中国教育培训上市企业海外融资特征分析

中国教育培训上市企业经历了对海外资本市场的追捧憧憬以及后来的成熟面对.对本文通过对中国教育培训上市企业海外融资的特征分析,了解其海外融资行为的特征以及产生这些特征的原因,并且根据这些特征研究近年出现的行业内企业遭受做空甚至导致停牌退市的原因,期望能够对中国教育培训行业未来的融资活动提供参考和借鉴.     

“深圳奇迹”形成的实证研究——兼及五大综合性特区发展因素的差异性解释

深圳经济特区创造了世界工业化、城市化、现代化建设的奇迹,为我国改革开放作出了重要贡献。深圳奇迹的产生并不是历史的偶然,具有多方面的因素。从理论上主要有特区先行先试的政策优势、独特的对外发展的区位优势,而最重要的是转型时期的改革家和改革家精神的作用。基于深圳数据和其它特区比较的实证研究发现,“深圳奇迹”的产生根源于制度的创新和技术进步。而制度创新和技术进步差异的背后是改革家与改革家精神、企业家与企业家精神的禀赋差异。     

“双二元短缺约束”下中国经济的阶段性特征

2005年以后,中国结束了长达50多年的短缺经济,进入产能过剩与资源约束为主的新短缺经济阶段,主要体现为＂生产资料与生活资料生产能力双过剩＂和＂资源性生产要素与基础设施、公共服务供给双短缺＂并存。1978年改革开放以后,中国经济经历了一个从短缺经济——后短缺经济——新短缺经济的演化过程。第一,1978-1996年,短缺经济阶段,主要表现为生产资料和生活资料的双短缺;第二,1996-2005年,后短缺阶段,主要表现为生活资料基本过剩,而生产资料存在短缺和不足;第三,2005年以后,新短缺经济阶段,主要表现为生产资料和生活资料的＂双过剩＂,资源约束与市场约束＂双约束＂逐渐成为我国经济发展的主要制约性因素。     

论＂无为而无不为＂命题的伦理依寓

＂无为而无不为＂命题只有依寓在道德王国里才能获得现实可能性。该命题的行为主体所指——圣人内涵着对崇高品性追求的伦理预设,其前提条件＂无不为＂和＂无为＂必然关涉到圣人＂为天下式＂和＂功遂身退＂的道德内蕴,＂圣人之道为而不争＂决定了该命题的语境性质全在伦理一维。     

纺织企业节能减排技术创新的困境及对策研究——以宁波为例

通过对宁波纺织企业节能减排技术创新中面一临问题的调查分析,提出了促进宁波纺织企业节能减排技术创新水平的对策：实施财税激励政策以降低企业节能减排技术创新成本;促成纺织企业联盟以增强中小企业节能减排技术创新能力;建立政府干预与市场运作相结合的节能减排技术服务平台。     

关于"韩流"的观察与反思

每个时代的年轻人都有自己的流行文化,青少年是制造和追随流行文化的主力军。20世纪90年代末以来,青少年炮制并演绎着一轮新的文化浪潮。随着韩国影视剧、韩国流行音乐、韩国明星大举登陆,韩国文化风行一时,引发了所谓“韩流”现象。针对“韩流”盛行的原因,要引导青少年正确对待“韩流”现象,适时加强青少年精神文化建设。     

Federalism vs. the unitary state: options for English Canada in the event of the separation of Quebec

The two principle institutions of Canada as it is today — bilingualism and federal government — are designed to accommodate French-speaking people and English-speaking people within a single nation. Neither institution would be appropriate for the largely English-speaking country that remains if Quebec secedes. In that event, English Canada should reorganize itself as a unitary state with no constitutionally-sanctioned provinces at all. That would avoid the well-known inefficiencies of federal government, the duplication of bureaucracy, and the needless tax competition among jurisdictions. A nationwide sharing community would develop the common interest and common loyalty that an ethnically-diverse country such as English Canada requires for self-preservation. Without Quebec, there would be no geographically-concentrated languages or cultures which the provinces might conceivably protect.     

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.