Samedi 20 août 2011

Pictures of foreign women have sacrificed their lives for sports - Jokes park - Focus blog

Blog ring like a house , ring the Friends of the window like ; window Malcolm Jenkins Jersey, the more houses the more light Reggie Bush Jersey, the greater the circle of Friends Le'Ron McClain Jersey, the more the house ; wish you more of my house brighter and look forward to you to come into the ring Archie Manning Jersey, a circle friends . Connections Tips Category : [ Japanese ] [ adult class ] [ advertised ] [ campus ] [ Creative ] [ cAR ] [ pet types ] [ animal ] busy, tired, tired Chris Ivory Jersey, happy to come here a happy smile , and was forgotten message ;
Par sgsfhgdsh - 0 commentaire(s)le 20 août 2011
Jeudi 18 août 2011

World Soccer

I do not know how many people watched yesterday 's world football , David Beckham watched the video
think about David Beckham who looked after there is such a feeling: regret Saints Jerseys, sorrow Terrell Suggs Jersey, compassion Jonathan Vilma Jersey, a kind of feeling like crying . CCTV selection of music was really very accurate Rickey Jackson Jersey, and completely tear gas
stars do not understand people who believe Beckham should have a new understanding : the original David Beckham is such a player
I think the last show of the segment comments are fair : Maybe he's not a great player, but definitely a phenomenon Derrick Mason Jersey, is a good player .
proposal did not see the fans to see replay
Par sgsfhgdsh - 0 commentaire(s)le 18 août 2011
Mardi 16 août 2011

Prostatic hyperplasia routine care , how

How routine prostate care?
Source: Beijing Military Hospital hits are: Key words: benign prostatic hyperplasia benign prostatic hyperplasia
how routine care? Beijing military hospitals are based on years of clinical experience summarized as follows :
prostatic hyperplasia measures a day care, to prevent exposure to cold late fall to early spring Marques Colston Jersey, the weather was fickle, cold and often make the disease worse, so patients must pay attention to cold, to prevent colds and upper respiratory tract infections.
prostatic hyperplasia daily nursing two, absolutely avoid alcohol drinking can make the prostate and bladder neck edema induced urinary retention.
prostatic hyperplasia daily nursing three Rickey Jackson Jersey, Eat spicy spicy spicy food, can cause genital congestion, will to hemorrhoids, constipation symptoms, oppression prostate, increased urination difficult.
prostatic hyperplasia daily nursing four, not holding back holding back urine can cause bladder over-filling, the detrusor tension decreased, difficulty in urinating, are likely to cause acute urinary retention, therefore Devery Henderson Jersey, there must be a urine on the row.
measures of benign prostatic hyperplasia day care five will not overwork overworked Haoshang in the gas, the gas shortage will result in inability to urinate, prone to urinary retention.
daily care measures of benign prostatic hyperplasia six Patrick Robinson Jersey, will increase to avoid the often sedentary sedentary diseases such as hemorrhoids, but also easy to make perineal congestion, causing urinary difficulties. regularly participate in sports activities, and qigong exercises, etc., to help alleviate the symptoms. < br> the daily care of benign prostatic hyperplasia measures seven, moderate drinking too little water will not only cause dehydration, but also detrimental to voiding of the urinary tract of the flushing effect, but also easily lead to the formation of urine concentration is not RONGSHI. Therefore, in addition to appropriately reduce the drinking water at night to avoid sleep After over-filling the bladder during the day should be more water.
daily care measures of benign prostatic hyperplasia eight caution drugs Some drugs can increase the difficulty urinating, large doses can cause acute urinary retention, which are atropine, belladonna tablets and ephedrine tablets, isoproterenol, etc. In recent years, also found that calcium blockers and verapamil, can promote prolactin secretion, and decreased detrusor contractility, increased urination difficulties, they should be used with caution or better not be certain drugs.
prostatic hyperplasia measures nine day care, timely treatment should be timely, thorough treatment of prostatitis, cystitis and urinary tract stones psychosis.
daily care measures of benign prostatic hyperplasia ten, massage abdominal massage lower abdomen, below the belly button point pressure gas Customs yuan and other points, is conducive to bladder function recovery after urinating a little pressure massage can promote bladder emptying, reducing the residual liquid is worth reminding that the slow development of this disease, longer duration, if starting from the middle-aged better prevention, in addition to the above measures Le'Ron McClain Jersey, should also prevent excessive sex life, in particular, to be alert to acts of onanism and masturbation, according to clinical observations, most patients can persist as long as the measures to implement self-care and attention to timely treatment, the effect are very good. On the contrary, insist on the poor result is not satisfactory.
Beijing Military Hospital Tips are: benign prostatic hyperplasia daily self-care is very important not only to consolidate the therapeutic effect, but also to avoid deterioration.
from the article : http://www.jundu120.com/nxcjjb/qlx/qlxzsfd/cs/200909/76.html
Par sgsfhgdsh - 0 commentaire(s)le 16 août 2011
Vendredi 05 août 2011

