渣打银行中国策略

就在"两会"召开之际,本刊记者在渣打银行北京分行采访了渣打银行中国区总裁曾璟璇女士.巧合的是,此时的她走马上任正好整一年.而这一年,她领导的渣打中国可谓是跑马圈地紧运行.     

Star CEOs or Political Connections? Evidence from China's Publicly Traded Firms

This paper studies China's “star CEOs” defined as members of the National People's Congress (NPC) or the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and “politically connected” CEOs who have previous government or military experience. We evaluate the effect of “star CEOs” and “politically connected” CEOs on firm performance and CEO compensation. We find that announcement date returns, CEO compensation and incentives are all higher in firms that appoint “star CEOs”. However, the mechanism explaining these various premiums is largely political connectedness of these star CEOs. Our study finds only modest evidence that star‐CEO status directly determines firm performance. Our analysis strongly suggests that compensation and performance premiums are mostly driven by CEO political connections, as opposed to CEO talent/star effects.     

政治关联与我国民营上市企业的多元化投资

本文以2010年我国沪深民营上市企业为研究对象,研究民营上市企业的政治关联对民营企业多元化投资的影响.研究发现:1.民营上市企业的政治关联对其多元化程度的影响是显著为正的,当民营上市企业的政治关联划分为代表委员类政治关联、前政府官员类政治关联和政府行业协会类政治关联之后,只有代表委员类政治关联对民营上市企业多元化程度有...     

2010,中国经济何去何从?

中国目前正在经历实体经济的产能过剩危机,生产过剩危机并不是将来时,而是正在进行时。     

第三次春潮 “政府理财万里行”之走进全国“两会”

春江潮水连海平。就在跨入二十一世纪又一个新十年之际,中国迎来了改革开放以来的第三次政府理财春潮。如何定义第三次春潮?毫无疑问,这是以1994年、1998年为参照系的。1994年,分税制改革的顺利推行让政府理财官们夙     

金融风险专家谈危机下的投资策略

全国政协委员、中国投资有限责任公司(以下简称中投)副总经理、首席风险官汪建熙是业界非常有专业素养的学者型金融家.在今年"两会"召开期间,<国际融资>杂志记者就危机下的中国乃至世界经济金融情势判断专程采访了他.     

金融风险专家谈危机下的投资策略——专访中国投资公司首席风险官汪建熙

全国政协委员、中国投资有限责任公司（以下简称中投）副总经理、首席风险官汪建熙是业界非常有专业素养的学者型金融家。在今年“两会”召开期间,《国际融资》杂志记者就危机下的中国乃至世界经济金融情势判断专程采访了他。他凭借在国内外业界积累的经验,对全球经济走势,对中国融资市场、对中国金融机构的风险控制机制、对中国金融机构走出去的现状与问题,从专业的角度做出了入木三分的分析.     

资产管理公司股权退出与国有企业重组

债转股是我国为化解金融风险、盘活国有银行不良资产和推动国有企业改革脱困而实施的一项重大举措。本在对目前债转股给国企带来的积极效应和存在的主要问题进行分析的基础上，提出了实现资产管理公司股权退出和国有企业重组的一些建议。     

在新的起点上推进注册会计师行业加快发展

全国两会审议通过的十二五规划纲要,第一次将会计审计服务列入国民经济发展规划。注册会计师行业要充分把握这一重大机遇,在新的起点上推进注册会计师行业加快发展,在实现自身跨越式发展中提高服务国家建设的能力。     

对我国政府绩效评价体系的调研与分析

为了解当前我国政府绩效评价的现状及问题,我们在全国范围内进行了一次问卷调查。本文的主要发现是:大多数单位或组织都建立了绩效评价体系;对绩效理念的测试表明,人们对即使非常常见概念的理解和认识也存在不一致;对于评价人,被调查者认为应依次为:审计部门、独立第三方、人大下设的专门机构等;绩效评价应针对单位整体层面、领导集体或领导个人;评价结果应当呈报上级政府、同级政府、同级人大和公开媒体,评价结果应与职务升迁挂钩。     

两会后四大经济悬念

作为一个高度敏感的时间窗口,2010年3月的这次全国两会,将在很大程度上决定未来3～5年的国内宏观经济走势。尽管国内外媒体进行连篇累牍地报道,但剥去雷人提案和会场花絮对注意力的干扰,真正可以沉淀下来的有价值信息     

