The new deal at the top

What makes a company strategically agile--able to alter its strategies and business models rapidly in response to major changes in its market space, and to do so repeatedly without major trauma? Three years of in-depth case research on a dozen large companies worldwide showed the authors that one key factor is a new leadership model at the top. Senior executives at agile companies assume collective rather than individual responsibility for results. They build interdependencies among units and divisions, motivating themselves to engage with one another, and carefully manage their dealings to promote collaboration that is frequent, intense, informal, open, and focused on shared issues and the long term. Challenges to conventional thinking are encouraged. This is the new deal, and it's not easy to strike, because it requires executives to act in ways that are far from comfortable. After all, the corporate ladder at most firms favors independent types with a deep need for power and autonomy. At executive meetings, disagreement is suppressed or expressed passive-aggressively, eroding any real sense of belonging to a team. Switching to the new deal almost always requires a huge shift in the company's culture, values, and norms of interaction. The authors describe three approaches to making the shift: Executives can be given formal responsibility not for a business unit but for different stages in the company's value chain. This worked well for SAP, which has a relatively focused business portfolio. When a company's portfolio is less uniform, like Nokia's, business and functional units can be organized to crisscross on a matrix. And when a company is widely diverse, like easyGroup, it can emphasize the learning opportunities that units with common business models may share.     

积极探索业务监管工作新思路

几年来,我们始终把业务监管作为协会工作重中之重,找准监管工作的定位,坚持监督与指导相结合、处罚与教育相结合、管理与服务相结合,不断深化业务监管体系建设,积极探索行业监管工作新思路.     

推动公平的经济增长

推动公平的经济增长对中国意味着什么?一篇最新的世行报告提供了这方面的研究成果     

引进国外核心系统的融合之路

作为银行操作系统的基础．核心业务系统的引进一向被视为银行的“心脏移植”。其难点不仅在于要找到适合银行自身的产品．更在于移植来的“心脏”要和现有的业务及管理血脉融合，只有这样才能实现银行业务的优化和管理的国际化。     

《美少女特攻队》：通往自由的路

在幻与梦的边缘,现实是虚无缥缈的,如同通往自由的路。迈克尔.贝执导的《变形金刚》系列和以詹姆斯.卡梅隆精心烹制的《阿凡达》为代表作的技术军团,将电影艺术带到了一个更加精湛的制作空间;此后,克里斯托弗.诺兰又用＂梦＂堆积起《盗梦空间》,     

重走长征路抒怀

千里之行，始于足下；艰难困苦，玉汝于成。重走二万五千里长征路，踏着先烈的足迹，置身一片片曾经战火纷飞的热土和圣地，感慨万千，情操一次又一次受到陶冶，心灵一次又一次受到震撼……     

车师古道行记

魅力新疆 久居城市,听倦了世俗社会的纷繁喧嚣,看厌了钢筋铁骨的高大建筑.6月,这个外出旅行的好季节,我们踏上了前往车师古道的征途.     

走上监管之路

六年前,为了防范亚洲金融危机对本来就脆弱的内地金融业造成冲击,中央召开全国金融工作会议,对整顿金融秩序、防范金融风险做出了重要部署;并于第二年撤销了中国人民银行31个省级分行,成立了九大跨省区分行和两个总行营业管理部,同年5月中央金融工委正式挂牌,统领所有金融行业的监管工作。 整整六年过去了,原来的举措到底起没起到有效的作用呢?笔者以为,这五年正是中资银行债台高筑、愈发苦不堪言的时期,中央银行的监管职能并没有促进中资银行资产质量好转。究其原因,有些学者认为在于中央银行还掌握着另一项重要职能——货币政策。 2003年4月28日,银监会正式挂牌成立,这对于我国的金融监管又意味着什么呢?请看     

Convergence to market efficiency of top gainers

This study investigates the convergence process toward efficiency of daily top gainers. The convergence process toward efficiency is much clearer as a result of using a GARCH(1, 1) model compared to the OLS model, and exhibits a monotonic decline as the time interval increases. The relationship between volatility and order imbalances is, however, not strong enough, suggesting that market makers do have the capability to reduce price volatility. This study develops an imbalance-based trading strategy, which earns a positive profit but fails to outperform the buy-and-hold strategy (i.e., open-to-close returns). A nested causality approach, which examines the dynamic return–order imbalance relationship during the price-formation process, confirms the results.     

