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20190114【充实计划】第951期   [推广有奖]

守候烟雨 发表于 2019-1-14 23:32:09 |显示全部楼层 |坛友微信交流群
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nothingcao 发表于 2019-1-14 23:34:55 来自手机 |显示全部楼层 |坛友微信交流群
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harverywu 在职认证  发表于 2019-1-14 23:44:43 |显示全部楼层 |坛友微信交流群
昨天阅读2小时, 累计阅读206小时
阅读2小时-O Done.  完成
Corporate financial will be focused in the second half montg.
Corporate Finance : four types of firms :
        Sole proprietorship is a business owned and run by one person.
        Sole proprietorships share the following four key characteristics:
1.        Sole proprietorships are straightforward to set up;
2.        The principle limitation of a sole proprietorship is that there is separation between the firm and the owner;
3.        The owner has unlimited personal liability for any of the firm’s debt, that is if the firm defaults on any debt payment, the lender can require the owner to repay the loan from personal assets. An owner who cannot afford to repay the loan must declare personal bankruptcy.
4.        The life of a sole proprietorship is limited to the life of the owner. And it is difficult to transfer ownership of a sole proprietorship.
        Partnerships: a partnership is identical to a sole proprietorship except it has more than one owner.  The following characteristics are key features of a partnership:
        All partners are liable for the firm’s debt.  That is , a lender can require any partner to repay all the firm’s outstanding debts;
        The partnership ends on the death or withdrawal of any single partner, although partners can avoid liquidation if the partnership agreement provides for alternatives such as a buyout of a deceased or withdrawn partner.
A limited partnership is a partnership with two kinds of owners, general partners and limited partners. General partners have the same rights and privileges as partners in a general partnership they are personally liable for the firm’s debt obligations. Limited partners however have limited liability that is their liability is limited to their investment. A limited partner has no management authority and can not legally be involved in the managerial decision making for the business.
        Limited liability companies: a limited liability company (LLC) is a limited partnership without a general partner. That is all the owners have limited liability but unlike limited partners, they can also run the business. LLCs rose to prominence first in Germany over 100 years ago as a Gesellschaft mit beschrankter hafting GmbH and then in France as a Societe a responsabilite limitee and by SRL in Italy and SL in Spain.
        Corporations: the distinguishing feature of a corporation is that it is a legally defined, artificial being (a judicial person or legal entity) separate from its owners. Because a corporation is a legal entity separate and distinct from its owners, it is solely responsible for its own obligations. Consequently, the owners of a corporation or its employees, customers etc are not liable for any obligations the corporation enters into. Similarly, the corporation is not liable for any personal obligations of its owners.
        Formation of a corporation. Corporations must be legally formed which means that the state in which it is incorporated must formally give its consent to the incorporation by chartering it. Setting up a corporation is therefore considerably more costly than setting up a sole proprietorship. The corporate charter specifies the initial rules that govern how the corporation is run.
        Ownership of corporation. There is no limit on the number of owners, which a corporation can have. The entire ownership stake of a corporation is divided into shares known as stock. The collection of all the outstanding shares of a corporation is known as the equity of the corporation. An owner of a share of stock in the corporation is known as shareholder, stockholder, or equity holder and is entitled to dividend payment.  A unique feature of a corporation is that there is no limitation on who can own its stock. That is an owner of a corporation need not have any special expertise or qualification. This feature allows free trade in the shares of the corporation and provides one of the most important advantage of organizing a firm as a corporation rather than sole proprietorship, partnership, or limited liability company. Corporations can raise substantial amounts of capital because they could sell ownership shares to anonymous outside investors.

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HappyAndy_Lo 发表于 2019-1-14 23:51:34 |显示全部楼层 |坛友微信交流群
昨日阅读 3.5 h,累计 528.5 h
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《思想的力量:哲学导论》

295. 米歇尔-福柯(Michel Foucault,1926-1984)对所谓的哲学真理或科学真理,尤其是人文科学(比如心理学和社会学)抱着极端怀疑的态度。
他最初把自己看作考古学家,挖掘历史地层。
他在考古学(archaeological)研究时期,确实受到了法国结构主义运动的一些影响。(发现了知识型epistemes)她在每个时代都充当着判别真伪的标准。
主要著作:《疯癫与文明》(Madness and Civilization,1965英文译本)、《临床医学的诞生:医学观念的考古学》(The Birth of the Clinic:An Archaeology of Medical Perception, 1977)、《事物的秩序:人文科学的考古学》(The Oder of Things: An Archaeology of the Human Sciences, 1970)和《性经验史》(The History of Sexuality, 三卷本,英文译本在1978-1986出版)。

