沪港通正式启动

11月17日沪港通正式启动。沪港通是指上海证券交易所（上交所）和香港联合交易所有限公司（香港联交所）建立技术连接,使内地和香港投资者可以通过当地证券公司或经纪商买卖规定范围内的对方交易所上市的股票。“沪港通”的顺利起航,开启了中国资本市场的新篇章。由此,中国A股向着国际化的方向迈出了坚实的一步。     

IPO反转——访安永华明会计师事务所何兆烽

目前充满挑战的市场环境显然已影响到投资者信心和企业上市意愿。尽管很难预计IPO活动什么时候能够复苏，但是，依然有不少公司正积极利用这段低迷时期为上市做着筹划和准备，以便市况一旦改善就可以最迅速地从中获益。     

“钱荒”过境

或许,没有人能预想到2013年6月20日将成为中国金融业又一标志性时点,突然来袭的“钱荒”一夜之间席卷了银行间市场。     

中企海外拓展新舞步

热情奔放的国标舞曲响起,曾经羞涩内敛的中国企业纷纷滑入国际市场的大舞池,寻找舞伴,翩翩起舞。战略、技术、价值,都成为新舞步的标志音符。     

中小企业上市何去何从：海外上市，舍近求远？

今年1月底，证监会主席尚福林表示，将争取在今年上半年推出创业板市场。这是监管层首次明确创业板的推出时间。其实，早在去年8月22日，国务院就已经审批通过了《创业板发行上市管理办法》草案，关于创业板的设定地点之争也早已尘埃落定。深圳推出创业板目前只是时间问题了。 创业板市场的推出，为中小企业开辟了一条新的融资道路。在创业板市场推出的前夜，那些有融资要求的中小企业不但需要对自身条件以及融资要求进行重新的审视，还需要认真考察国际国内的不同市场，以选择一条最适合自己的融资之路。     

跨境IPO的沪港选择

后金融危机时代,中国资本市场发展迅猛。香港联合交易所（以下简称“香港联交所”）在全球跨境上市宗数和平均融资额上稳坐冠军交易;上海证券交易所（以下简称“上交所”）2009年上市融资额排名全球第二位,市值排名跻身第六位。中国两大金融重镇相互呼应,一个互补词汇应运而生：Shang Kong。     

退市背后--在美退市企业的税务挑战

2011年以来,相当数量的在美上市中国企业选择私有化退市。2011年和2012年甚至出现从美国资本市场退市的中国企业数量超过新上市数量的罕见情形。     

IPO下半场

2012年,沉寂多时的中国概念股又开始复苏,然而,重启IPO之路却走得磕磕绊绊。IPO的趋势与前景如何？目前是否是上市的好时机？中国公司上市面临的共同问题将是什么？企业是否做好了充分的准备？这些问题多集中于企业上市前,但上市之后,CFO们又将面临怎样的挑战？     

创业板上市全景实演

在千呼万唤中,中国资本市场苦苦守候十多年的创业板即将推出,目前相关递交材料以及审核的工作已正式开展。     

CFO的IPO大戏

今年是IPO年！ 随着多家中国企业陆续登陆美股市场,“熄火”两年的中概股赴美上市热情已被点燃。本轮IPO破冰,从去年10月的58同城登陆纽交所开始,去哪儿、汽车之家等相继接棒,进入2014年“IPO风继续吹”,目前已有新浪微博、途牛、京东等多家中概股成功IPO,而在排队名单中,陌陌、大众点评以及巨无霸阿里巴巴更是赫然在列。有美国资本市场主管表示,预计今年会有20家以上中概股在美上市。一切都在表明,新一轮中概股赴美IPO热潮已经到来。而在整个IPO大戏的上演过程中,CFO无疑将会扮演关键角色并发挥重要作用。     

刘冰：转型“财略”

2003年成立的中国黄金集团拥有很多“光环”。它是由中央管理、经国务院同意进行国家授权投资的机构和国家控股公司的试点单位,是上海黄金交易所理事单位,世界黄金协会的中国惟一会员单位。     

A balancing strategy

Suppose x₁, x₂,…, is a sequence of vectors in R^k, 6X_n6⩽1, where 6(x₁,…,x_k)6 = max_j|x_j|. An algorithm is given for choosing a corresponding sequence ε₁, ε₂,…, of numbers, ε_n = ±1, so that 6ε₁x₁+ … +ε_nx_n6 remains small.     