中俄两国实现本币结算的影响分析

2010年3月,全国＂两会＂期间公布的＂十二五＂规划纲要明确提出了＂十二五＂期间重点推进长吉图经济区经济发展的要求。长吉图地区毗邻俄罗斯,中国的市场、人力和技术优势与俄罗斯的资源优势相结合,使得两国经济具有很强的互补性,因此,中俄贸易将成为推动长吉图地区发展的重要动力。2010年11月23日,中俄两国总理宣布,双方决定使用本国货币实现双边贸易结算,在这一背景下本文探讨了如何改变两国本币结算额偏低现状、促进两国贸易发展,以及本币结算对两国的影响,并提出了相应建议。     

政治关联与会计信息质量——基于我国民营上市公司的实证研究

采用2007~2011年持续经营的民营上市公司为样本,对不同政治关联方式与会计信息质量的关系进行实证研究,结果表明,不同政治关联方式对会计信息质量的影响程度不一致:政府官员类政治关联的负影响最大,代表委员类则是正相关关系,其他背景类则影响不大;在后金融危机时代,政治关联对会计信息质量的这种负面影响更为显著。     

A smarter way to network

The adage "It's not what you know, it's who you know" is true. The right social network can have a huge impact on your success. But many people have misguided ideas about what makes a network strong: They believe the key is having a large circle filled with high-powered contacts. That's not the right approach, say Cross, of UVA's McIntire School of Commerce, and Thomas, of the Accenture Institute for High Performance. The authors, who have spent years researching how organizations can capitalize on employees' social networks, have seen that the happiest, highest-performing executives have a different kind of network: select but diverse, made up of high-quality relationships with people who come from varying spheres and from up and down the corporate ladder. Effective networks typically range in size from 12 to 18 people. They help managers learn, make decisions with less bias, and grow personally. Cross and Thomas have found that they include six critical kinds of connections: people who provide information, ideas, or expertise; formally and informally powerful people, who offer mentoring and political support; people who give developmental feedback; people who lend personal support; people who increase your sense of purpose or worth; and people who promote work/life balance. Moreover, the best kind of connections are "energizers"--positive, trustworthy individuals who enjoy other people and always see opportunities, even in challenging situations. If your network doesn't look like this, you can follow a four-step process to improve it. You'll need to identify who your connections are and what they offer you, back away from redundant and energy-draining connections, fill holes in your network with the right kind of people, and work to make the most of your contacts. Do this, and in due course, you'll have a network that steers the best opportunities, ideas, and talent your way.     

Musings on management. Ten ideas designed to rile everyone who cares about management

Henry Mintzberg, a professor of management at McGill University in Canada and at INSEAD in France, takes aim at the hype surrounding management fads and gurus and dares to suggest that the emperor has no clothes. In order to rile all who care about management and get them thinking creatively, he presents ten contrarian observations on such topics as the meanness of leanness, the folly of CEOs who fancy themselves strategists, the disempowering that so-called empowerment creates, the myopia of purely financial measures, and the inadequacy of M.B.A. programs. Mintzberg maintains, for example, that it is time to delayer the delayerers. He argues that delayering has created more problems than it has solved be cause it is, in essence, a process by which people who barely know what's going on get rid of those who do--a process ensuring that the real database of the organization, the key to what was its future, lines up at the unemployment office. Too many managers, he says, dream of becoming the next turnaround doctor. They fail to understand that great organizations, once created, don't need great leaders: if a company can't function on its own, a hero won't help. A leader who draws out the knowledge embedded in all parts of an organization is a leader who can help a company function alone--without heroes. Such leaders often practice what Mintzberg calls the craft style of management (as opposed to the professional style or the boss style). It is about inspiring, not empowering. It is based on mutual respect rooted in common experience and offers hope for improving what is now wrong with management.     