296. 福柯没有抛弃他的相对主义立场,他抛弃了考古学,从20世纪70年代投入了弗里德里希-尼采原先称之为谱系学(genealogy)的研究中。
Genealogy强调的不是知识(这正是考古学强调的),而是权力。福柯后期著作关注的是在特定社会中身体的“微观实践”(micro-practices),不仅指人物理的身体,而是活生生的身体,具体的意识。
Genealogy不是规定性的,而是描述性的。


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Blockchain:

144. 区块链是这种新兴协同共享模式的最佳技术手段。

区块链的运营逻辑在于能够优化点对点资源、全球协作和在社会中培养并鼓励创造社会资本的敏感程度。创建区块链的各类平台能够最大限度地鼓励协作型文化,这与原始共有模式相得益彰。区块链的这些设计特点带领社会共同走出阴影,赋予它一个高科技平台,将使其有可能成为21世纪决定性的经济模式。


143. 资产发行方式的巨变面对新技术的崛起,必然有许多相关行业会出现一些巨大的变化。区块链技术的出现可能会使全球金融世界发生很大的变化,特别是资产发行的方式会出现巨大的变化。目前所有资产发行的方式都是“先审核再发行”,但是区块链技术可能会让整个过程完全逆转,变为“先发行再审核”。也许有人会认为,这是无稽之谈,市场监管者肯定不会允许这种情况的发生。但事实是,技术的脚步会摧垮所有的障碍,并且会按照自身的逻辑进行实现。

事实上,包括SEC在内的监管机构已经看到了这一点,因此他们在对待Overstock开发的交易系统会做出重大让步,允许他们在去中心化的资产交易平台上进行发行自己的股票,并且进行交易。我们完全可以认为这是SEC已经在测试去中心化交易所的可能性,并且探索区块链技术对证券市场在未来可能产生的影响。
但是无论什么时候到来,我们都可以意识到,资产发行流程改变对于现有的证券市场将会产生重大的影响,并且可能会因此完全重构我们目前的金融世界。

这本书已经接近尾声了。。。。。。!!!

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在企业集团这一等级制组织中,集中程度是决策权配置的关键特征之一。集权管理能够统筹协调子公司,发挥内部市场作用,降低子公司管理者的代理成本;但是分权管理能够结合决策权和专有知识,实现因地制宜的决策,降低信息成本。公司价值等于当前拥有的资产所创造的价值与成长机会的价值之和,集权管理能够提升现有资源管理的效率,但会降低企业通过投资把握成长机会的效率。所以,集权管理对企业市场价值的综合影响由其经营活动的特征决定。
企业集团支付职工薪酬的集中程度反映了母公司对集团人事权的控制程度,进一步反映了母公司对集团各类决策权的控制程度。薪酬安排相对于其他资源分布具有外生性,有利于对集权管理经济后果的讨论。以2007~2015年沪深两市A股上市企业集团为样本,本文的实证结果显示,企业集团集权程度越高,现有资源管理效率越高,但过度投资越多。路径分析结果说明,集权管理通过引致过度投资损害了公司价值,而通过改善管理效率提升了公司价值。高成长性的行业中,集权管理显著地损害了公司价值。
首先,以薪酬契约特征为基础,本文提出了职工薪酬集中度这一集权程度指标,检验了集权管理的经济后果,从而在一定程度上验证了这一指标的有效性。其次,本文分析了决策权配置影响公司价值的作用路径,即集权管理通过提升现有资源管理效率增加公司价值,但与此同时通过过度投资减少公司价值。这说明不确定性较低活动占主导的企业更适用集权管理,而在扩张型的企业中,分权管理有利于经营效率与公司价值。本文为企业建立适应自身发展需要的决策权配置提供了重要的实证证据。

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Nowords2014 发表于 2019-1-15 06:15:10 来自手机 |显示全部楼层 |坛友微信交流群
充实每一天 发表于 2019-1-14 06:31
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vistro 在职认证  发表于 2019-1-15 11:09:51 |显示全部楼层 |坛友微信交流群
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我能想到的 发表于 2019-1-15 18:36:48 来自手机 |显示全部楼层 |坛友微信交流群
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