金融资产管理公司市场定位的现实选择

1999年，我国先后组建了信达、长城、华融和东方四家金融资产管理公司（以下简称资产管理公司），收购、管理和处置四家国有商业银行和国家开发银行剥离的近1．4万亿元不良资产。经过近8年的努力，资产管理公司已将政策性剥离的不良资产基本处置完毕，四家资产管理公司都实现了财政部核定的经营目标，现正等待财政部组织进行政策性损失清算和财务重组，     

专项资产管理计划——基金公司的新产品

今年以来,基金管理公司在中国证券监督管理委员会（以下简称“证监会”）“放松管制、加强监管”的政策指引下,加快向现代财富管理机构转型。9月,证监会颁布了《基金管理公司特定客户资产管理业务试点办法》（以下简称（（专户办法》）及其配套规则;10月31日,证监会又正式颁布了《证券投资基金管理公司子公司管理暂行规定》。基金公司纷纷根据以上制度指引,申请设立子公司,发行类似信托的,投资于未通过证券交易所转让的股权、债权及其他财产权利的专项资产管理计划（以下简称“专项计划”）。我们预计2013年初专项资产计划将可以正式发行,并逐步为市场所认识和接受,成为基金公司发展的新引擎。。     

德国安联集团资产管理业务的运作经验及启示

德国安联集团（下称“安联集团”或“安联”）是世界上最大的金融保险集团之一,拥有100余年的历史,业务范围包括寿险、健康险、财产险、再保险、风险管理咨询,以及机构和个人的资产管理业务等.本文分析了安联集团资产管理业务的现状及经验等,希望可以对国内保险资产管理行业的发展有所启示.     

专户理财：基金公司开始逐鹿私募业务

日前，中国证监会基金监管部向各基金公司及基金托管银行下发了《基金管理公司特定客户资产管理业务试点办法（征求意见稿）》（以下简称《办法》）。《办法》明确指出，基金公司可为单一客户办理专户理财业务。一家已获得企业年金管理资格的基金公司机构理财部投资总监表示，     

太平洋保险：领先信息技术战略全面支持企业发展

中国太平洋保险（集团）股份有限公司（以下简称“太平洋保险”）总部设在上海,注册资本77亿元,公司投资设立中国太平洋人寿保险股份有限公司、中国太平洋财产保险股份有限公司、太平洋资产管理公司和中国太平洋（香港）有限公司等海外机构,还投资了太平洋安泰人寿保险公司。     

事件

证监会发布《证券公司及基金管理公司子公司资产证券化业务管理规定》及配套规则 11月17日．中国证监会正式发布《证券公司及基金管理公司子公司资产证券化业务管理规定》（以下简称《规定》）及配套的《证券公司及基金管理公司子公司资产证券化业务信息披露指引》《证券公司及基金管理公司子公司资产证券化业务尽职调查工作指引》,目的在于进一步推进资产证券化发展．盘活存量资产．服务经济结构调整和转型升级。     

毋须扬鞭自奋蹄——记辽宁中盛联盟资产评估有限公司

沈阳是一个历史悠久又充满活力的城市。据对新乐遗址的考证,早在7200年前,就有人类在此繁衍生息,名胜古迹众多,现在的古遗址、古城址、古建筑等达400多处。沈阳西汉时称侯城,辽金时称沈州,元代改称沈阳路．沈阳一名就源于此。辽宁中盛联盟资产评估有限公司（以下简称中盛公司）就位于沈阳市金融开发区。     

金融资产管理公司办事处综合经营研究

2010年7月,由信达整体改制,财政部独家发起成立了中国信达资产管理股份有限公司（以下简称信达股份）,拉开了资产管理公司在完成四家国有商业银行政策性不良资产处置的历史使命后向综合金融服务机构商业化转型的序幕。作为资产管理公司庞大网络的构成部分,办事处层面如何推进综合经营成为值得关注的问题。     

新疆辖区金融资产管理公司运营状况浅析

中国金融资产管理公司作为专业处置不良资产的国有独资金融饥构，为提高我国金融资产质量、化解金融风险做出了突出的贡献。当前，金融资产管理公司进入发展的关键时期，诸如对寻求处置剩余资产的有效方式、健全公司内控制度、存续期结束后的发展方向等问题的解决日益迫切。目前，新疆共设有三家资产管理公司办事处，分别为华融、长城、信达资产管理公司乌鲁木齐办事处（以下简称三家办事处）。自成立运作以来，三家办事处从新疆实际情况出发，将资产处置工作与维护新疆稳定紧密结合，制定行之有效的资产处置方案，不断加大资产处置力度，资产处置及其他相关工作进展良好。     

上海松下降成控费的管理实践

上海松下等离子显示器有限公司（以下简称“公司”）成立于2001年，中方投资股东是上海广电电子股份有限公司和上海广电资产管理有限公司，外方为日本松下电器产业株式会社和松下（中国）电器有限公司。公司是生产等离子屏和整机的高新技术企业，注册资本16500万美元，总投资23448万美元，现有员工l798人，公司历年利润率始终保持在2％～5％之间。多年来，公司吸收了日方先进的管理经验，建立了自己的管理体系，     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.