并购的价值视角(一)

对于实体经济的投资而言,投资往往在"新建项目"和"并购企业"之间做出选择或二者并用。是建是买,建买孰优,怎样选择?本文列出10个参数进行简要对比分析。并购是企业为实现自身发展需要而收购其他企业股权或企业资产的投资行为,亦可以称其为并购投资,但它的本质上是一种市场交易行为,其参与者不仅有买方和卖方,还有独立的第三方——律师、会计师、评估师等机构。买方在这种交易中要寻找目标公司、完成并购交易、整合新     

风险投资目前最青睐哪些对象

《科学投资》编辑部： 我是贵刊的一名读者。两年前从国外学成归来，创办了自己的企业，主要是为第三方应用提供中间软件。公司目前位于北京海淀创业园。两年来，公司发展还比较顺利，人员现在已经发展到有30多名。去年的纯利润有80多万元，今年预计可以超过130万元。但是仍旧感觉公司发展太慢。我们的业务主要面向国内的医疗企业，也有部分是替国外做软件外包。     

北京市节能环保低碳创业大赛(第二季)拉开帷幕

还记得去年创业季活动的火爆场面吗?伴随2016北京市第四届节能环保低碳系列宣传活动于3月9日正式启动,作为本届活动四大品牌之一的"创业季"也由此拉开帷幕。"创业季"即北京市节能环保低碳创业大赛(第二季)活动,由市发展改革委主办,北京节能环保中心承办。旨在整合创新创业要素,通过促进节能环保低碳科技创新和成果转化,搭建为节能环保低碳中小企业服务的平台,宣传创新创业人物,树立创新创业品牌,引导更广泛的社会资源支持创新创业,促进节能环保低碳中小企业创新发展。     

The Maturity Rat Race

Why do some firms, especially financial institutions, finance themselves so short‐term? We show that extreme reliance on short‐term financing may be the outcome of a maturity rat race: a borrower may have an incentive to shorten the maturity of an individual creditor's debt contract because this dilutes other creditors. In response, other creditors opt for shorter maturity contracts as well. This dynamic toward short maturities is present whenever interim information is mostly about the probability of default rather than the recovery in default. For borrowers that cannot commit to a maturity structure, equilibrium financing is inefficiently short‐term.     

债务式“稳增长”

30%地方债务成为压倒不堪一击的宏观经济并非空穴来风,虽然相比美国联邦政府15万亿美元的债务而言,地方政府的债务不到其总量的30%。178截止6月14日,地方城投债共发行178只,融资规模为3025.9亿元。在债务危机愈演愈烈的背景下,债务"硬约束"有必要老调重弹。否则,债务危机引发的次生灾难可能再度袭来。     

经济增速要给调整留出空间——访全国政协委员、清华大学中国经济思想与实践研究院院长李稻葵

记者:感谢您接受《中国金融》杂志的专访。今年是我国“十四五”时期的开局之年,是我国现代化建设进程中具有特殊重要性的一年。今年的政府工作报告设定GDP目标增速为6%以上,您怎样看待这一目标?您认为今年的经济发展前景如何?     

北魏财政体系与财政管理

北魏财政体系和财政管理在拓拔鲜卑由游牧生产方式到农耕生产方式转化的过程中逐渐形成与完善.随着农耕方式最终占有压倒性优势,成为北魏国民经济的主体,北魏财政体系效仿前代中原王朝统治经验,日益与中原汉制融合,财政体系逐渐完善,财政管理也日益有章可循.     

在区域经济发展中实现金融与地方经济"双赢"

近年来,中部等欠发达地区在区域经济发展中,金融与地方经济之间出现了许多不协调的问题。实现金融与地方经济协调发展的基本思路是：转变观念,客观看待市场经济体制下金融和地方经济的关系;加强信任合作,建立政、银、企长效合作沟通机制;加强诚信建设,为双赢创造良好环境,实现经济金融良性互动发展。     

The truth about mentoring minorities. Race matters

Diversity has become a top priority in corporate America. Despite corporations' best intentions, however, many have failed to achieve a racial mix at the top levels of management. Some have revolving doors for talented minorities, recruiting the best and brightest, only to see them leave, frustrated by their experiences. Others are able to retain high-potential professionals of color but find them mired in middle management. To understand the different career trajectories of whites and minorities, David Thomas studied the progression of racial minorities at three large U.S. corporations. Here, he explains the three career stages that all professionals advance through, and he discusses why promising white professionals tend to enter fast tracks early in their careers, whereas high-potential minorities typically take off after they have reached middle management. Thomas's research shows that minorities who advance the furthest share one characteristic: a strong network of mentors and corporate sponsors. He found that minorities who plateaued in middle management received mentoring that was basically instructional; it helped them to develop skills. By contrast, minorities who became executives enjoyed fuller developmental relationships with their mentors. Thomas explains the types of support mentors provide for their protégés and outlines the challenges of mentoring across racial lines. Specifically, he addresses negative stereotypes, public scrutiny, difficulty with role modeling, and peer resentment. Finally, Thomas challenges the notion that the job of mentors begins and ends with their one-on-one relationships with their protégés. He offers concrete advice on how mentors can support broader initiatives at their organizations to create and enhance conditions that foster the upward mobility of professionals of color.     

魏美钟：草根CFO成长记

严谨、乐观、执着、向上,魏美钟这样评价自己。处于复杂恶劣的民营企业生态环境之中,他凭借认真与细腻踏出了一条不寻常的道路。面对更加宽广的舞台及更高标准的要求,作为CFO,他的角色也在不断发生着变化。虽然一路走来有过曲折,但魏美钟始终坚信：是金子永远会发光。     

The Slow Adjustment of Aggregate Consumption to Permanent Income

This paper investigates the relationship between aggregate consumption and permanent income using a new approach to the estimation of cointegrated systems that builds on Stock and Watson's common stochastic trends representation. The permanent and transitory movements in aggregate income and consumption are estimated directly using the Kalman filter and are allowed to be correlated. This approach avoids any implicit restriction that permanent income be as smooth as consumption. Instead, permanent income appears to be relatively volatile, with consumption adjusting toward it only slowly over time. These results provide a clear rejection of the standard version of the permanent income hypothesis and are suggestive of alternative theories of consumption behavior such as habit formation or precautionary savings.     

Basel框架下ORI风险缓释效应的缺陷与修正

操作风险保险(Operational Risk Insurance,ORI)是操作风险管理的重要举措,新Basel协议在首次将操作风险纳入其监管框架第一支柱的同时,对ORI也给予了特别关注。然而,由于没有合理考量风险缓释效应,新Basel框架在这方面的各种安排可能会引致一系列与其目标相冲突的陷阱,如不公平竞争问题、监管套利问题等。本文试图通过对ORI风险缓释效应的量化分析,在揭示这些问题的同时为最终修正这些缺陷提供一些思路,从而更好地实现Basel框架的宗旨,也为完善我国的操作风险管理实践提供参考。     

救助企业复活 实现银企双赢——农业银行河南省分行实施复活企业工程的调查

复活企业工程是农业银行河南省分行对国有商业银行如何处置不良贷款，优化自身经营环境，有效化解金融风险和构筑新型银企关系进行的有益尝试，通过实施“复活工程”，收到了危困企业复活，银行资金盘活，地方政府减负的良好效果。