中国珠宝首饰艺术品鉴定评估高层论坛暨首批注册珠宝资产评估师颁证仪式隆重举行

“中国珠宝首饰艺术品鉴定评估高层论坛暨首批注册珠宝资产评估师颁证仪式”于2005年11月11日在北京隆重举行。本次会议由中国资产评估协会、国土资源部珠宝玉石首饰管理中心、中国珠宝玉石首饰行业协会联合举办。财政部部长助理张少春、国土资源部副部长鹿心社在会议上发表了重要讲话,国务院国资委、海关总署、中国银监会等部委的领导,中国工商银行、中国信达资产管理公司的领导,以及来自珠宝行业、资产评估、工艺美术、拍卖、典当、保险、收藏等业界的领导、企业家和金融界的专家学者,中评协珠宝首饰艺术品评估专业委员会委员,中评协部分…     

谁能抢得那杯羹?

因设立了抵押权等待拍卖变现的建设工程就像一杯美味的羹,它面前站着两个饥饿的"守望者",一个是工程承包人,一个是商业银行,谁都想抢到这杯羹.     

Get inside the lives of your customers

Many companies have become adept at the art of customer relationship management. They've collected mountains of data on preferences and behavior, divided buyers into ever-finer segments, and refined their products, services, and marketing pitches. But all too often those efforts are too narrow--they concentrate only on the points where the customer comes into contact with the company. Few businesses have bothered to look at what the author calls the customer scenario--the broad context in which customers select, buy, and use products and services. As a result, consultant Patricia Seybold maintains, they've routinely missed chances to deepen loyalty and expand sales. In this article, the author shows how effective three very different companies have been at using customer scenarios as the centerpiece of their marketing plans. Chip maker National Semiconductor looked beyond the purchasing agents that buy in bulk to find ways to make it easier for engineers to design National's components into their specifications for mobile telephones. Each time they do so, it translates into millions of dollars in orders. By developing a customer scenario that describes how people actually shop for groceries, Tesco learned the importance of decentralizing its Web shopping site and how the extra costs of decentralization could be outweighed by the higher profit margins on-line customers generate. And Buzzsaw.com used customer scenarios as the basis for its entire business. It has used the Web to create a better way for the dozens of participants in a construction project to share their drawings and manage their projects. Seybold lays out the steps managers can take to develop their own customer scenarios. By thinking broadly about the challenges your customers face, she suggests, you can almost always find ways to make their lives easier--and thus earn their loyalty.     

2011:或将“差钱”

各位CFO朋友,大家新年好:2010年充裕的流动性让大家充分体会到了"不差钱"的种种好处。而2010年末再度上调的准备金率,拉开了2011年货币政策转向的大幕。随着货币政策由"适度宽松"转向"稳健",我们步入了2011年—"流动性回收年"。基于这样的宏观形势,作为企业的财务总管,如何能为企业筹到发展所需要的资金并且最大化的利用,是我们每个人不能不考虑的命题。     

PE退出十字路口:并购向左,IPO向右

随着财务核查第一阶段的结束,IPO再度成为市场焦点。而对于PE来说,未来退出渠道也面临新的选择在一季度IPO零封的背景下,并购重组成为受PE(私募股权投资)青睐的退出渠道。数据显示,一季度并购重组数量同比大增290%,相较于时间战线较长的IPO,火热推进的并购重组无疑更有魅力。     

The three pillars of Basel II: optimizing the mix

The on-going reform of the Basel Accord relies on three “pillars”: a new capital adequacy requirement, supervisory review and market discipline. This article develops a simple continuous-time model of commercial banks' behavior where interaction between these three instruments can be analyzed. We study the conditions under which market discipline can reduce the minimum capital requirements needed to prevent moral hazard. We also discuss regulatory forbearance issues.     

我国地方债何日能获"准生证"?

有关地方政府能否发债的争论从来就没有中断过,我国资本市场发展失衡以及地方政府资金的短缺现状与地方政府缺乏有效的自我约束机制的事实是各方论证各自观点的有力的论据。而这些也的确成为目前推行地方债的两股推动与牵制的力量。究竟,目前中国发展地方债券的时机是否成熟,发展地方债还需要扫清哪些障碍,为此本刊特邀中国博士后特华科研工作站刘华博士为读者解读其中的“玄机”。     

破除“大众创业”ABC的迷雾

大众创业要把握好创业的本质、故事、逻辑、分类、心态、潮流、趋势、契约、机制、误区、误导、环境和文化。     

Earning the right premium on the right factor in portfolio planning

The optimal portfolio as well as the utility from trading stocks and derivatives depends on the risk factors and on their market prices of risk. We analyze this dependence for a CRRA investor in models with stochastic volatility, jumps in the stock price, and jumps in volatility. We find that the compartment of the total variance into diffusion risk and jump risk has a small impact on the utility in an incomplete market only. In contrast, the decomposition of the equity risk premium into a diffusion component and a jump risk component and the compartment of the latter into its various elements has a huge impact on the utility in a complete market. The more extreme the market prices of risk, i.e. the more they deviate from their equilibrium values, the larger the utility of the investor. Additionally, we show that the structure of the optimal exposures to jump risk crucially depends on which elements of jump risk are priced.     

