家族企业代际传承人培养问题研究--基于顺德民营家族企业的调查

长期以来,代际传承问题一直是世界家族企业研究领域的首要问题。而随着开创了经济奇迹的第一代创业者逐渐老去,中国家族企业也即将迎来以代际传承为主的传承浪潮。在此背景下,文章以佛山市顺德区200家民营家族企业为研究对象,从顺德民营家族企业传承的现状、代际传承人的拟定和培养等方面进行实证研究,探讨家族代际传承人的培养问题,从代际传承人的学校教育、能力培养、后续教育及圈子建立等方面提出具有实际操作意义的建议。     

A Bottom-Up Dynamic Model of Portfolio Credit Risk with Stochastic Intensities and Random Recoveries

In Bielecki et al. (2014a Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014a ). Dynamic hedging of portfolio credit risk in a markov copula model . J. Optimiz. Theor. Applic . doi: DOI 10.1007/s10957-013-0318-4 (forthcoming) .[Crossref] , [Google Scholar]), the authors introduced a Markov copula model of portfolio credit risk where pricing and hedging can be done in a sound theoretical and practical way. Further theoretical backgrounds and practical details are developed in Bielecki et al. (2014b Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014b ). A bottom-up dynamic model of portfolio credit risk - Part I: Markov copula perspective . In: Recent Adv. Fin. Eng. 2012 , World Scientific (preprint version available at http://dx.doi.org/10.2139/ssrn.1844574) . [Google Scholar],c) where numerical illustrations assumed deterministic intensities and constant recoveries. In the present paper, we show how to incorporate stochastic default intensities and random recoveries in the bottom-up modeling framework of Bielecki et al. (2014a Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014a ). Dynamic hedging of portfolio credit risk in a markov copula model . J. Optimiz. Theor. Applic . doi: DOI 10.1007/s10957-013-0318-4 (forthcoming) .[Crossref] , [Google Scholar]) while preserving numerical tractability. These two features are of primary importance for applications like CVA computations on credit derivatives (Assefa et al., 2011 Assefa , S. , Bielecki , T. R. , Crépey , S. , Jeanblanc , M. ( 2011 ). CVA computation for counterparty risk assessment in credit portfolios . In: Bielecki , T.R. , Brigo , D. , Patras , F. , Eds., Credit Risk Frontiers . Hoboken : Wiley/Bloomberg-Press . [Google Scholar]; Bielecki et al., 2012 Bielecki , T. R. , Crépey , S. , Jeanblanc , M. , Zargari , B. ( 2012 ). Valuation and Hedging of CDS counterparty exposure in a markov copula model . Int. J. Theoret. Appl. Fin. 15 ( 1 ): 1250004 .[Crossref] , [Google Scholar]), as CVA is sensitive to the stochastic nature of credit spreads and random recoveries allow to achieve satisfactory calibration even for “badly behaved” data sets. This article is thus a complement to Bielecki et al. (2014a Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014a ). Dynamic hedging of portfolio credit risk in a markov copula model . J. Optimiz. Theor. Applic . doi: DOI 10.1007/s10957-013-0318-4 (forthcoming) .[Crossref] , [Google Scholar]), Bielecki et al. (2014b Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014b ). A bottom-up dynamic model of portfolio credit risk - Part I: Markov copula perspective . In: Recent Adv. Fin. Eng. 2012 , World Scientific (preprint version available at http://dx.doi.org/10.2139/ssrn.1844574) . [Google Scholar]) and Bielecki et al. (2014c Bielecki , T. R. , Cousin , A. , Crépey , S. , Herbertsson , A. ( 2014c ). A bottom-up dynamic model of portfolio credit risk - Part II: Common-shock interpretation, calibration and hedging issues . Recent Adv. Fin. Eng. 2012 , World Scientific (preprint version available at http://dx.doi.org/10.2139/ssrn.2245130) . [Google Scholar]).     

