新经济条件下工商银行的跨越式发展

美国新经济是在科技生产力与货币推动力有机结合的基础上产生的,美国银行业在支撑新经济发展的同时,自身也得到了极大地发展与创新.工商银行实现跨越式发展,就是要完成从国内银行向全球全能银行的跨越,完成商业化,实现全能化,推进国际化.这既需要一定的条件,也需要恰当制定发展策略和采取得力措施.本课题在认真分析工商银行的发展阶段及未来发展的影响因素等基础上,提出了工商银行跨越式发展的主要策略:深化改革,建立现代化金融企业;加紧培养,建设国际化人才队伍;迎头赶上,提高信息化管理水平;大胆创新,完善多样化业务体系;充分合作,吸收多元化发展经验.     

发展境外人民币业务须扩大资金池——访渣打银行资本市场部执行董事郑俊峰

作为香港金管局注册的金融高管、现任渣打银行资本市场部执行董事，郑俊峰拥有超过20年的资本市场工作经验，对债务融资工具、信用评级、资产负债管理等产品和业务具有深刻的理解，对人民币国际化的相关问题也有切身感受。     

BEHIND THE CORPORATE HEDGE: INFORMATION AND THE LIMITS OF "SHAREHOLDER WEALTH MAXIMIZATION"

The article begins by setting out three alternative conceptions of the corporate objective function. Relying on this framework, it shows that legal analyses tend to neglect conflicts between the interests of the corporate entity and the interests of shareholders over the amount of corporate risk-taking. Financial analyses tend to ignore both constraints on managerial discretion imposed by law and a fundamental ambiguity the author identifies in the “shareholder wealth maximization” assumption that underlies such analyses. This ambiguity arises in part from market “frictions”–particularly, the investor uncertainty and heightened price volatility that stem from informational “asymmetry.” Such an information gap between management and outside investors (along with market “irrationality”) can cause material disparities between the actual trading price and the intrinsic value (or what the author calls the “blissful price”) of a company's shares. As a consequence, corporate hedging that maximizes actual share values may not maximize intrinsic values (and vice versa), thus giving rise to a managerial dilemma. Previous analyses have also failed to give adequate consideration to the expectations of shareholders. If, for example, the shareholders of a natural resource company are seeking a relatively “pure play” on that resource–in part because they believe the company's management has no comparative advantage in managing price risks–corporate hedging that increases shareholder wealth may re-duceshareholder welfare. In this sense, the usual “shareholder wealth maximization” directive is not only ambiguous, but also incomplete. These problems stem not only from informational asymmetry, but from other institutional realities (such as the “political” taint associated with reported derivative losses of any kind) that raise the information costs of using derivatives. The article concludes with some suggestions for improving disclosure of corporate risk management “philosophy.” Better disclosure may not only help reduce such information costs, but could also encourage corporations to find–and stick to–their derivatives niche.     

REINVENTING A CORPORATION: THE "SATELLITE" STRUCTURE OF THERMO ELECTRON

Thermo Electron has created a unique–and highly productive—corporate structure by selling to the public minority equity interests in 19 of its business units over the period 1983 to 1996. Since 1983, the company has achieved extraordinary gains for stockholders, both those of the parent company and those of most of its publicly traded subsidiaries.
The company's "satellite" structure is intended to preserve the benefits enjoyed by small entrepreneurial organizations without sacrificing many of the advantages enjoyed by larger firms. Although decentralization is a key element of the organizational design, another important feature of the Thermo Electron approach is that administrative activities unrelated to the focus of the unit's operations continue to be managed at the parent level. The combination of an entrepreneurial atmosphere with the financial and administrative support of a larger organization is used extensively by the company to attract and retain management and technical talent. In fact, the company made the remarkable claim in a 1995 Forbes article that "no developer or entrepreneur has ever left Thermo Electron."
Another major contributor to the company's entrepreneurial culture is an incentive structure that is tied directly to the equity performance of both the public units and the parent. Managers of the publicly traded units are granted significant amounts of stock options, but only 40% of those options are based on the performance of their subsidiary. Of the remaining 60%, 40% are granted in the stock of the parent and the other 20% are in stock of the other subsidiaries.     

债转股与化解国有商业银行的不良资产

本文回顾了我国对"债转股"方案从探讨到决策实施的全过程,分析了实施"债转股"的背景和动机,认为目前此举已从改革和发展两个方面扩展了"债转股"的内涵和模式,不仅能盘活银行不良资产、减轻国有企业负担,更能推进建立现代企业制度、发展多元化产权结构和对国有资本实施战略性重组,以淘汰旧的生产力并在全社会的空间实现资源优化配置.作者强调,"债转股"过程必须始终以推动企业改制为主要目标,辅以配套的改革措施.另外,"债转股"也不是灵丹妙药,对其本身的风险以及我国一些现实的障碍要有清醒的认识,在操作过程中一定要严格谨慎、防范风险,确保"债转股"行为不被扭曲,最终取得良好的经济、社会效果.     

新工科背景下工业设计专业《设计色彩》课程教学改革探索

当前工业设计专业《设计色彩》课程教学过程中存在课时不足、色彩理论知识与产品设计实践联系不紧密等问题.文章通过分析工业设计专业《设计色彩》课程的教学现状,提出新工科背景下工业设计专业《设计色彩》课程教学改革的意义及策略.以期为"新工科"背景下工业设计专业《设计色彩》课程教学改革提供新的思路与方法.     

生活美学在短视频创作中的应用 ――以"李子柒"短视频为例

随着人们生活质量的逐步提升,生活美学在日常生活中的地位也日益突出,现已成为中国甚至全球美学理论的新趋向,其中生活美学是短视频拍摄中最为常见的创作内容.文章围绕生活美学在短视频创作中的应用而展开,着重阐述生活美学在短视频创作中的应用意义和应用方法,以期对短视频创作提供一定的借鉴,同时希望可以为当代生活美学的研究提供一种新的思路.