The EU’s Medium-term Financial Perspective and Turkey’s Potential Slice of the Cake

The issue of Turkey’s membership in the EU remains controversial, and the arguments for and against are not only economic. Nevertheless, the potential economic impact of Turkish membership does play an important role. How much financial support is Turkey presently receiving under existing pre-accession programmes and what changes could be expected in the case of full membership?     

The Future of Private Equity

A distinguished University of Chicago financial economist and longtime observer of private equity markets responds to questions like the following:

• ? With a track record that now stretches in some cases almost 30 years, what have private equity firms accomplished? What effects have they had on the performance of the companies they invest in, and have they been good for the economy?
• ? How will highly leveraged PE portfolio companies fare during the current downturn, especially with over $400 billion of loans coming due in the next three to five years?
• ? With PE firms now sitting on an estimated $500 billion in capital and leveraged loan markets shut down, are the firms now contemplating new kinds of investment that require less debt?
• ? If and when the industry makes a comeback, do you expect any major changes that might allow us to avoid another boom‐and‐bust cycle? Have the PE firms or their investors made any obvious mistakes that contribute to such cycles, and are they now showing any signs of having learned from those mistakes?

Despite the current problems, the operating capabilities of the best PE firms, together with their ability to manage high leverage and the increased receptiveness of public company CEOs and boards to PE investments, have all helped establish private equity as “a permanent asset class.” Although many of the deals done in 2006 and 2007 were probably overpriced, the “cov‐lite” deal structures, deferred repayments of principal, and larger coverage ratios have afforded more room for reworking troubled deals. As a result of that flexibility, and of the kinds of companies that get taken private in leveraged deals in the first place, most troubled PE portfolio companies should end up being restructured efficiently, thereby limiting the damage to the overall economy. Part of the restructuring process involves the use of the PE industry's huge stockpile of capital to purchase distressed debt and inject new equity into troubled deals (in many cases, their own). At the same time the PE firms have been working hard to rescue their own deals, some have been taking significant minority positions in public companies, while gaining some measure of control. Finally, to limit overpriced and overlev‐eraged deals in the future, and so avoid the boom‐and‐bust cycle that appears to have become a predictable part of the industry, the discussion explores the possibility that the limited partners and debt providers that supply most of the capital for PE investments will insist on larger commitments of equity by sponsors to their own funds and individual deals.     

利用外资中国家经济安全的战略思考

吸收利用外资给我国经济发展带来了机遇和挑战 ,外商投资中的不合理、不合法手段。外商直接投资对我国经济安全的负面影响。利用外资中维护国家经济安全的战略思路     

高职物流实验室建设及实验教学理念浅析

1 物流实验室建设的发展阶段 物流实验室是高职院校对学生进行专业性较强单项技能的实践性教学训练和专业综合能力教学训练的场所,其发展经历了三个阶段,第一代是虚拟实验室;第二代是离散实验室;第三代是集成实验室.     

The Importance of Deviance in Intellectual Development

Abstract . This paper seeks to explain the success of public choice at Virginia Tech in the 1970s in two ways. First, I reflect on my graduate school experience at Virginia Tech, with the intent of identifying particular characteristics of the people and location of Virginia Tech, including its remoteness, that facilitated the development of the paradigm shift that public choice, in the late 1960s and early 1970s, represented. Second, I argue that the success of public choice at Virginia Tech depended critically upon the willingness of the people here to disconnect from professional constraints and to think outside the conventional economics box. I make this point with the aid of a computer simulation of the evolutionary development of “people” (or “trials”) as they attempt to scale the highest “mountain” within a “mountain range,” the exact features of which (including the heights of the various “mountains”) are not known before the climb is started. In such an environment, finding the highest peak, the assumed goal, is critically dependent on a measure of “deviance,” or the willingness to shun short‐run opportunities of exploiting accepted methods.     

经济全球化与21世纪中国农业问题研究

科学技术的进步和社会分工的细化直接推动了生产力的高速发展。21世纪又是一个人类社会发展转折时期。知识经济将逐步代替传统经济的主体地位成为时代的潮流。农业作为基础产业在国民经济发展中占有重要的地位。解决好农业问题是关系到社会长期稳定和新的全球环境下保障我国产业持续、稳定、协调发展的头等大事。     

存在着所谓价值分配制度吗--与李松龄同志商榷

人类社会被分配的对象只可能是财富而不可能是价值，因而从来就没有出现过也不可能出现所谓价值分配制度。本文对分配制度的安排是否受客观经济条件的制约、所谓价值分配制度是否具有存在的可能性以及马克思是否认为或主张被分配的对象是价值这三个问题进行探讨，以论证自己的观点。     

人类能走出杰文斯阴影吗？

技术进步与环境改善之间存在着怎样的一种关系？技术悲观主义者和技术乐观主义者正进行着激烈的争论。他们都以翔实的资料为立论论据,把两种截然相反的观点摆在世人面前,现在,我们还不能简单地肯定或者否定某一种观点,因为技术在进步,各种各样的环境问题正在消失或出现,而争论也在继续。     

我国农村金融发展现状研究

文章对我国目前农村金融发展存在的问题进行了系统的概括和分析,通过研究发现我国农村金融发展主要存在：农村金融机构经营状况不佳;农村金融市场竞争不完全;农村金融中介功能微弱的问题。本文对产生这些问题的原因进行分析,并提出促进我国农村金融发展的政策建议,以充分发挥我国农村金融体系的金融功能。