Home Is Where The Heart Dwells

前面评论过地产公司对国际市场融资途径并为断绝，例子是刚刚上市的华程。这里又增加一个新例证，地产公司还可向国际市场发行债券。这些债券尽管评级（标准普尔）不高，凭着高额回报率，还是吸引了众多投资者。

见：Chinese bond yields attracting investors 

作者：严钰 发布日期：2008-04-18

 http://www.eeo.com.cn/eobserve//finance/…
网络版专稿 记者 严钰 4月18日，备受关注的基金一季报发布，上投摩根、工银瑞信、融通、银华、益民5家基金公司披露旗下34只基金2008年一季报。季报显示，在股市大幅调整的情况下，基金股票仓位明显下降，股票仓位平均降幅超过7个百分点。

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London Stock Markets Encourage China’s Smaller Firms
from: http://huiylc.com/2008/04/london-stock-m…

LONDON has become a gateway to Europe for China’s businesses with about 400 Chinese companies investing in the United Kingdom, and with many choosing the capital to host their European headquarters.
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How long does it take the average country to adopt a typical technology? The surprising answer: nearly half a century, or 47 years. “There is, however, substantial variation in these lags, both across countries and across technologies,” write HBS professor Diego A. Comin and colleague Bart Hobijn of the Federal Reserve Bank of New York.

They discuss two questions: ‘What are the key economic aspects that differ across technologies that influence the speed of diffusion?’ and ‘What are the key cross-country differences in endowments, institutions, and policies that impinge on technology diffusion?’ Here is their paper.

NYSE Euronext likely to launch A-share IPO in China

NYSE Euronext will likely become the first foreign company to launch an initial public offering of A shares in mainland China, Caijing magazine reported Tuesday, citing an unnamed official at the China Securities Regulatory Commission.

From the FT, By Geoff Dyer and Richard McGregor
When the Aluminium Corporation of China acquired a 9 per cent stake in Rio Tinto last month, the Chinese state-owned company pulled off a number of firsts. Not only was it the biggest ever overseas investment by a Chinese group, it was also the largest ever dawn raid on the London stock market.

Yet while most of the attention focused on what the share purchase meant for BHP Billiton’s efforts to acquire Rio Tinto, the acquisition heralded another important trend – the quiet revolution under way in the Chinese state sector, which has produced a new generation of confident companies with global ambitions.

A decade ago, China’s state-owned sector looked like an economic disaster waiting to happen. In the aftermath of the 1997 Asian financial crisis, average profit margins in Chinese state companies fell to close to zero, and many reported huge losses. The government felt it had no option but to embark on a brutal programme of closures that left tens of millions without jobs.
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Please click here or go to:

 http://www.cbsnews.com/sections/i_video/…

from:韦森：中国经济忧思

一个更令人担心的问题，在于与国家基本制度结构所密切关联着的财税体制和近些年的政府财税政策。去年，中国GDP增长了10.6%，但政府财政收入却从 3.9万亿元增加到5.13万亿元，增幅达31.4%，近三倍于GDP的年增长速度。而且，这5.13万亿元财政收入还仅仅是我们称之为“第一财政”的政 府财政收入。如果把各地政府的收入——也就是所谓“第二财政”以及预算外收入、制度外收入算进来，肯定远大于这个数字。
最近，中央党校周天勇教授在《新京报》上发表的一篇文章估计，2007年中国各级政府全部财政收入实际高达9万亿元，占GDP总量的36%以上。另 外，2007年财政部还发行了两万多亿元国债。因此，在2008年24.66万亿元的GDP总量中，有11万多亿元控制在政府手中，占GDP总量的44% －45%。这些数字实际说明，在近些年中国市场化改革进程中，政府控制社会的力量正在急剧增强，在某些方面甚至比过去计划经济时期还强大。譬如，在“文 革”发生后的计划经济时代里，政府财政收入占GDP的比例大多都在三分之一以下。

FT recently published a comment named Chinese board games are confusing. Of course it is not about board games. The board here refers to Chinese corporate board. The comment basically says that the two mandatory boards required by law in China–the board of directors and the supervisory board–overlap in function. The overlap then confuses investors and creates inefficiency.

Judicious as it is, the comment failed to mention the legal risks generated by this dual-board structure.

Please also see the report of FT

王军：整体上市的变迁
发表时间：2008-3-7 10:19:00

在已经过去的2007年，公司整体上市受到市场关注。今年，依然有许多“央企”把整体上市列入日程。
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