When followers become toxic

Leaders are vulnerable, too. That is, they can be led astray just as their followers can--actually, by their followers. This happens in a variety of ways. Sometimes, good leaders end up making poor decisions because well-meaning followers are united and persuasive about a course of action. This is a particular problem for leaders who attract and empower strong followers. These executives need to become more skeptical of the majority view and push followers to examine their opinions more closely. At other times, leaders get into trouble because they are surrounded by followers who fool them with flattery and isolate them from uncomfortable realities. Charismatic leaders, who are most susceptible to this problem, need to make an extra effort to unearth disagreement and to find followers who are not afraid to pose hard questions. Organizational mechanisms like 360-degree feedback and executive coaching can help these leaders get at the truth within their companies. Finally, unscrupulous and ambitious followers may end up encroaching on the authority of the leader to such an extent that the leader becomes little more than a figurehead who has responsibility but no power. There's not much leaders can do to completely guard against a determined corporate lago, but those who communicate and live by a positive set of values will find themselves better protected. And since followers tend to model themselves after their leaders, the straightforward leader is less likely to have manipulative followers. In this article, George Washington University professor Lynn Offermann explores each of these dynamics in depth, arguing that leaders need to stir debate, look for friends who can deliver bad news, and communicate and act on a solid set of values.     

What role for social scientists in risk expertise?

When it comes to risks – health and environmental risks, like those linked to the use of nanotechnologies, pesticides, etc. – three main groups of actors are easily identified, brought together through boundary organisations such as environmental and sanitary risk agencies: the natural and technical scientists, who provide their expertise to assess risks (especially toxicologists, epidemiologists and microbiologists); the policy makers, who take decisions regarding risk management and risk regulation; the lay public, who are more and more involved in participatory frameworks. Sometimes three other groups of actors are added: the ‘economists’ who can for instance conduct cost–benefit assessments or multi-criteria analyses (especially ecological economists, public economists, political economists and social economists); the ‘philosophers’/‘ethicists’ who can use ethics to highlight moral choices and responsibilities in face of risks; and the ‘jurists’/‘legal experts’ who can justify authorisation or interdiction according to law. Inversely, there is a group of actors which is not clearly identified, that of social scientists, even though a considerable quantity of social science knowledge on risk has been produced. Why is there such a discrepancy? This article, based on a critical review of the literature, aims to make sense of the fuzziness surrounding the involvement of social scientists when it comes to risk expertise. The article shows that one reason for this puzzling situation is to be found in the gap between what social scientists often want to do when they are called in as risk experts and what natural scientists and public policy makers actually expect from them.     

When failure isn't an option

Some teams, by the very nature of their work, must consistently perform at the highest levels. How do you--as a team leader, a supervisor, a trainer, or an outside coach--ensure that this happens? To answer this question, Harvard Business Review asked six people who work with high-performance teams to comment on developing and managing these teams. The result is a collection of commentaries from Michael Hillmann, deputy chief of the Los Angeles Police Department and commander of its Special Operations Bureau, which includes the SWAT team; Philippe Dongier, who headed up a joint United Nations/World Bank/Asian Development Bank reconstruction team in Afghanistan after the fall of the Taliban; the National Fire Academy's Robert Murgallis, who trains firefighting teams; Mary Khosh, former career coach for players with the Cleveland Browns; Elizabeth Allen, a planner of society weddings, charity galas, and corporate events; and Ray Evernham, who, as a stock-car-racing crew chief, helped driver Jeff Gordon win three NASCAR championships. The types of teams represented in these commentaries are very different. Some are ad hoc, formed for a specific task, while others are ongoing, typically improving their performance with each task they undertake. For all of them, the stakes are high. Despite their differences, some similarities emerge in the ways they achieve top performance. For example, selection of team members is crucial-as is a willingness to get rid of members who don't consistently deliver. A leader who supports and builds confidence in members is also key, and high-performance teams without such a leader will often informally create one. Finally, the stress that defines the work of these teams helps generate peak short-term performance--and poses the constant risk of members burning out.     

Converse trading strategies,intrinsic noise and the stylized facts of financial markets

This paper proposes a simple asset pricing model with three groups of traders: chartists who believe in the persistence of bull and bear markets, fundamentalists who bet on a reduction of the observed mispricing, and investors who follow a buy-and-hold strategy. The innovative feature of the model concerns the frequency of trading: rather than remaining constant over time, each agent in a group is only assumed to become active with a certain probability over a given market period. Depending on the trading strategy, part of this elementary kind of intrinsic noise is additive and another part is multiplicative. Using bootstrap and Monte Carlo methods, it is demonstrated that this combination can contribute to explaining the stylized facts of the daily returns on financial markets, such as volatility clustering, fat tails, and the autocorrelation patterns.     

抢占绿色制高点

从之前被炒作的营销概念,到企业的社会责任范畴,再到企业核心竞争力之一,目前所有有远见的企业经营者都应该意识到,在这项绿色的考验面前,谁提前掌握其中的游戏法则,谁就赢得了未来。