家乐福:为全球零售商上课

家乐福集团在中国开设的大型超市就像零售业中的一个"海峡"--从东方和从西方卷来的大浪交织在一起:东方--在超市一边的货架上,可以看到大量鲜活的鱼、虾、牛蛙甚至甲鱼;西方--在另一边不远的冷藏柜里,又能看到真空包装的烟熏咸肉和意大利腊肠.这个来自法国的超级零售商运用现代的模式,结合当地人的口味,在中国经营着他们的零售帝国.     

China’s Labor Market on Crossroad

I.IntroductionSincethelate1990s,China’slabor market has comeundergreat pressure,asreflected by anincreasing unemployment rate,and adeclining labor force participation rate.The causesofthe severe unemployment are threefold.First,due to the macro-economic downturn andrapid industrial structural change in the late1990s,state-owned enterprises(SOEs),whichlost their comparative advantage and competitiveness,have been unable to fully utilizetheir production capacity,and have become loss-makers.Se…     

Should Chinese Local Governments Be Allowed to Issue Bonds?

I.IntroductionDespite China’s impressive economic growth,its fiscal sustainability has increasinglybecome one of the most watched risk indicators facing the economy.Although China’sexplicit national debtto GDP ratio israther manageable by theOECD standard,at about20 percent of GDP,given its small share of tax revenue to GDP,currently at18.5percent ofGDP,this fiscalsystem may stumble upon major challenges in themedium to long term ifChina’slargecontingent fiscal liabilitiesare als…     

马上男儿的选股秘诀

郝特韦经常练习一种特殊的双人骑马运动,这需要他和他的骏马,以及另一个人---通常情况下是他的儿子马克斯---共同练习。在这项比赛中,两名参赛者需要轮流骑马竞速。对于他投资的股票,62岁的郝特韦喜欢这样打趣:“有些在飞驰,有些还在小跑。”可是,就是这样的投资组合近10年来为郝特韦基金带来了年均16.2%的高收益率,比标准普尔500指数高出整整4.7个百分点。他评估股票的主要方法便是自由现金流法。经营性现金流减去资本支出,所剩下的余额就是自由现金。私有公司的老板更关注自由现金而非净利润,因为自由现金能给他们更大的余地,来安排资本用…     

库列伊水电站右坝段结构与施工工艺的改进

在复杂的工程地质条件下,包括在粘性软土基础上,已建了很多土坝。正如苏联等国的工程经验所表明的,当设计这类建筑物时,应规定专门的措施进行监测和控制边坡的稳定。这种监测任务(包括利用仪器对建筑物进行原型观测),乃是用工程方法获得的地质和工程地质资料的订正及补充。这些资料在建坝初期,可从勘测资料的坝基地质模型,及在土壤施工性质计算中验证其准确性,或使之进一步准确。欲控制土坝边坡的稳定,必须进行土坝     

闸下出流量估算

垂直闸门的闸下出流,只要闸门开度a比上、下游水位H_0、H_1小的情况下,可假定其出流量与通过矩形孔口的出流量相同。     

INTERACTION OF VORTICES WITH A PROGRESSIVE SURFACE WAVE

ＩＮＴＥＲＡＣＴＩＯＮＯＦＶＯＲＴＩＣＥＳＷＩＴＨＡＰＲＯＧＲＥＳＳＩＶＥＳＵＲＦＡＣＥＷＡＶＥＷａｎｇＬｉｎ－ｌｉｎ；ＭａＨｕｔ－ｙａｎｇ（ＧｒａｄｕａｔｅＳｃｕｄｏｆＡｃａｄｅｍｉｃａＳｉｎｉｃａＢｅｉｊｉｎｇ１０００３９Ｐ．Ｒ．Ｃｈｉｎａ）Ａｂ...     

ON THE CALCULATION OF FLOW OVER AND THROUGH A ROCK-FILL DAM

1.INTRODUCTIONInthedesignofanovertoppedrock--filldam,oneofthemajortasksistodecidethesizeofthedownstreamprotection.Theovertoppedrock--filldamismadeofporousmedia,thereforethewaterwillpenetrateintothedamfromtheupperfaceandemergeoutofitfromthelowerpart,whileitflowsoverthedam.Hence,theprotectionissubjectedtotheactionofboththeoverflowandtheseepageflow,andneitherofthemcanbenegligible.Inthiscase,theflowfieldconsistsoftwoparts:theopenflowandtheseepageflow,whichhavedifferentproperties.Infact,forthe…     

Beyond takeovers: politics comes to corporate control

In the 1990s, politics will replace takeovers as the defining tool for corporate governance challenges, and a marketplace of ideas will replace the frenzied activity that once dominated the financial marketplace in the 1980s. In the transaction-driven market of the past, corporate raiders used junk bonds and other financial tools to take control of their targets. In the new marketplace of ideas, debate will replace debt as active shareholders press specific operating policies for their target corporations in a new politicized market for corporate control. John Pound, associate professor of public policy at the John F. Kennedy School of Government at Harvard, reports that investors are already using shadow management committees, independent director slates, and outside experts to influence management policy. Pound cites Carl Icahn's battle for control of USX as an example of the emerging trend. What began as a hostile takeover ended with a negotiated solution in which many constituencies ultimately played a role in the restructuring of the company. This political approach to governance gives management a chance to embrace a bargain that is in its long-term interest. By promoting politically based tactics, managers can generate political capital with their major investors. Managers in companies as diverse as Avon and Lockheed now meet regularly with investors, seeking their input on both financial and strategic decisions. In the new politicized market for corporate control, striking a bargain with long-term investors is ultimately in the best interest of the corporation.