印度投资攻略

在全球化的浪潮中,越来越多的中国企业开始把进军海外的目标瞄准了印度。中印企业合作共赢,而两国经济也双双演绎了经济发展的神话,跻身金砖四强。紧密的地缘关系、互补性极强的产业结构,以及同样庞大的潜在市场,无不为双方的经贸合作提供了天然优势保障。     

Choice of optimal search strategy

The problem of searching the extremum of a scalar function of a vector argument is considered. It is assumed that a finite set of algorithms, each of which is capable of finding the extremum, is specified. Every algorithm is characterized by a given number of operators each of which is identified with the state of the system. Each algorithm is defined by a transition probability matrix over the possible states (operators) and a corresponding matrix of the respective changes in the value of the function toward the extremal point.A procedure is given for selecting an optimal sequence of algorithms which maximizes the total expected change in the value of the function toward the optimum.     

An optimal co-reinsurance strategy

This article considers a co-reinsurance strategy that (1) protects insurance companies against catastrophic risks; (2) enables insurers to gather sufficient information about the different risk attitudes of reinsurers and diversify their reinsured risks; (3) enables insurers to create better risk-sharing profiles by balancing the risk tolerances of reinsurers; (4) has the benefit of allowing reinsurers to accumulate experience with risks with which they are unfamiliar; (5) reduces the overall direct cost of a reinsurance contract; (6) allows a government to back some insurance products, such as the terrorism insurance programs that were established in many countries after the September 11th terrorist attacks; and (7) reflects the practical reinsurance industry of some countries, such as Iran. Such a co-reinsurance strategy can be fully determined by estimating its parameters whenever three optimal criteria are satisfied and prior information about the unknown parameters is available. Two simulation-based studies have been conducted to demonstrate (1) the practical applications of our findings and (2) the possible impact of any type of dependency between the co-reinsurance’s parameters and the evaluated optimal co-reinsurance strategy.     

Individual strategy and manipulation of issues

Much of the existing literature on strategic voting assumes that the issue (i.e. the set of alternatives out of which society has to make its choice) is given. Attention is then focussed on whether any coalition of individuals will find it profitable to disrupt the sincere voting situation. In this paper, we analyse the problem of strategy in sponsoring alternatives, using Farquharson's notion of sophisticated voting. It is shown that sincere sponsoring of alternatives is unlikely to take place under a plausible assumption regarding how individuals vote once the issue is determined.     

Stability of pure strategy sampling equilibria

The idea of procedurally rational players was introduced in [4]. Among other procedures, the sampling procedure was proposed. The resulting equilibrium was called a sampling equilibrium. Evolutionary approach to the notion of a sampling equilibrium was developed in [7], where some instability results were proved. Using the concept of first-order stochastic dominance, we introduce the notion of a superior strategy and prove a stability result. The paper was supported by the Polish Government Grant No. KBN 5P03A 025 20. Author wishes to thank an anonymous referee for useful comments and suggestions.     

Analysis of the blunting anti-wrapping strategy

Interval methods for ODEs often face two obstacles in practical computations: the dependency problem and the wrapping effect. Taylor model methods, which have been developed by Berz and his group, have recently attracted attention. By combining interval arithmetic with symbolic calculations, these methods suffer far less from the dependency problem than traditional interval methods for ODEs. By allowing nonconvex enclosure sets for the flow of a given initial value problem, Taylor model methods have also a high potential for suppressing the wrapping effect. Makino and Berz [1] advocate the so-called blunting method. In this paper, we analyze the blunting method (as an interval method) for a linear model ODE. We compare its convergence behavior with that of the well-known QR interval method. (© 2008 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim)     

Multimodel design of a Nash strategy

For interconnected systems with slow and fast modes, we analyze a multimodel design of a Nash equilibrium strategy. Decision makers use different models of the same system to obtain a composite strategy that approximates the exact Nash strategy. It is discussed in what sense this approximation holds.This work was supported by the Department of Energy, Electrical Energy Systems Division, under Contract No. EX-76-C-01-2088. The author wishes to thank Professor P. V. Kokotovic for his helpful suggestions in the course of this work.