MBO与国有企业改制中的公平与效率

国企改制是当前国企改革的方向,而国企改制中的种种难题,则是MBO的催化剂。应由市场定价,建立完善的中介市场和经理人市场,从而兼顾改制过程中的公平与效率问题。     

对银行经营者行为进行商业判断的标准问题

鉴于银行经营行为的特殊性和公共利益保护的需要,对银行经营行为在适用商业判断规则时应与一般公司区别对待,严格适用并提高注意标准,这是我国引入商业判断规则时应当充分考虑的内容。银行监管部门规章所规定的银行经营规则和要求,是银行董事勤勉义务的组成部分,也是对银行董事经营行为严格适用商业判断的客观标准;银行董事的注意标准是合理的谨慎的银行家所应尽到的注意,而非一般谨慎之人的注意。我国现行法律没有将银行监管部门规章所规定的银行董事经营职责要求纳入其应承担的勤勉责任的范围,同时缺乏对董事注意标准的一般规定和对银行董事注意标准的特别规定,不利于在实践中对银行经营进行商业判断。建议在《商业银行法》等立法中规定银行董事对违反银行监管部门规章所造成的损失承担赔偿责任,并为银行董事设定注意标准的底线。     

国企公司化改制的关键:有效的公司治理

多数国有大中型企业实行公司化改制后 ,经营状况依然不佳 ,其直接原因在于公司的治理存在严重的问题和缺陷。现代公司虽然不可避免地出现代理问题 ,但规范的公司治理结构能有效缓解代理问题 ,使得现代公司制企业表现出强大的生命力。而国有企业的产权残缺性使公司治理结构中的直接监督和间接监督等有效的缓解代理问题的手段不能得到充分发挥。因此只有通过股权结构的分散化调整 ,使国有股不占控股地位 ,从而弱化国有产权代表在公司治理活动中的作用。与此同时 ,这也能充分发挥非国有股权所有者的积极作用。只有这样 ,国有企业公司化改制才能建立有效的公司治理结构 ,提高国有企业的运行效率     

Optimal central bank design: Benchmarks for the ECB

The paper discusses key elements of optimal central bank design and applies its findings to the Eurosystem. A particular focus is on the size of monetary policy committees, the degree of centralization, and the representation of relative economic size in the voting rights of regional (or sectoral) interests. Broad benchmarks for the optimal design of monetary policy committees are derived, combining relevant theoretical arguments with available empirical evidence. A new indicator compares the mismatch of relative regional economic size and voting rights in the monetary policy committees of the US Fed, the pre-1999 German Bundesbank, and the ECB over time. Based on these benchmarks, there seems to be room to improve the organization of the ECB Governing Board and current plans for reform.      

Managing Money Online

正Internet financial products have enjoyed huge success,but will they change the landscape of China’s financial sector?Wang Kang,27,works for a Beijing branch of the Industrial and Commercial Bank of China(ICBC),a major state-owned commercial bank in China and the largest bank     

国有商业银行低效的原因及对策——经济转轨时期银行业反垄断思考

国有商业银行尽管总资产量占优,但资产质量低下。这其中行政垄断是根源所在,虽然这一现状是基于历史和政治等客观因素造成,但其弊端已经阻碍了我国银行业的健康发展。对此,应从国有商业银行内部治理以及外部监管两个方面展开对策性研究。     

MARKET WATCH

正OPINION The Role of Risk China should keep an eye on debt risks.In an increasingly volatile financial market,risks may have positive effects,as market participants can better weigh risks and returns,and respond to changes in a more accurate way.Recent financial reforms,such as the central bank’s policy on deposit certificates in the interbank market and the initial public     

MARKET WATCH

正OPINION How to Tackle Local Government Debt? Fundamentally,debt is an overdraft of credit,and almost all countries are confronted with some form of debt risks.Currently,China tries to curb the rising debt risks through deleverage,which has gone on to cause the additional problems of a surge in financing costs and a structural squeeze in social liquidity.A solution should be found to treat both symptoms and their root causes.     

NUMBERS

正30 bln yuan China’s investment in water infrastructure projects in the Tibet Autonomous Region in the last two decades $15.3 bln China’s deficit from services trade in July,the highest level so far in 2014 12.6% Growth in net profit of the Agricultural Bank of China in the first half 15.5% Decrease in net profit of China’s leading electric car maker BYD in the first half     

Kempinski Hotel Beijing

正Kempinski Hotel Beijing recently held a reception in its East Garden to thank tenants for their loyalty and support.Located on the banks of the Liangma River,East Garden accommodates apartments and oi ces as well as the hotel,and is a rare tranquil place in Beijing.During this summer’s garden party,Executive Sous-chef Frank Zhang and his team offered