私营企业主与政治发展：关于市场转型中私营企业主的阶级想象及其反思

当前私营企业主在中国政治生活中扮演了隐秘却愈具影响力的角色,现有研究从“没有资产阶级,就没有民主”的理论命题出发,探讨市场转型中中国是否出现了一个自主并与国家权力抗衡的社会阶层,由此,已有研究得出基本一致性的判断,由于私营企业主与国家之间共享政治价值和共享利益,中国出现的是一个依附于国家并与国家权力共谋的社会阶层。本文认为,现有研究立足于“私营企业主”在民主转型中角色的阶级想象,而过于关注私营企业主对于民主转型的影响,从而忽视了深入剖析和探讨私营企业主对于当代中国政策过程的影响。因此,深化当代中国私营企业主与国家关系及其政治影响的认识,需要从“民主转型”转向“政策影响”的主题。     

信用证欺诈例外原则适用问题探讨

信用证欺诈例外原则是20世纪中期发展起来的一个概念,是应国际贸易的需要对独立抽象原则的合理例外.由于通行的国际惯例对该原则所涉不多,而各国在实践中又遵循不同的做法,"要有效而又适当地适用该原则"应对欺诈例外原则适用的前提,行使主体和排除适用的情形加以研究,并完善有关信用证欺诈问题的专门立法.     

建构主义理论指导下高职商务英语教学改革初探

运用建构主义的基本理论,通过高职商务英语家学中对任务教学法的实践体验,发现其相对于传统的听说模式口语教学来说,通过选用学生感兴趣的行业内新鲜素材,在仿真的实训环境下进行“职场交际任务”的训练,更能激发学生的学习积极性和主动性,能有效地强化其学习、应用英语的学习动机.     

科技期刊面对学术诚信危机

我国科技期刊论文相似率、重复率较高,论文造假现象相当严重,学术诚信已显危机。造价成本低廉、官本位的科研机制,及期刊界的利益驱使与道德缺失,是目前学术诚信危机的主要原因。广大编辑应立刻觉醒,自觉遵守学术道德,坚守学术诚信,严格审稿程序,堵住学术危机蔓延之源头,并建立科技期刊质量预警系统及信用评级制度及严格的失信惩罚机制。     

我国农村信用社绩效评价体系设计

我国农村信用社经过50余年的发展已经初具规模,但是还有很多困难和问题未得到根本解决。本文拟从绩效评价体系设计的角度分析我国的农村信用社管理创新的必要性和可行性,并从可操作的角度设计绩效评价指标,进而设计出适合我国信用社发展水平的绩效评价体系,以期对农村信用社管理改进提出借鉴意义。     

“商务英语写作”课程网络教学模式的研究与应用

传统教学模式与网络教学模式相结合是保证远程教育质量的关键。本文在传统教学模式基础之上,以＂商务英语写作＂课程为例,构建了范例学习、讨论学习、探索学习、协作学习等多种网络教学模式,并从模式的依据、内容、效果三方面进行了阐述。     

管理学术界与企业界脱节的问题分析

讨论学术界与企业界脱节的实质是理论与实践是否脱节的问题,管理学科的特性决定了管理理论来自于实践,不应该存在理论与实践脱节的问题。从这一基本问题入手,结合教学科研经历,分析理论与实践脱节的原因,并提出基本的改进思路,目的是能够更好地促进学术界与企业界的互动,从我国企业管理实践中科学地提炼管理理论。     

Financial frictions and indebtedness of Balkan firms: A comparison with Mediterranean and Central European countries

Using a large database of financial data for non-financial corporations, we study the process of debt accumulation and its influence on liquidity through the boom-bust-recovery regimes (2006–2010) in the Balkan countries and benchmark this against the Mediterranean and Central European countries. The domestic amplification effects (through the financial accelerator and collateral pricing) of both the capital surge from developed EU countries at the onset of the crisis and the capital reversal afterwards are the focus of the analysis. We show that domestic generators and amplificators of the crisis have much larger effects in the Balkan countries than in the Mediterranean countries, not to mention the countries of Central Europe. In the boom period, the financial accelerator was several times stronger in the Balkan countries than in the Mediterranean and Central European countries. In the bust and recovery periods, however, the direct effects of the financial accelerator declined, but the indirect effects increased considerably due to liquidity squeezes and contagion, especially strong were corresponding intercompany debt effects. In the Balkan countries, these effects in the bust and recovery periods were at least 50% larger than in the Mediterranean and Central European countries. Higher crisis costs in the Balkan countries, relative to the benchmark regions, could be attributed to the late integration of these economies into international financial and trade flows, weak institutions of financial intermediation, and inexperienced regulators; however, the importance of the contribution of misguided EU convergence doctrine cannot be ignored. Lessons for improving macromanagement in EU periphery countries are suggested.