Hengqin New Area Expands Room for Macao＇s Development

正HENGQIN New Area was established on December 16,2009 in southern Zhuhai City,Guangdong Province.Covering 106.46 square kilometers,it triples the size of Macao.Across a river from each other,the two are connected at their shortest distance by a bridge less than 200 meters long.Hengqin is 34 miles from Hong Kong.After the opening of the Hong KongZhuhai-Macao Bridge,scheduled for2016,Hengqin will become the only national new area directly connected to Hong Kong and Macao.     

Realities and Opportunities——Chinese Private Enterprises in Africa

正IN recent years,growing numbers of Chinese enterprises have initiated investment in Africa.From2009 to 2012,China’s direct investment in Africa increased from US$1.44 billion to US$2.52 billion,with an annual growth of 20.5 percent.Over the same period,China’s cumulative direct investment in Africa rose from US$9.33 billion to US$21.23billion.Currently,over 2,000 Chinese     

Why Am I Drawn to a City of Smog?

正STARING out the window on a rainy Sunday,I have to say that life is a bit boring here.By"here"I am referring not to Beijing,but my quiet hometown in the U.K.This is no longer surprising to me.Recently several journalists interviewed me,asking if the thick smog would cause a massive outf low of expats from China.After reading the     

On Chinese Media

正Southern Metropolis Weekly Issue No.27,published on July 28,2014Love It or Hate It,English Language Is Inescapable The popularity of English language learning has opened a new window for the Chinese,and advanced their integration with peoples of the world.The ability to speak and read English has changed many Chinese people’s fate.Meanwhile,English has become a staple on Chinese school curricula and is a main feature of the job market.Love it or hate it,therefore,English language learning in China is inescapable.     

Why China Won't Suffer a “Debt Crisis”

正INACCURATE articles sometimes appear in the Western media claiming China faces a"severe debt crisis."Factually these are easily refuted.Changyong Rhee,the IMF’s Asia and Pacific Department director,recently pointed out that China’s national and local government debt is only 53 percent of GDP,while the U.S.government’s debt is roughly     

BTG-Jianguo Hotels & Resorts

正A ceremony marking the cooperation between the BTG-Jianguo HotelsResorts Management Company and Italy’s ATAhotels was recently held at the Beijing Jianguo Hotel.Operating 21 high-end hotels,resorts and aparthotels,ATAhotels is the largest group of its kind in Italy.And BTG-Jianguo is one of the leading hotel management companies in China.The i rst step in the companies’strategic cooperation was to select eight member hotels from each group to share logos and l ags,and     

上市公司股权集中度与经营绩效关系的行业特征分析

本文利用上海证券交易所采掘、电力和煤气行业的40家及批发、零售贸易业,电子信息产业的91家上市公司的数据,在进行适当的筛选和剔除之后,对它们2003年至2005年三年的数据进行了实证研究。结果表明,在不同的行业特征条件下,股权集中度对公司经营绩效的影响是不同的:在竞争性行业的上市公司中,股权相对集中,且有若干个大股东的股权集中度有利于公司绩效的提升;在垄断性行业的上市公司中,则是较高的股权集中度有利于公司绩效的提升,无论是第一大股东、前五大股东或前十大股东的持股比例都应保持较高水平。这些实证结果为完善我国的上市公司治理提供了有益的启示。     

Empirical study of investment activity＇s drivers in capital-intensive Russian firms

In this paper we present the research results of key factors that determine the investment behavior of Russian companies during 2004-2008. The emphasis is made on the policy of capital expenditures. In the analysis, it included maeroeconomic, some industry factors （growth rate, spread of efficiency （ROIC-WACC）, market and industry risks） as well as some internal factors related to the equity structure and the quality of corporate governance.     

IAS/IFRS and insurance： A gradual shifting from insurance to finance

Financial year 2005 marks the gradual introduction of the international accounting standard （IAS） as part of a broad project promoted by the EU to achieve consistency and comparability and, consequently, greater transparency in corporate accounts, with benefits for the users and institutions who make use of, or exercise control over them. The present paper will not address all the related complex profiles （e.g., actuarial methodologies, financial evaluation models, cash-flows scenarios generation techniques）. Actual aim is to bring evidence for the gradual shifting of perspective promoted by the financial community as far as the insurance companies are concerned： Once considered as unknown ＂black-boxes＂ because of their peculiarities, western countries＇ most authoritative agencies and largest private investors felt for a long time uneasy to manage insurance companies＇ disclosures. More recently, since the industry has been absorbed in the world-wide trend toward global conglomerate encompassing banking, finance and insurance, western regulators have undertaken a sound effort to move insurance disclosures from a technical to a financial view, boosting a dramatic homologation to other financial institutions （Cesarini ＆ Varaldo, 1992; Forestieri ＆ Moro, 1993; Locatelli, et al., 1999）. The trade-off, the authors intend to show, is now between more transparent outlook and an insider＇s knowledge of an industry whose peculiarities are inescapable.     

再论国有独资公司

自93年《公司法》颁布以后,在95、96年期间,理论界曾就国企改革及国有独资公司相关问题作了一次较为集中的探讨。如今改革已经进行了10年的光景,许多国企的组织形式已发生了或大或小的变化,国有独资公司的地位开始动摇。文章于此时,重新捡起这一问题,于当今改革不断深化,机制转换的黄金时期,从国有独资公司的法律属性入手,通过对国有企业改制中的一些基本问题重新思考,再次从不同角度论述国有独资公司将在一个相当长的时期内依旧合理存在。