Managing the right tension

Of all the competing objectives every company faces, three pairs stand out: profitability versus growth, the short term versus the long term, and the whole organization versus the units. In each case, progress on one front usually comes at the expense of progress on the other. The authors researched the performance of more than 1000 companies worldwide over the past two decades and found that most struggle to succeed across the three tensions. From 1983 to 2003, for example, only 32% of these companies more often than not achieved positive profitability and revenue growth at the same time. The problem, the authors discovered, is not so much that managers don't recognize the tensions--those are all too familiar to anyone who has ever run a business. Rather, it is that managers frequently don't focus on the tension that matters most to their company. Even when they do identify the right tension, they usually make the mistake of prioritizing a "lead" objective within it-for example, profitability over growth. As a result, companies often end up moving first in this direction, then in that, and then back again, never quite resolving the tension. The companies that performed best adopted a very different approach. Instead of setting a lead objective, they looked at how best to strengthen what the two sides of each tension have in common: For profitability and growth,the common bond is customer benefit; for the short term and the long, it is sustainable earnings; and for the whole and its parts, it is particular organizational resources and capabilities. The authors describe how companies can select the right tension, what traps they may fall into when they focus on one side over the other, and how to escape these traps by managing to the bonds between objectives.     

蓝宝：环保时尚混凝土营造专家

荣登国际融资2015“十大绿色创新企业”榜单的北京市蓝宝新技术有限公司(简称：蓝宝)以其自主创新的高流态混凝土技术和混凝土表面装饰与保护技术这两大混凝土核心技术，打破了清水混凝土市场由国外垄断的格局，为中国市场提供了又一价廉、质优、节能、环保的建筑新材料。     

如何取得土地使用权转让费的合法入账凭证?

编辑同志: 我公司是一家中外合资企业.由于我公司的厂房是自行建造的,向当地村委取得土地使用权49年并支付土地使用权转让费,但对方只能提供我公司财政监制行政事业单位收据.     

浅议商业银行贷款保全措施之代位权和代位申请执行权的选择

文章研究商业银行贷款保全措施的代位权和代位申请执行权的选择问题。     

政策助力小企业走出融资困境

小企业生存难、发展难的问题现今再度成为社会关注和热议的焦点。在诸多小企业困境成因中,融资难、贷款难更是凡事必举,甚至被不少人士诟病为罪魁祸首。诚然,在货币政策转向稳健,央行频繁动用存款准备金率和存贷款基准利率等调控工具的情况下,银行流动性趋紧,贷款资源变得相对稀缺,于是,风险相对较高、展业成本较大的小企业贷款自然很容易受到挤压。因此,破解当前小企业困境的出路之一在于加大政策引导和支持,督促银行业改进小企业金融服务的激励与约     

Click me: an examination of the impact size,color, and design has on banner advertisements generating clicks

Banner advertisements are either ignored or criticized and rarely receive clicks. However, companies tend to use consistent messages but vary the visual characteristics to entice clicks. This study examined 22,978 instances of banner placements measured in weeks from an insurance company in 2016. Results point to the 300 × 250 size, blue ads, and static design generating more clicks than larger sizes, red ads, and animated designs.     

Choosing the right physician practices

A process for evaluating physician practices by their strategic alignment with a health system's mission separates the practices into four categories: "Must-have"--Strategically and financially beneficial. "Cash is king"--Financially beneficial but not a strategic priority. "Dream big"--strategically important but currently not financially beneficial. "Avoid acquiring"--neither strategically nor financially beneficial.     

采矿权性质的研究

在目前的会计处理中,采矿权仅作为无形资产处理,即作为企业开采矿产资源时取得的超额收益所付出的代价进行处理。这一种处理方式带来了许多问题,如矿产品成本不真实,国有资产权益受到侵害,矿产资源不能合理利用,采矿企业产生暴利等等。为此,本文对采矿权性质进行研究,论证矿产资源的价值,并提出应将采矿权作为承载矿产资源转移价值的载体。     

Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory

Consistent with a life-cycle theory of dividends, the fraction of publicly traded industrial firms that pay dividends is high when retained earnings are a large portion of total equity (and of total assets) and falls to near zero when most equity is contributed rather than earned. We observe a highly significant relation between the decision to pay dividends and the earned/contributed capital mix, controlling for profitability, growth, firm size, total equity, cash balances, and dividend history, a relation that also holds for dividend initiations and omissions. In our regressions, the mix of earned/contributed capital has a quantitatively greater impact than measures of profitability and growth opportunities. We document a massive increase in firms with negative retained earnings (from 11.8% of industrials in 1978 to 50.2% in 2002). Controlling for the earned/contributed capital mix, firms with negative retained earnings show virtually no change in their propensity to pay dividends from the mid-1970s to 2002, while those whose earned equity makes them reasonable candidates to pay dividends have a propensity reduction that is twice the overall reduction in Fama and French [2000, Journal of Financial Economics 76, 549–582]. Finally, our simulations show that, if well-established firms had not paid dividends, their cash balances would be enormous and their long-term debt trivial, thus granting extreme discretion to managers of these mature firms.     

Telling the data story the right way

Effective data-driven analyses of service-line performance require: Buy-in and agreement at the outset from all parties (hospital and physicians) on the validity of the data used to evaluate service-line performance, Actionable data and metrics relevant to physicians, with financial goals tangibly linked to clinical improvement, Transparent sharing of data with physicians to build their trust and support the case for change, A physician champion who can help validate findings and guide how data are presented, Willingness of physicians to acknowledge that the opportunity for improved margin depends largely on the variable costs that they control as individuals.