20190115【充实计划】第952期

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渐行渐近的人口危机——中国生育报告2019（上）
2015年中国30岁及以上未婚男性规模已超过2000万，预计到2040年将超过4000万。1990年中国30岁及以上未婚男性仅略超1000万人，2000年超过1600万，2015年超过2000万。从城乡分布看，“剩男”超过一半在农村，2010年30岁及以上未婚男性在城市、建制镇、乡村的分布分别为24.4%、13.5%、64.2%，2015年变为30.0%、17.8%、52.2%。农村“剩男”问题比城市和建制镇更严重，2015年农村30岁以上男性未婚率为5.7%，超过城市的4.3%和建制镇的3.6%。从受教育程度看，乡村“剩男”超过90%为低学历者。在30岁及以上未婚男性中，2010年未上过学、小学文化、初中文化的比例分别为17.5%、44.6%、33.1%。未上过学的男性未婚率高达15%；其次是因为学习深造推迟进入婚姻市场的研究生学历男性，未婚率高达9%。随着1990年以来高性别比的出生人口逐渐进入婚假年龄，预计未来“剩男”问题还将更为突出，预计到2040年可能达约4000万。“个人困扰”的婚姻挤压问题可能演变为“公共问题”的人口安全问题，包括妇女买卖、性骚扰、性犯罪等。
思考：从人口的分布变化情况来看，乡村“剩男”正在向城市转移，该部分人口由于受教育程度相对较低，再加上宏观经济转弱的叠加下，很容易产生就业难的问题，此外由于降税减费的继续推进，地方ZF通过加大财政支出解决就业问题的难度将会加大，在多方压力之下，“个人困扰”的婚姻问题如何解决就着实让人感到担忧。

