度自信。相对于普通人,管理者过度自信的心理表现的尤为明显。本文从管理者过度自信基本内涵、衡量方法以及管理者过度自信对企业价值的影响几个方面总结了国内外学者的理论研究,进而对未来研究提出了展望。     

陈基华：CFO是价值的管理者

陈基华,中国铝业股份有限公司(以下简称中国铝业)执行董事、副总裁、CFO. 2006年,年仅38岁却已掌握中国铝业财务大印的陈基华在他的母校--中央财经大学做一场关于现代企业财务管理的报告."陈老师"站在讲台上的第一个问题就是:"假如今天你被任命为一个公司的CFO,你的任务是什么?如何完成这项任务?"     

管理者偏好对多元化战略与企业价值的影响

格力电器收购珠海银隆事件可以说是传统企业产业转型的大胆尝试,以董明珠为首的管理层看好新能源的发展前景和潜在市场。然而,在董明珠主导的收购背后,格力电器多元化发展给企业带来的影响尚不可知。因此,本文选择此案例的主要目的在于分析管理者偏好在企业多元化过程中起到的作用以及多元化战略对企业价值的影响。     

管理者特质、负债融资与企业价值

本文基于行为金融理论和高层梯队理论,选用2008-2013年我国A股上市公司数据作为研究样本,区分企业产权性质,实证检验了拥有不同特质的管理者对负债融资行为与企业价值的影响。研究结果显示:我国上市公司的负债融资可以降低企业代理成本,对企业价值有正面的治理效应;管理者为男性、教育水平越高、任期越短、有财务相关工作经历时,越容易出现过度自信,也更偏好使用负债融资,其中管理者性别、教育水平、工作经历更是可以显著提高负债融资对企业价值的提升作用。进一步区分产权性质后发现,和国有公司相比,非国有公司负债融资对企业价值的提升效果更好;非国有公司管理者教育水平、工作经历与负债融资的正相关更强,也更能显著提高负债融资对企业价值的提升作用。本研究不仅丰富了管理者特质和企业融资研究领域的文献和经验证据,而且也表明了在研究负债融资对企业价值的治理效应时,管理者特质和公司的产权性质是重要的考量因素。     

管理者收购:困境与规范

股权分散化的一个严重后果，是职业经理人对企业的实际控制权在不断增强，很多时候他们可能不再首先考虑股东利益，而是为自己谋取福利，因此出现委托代理问题。另一方面，职业经理人也会指责股东只知道利润要求，实际上不懂企业发展之道。解决这个问题的最终办法，就是让职业经理人也成为公司所有者，让他们在某种意义上为自己工作，尽其所能，而公司其他股东则不必再担心自己利益受损。MB0实际是对过度分权导致代理成本和道德风险过大的一种矫正。     

T型管理者

无论尽多大努力,大多数公司继续浪费本可以是在当今知识经济时代拥有的最大财富:专门技术、观点、散落或深植于组织内的潜在洞察力.这令人惋惜.因为利用这些智力资源--使用现有知识去改善业绩或联合知识去创造新东西--能帮助公司对突如其来的挑战作出反应,避开小而灵活的对手或者联合企业进行兼并.     

詹艳景:笑演沙盘

詹艳景喜欢笑。古龙说,喜欢笑的女人,运气通常会很好。从经历而言,詹艳景的运气实在不赖:改革开放之初,考上了华中工学院,顺利毕业进入中国船     

你离核心管理者有多远

在管理的层级中,每个人都希冀成为核心管理者。而如何抵达这样的巅峰,却众说纷纭,因为理论家说的永远只是理论,而唯有实践家所说,才有或多或少的经验之谈。因为管理本身就是倾向于实践的,如果没有亲身实践的经历,越多的说辞,对于管理来说也只是屠龙之技。所以,如果你进入汗牛充栋的书籍丛中,寻找关于管理书籍的时候,务必牢记这样的法则：看看作者到底是不是一个事必躬亲的实践者。从这个意义上讲,《成就4A职业经理人》可谓是一本实践家之作品,而从书的名字上看,它是希望告诉读者作为组织中的一员,你到底距离核心管理者有多远。而这段距离并非属于难以逾越的鸿沟,如果听从作者的说教,你或许会有所改观,缩短与核心管理者的距离。     