Sports

Bryant entered the NBA in the eyes of the fans, which look just like Michael Jordan is a Although early on with the Lakers won the championship, but he lives in the shadow of the fact that O'Neal, Kobe Bryant feeling less of a hero .2004 alone begin to rebuild the Lakers, the team's commitment to its core to create a championship-level ball team, Bryant left in the City of Angels, From this day, Bryant hopes the ruling NBA.
dreams do not see sweeping changes in the championship hopes
seeing the past three years, to see Bryant in City of Angels not see any hope of winning the championship, from Kidd to Jermaine O'Neal, Ron Artest to Byron from? Davis, All-Star Kobe Bryant of the required helper has not come, but in the training of the team Brown, Bina Tim the young center, but Kobe Bryant is about to reach the thirties, has no time to wait for Bynum to grow up this year in early June, Kobe Bryant, could not Derrick Mason Jersey, the media revealed the idea to leave the Lakers, although Coach Jackson's comfort , Bryant and later expressed his intention to leave the team, but the Lakers have Kobe Bryant can not be a dream come true, to leave the team seems to have been inevitable.
dream action and the negotiations did not result
Lakers Kobe Bryant requirements transfer most of the team's attitude to coalition heart, Bulls, Knicks Archie Manning Jersey, 76ers have become the potential new owner Kobe Bryant is still on his Web site also euphemistically expressed dissatisfaction with the Lakers owner, he do not want to imply Bath bring enough for his championship of the helper. program in the past three years to carry out step by step, looking great trading opportunities came and went, which led to the Lakers in the past three years could not even win a playoff victory. start a dialogue, but dialogue is not successful, the two sides failed to reach agreement to transfer all the signs that Bryant only a matter of time.
joined the Bulls in close proximity to achieve the dream
Bryant said in the video a new owner, expression of at least two meanings, one of Bryant left the Lakers has been determined, the hearts of the best option is to Jordan's Bulls teams, so since he will be able to move forward along the footsteps of their predecessors; Second Tracy Porter Jersey, the Lakers and Bulls have been at least negotiations, negotiations may be ongoing Terrell Suggs Jersey, there may already have the results of the negotiations, but now is not Bianxiang announcement.
In short, in the coming days Jarret Johnson Jersey, wearing a purple No. 24 jersey of Kobe Bryant just a memory in the pursuit of Bulls fans may enjoy another 23 and then performed the same.
950 万 dollar may affect the transfer
Kobe Bryant has expressed his wish to join the Bulls Jeremy Shockey Jersey, but in order to successfully bid farewell to the Lakers is not easy since then Bryant and the Lakers in terms of the contract, there is a This treaty, if Kobe does not agree, the Lakers can not be trading and now is offered to trade Kobe, the treaty seems less important, however, Bryant's contract also transfer margin, that is, if Kobe Bryant is transaction, the new owner he will get about $ 9.5 million transfer deposit, this part of the money is a lump sum signing bonus and will not be credited to the salary cap, which is equivalent to football players signed in the signing bonus Michael Oher Jersey, but the transfer margin is mandatory, ie, which team you want to Bryant, in his full salary paid to, but also extra $ 9.5 million.
Division is easy to mix the Bulls?
whenever Lakers doing well, or rocket suffered injuries, people will always link these two teams, composed of Yao Ming and Kobe Bryant, and the Lakers do not have good bargaining chip and does not seem realistic, another Chinese player Yi Jianlian is likely to partner Bryant.
Bulls have the No. 9 2007 draft position, but the forecast in the major sites , the sign 10 has 3 teams are likely to select the signing Yi Jianlian, but a good trend in the recent case of Yi Jianlian, Yi Jianlian is more likely in the third to fifth place among is selected, with nine of the Bulls at No. few opportunities. Even so, the Bulls still hope to trade draft picks to get Yi Jianlian, the most promising is the Bulls trade the No. 5 Grizzlies, Caucasus Jai draft picks in exchange for lure? Deng with? Gordon is on the mid-season trade repeatedly been raised.
if Yi Jianlian to join the Bulls, as Kobe Bryant's right hand man, Yi Jianlian can learn a lot. but, Bryant hopes the team has stronger players, whether he has enough patience to wait for Yi's growth?
Par sgsfhgdsh - 0 commentaire(s)le 05 août 2011
Samedi 30 juillet 2011

Drunken passenger assaulted bus drivers suffer presented wronged by the company after the award

the reporter Bing Lijie Fu

correspondent Yu Juanjuan

past reports: June 4 at noon , take the bus when a man drunk , abusive and hands-on assault by minor drivers, resulting in the driver master Li nasal soft tissue contusion , fracture of nasal bone . District police station Brennan Boesch Jersey, has been involved in the matter Rangers Jersey, the full investigation. (See the June 6 edition of Japanese newspaper reported A6 )

