Abstract Steven Schwarzman, Chairman of the Blackstone Group, has just learned that an investment group associated with the government of China wants to buy the majority of Blackstone's leveraged IPO. As he considers how to respond to this offer, Schwarzman reviews the firm's proposed structure as a public entity and assesses how he might retain the delicate balance among stakeholders while still maintaining liquidity in the market. Keywords: Private Equity ; Financial Liquidity ; Initial Public Offering ; Investment ; Ownership Stake ; Business and Stakeholder Relations
According to the theory of Professor Lin Yi-fu, it is important for an economy to strictly follow the comparative advantage determined by the endowment of each stage of economic development, making full use of the market mechanism and the government intervention. Thus the speed of accumulation of capital, upgrade of endowment structure, upgrade of industrial structure and economic growth will reach the fastest. Upgrade of industrial structure is determined by capital accumulation and upgrade of endowment structure. To reflect the endowment structure, capital stock per capita is a significant indicator. Taiwan’s gold periods of economic growth have seen the promotion of capital stock per capita. It is this promotion that resulted in the upgrade of Taiwan’s industrial structure.
The classic theory of federalism suggests that local governments, when granted with more autonomy and resources, will be able to make better decision and improve social wellbeing. The arguments are rooted in two beliefs. First, as Hayek (1945) points up, local governments generally are endowed with information advantage over the national government in knowing the nature and changes of social tastes and preferences. Thus, through sorting and matching the resources with locally indigenous preferences, more social benefits can be delivered (i.e. throughhigher demand efficiency). Second, the federalism allows governance experiments in the localities and by design promotes inter-jurisdictional competition and mutual learning. Presumably, the competition and learning helps the local governments to make decisions for desirable social outcomes. The classic theory of federalism has been greeted with mixed empirical evidence in the developing countries. The parameters of fiscal governance vary significantly and the residents often fail to vote with their feet due to residence restrictions and social imperatives. Therefore, the positive outcomes presumably derived from the federalism arrangements may find hard to be substantiated or not uncommonly, go sour in the opposite direction. The second generation of federalism abandons the assumption that governments are benevolent, but focuses on their different incentives to perform. Students contend that federalism is likely to cause mixed kinds of outcomescontingent on how local incentives are structured. It is likely that local governments, when granted with more authorities and resources, may choose to maximize certain kinds of benefits over others, whichmay be linked to some unpleasant social outcomes. Empirical evidence exists in this regard. For instance, a higher level of fiscal decentralization in chinaseem conducive toslower economic development due to its unique stage of economic development. The essential question to ask is in what social dimensions, do fiscal decentralization creates what kinds of social outcomes?
June 13, 2013 morning, Indonesia Trade Counsellor Mr. Marolop met with Elephant Alliance CEO Ms. Chen Jingru, General Manager of the Investment Division Huang Chao-Huan to discuss cooperation matters. Dr. Huang first introduced Elephant Alliance’s organizational structure and business model, and the countries that Elephants Alliance is currently working with and the latest progresses. Counsellor Marolop was impressed by the brand new business model and commented that Elephants Alliance is a good concept and a good platform for international trading. Currently the world needs such a credible platform to help enterprises in the world. Counsellor Marolop also asked a lot of questions about the detail operations which were answered by Ms. Chen and Mr. Huang of Elephant Alliance. Counselor Marolop said that many Indonesia businessmen also hope to have more trades with China. There are 17,000 islands in Indonesia of which five are major islands to form six economic zones. Indonesia is the world's fourth most populous country with over 200 Million people. Indonesia is rich in mineral resources such as oil, natural gas, coal, diamond and agricultural resources including pepper, cotton, rubber, cocoa, coconut, spices, etc. Mr. Marolop said that the next step will be for him to give Elephant Alliance some specific information to prepare for the two sides to get into close cooperation. Indonesian Trade Counsellor Marolop (middle) with Elephant Alliance CEO Ms. Chen Jingru, General Manager of Investment Division Mr. Huang Chao-Huan. For details ， please click: http://www.dxlm.org
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