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充实每一天 发表于 2019-1-15 06:50
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Book: Corporate finance Global edition fourth
Authors: Jonathan Berk, Peter DeMarzo
Tax implications of corporate entities
An important difference between the types of organizational forms is the way they are taxed. Because a corporation is a separate legal entity, a corporation’s profits are subject to taxation separate from its owner’s tax obligation. In effect, shareholders of a corporation pay taxes twice. First the corporation pays tax on its profit and then when the remaining profits are distributed to the shareholders, the shareholders pay their own personal income tax on this income. This system is sometimes referred to as double taxation.
S corporations. The corporate organizational structure is the only organizational structure subject to double taxation. However the US internal revenue code allows an exemption from double taxation from S corporations which are corporations that elect subchapter S tax treatment. Under these tax regulations, the firm’s profit and loss are not subject to corporate tax but instead are allocated directly to shareholders based on their ownership share. These shareholders must include these profits as income on their individual tax returns even if no money is distributed to them, however after the shareholders have paid income taxes on the profits, no further tax is due.
The US government places strict limitations on the qualification for subcharpter S tax treatment. In particular, the shareholders of such corporations must be individuals who are US citizen or residents and there can be no more than 100 of them. Because most corporations have no restrictions on who owns their shares or the number of shareholders, they could not qualify for subchapter S treatment. Thus most large corporations are C corporations which are subject to corporate taxes. S corporations account for less than a quarter of all corporate sale revenue,
Ownership versus control of corporations
It is often not feasible for the owners of a corporations to have direct control of the firm because there are sometimes many owner, each of whom can freely trade his or her stock. That is in corporation, direct control and ownership are often separate. Rather than the owner, the board of director and chief executive officer possess direct control of the corporations.
The corporate management team
The shareholders of a corporation exercise their control by electing a board of directors, a group of people who have the ultimate decision-making authority in the corporation.
Example: Goldman Sachs ultimately decided to go public for three main reasons: to secure permanent capital to grow; to be able to use publicly traded securities to finance strategic acquisitions and to enhance the culture of ownership and gain compensation flexibility.
Goldman Sachs’ distinctive culture of teamwork and excellence has thrived in public form and our equity compensation programs turned out better than we could have hoped.
The board of directors makes rules on how the corporation shall be run (including how the top managers in the corporation are compensated) set policy and monitors the performance of the company. The board of directors delegates most decisions that involve day-to-day running of the corporation to its management.  The chief executive officer CEO is charged with running the corporation by instituting the rules and policies set by the board of directors.
The separation of powers within corporations between the board of directors and the CEO is not always distinct. In fact, it is not uncommon for the CEO also to be the chairman of the board of directors. The most senior financial manager is the chief financial officer (CFO) who often reports directly to the CEO.
The financial Manager is responsible for three main tasks: making investment decisions, making financing decisions, and managing the firm’s cash flow.  
Investment decisions the financial manager’s most important job is to make the firm’s investment decision.  The financial manager must weigh the cost and benefits of all investments and projects ad decide which of them qualify as good uses of the money stockholders have invested in the firm.  These investment decisions fundamentally shape what the firm does and whether it will add value for its owners.
Financing decisions: once the financial manager has decided which investments to make he or she also decides how to pay for them. Large investments may require the corporation to raise additional money. The financial manager must decide whether to raise more money from new and existing owners by selling more shares of stocks (equity) or to borrow the money debt. This book will discuss the characteristics of each source of funds and how to decide
Cash Management. The financial manager must ensure that the firm has enough cash on hand to meet its day-to-day obligation.  This job, also commonly known as managing working capital, may seem straightforward but in a young and growing company, it can mean the difference between success and failure.
The goal of the firm
In theory, the goal of a firm shall be defined by the firm’s owner. A sole proprietorship has a single owner who runs the firm, so the goals of a sole proprietorship are the same as the owner’s goal. Regardless of any shareholder’s personal financial position and stage in life, all the shareholders will agree that they are better off if management makes decisions that increase the value of their shares.
The firm and society. Are decisions that increase the value of the firm’s equity beneficial for society as a whole? Most often they are. Even if the corporation only makes its shareholders better off as long as nobody else is made worse off by its decision, increasing the value of equity is good for society.
CEO performance: another way shareholders can encourage managers to work in the interests of shareholders is to discipline them if they do not. If shareholders are unhappy with a CEO’s performance, they could in principle pressure the board to oust the CEO.  The stock price of the corporation is a barometer of corporate leaders that continuously gives them feedback on their shareholder’s opinion for their performance.
A corporate Bankruptcy is the best thought of as a change in ownership of the corporation and not necessarily as a failure of the underlying business.
Stock market
Private company:  private company have a limited set of shareholders and their shares are not regularly traded, the value of their shares can be difficult to determine.
Public Company: public companies whose shares trade on organized market called a stock market or stock exchange.
The stock markets provide liquidity and determine a market price for the company’s shares. An investment is said to be liquid if it is possible to sell it quickly and easily for a price very close to the price at which you could contemporaneously buy it.
Primary and secondary stock markets
Primary stock market: When a corporate itself issues new shares of stock and sells them to investors, it does so on the primary market.
Secondary stock market: after initial transaction between corporation and investors, the shares continue to trade in a secondary market between investors without the involvement of the corporation. Firms only occasionally issue new shares, secondary market trading accounts for the vast majority of trading in the stock market.
Traditional Trading Venues
Historically a firm could choose one stock exchange on which to list its stock, and almost all trade in the stock would occur on that exchange. In US, two most important stock exchanges are the New York Stock Exchange( NYSE), and the national association of Security Dealer Automated Quotation ( NASDAQ).
Market makers make money because ask prices are higher than bid prices. This difference is called the bid-ask spread. Customers always buy at the ask price( the high price) and sell at the bid price( the lower price). The bid-ask spread is a transaction cost investors pay in order to trade. Because specialists on the NYSE took the other side of the trade from their customers, this cost accrued to them as a profit, this was the compensation they earned for providing a liquid market by standing ready to honor any quoted price. Investors also paid other forms of transactions costs like commissions.

