政策给力文化传媒再飞扬

国有媒体整合与跨界加速。通过国有文化产业的整合与经营范围的延伸,一方面可提升运营与盈利能力,另一方面可加强社会主义核心价值观的方向把控,解放与文新合并成了上海报业集团最好的验证。     

宏梦：中国的“迪斯尼”

有人说：“卡通产业是文化产业皇冠上的一颗明珠。”也有人说：“卡通是住在冰山上的人。”因为它的市场潜力太大了。宏梦卡通正在借助红杉资本的力量叩开冰山上的这道大门。     

迟福林：迈向“民富优先”时代

＂抱歉,让你约了好多次。＂3月10日中午,全国政协委员、中国（海南）改革发展研究院院长迟福林面带温和谦逊的笑意,在繁忙的两会议程里挤出时间来接受了本刊记者的专访——     

警惕“无形资产泡沫化”

3月25日,由财政部新理财研究院与《新理财》杂志社共同举办的第三期新财务圆桌在中央财经大学成功举办,会议研讨了财务实操等相关话题,对企业无形资产价值与风险的具体案例进行了深入研究和讨论,其中对无形资产泡沫化风险的担忧尤其引起与会的会计学术界与     

“棋”乐无穷

所谓“棋”乐无穷。象棋和围棋不仅以其独特魅力征服了一代又一代人．而且凭借其浓厚的历史文化底蕴和良好的收藏价值，成为中国拍卖市场上不可忽视的一分子，在收藏市场崭露头角。     

周其仁：经济刺激政策应退出

在搜狐“2010·中国新视角高峰论坛”上．北京大学国家发展研究院院长周其仁表示,根据目前的经济情况,经济刺激政策应该非常主动地、有步骤地和坚定地退出,让经济回到一个可靠的增长基础上。     

小微企业“融资贵”的推拉力

只有小微企业自身具备了“造血”能量,才能真正彰显出抗御“融资贵”等系列金融风险的功力。细研国务院R前下发的《关于多措并举着力缓解企业融资成本高问题的指导意见》,在2300字浓缩出的十条（以下简称“国十条”）新政中,有九个地方先后提及“小微企业”．如此高频率的用词说明,茌解决企业融资成本高的问题上．小微企业“融资贵”是“国十条”首先要破解的难题。     

实达针打：“真功夫”缔造“真实力”

记者日前从国内领先的计算机外部设备厂商实达外设处获悉,2007年实达外设打印机产品销量近11万套台,较2006年增长10％,继续保持针打市场国内厂商领先品牌地位。市场人士指出,在国内行业信息化进程不断深入,国内外厂商纷纷加大针打市场投入力度的市场环境下,以实达外设为代表的民族打印机厂商,不但在激烈的市场竞争中站稳了脚跟,并且具备了与国外厂商同台竞技的“真实力”。     

文登：贴心服务给力“新农保”

山东省文登市人力资源和社会保障部门探索与农业银行合作,以“惠农卡”和转账电话为平台,在全市700多个村居建立了800个“新农保”定点服务单位,使参保户在安装了转账电话的村委会和祉区超市就能随时领取养老金。有了惠农卡,农民在利用“惠农卡”就近选择代办点支取现金或直接消费的同时,     

川菜之“鱼”乐无穷

四川人吃鱼、烹饪鱼的历史从5000年前三星堆时期的古蜀王国就开始了。自从都江堰水利工程修成以后,川西平原就成了鱼米之乡。。鱼”本是“鲜”字的一部分,所以鱼味也是鲜味的一种,在水利资源丰富、河道如蛛网密布的天府之国,优良的水质使得鱼的肉质鲜活、细嫩,     

MARKET POWER IN THE PROPERTY/CASUALTY INSURANCE INDUSTRY

Abstract: Pro-consumer groups have charged that insurance firms are able to exercise market power to reduce coverage and/or increase rates. The ability of firms to earn economic rents (abnormal profits) is a factor in banks' interest in entering insurance markets. In classical economics such collusion is usually only possible with cartels. Recent work, examining the relationship between industry structure indicates that the power that can be exercised by cartels may be more limited than under the classical paradigms. We examine the ability of insurers to exercise market power in light of these modern theories.     

