风险投资如何助推商业模式创薪

近日,中国知名的民间智库——长城战略咨询发布《商业模式》研究报告,报告中提出了“改革开放后中国十大成功商业模式”,腾讯、阿里巴巴、携程、招商银行、苏宁电器、百度、华为、巨人、比亚迪、联想等十家企业榜上有名。该报告认为：商业模式创新从“讲故事”开始,而商业计划书是实践商业模式的第一步,随着商业模式设计与商业计划书目益成熟,一旦一个项目或公司最缺的就剩下资金的时候,创业者或风险企业家与风险投资或金融资本就会实现结合     

Productive friction: how difficult business partnerships can accelerate innovation

Companies are becoming more dependent on business partners, but coordinating with outsiders takes its toll. Negotiating terms, monitoring performance, and, if needs are not being met, switching from one partner to another require time and money. Such transaction costs, Ronald Coase explained in his 1937 essay "The Nature of the Firm," drove many organizations to bring their activities in-house. But what if Coase placed too much emphasis on these costs? What if friction between companies can be productive? Indeed, as John Hagel and John Seely Brown point out, interactions between organizations can yield benefits beyond the goods or services contracted for. Companies get better at what they do--and improve faster than their competitors--by working with outsiders whose specialized capabilities complement their own. Different enterprises bring different perspectives and competencies. When these enterprises tackle a problem together, they dramatically increase the chances for innovative solutions. Of course, misunderstandings often arise when people with different backgrounds and skill sets try to collaborate. Opposing sides may focus on the distance that separates them rather than the common challenges they face. How can companies harness friction so that it builds capabilities? Start by articulating performance goals that everyone buys into. Then make sure people are using tangible prototypes to wrangle over. Finally, assemble teams with committed people who bring different perspectives to the table. As individual problems are being addressed, take care that the underpinnings of shared meaning and trust are also being woven between the companies. Neither can be dictated--but they can be cultivated. Without them, the performance fabric quickly unravels, and business partnerships disintegrate into rivalrous competition.     

日元:敢问路在何方

日本央行入市干预 世界目光聚焦日元 5月22日,东京汇市收盘之前,本已摇摇欲坠的美元突然飙涨.原因是当美元跌至123.51日元的7个月低点之后,日本财务省通过日本央行入市干预,卖出日元.东京一些交易员估计,干预总额至少达10亿美元.     

Easy3G——迈普智能3G综合业务管理平台

迈普公司结合3G接入在企业网市场的应用和管理维护经验,首先提出Easy3G（E3G）技术,形成智能3G综合业务管理平台,降低了基于3G接入的业务终端在日常管理维护中带来的繁重工作量,开启了“云＋端”时代的3G智能化终端管理篇章,并将这一技术首先应用在金融自助查询终端和运营商代建的视频采集、环境监控等大量铺设3G接入终端的领域。     

原油期货离中国有多远?

原油作为一种十分敏感的战略性物资,它与国际经济、政治关系极大,被称为发达国家的经济血液.和平发展是当今世界的潮流,但在这个潮流背后,局部性冲突不断,特别发生于世界主要产油区中东地区的冲突经常引起世界原油价格激烈波动,今年以来中东地区以巴冲突加剧,世界原油价格上涨30%以上,前不久伊拉克宣布以停止出口原油为方式支持巴勒斯坦,并要求阿拉伯国家予以响应,虽然阿拉伯事件没人理会伊拉克,但世界原油价格维护于今年以来的高位仍然没变.     

UK bank services for small business: How competitive is the market?

This study is the first to employ an econometric model to examine the pricing behaviour of British financial institutions with respect to key bank products/services offered to small and medium sized enterprises (SMEs) including current accounts, investment accounts, business loans, and mortgages. A mean group approach is used on a panel of monthly data to gauge individual banks’ reactions to identify factors influencing the setting of deposit and loan rates, and to assess the competitive structure that best describes the UKs SME banking market. Though the results should be interpreted with caution, the empirical evidence is suggestive of a complex oligopoly. Policies directed at improving information and making it easier for small businesses to change banks/accounts would reduce inertia and improve competition among financial institutions.     

浅析三个月以上Shibor的基准性及应用

Shibor的基准性需要有实际成交来验证。由于银行内在成交动力不足等因素,目前的中长期拆借成交量仍然偏小,此外,不同市场利率生成因素的内在差异也对中长期Shibor的基准性构成干扰。提高3个月以上Shibor的基准性,一方面要为扩大3个月以上信用拆借铺平道路,另一方面要理顺各市场之间的价格生成因素,推进各类产品与Shibor相挂钩的定价机制,建立以Shibor为基准的统一定价模式。     

新三板做市商作用如何体现

在2015年北京科博会期间的2015中国金融论坛上，全国股份转让系统公司机构业务部总监贾忠磊特别介绍了新三板的做市商制度，他认为：从2014年8月25号推出做市业务以后，运行了九个月，作用表现得非常明显。     

美联储推出QE3对新兴市场经济体将带来冲击

美联储麾下联邦公开市场委员会（FOMC）在结束两天会议后宣布推出进一步量化宽松政策,QE3或对新兴市场经济体产生巨大冲击,一方面,大宗商品价格反弹将进一步推升通胀,另一方面,汇率波动将使得出口型经济体雪上加霜。无论QE3还是QEn都是美国转嫁自身危机代价的政策工具     

Risk, knowledge and contradiction: An alternative and transdiciplinary view as to how risk is induced

The following paper attempts to elucidate the relationship between risk and knowledge across a specific form of contradiction by (1) examining the notion and definition(s) of contradiction; (2) examining a specific type of contradiction (as ‘ambiguity’) which can act as either a cause or mitigator of risk; and (3) examining the nature of both knowledge and risk. The resultant proposed framework provides an alternative perspective on risk, whereby it is argued that risk is induced across repressed ambiguities; with the latter also resulting in truncated or limited knowledge. Conversely, risk is mitigated across the full expression of these same ambiguities, which in turn leads to enriched or complexified knowledge.This perspective argues that as long as we fail to recognise and embrace the myriad of dyadic pairs or ambiguities which both surround us and are inherent within us as human beings, we strongly increase the likelihood of both validating and reinforcing Beck's [U. Beck, La société du risque: Sur la voie d’une autre modernité, Alto Aubier, Paris, 2001] thesis of a future society where risk predominates.     

Taxation and the optimal constraint on corporate debt finance: why a comprehensive business income tax is suboptimal

The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for a general thin capitalization rule limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of corporate finance and investment in a small open economy to identify the optimal constraint on tax-favoured debt finance, assuming that a given amount of revenue has to be raised from the corporate income tax. For plausible parameter values, the socially optimal debt-asset ratio is 2–3% points below the average corporate debt level currently observed. Driving the actual debt ratio down to this level through limitations on interest deductibility would generate a total welfare gain of about 5% of corporate tax revenue. The welfare gain would arise mainly from a fall in the social risks associated with corporate investment, but also from the cut in the corporate tax rate made possible by a broader corporate tax base.     

全面深化风险监控 实现风险管理转型——访交通银行风险监控部林加群总经理

在财务重组、引进境外战略投资者和成功在港上市的同时，交通银行的风险管理实施了全面的战略转型，在理念、制度和技术三方面取得了一系列突破性进展，全行的风险管理水平明显跃上了一个新的台阶。继本刊专访授信部总经理之后（参见本刊2005年第11期《加强授信业务管理，健全风险管理长效机制》），本期专访人物为总行风险监控部林加群总经理，他就商业银行的风险管理、尤其是全面风险监控、风险管理的战略转型阐述他的观点。[编者按]