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《思想的力量：哲学导论》

297. 结构主义（Structuralism） 和解构主义
结构主义：一种方法论，试图寻找支配着诸如语言、文化神话学这样庞大的社会体系的基本规则和习俗。
法国的哲学家和文学理论家雅克-德里达（Jacques Derrida，1930-2004）认为稳定的意义不可能存在，一个文本也不可能存在确定的意义。实际上“确定的意义”这样一个概念暗示着某些文本、语言未经过证实（和不可证实）的前提。（他是解构主义方法的代表）
1966年德里达在马里兰州巴尔的摩的约翰-霍布金斯大学演讲：中心化了的结构概念其实是基于某物的一种游戏概念，它是构建于某种始源固定不变而又牢靠的确定性基础之上的，而后者本身则是摆脱了游戏的。从这种确定性出发，焦虑就能够得到控制。
他说，形而上学的中心（在解构中）出现了断裂（无论是Plato不变的理念，还是其他的没有“游戏”，没有灵活性的形而上学概念）。

298. 如果人类所有的理解都要通过文本性（textuality）来实现，那么也就找不到什么终极的意义。
德里达对结构主义语言学和结构主义人类学的批判只代表了他的一部分思想。他对哲学最深入思考是和形而上学有关的。深受黑格尔、胡塞尔、海德格尔的影响。他用解构主义方法有力地攻击了胡塞尔的超验唯心主义。


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Blockchain：《《TheEnd》》
145. 颠覆现代商业社会
最重要的财务制度和法律法规，莫过于复式记账法、公司制度和保护私有财产的法律。这些制度和规则的诞生，奠定了现代商业社会的基础，从而诞生了一个空前繁华的现代商业社会。因此，我们可以把它们称为商业社会的三大基石。
          因为在区块链的世界里，复式记账法变成了分布式总账技术。复式记账法（Double Entry Bookkeeping），是从单式记账法发展起来的一种比较完善的记账方法，也叫复式记账凭证。
复式记账法能够较好地体现资金运动的内在规律，能够全面、系统地反映资金增减变动的来龙去脉及经营成果，并有助于检查账户处理和保证账本记录结果的正确性。而分布式总账技术让系统中每个节点都有机会成为记账人，而每个时间段中都确保账本数据的平衡。其中所有的数据都是可以追溯的，所有的数据不仅具有极高的冗余性，而且有极高的安全性，完全无法篡改，可以被视为是一种实时审计的记账方式。
          公司制度变成了分布式自治公司和组织（DAO和DAC）。不同于传统公司复杂和缓慢的机制，DAO和DAC就像一个完全自动运行的公司，任何一个人都可以随时加入和退出。而公司的股权（代币）成为系统中运行的唯一货币，并让收入、利润这些概念完全消失。公司运作的结构被大大简化，只剩下投资者和生产者，这会极大地提高公司的运作效率。而每一个DAO和DAC，都像上市公司一样，其股权（代币）是可以高速流通的，这意味着其价值发现在一开始就将完全由市场决定的，而不是要通过漫长和复杂的融资和审核方式来逐渐成长为一个上市公司。
          而保护私有财产的法律，变成了智能合约。在传统商业世界中，必须通过法律来保障私有财产神圣不可侵犯。而在区块链世界中，这质押依赖于区块链和智能合约就可以做到。在区块链上的资产，及其设定的智能合约是无法被人任意篡改和摧毁的。事实上，区块链中的资产，只要你不想交出私钥，就没有任何人能够夺走属于你的资产，也没有人可以改变和终止已经设定好并已经在运行中的智能合约。传统保护私有财产的法律和相关制度是要靠一大堆周边司法设施来保障其运行的，而区块链和智能合约完全靠程序就能实现这样的目的，所节约的社会成本以及提高的效率将是传统方式远远不能企及的。
         所以，当复式记账法、公司制度和保护私有财产这三个传统商业社会的基石，变为分布式总账技术、分布式自治公司和智能合约，也许会彻底改变现有商业社会的结构和运作方式。尽管区块链技术一直被认为是一种颠覆性的技术，但许多人还是仅仅将其视为一种技术上的变革，但如果我们把视线投向更加深远的社会基础，也许真的能够意识到一场有史以来人类商业社会最大的变革正在拉开帷幕。

-----The End
终于完成了这本书，收获颇多！
赶紧找下一本 Blockchain的书籍了。。。。
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