山西:举金融之力 为抗疫加力

自新冠肺炎疫情发生以来,在党中央、国务院的坚强领导下,中国人民银行太原中心支行严格按照人民银行总行和山西省委省政府的工作部署,结合山西省金融工作实际,带领全省金融机构坚定信心、同舟同济、科学防治、精准施策,全力做好新冠肺炎疫情防疫金融服务工作,以金融之力,助推打赢疫情防控阻击战。     

江西:“三度时空”抗“疫霾”

"一声集结号,金融踏征途"。为助力新冠肺炎疫情防控,人民银行南昌中心支行吹响信贷"战疫"集结号,引导推动金融机构全面保障疫情防控物资生产企业和社会民生领域信贷需求,将革命老区红色基因汇聚成万众一心、众志成城的金融伟力。     

发展货币经纪行业 强化人民币定价权

发达市场的经验表明,充分发挥货币经纪公司在信息服务、撮合交易、引导市场定价等方面的中介作用,对于增强外汇市场的流动性和透明度,提高资金的运作及配置效率,促进外汇市场的健康发展具有积极作用。     

蓬勃发展的中国高新技术产业

<正> 中国的高新技术产业,以国内外市场为导向,充分利用中国的科技优势,以科技成果的商品化、产业化、国际化为宗旨,蓬勃发展,取得了举世瞩目的辉煌成就。目前,中国高新技术产业发展的主要特点是发展迅速、需求旺盛、潜力巨大。 1.发展迅速 中国高新技术产业发展极为迅速。近年来,全国高新技术产业总产值达6417.7亿元,中国高新技术产业工业增加值达1975亿元,增加值占全部制造业增加值的     

CREATING VALUE IN THE OIL INDUSTRY

In contrast with current thinking that conglomerates are inefficient, this article begins by presenting arguments in favor of the size and structure of the large integrated oil companies, also known as "the supermajors." Among the advantages are tax efficiency, information flow, political and technological know-how, broad supplier and customer relationships, scale economies, cross-business economies of scope, brand power, and the ability to coordinate strategic initiatives across businesses. These advantages all translate into a lower cost of capital.
One problem, however, is that this lower cost of capital does not seem to be reflected in the target returns on capital currently set by the supermajors. Observing that the financial goal of a corporation is to maximize not its return on capital but rather the net present value of expected future cash flows and earnings, the authors argue that the majors need to make two major changes to current practice. First, their investment hurdle rates should be reduced from their current level of 14–15% to the weighted average cost of capital, which is estimated to run about 8–9%. Second, the actual returns on capital reported in published accounts are largely meaningless; and when evaluating new investments and existing operations alike, the companies must find an annual performance measure that better reflects the economic realities of the business. This paper recommends use of a performance measurement framework based on economic profit that should serve two critical purposes: it will encourage managers to undertake all value-increasing projects (not just those that will maintain or increase reported return on capital), and it will help the companies communicate their strategy and results to the investment community.     

INDUSTRY PROSPECTS AND ACQUIRER RETURNS IN DIVERSIFYING TAKEOVERS

We use a sample of 816 diversifying takeovers from 1978 to 2003 to examine whether takeover announcements release negative information about the future prospects of the acquirer's main industry. We find that rivals that are most similar to the acquirer (homogeneous rivals) experience significant negative cumulative abnormal returns (CAR) around takeover announcements. Takeovers that result in negative wealth effects to acquirers are associated with negative abnormal revisions in analysts' forecasts of homogeneous rivals' earnings per share. We also find a decline in the posttakeover operating performance of rival firms. The decline is especially pronounced for homogeneous rivals and for takeovers with negative wealth effects to acquirers. Our findings imply that CAR-based estimates of acquirer wealth gains from takeovers that do not account for industrywide information releases are significantly biased downward.