The 3Q U.S.VC Summary

According to the report of National Venture Capital Asso- ciation （NVCA）, in the third quarter, 52 venture capital funds raised a total of $4.9 billion. In which, early-stage VC funds were the most active in the third quarter with 27 funds raising $3.5 billion. However, this quarter＇s fundraising is obviously lower than the previous quarter The old figures reveal that NVCA raised $13.4 billion and 62 funds were formed in the second euarter this year, and 62 funds raised 5.6 billion dollars in the third quarter of 2005.     

Summary Analvsis of Circular No. 106

SAEF will promulgate Circular 106 to heighten the threshold for foreign private equity funds into domestic enterprises, to facilitate the development of local Funds and capital market besides continuing to absorb foreign capitals.[第一段]     

英文导读

Industrious metropolis vs. VC desert, Special Report： Where is Baidu going？New Tech ＆ Innovation：Digit music game guided by underling rule     

英文导读

Cover Story：Singaporean VC： Existing for China 2005 is a year when Singaporean venture capitals gallop in china. As the flagship of Singaporean capitals, Temasek Holdings first bought 4.5% stocks of CMBC, then became the strategic investor of CCB and BOC, respectively with three and 1.4 billion dollars, while rumors go that Temasek is also trying to invest in China Pacific Insurance. What＇s more, major Singaporean VCs like GIC, UOB, TIF, and Capitaland China frequently appeared in the increasingly flourishing Chinese FDI market. Meanwhile, Chinese companies listed in Singaporean stock market suddenly increased.     

英文导读

Cover Story：Full circulation rescue internal venture capital The “twenty-eighty rule” in the Chinese VC will be smashed soon. For a long time, home-grown VCs were oppressed by their foreign counterparts and were extremely marginalized. Now, they finally find their privileges. For them, the feast of the full circulation of the SME board grants a opportunity but also poses a great challenge.     

Libor运行机制及对完善Shibor体系的思考

该文首先介绍了国际货币市场基准利率Libor的产生、发展、运行机制及其如何指导商业银行内外部定价等问题,进而分析了Libor与Shibor的异同之处,认为国内各报价行应进一步提高Shibor的报价水平,及此基础上的定价能力和创新能力,活跃Shibor的市场成交,完善Shibor体系,真正形成中国货币市场的利率曲线。     

Some reflections on different disability models

Abstract

As a retired actuary of life and health insurance the author has wished to summarize his experience and reflections about different systems of disability insurance. He wants to show how the premium technique of the “classic” Hamza process presented in 1900 as a model of the invalidity insurance technique without any element of recovery can be described for an active person by three alternative formulas of expected value of a disability indemnity. His of interest to observe that the second of these formulas can be applied to the technique of sickness insurance based on the probability of being sick. This technique is also used in British and Norwegian long term disability insurance. The third formula leads after modification to the Swedish sickness annuity technique and, further, to the technique of basic continuance tables used in U.S.A. In describing the classic process the author has used the discontinuous approach, but otherwise the continuous approach with integrals instead of sums has been preferred.

Methods of calculating the premium for “waiver of premium” have in this paper only been touched upon as a result of a modification of the sickness annuity technique. It has been found necessary to refrain from the opportunity to illustrate the interesting development of the invalidity technique according to Schoenbaum and later to Simonsen who introduced a series of transition probabilities between different states of activity and disablement.     

The state of futures research-personal reflections

Whilst offering a definition and scope for futures research the author feels that necessarily any judgment on its present state (of which he offers nine) has to be based on personal interests and experiences. Current and potential achievements are then outlined in terms of models, training and organizations, and include the Systems Dynamic Model, privately-run courses in leadership and visionary thinking, The Global Tomorrow Coalition, The International Network of Resource Information Centres and the Club of Rome's Forum Humanum.