如何做一名合格的管理者

社会在进步，科学在发展，随着现代企业建设进程的加快，对管理人员的素质要求也随之提高。如何做一名合格的管理者是许多管理大师和著名企业家经常讲的管理课题。     

Beware the busy manager

Managers will tell you that the resource they lack most is time. If you watch them, you'll see them rushing from meeting to meeting, checking their e-mail constantly, fighting fires--an astonishing amount of fast-moving activity that allows almost no time for reflection. Managers think they are attending to important matters, but they're really just spinning their wheels. For the past ten years, the authors have studied the behavior of busy managers, and their findings should frighten you: Fully 90% of managers squander their time in all sorts of ineffective activities. A mere 10% of managers spend their time in a committed, purposeful, and reflective manner. Effective action relies on a combination of two traits: focus--the ability to zero in on a goal and see the task through to completion--and energy--the vigor that comes from intense personal commitment. Focus without energy devolves into listless execution or leads to burnout. Energy without focus dissipates into aimless busyness or wasteful failures. Plotting these two traits into a matrix provides a useful framework for understanding productivity levels of different managers. Managers who suffer from low levels of both energy and focus are the procrastinators: They dutifully perform routine tasks but fail to take initiatve. Disengaged managers have high focus but low energy: They have reservations about the jobs they are asked to do, so they approach them half-heartedly. Distracted managers have high energy but low focus: They confuse frenetic activity with constructive action. Purposeful managers are both highly energetic and highly focused: These are the managers who accomplish the most. This article will help you identify which managers in your organization are making a real difference--and which just look busy.     

The middle manager as innovator

If there's one thing that most U.S. executives agree on, it's the need for higher productivity in American workplaces. So far most efforts at raising performance have concentrated on factory and office employees-partly, one assumes, because their output is easily measured. However, the increases in productivity at the shop or office level will mean nothing in the long run, if, for instance, new products aren't designed, new structures aren't put in place to accommodate change, or new equipment isn't conceived to improve product quality. In other words, a company's productivity depends to a great degree on how innovative its middle managers are. In this article, the author describes a study she conducted of 165 middle managers in five companies to determine what managers contribute to innovation and what factors the most innovative companies have in common. She found that, among other things, innovative managers tend to be visionary, comfortable with change, and persistent. Innovation flourishes in companies where territories overlap and people have contact across functions; information flows freely; numbers of people have excesses in their budgets; many managers are in open-ended positions, and reward systems look to the future, not the past.     

Portfolio manager ownership and fund performance

This paper documents the range of portfolio manager ownership in the funds they manage and examines whether higher ownership is associated with improved future performance. Almost half of all managers have ownership stakes in their funds, though the absolute investment is modest. Future risk-adjusted performance is positively related to managerial ownership, with performance improving by about 3 basis points for each basis point of managerial ownership. These findings persist after controlling for various measures of fund board effectiveness. Fund manager ownership is higher in funds with better past performance, lower front-end loads, smaller size, longer managerial tenure, and funds affiliated with smaller families. It is also higher in funds with higher board member compensation and in equity funds relative to bond funds. Future performance is positively related to the component of ownership that can be predicted by other variables, as well as the unpredictable component. Our findings support the notion that managerial ownership has desirable incentive alignment attributes for mutual fund investors and indicate that the disclosure of this information is useful in making portfolio allocation decisions.     

