混合所有制改革要穿新鞋走新路

党的十八届三中全会提出国资国企混合所有制改革的目标后，在不到一年时间里，已经有16个省区市出台国资国企改革方案，其中有一半省份明确了发展混合所有制的时间表和目标，混合所有制改革正在成为很多地方推行国资国企改革的一个新的“标配”。 国企改革的重点，还是应当按照十八届三中全会所确定的方向，从目前的管国企向管国资转变。对于国资管理部门来说，最重要的是要保证国有资本的保值增值，而实现这个目标的路径并不在于某个企业在谁的掌控之中，而是在于国家能够从这个企业得到多少利益分配。     

国企改革（下）

十八大召开在即,国资国企改革作为改革的重点内容,备受市场瞩目。我们认为,国资国企改革必然是遵循“先试点、再推广”的节奏,     

央企改革应“向跨国公司抢饭吃”

央企面临的最大挑战不是国内，而是国际市场。继上海、广东国资改革大动作之后，近日媒体披露陕西天然气将划入燃气集团，这或可视作国资改革潮流正由沿海向内陆推进，也意味着这一改革从点到面进一步深入。不过，笔者认为，央企做大做强的目标，更应聚焦在“向跨国公司抢饭吃”上。     

对标要素③ 国际化

随着竞争的日益激烈，实现国际化是世界一流企业致力于成为全球市场领先者和全球资源整合者的必由之路。新一轮“一手优化国资，一手提升国企”的改革思路亦显示了未来国资国企改革的布局将最大可能地集中主业、提高证券化率、股权多元化、鼓励国企走出去。     

剖析国资保险“木桶的短板”

受著名的“木桶理论”的启发，为了扬长避短，培育国资保险的核心竞争能力。本文试图探寻一下国资保险“木桶的短边”，以便避短求长，进一步提升国资保险的核心竞争力。     

国企改革蕴藏的A股投资机会

十八届三中全会决议提出积极发展混合所有制经济，以管资本为主加强国资监管，优化国资布局，进一步破除行政垄断等，这些目标使得国企改革再次成为市场关注的焦点。投资者可以看到过去半年国企改革在各方面各领域所取得的进展和变化，从中央到地方政府推进改革的力度和速度来看，可以确定国企改革“改”是大方向，自上而下改革决心十分坚定。     

国企改革（上）

国资国企改革是转型期一揽子经济改革政策中极为重要的一环。回顾历史，当年英国国企私有化进程不但帮助其走出了“英国病”阴霾，并促使伦敦股市迎来了20年年复合增长率达14.65%的大牛市，     

“中国淡马锡”呼之欲出

对目前正处于改革中的国资管理而言，“淡马锡模式”无疑是一个极具诱惑的选择。“淡马锡模式”的最核心的思想，就是通过政府全资持股控股公司的方式，以财政财力向企业投资，体现政府作为企业最大利益相关者的权利。[编者按]     

宏观

国企改革方案或三中全会后出台 10月20日，国资委副主任、党委副书记黄淑和在全国国资监管政策法规暨指导监督工作座谈会上称，要认真准备国资国企改革方案，争取三中全会后尽快出台，形成上下联动的改革局面。     

国资委公布《地方国有资产监管工作指导监督办法》

近日，国务院国资委修订颁布了《地方国有资产监管工作指导监督办法》，是国资委贯彻落实“十二五”期间完善经营性国有资产管理和国有企业监管体制机制要求，努力实现“国资监管上水平，国企发展上新台阶”目标的重要举措。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

金融企业员工考核系统的设计

一、概述 为配合公司人事考核制度的贯彻执行,保证该制度执行过程中各项工作能够长期、高效、准确地完成,我们开发了公司员工考核系统,实现了人事考核工作中员工投票、考核统计、考核信息分析、报表生成等功能,减少了人事部门人员的手工操作,提高了考核工作的自动化程度.