联想的投资之路

2001年,成立于1984年的联想集团经过多年发展已经在中国本土市场的PC制造和IT分销领域形成了优势地位,根据业务发展需要分拆为从事电脑业务的联想集团和从事分销业务的神州数码集团,在两大业务集团之上成立联想控股,形成了投资控股型的集团构架。拆分之后,母公司联想控股主要依靠联想集团和神州数码上缴利润的方式生存,股东们认为这两家公司都处在高风险的IT行业,     

从农村金融的“坚守者”到“引领者”——江西省农信社信息化之路

江西省农村信用社联合社信息科技部总经理侯志红：江西省农信社利用后发优势,用科学发展观统领信息化建设全局,利用成熟的应用系统实现了信息化建设的跨越式发展,6年的时间,走出了一条具有农村信用社特色的信息化建设之路。     

国能生物：全球生物质发电的领航者

＂十大绿色创新企业＂的评选活动在《国际融资》杂志评选项目工作组及55位评委、5位独立评审顾问和联合国工业发展组织国际环境资源监督管理机构的共同努力下,历时半年时间,终于揭晓。     

一家具有百年历史的英国中型事务所的与时俱进

Michelle Perry与Saffery Champness事务所的负责人Rob Elliott进行了一次会谈,讨论该事务所的发展以及该所是如何利用其他中型     

国投：集结一流

2008年“两会”期间,《国际融资》记者在全国政协委员下榻的京丰宾馆采访了国家开发投资公司总裁王会生,两个小时的采访结束后,记者对国家开发投资公司（以下简称“国投”）、对国投当家人的由衷感慨,可以浓缩为两个沉甸甸的字：“不易”!因为,在国家划转的计划经济时代形成的一大堆资产中创造一流业绩,难!但他们摸石头过河,创造了奇迹。在没有产业优势的背景下拿到一流项目,难!但他们以超常的拼搏,占领了市场。在令人眼红的金融市场中发现机遇不难,抓住机遇实属不易,但他们却赢得了机遇之神的青睐。“二次创业”5年来,国投总资产由2002年的755亿元增长到2007年的1460亿元,增长99％,实现利润从8．6亿元增长到50亿元,增加了480％。国投成功的秘诀在哪儿？实现一流的密钥又是什么？下一个5年,国投的投资目标将对准哪里？且看     

Defining the road ahead: thinking strategically in the new era of health care reform

Understanding the implications of the new health care reform legislation, including those provisions that do not take effect for several years, will be critical in developing a successful strategic plan under the new environment of health care reform and avoiding unintended consequences of decisions made without the benefit of long-term thinking. Although this article is not a comprehensive assessment of the challenges and opportunities that exist under health care reform, nor a layout of all of the issues, it looks at some of the key areas in order to demonstrate why employers need to identify critical pathways and the associated risks and benefits of each decision. Key health care reform areas include insurance market reforms, grandfather rules, provisions that have the potential to influence the underlying cost of health care, the individual mandate, the employer mandate (including the free-choice voucher program) and the excise tax on high-cost plans.     

提升我国银行资本管理效率的路径选择

如何加强银行资本管理不仅关系到银行自身的安全以及整个社会经济的稳定,而且直接决定银行的盈利能力和未来价值的创造。本文通过资本充足性、资本收益率以及资产收入结构等一系列经济指标对当前国内外商业银行资本管理效率现实差异进行比较分析,确认我国商业银行资本管理效率是低下的,而提高效率的根本途径包括资本的有序开发和资本合理配置两方面。