The making of a French manager

France's recent successes make it more important than ever to understand what makes its managers tick. This year, France surpassed Japan and the U.K. in acquisitions of U.S. companies. And many French companies are world leaders, including Michelin and L'Oreal. According to the authors, who have studied the French model of management development, the system stands as a coherent whole. Its clear logic and rules provide unambiguous signals that shape managerial action. Thus French industry has a focus and sense of purpose that the rest of the world should not underestimate as a key to strong economic performance. In France, management is a "state of mind" rather than an interpersonally demanding exercise. It is managers' cleverness, not skills, that distinguishes them. And these managers are not simply born. They are molded through an elaborate education and induction into the managerial elite. Alumni of the grandes écoles dominate the upper echelons. These elite colleges have grueling entrance exams resembling Japan's "examination hell." Graduates automatically enter the tight-knit cadre circle--the managerial elite who enjoy the same social prestige as doctors or lawyers. French managers prefer to put things in writing, even informal interactions. They excel in quantitative expression, at ease with putting figures to proposals. Hierarchy in French companies is often literal--the head of L'Air Liquide works on the top floor, while the typing pool is in the basement.(ABSTRACT TRUNCATED AT 250 WORDS)     

Portfolio concentration and fund manager performance

This research examines the relationships among portfolio concentration, fund manager skills, and fund performance in Taiwan's equity mutual fund industry, yielding several empirical findings as follows. First, after controlling for other factors, concentrated equity funds tend to have smaller net asset values, larger fund flows, higher turnover rates, and a younger age and prevail in smaller fund families. Second, concentrated fund managers buy and sell stocks more smartly based on economic trends or market factors than do diversified fund managers, i.e., they have better market‐timing abilities. Third, only partial evidence supports the premise that concentrated equity funds have better next‐quarter risk‐adjusted performances than do diversified ones, as these fund managers' skills positively correlate to risk‐adjusted fund performance. Fourth, fund managers who have better stock‐picking abilities and intensively invest in certain industries generally exhibit better Carhart's alpha in the next quarter than do other fund managers. Fifth, fund managers' stock‐picking abilities more closely relate to long‐term performance than do their market‐timing abilities. Lastly, positive performance persistence is much stronger than negative performance persistence, but concentrated funds do not have stronger performance persistence than do diversified funds.     

项目经理分级管理初探

随着项目管理技术的不断完善和实践成效日益显著,中国工商银行数据中心（北京）（以下简称＂数据中心＂）已将项目管理作为银行业务创新、产品研发的重要手段。为此,数据中心构建了集项目管理制度、项目管理方法、项目管理控制、项目管理平台、项目经理管理和项目管理文化为一体的项目管理体系。     

Fund manager conviction and investment performance

This paper examines the role conviction plays in asset management and its relationship with investment returns. We measure the strength of fund manager conviction through a fund's Active Share, i.e., the extent to which an investment portfolio differs from its benchmark index. First, we show fund manager conviction increases following both superior and, surprisingly, inferior past performance, and more so among solo-managed than team-managed funds. Second, and more importantly, we find an inverse-U relationship between conviction and subsequent performance. High levels of conviction proxied by high Active Share are associated with lower future returns and greater fund risk. Our study also illustrates an asymmetric investor reaction to fund manager conviction in the form of higher (lower) fund inflows rewarding good performance by high (low) conviction managers, but no pronounced penalties for poor performance, ceteris paribus.     

The five minds of a manager

Managers are told: Be global and be local. Collaborate and compete. Change, perpetually, and maintain order. Make the numbers while nurturing your people. To be effective, managers need to consider the juxtapositions in order to arrive at a deep integration of these seemingly contradictory concerns. That means they must focus not only on what they have to accomplish but also on how they have to think. When the authors, respectively the director of the Centre for Leadership Studies at the University of Exeter in the U.K. and the Cleghorn Professor of Management Studies at McGill University in Montreal, set out to develop a masters program for practicing managers, they saw that they could not rely on the usual MBA educational structure, which divides the management world into discrete business functions such as marketing and accounting. They needed an educational structure that would encourage synthesis rather than separation. Managing, they determined, involves five tasks, each with its own mind-set: managing the self (the reflective mind-set); managing organizations (the analytic mind-set); managing context (the worldly mind-set); managing relationships (the collaborative mind-set); and managing change (the action mind-set). The program is built on the exploration and integration of those five aspects of the managerial mind. The authors say it has proved powerful in the classroom and insightful in practice. Imagine the mind-sets as threads and the manager as weaver. Effective performance means weaving each mind-set over and under the others to create a fine, sturdy cloth.