Capital Allocation: Evidence,Analytical Methods,and Assessment Guidance

Capital allocation is one of top management's primary responsibilities. Although always important, it is critical today because corporate operating returns on invested capital are at an all‐time high, while recent growth and investment have been modest, and corporate balance sheets in the U.S. have substantial cash. Yet few senior executives are sufficiently well‐versed in finance theory and methods to allocate capital as effectively as possible. Further, incentive programs that focus on meeting earnings per share often encourage behavior that is not in the best interests of long‐term shareholders. In this report, the authors begin with the premise that the goal of corporate capital allocation is to build long‐term value per share; and with that view in mind, they examine the main sources and uses of capital by the largest 1,500 U.S. companies during the last 30 years. More specifically, the authors identify the amounts of capital allocated to each of seven important alternatives, including major uses of capital such as M&Amp;A, capital expenditures, R&D, and distributions of capital to investors such as dividends and stock repurchases. And after reviewing the past allocations of capital to each of these alternatives, the authors summarize the academic research on the effects on corporate values of each of these uses of capital. The authors report that U.S. corporations fund most of their investments internally, and that M&Amp;A and capital expenditures have long been, and continue to be, the largest operating uses of capital, though both capital expenditures and growth in assets have fallen in recent years. At the same time, both corporate cash holdings and distributions to shareholders in the form of dividends and stock buybacks are at record levels. But even with such high payouts, R&D spending as a percentage of revenue by U.S. companies has remained high, and actually increased during the past decade. Finally, the authors provide a framework that can be used either internally or by outsiders to evaluate the capital allocation practices and effectiveness of a management team. This framework asks management to assess its past performance, provide realistic projections of future returns on invested capital, and evaluate their own incentive programs—all while renewing their commitment to the five principles of thoughtful capital allocation: (1) zero‐based capital allocation; (2) funding of strategies, not projects; (3) no capital rationing; (4) zero tolerance for bad growth; and (5) continuous monitoring of the value of all assets and business, and willingness to take action if and when such values are larger outside than inside the firm.     

我国基本公共服务的范围、均等化标准及其进程设计

本文提出了我国基本公共服务的可操作范围和财政预算支出项目;在分析三种均等化标准优劣的基础上,提出均等化标准应该是逐步达到各个地区人均财政支出差距量控制在不高于或不低于全国平均水平5%～10%的范围之内。本文建议对于不同的财政支出项目可以实行不同的差距控制量标准,不采取"一刀切"的标准。根据我国目前的财政体制和基本公共服务均等化状况,完全实现均等化目标需要一个较长的渐进性历史过程。为此,可以从一些局部的与民生直接相关的基本公共服务项目开始,分为两大层次对基本公共服务均等化的项目进行优先排序,逐步以"蚕食性"的方式完成基本公共服务均等化。     

浅析长庆油田阀门配套法兰检验质量控制与可靠性控制

介绍了长庆油田开展阀门配套法兰检验的整体情况,其中法兰的不合格率由14.3%逐步稳定到3%～5%的正常水平,法兰质量得到有效控制。在法兰不合格率得到有效控制的基础上,不断改进检验技术,保证法兰检验的可靠性与权威性。     

对农村土地流转中金融支持的思考

随着农村土地的逐渐流转,资金支持不足十分严重、本文对金融业如何为土地流转服务提出了几点建议.     

数控垂直轴结构特点和故障排除

德国HEGENSCHEDT公司的车拉床(TURN TURN-BROACHlNG MACHINE)液压配重问题.X2轴迅速下滑及X轴失控报警的处理.     

品牌的色彩主张

为什么近些年来,国内外许多知名的品牌不约而同地大打"色牌"? 众所周知,色彩是人感受外部世界最为直接的元素之一.色彩不仅在构成人的形象与品位方面具有十分重要的作用,同时还具有一定的社会心理寓意,常常显现出与个人性格、理念及某个时期的社会气氛的隐含关系.在社会生活中,人们会自觉或不自觉地关注色彩,被色彩左右.从色彩心理学的角度来讲,这是因为色彩反映了人的精神诉求.在国际上,色彩与经济、色彩与健康、色彩与消费行为等众多领域的研究已经成为社会学和市场学等学科研究中的重要部分.     

Managerial actions and stock transactions during financial distress: Some empirical evidence

Should the current managers remain in control of the firm during financial distress? We address this issue by examining whether managers who take value-maximizing actions also refrain from abnormal selling of their own shares in the firm. Our empirical results show that managers in the action firms do not engage in abnormal selling even during periods of frequent earnings losses. These managers exhibit higher net purchases than the nonaction managers. Thus, trading behavior of the managers and the actions taken during poor performance both appear to be consistent with stockholder interests.     

快递配送中心分拣作业优化研究——以A公司为例

以A公司武汉地区的分拣系统作为研究对象,对其分拨中心布局、分拣技术等方面存在的问题展开具体研究,针对处理低重合度品项时的低效问题进行分拣作业的优化,提出了一种多路并行分拣模式,为快递企业提升分拣作业的效率带赉了借鉴作用。