Eclipse of the Public Corporation or Eclipse of the Public Markets?

The authors look back at Michael Jensen's 1989 article “The Eclipse of the Public Corporation.” They find some of his predictions have been borne out but other important ones, not. Jensen concluded that the publicly held corporation was in decline and had outlived its usefulness in many sectors. He argued that agency costs made public corporations an inefficient form of organization and that new private organizational forms promoted by private equity firms would likely replace the public firm. The number of public firms in the U.S. has declined significantly but there are still many hugely profitable and successful public companies. U.S. public markets are still well‐suited for firms with mostly tangible assets. So, what we are really witnessing is an eclipse not of public corporations, but of the public markets as the place where young firms with mostly intangible capital seek their funding. This is especially true when the usefulness of the intangible assets has yet to be proven. Sometimes the market is extremely optimistic about some intangible assets, but otherwise firms with unproven intangible assets may be better off funding themselves privately. This evolution has a downside: investors limited to public markets are cut off from investing in high intangible‐asset firms. Additionally, as fewer firms remain publicly listed, fewer firms will be transparent to society.     

商务部外贸政策基调转变要保持出口稳定增长

商务部外贸政策基调调整 在1月举行的2008年全国商务工作会议上，商务部长陈德铭在其所做的工作报告中，将今年中国外贸工作任务描述为“加快转变外贸发展方式，保持出口稳定增长，优化进出口结构，更加重视扩大进口”。商务部长着重强调保持出口稳定增长是中国外贸政策基调的一个重大转变，因为商务部在2007年工作报告中将削减贸易顺差列为首要任务。     

'Technology foresight towards 2020 in China': the practice and its impacts

Technology foresight has attracted increasing attention from government and academia as well as industry since the 1990s. However, the impact of technology foresight on national strategic decision-making varies from country to country. This paper aims to introduce the 'Technology Foresight towards 2020' exercise in China, which has been conducted by a research group in the Chinese Academy of Sciences. The paper consists of five parts: (1) introduction; (2) the framework for technology foresight towards 2020 in China; (3) the methodology including scenario building for identifying technology demands and the method for processing and analysing the data from a Delphi survey; (4) the major results of a Delphi survey in the following four research fields: Information technology, Biotechnology, Energy technology, Material science and technology; and (5) the impact of the research on decision-making concerning science and technology development in China.     

电子商务环境下实施共享服务中心的风险管理

电子商务的发展,推动了企业朝超越国界、地理范围地迅速扩张,使企业的规模越来越大,管理也越来越困难。在这种背景下,共享服务中心这种新的管理模式应运而生。但调查表明,在电子商务环境下,近一半的共享服务中心未实现预期的收益,甚至完全失败。本文详细地分析了电子商务环境下实施共享服务中心的主要风险因素,并提出了相应的对策,为成功实施共享服务中心,制定正确策略提供参考依据。     

连云港港：建设深水良港迈进亿吨大港

连云港港南靠云台山，北倚连岛，取“连岛”与“云台山”首字为港名。连云港港始建于1933年，由原陇海铁路局筹资、荷兰筑港公司承建的海运码头，于1936年完成第一期工程，仅有能停靠6艘3000吨级海轮码头两座。后历经战乱，到解放前夕，连云港港已是一个码头坍塌，航道淤塞，濒于瘫痪的港埠。1949年港口吞吐量仅为5．6万吨。新中国成立以来，连云港港发生了翻天覆地的变化。尤其是经过改革开放30年的发展，今天的连云港港已成为我国综合运输体系重要枢纽和沿海主要港口，成为“新亚欧大陆桥东方桥头堡、中西部地区最便捷出海口、长三角地区主要深水海港”，迈入中国沿海深水大港行列：今年将跻身于中国沿海亿吨大港行列。     

中国能源企业“走出去”的非商业风险及对策——以国际法为视角

能源企业海外投资是中国经济发展的战略选择。在这一战略的实施过程中,必将遭遇东道国的各种政治风险。中国政府及能源投资企业应依据国际法的相关规定规避风险,保护投资利益,确保国家能源安全战略的实现。     

A LITERATURE REVIEW OF CLUSTER THEORY: ARE RELATIONS AMONG CLUSTERS IMPORTANT?

Having reviewed 1259 papers on cluster theory, we find that current cluster studies primarily discussed cluster phenomena from either a microlevel or mesolevel. We argue that studying relations among clusters would increase our understanding of clusters, and such a research topic is worth becoming a new research orientation for cluster theory.     

Axiomatizations of two types of Shapley values for games on union closed systems

A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A (single-valued) solution for TU-games assigns a payoff distribution to every TU-game. A well-known solution is the Shapley value. In the literature various models of games with restricted cooperation can be found. So, instead of allowing all subsets of the player set N to form, it is assumed that the set of feasible coalitions is a subset of the power set of N. In this paper, we consider such sets of feasible coalitions that are closed under union, i.e. for any two feasible coalitions also their union is feasible. We consider and axiomatize two solutions or rules for these games that generalize the Shapley value: one is obtained as the conjunctive permission value using a corresponding superior graph, the other is defined as the Shapley value of a modified game similar as the Myerson value for games with limited communication.