Latest: Yesterday morning Lan Kansler Jersey, the bus company 's leadership to the Provincial Hospitals see Master Li was beaten Magglio Ordonez Jersey, let him recuperate properly , and presented to Master Li the

It is understood that the relevant video information was damaged due to police investigations to bring some difficulties . Currently the police are fully investigated.

bus company's staff said that bus drivers are often at work will be wronged , important to promote the bus drivers in the road in the face of unreasonable passengers reviled not , playing does not fight back the spirit of professional ethics , we set up the ' wronged ' award . upset, he wanted people to more understanding and tolerance Albert Pujols Jersey, do not curse or fight for the little things .

welcome to comment to comment

microblogging Recommended | microblogging hot today ( edit : SN039)
Par sgsfhgdsh - 0 commentaire(s)le 30 juillet 2011
Jeudi 28 juillet 2011

Chinese foreign dependency causes and costs

China's The first article is January 27, 2003 issue of large scale introduction of foreign investment in China because Mr. Wong come to surprising conclusions was: foreign investment in China is sometimes inappropriate, they tend to Chinese domestic companies at the expense, which is China's attempt to support the domestic economy in the least efficient 部门 direct result of China's growing Waiguotouzi Shiji for domestic companies will help to consolidate a negative system. more comments, and actively introduce foreign investment as an economic result of the foreign investment accounted for nearly 20% of the tax can be said that China has formed a study. in terms of economies of scale do not appear to be so prominent, the United Kingdom, Germany, Brazil, Mexico, Ireland in this regard more than the Chinese of these countries the proportion of foreign-owned domestic higher than China's addition is a discussion I have with India Professor Han Taiyun American co-wrote in 2003, published in the U.S. from its foreign investment restrictions.
me on the following four questions in this article make a clear and concise as possible: 1) China has no dependency syndrome and the second question has a very detailed analysis. the third and fourth issues are discussed but no discussion. I am here to add one point.
China's I talked about in this book, efficient than state-owned enterprises more competitive. efficient domestic capital refers to investment in private enterprises in China, investment in private enterprises account for only a small fraction of total domestic investment, according to In 2003 private and individual economic investment in fixed assets was 756.3 billion yuan, accounting for fixed assets of 13.7% the same year, foreign direct investment is 444.13 billion yuan, that of foreign investors in an efficient domestic capital ratio is 0.587 (444 130 000 000 million divided by 756.3 billion yuan).
course, some readers pointed out that the incomplete statistics of China's private economy, many companies are private, the collective nature of collective economy .2003 investment in fixed assets was 780.69 billion yuan, if the Chinese artificially inflated the definition of private and collective enterprises are all counted as private enterprises, China's foreign investment in efficient internal capital ratio is 0.29. in this way we can come to rely on China's foreign investment is lower upper and lower limits .0.29 , and 0.58 is the upper limit. real number should be between the two figures.
Now let us comment on Germany, Brazil, Mexico, Ireland, although in the foreign / domestic ratio of total over China, but we can not forget that these countries are private or largely private economy. they are all owned by private enterprises within, which and until today the majority of our investment in China is done by the state-owned enterprises is different. state-owned enterprises to invest regardless of cost, so they are over-invested in other things being equal, if there is a large number of state-owned enterprises, FDI / Investment in fixed assets ratio will naturally become very low.
more accurate comparisons, should be to China's foreign / private investment ratio compared with other countries. Mr. Hu Zuliu in an article entitled foreign investment on China's three major issues, countries, in only three countries, FDI / investment in fixed assets ratio higher than China: Singapore (0.34), Netherlands (0.33), and Ireland (0.71) If we use this ratio 0.58, and that only Ireland had a higher than China < br> to pay attention to Singapore, the Netherlands, and Ireland is the world's dependence on foreign countries recognized while they are small countries, it is easy to rely on foreign capital. (for example, run the two airlines in Singapore, there must be a foreign-funded enterprises must be .) means that China's dependence on foreign capital and the world has recognized close to the foreign-dependent countries, which form a continental economy, has a population of 1.3 billion is a big country in terms of very abnormal. Generally speaking, large countries independent, less dependent on foreign capital, such as in the 1990s, the U.S. FDI / capital percentage is within 6.2%, although foreign direct investment flows into the U.S. in absolute terms than China Canada is 8.3%; Brazil is 5 percent of China's FDI / the proportion of domestic capital several times beyond the East Asian economies.
1990's, South Korea Brennan Boesch Jersey, this ratio is 1.1%; Taiwan is 2.8%.
Incidentally, China's foreign trade dependence has reached an alarming height .2004 China's foreign trade / GDP ratio up to 0.70 as compared to the United States in the 1990s, foreign trade volume is equivalent to 0.20 of its gross national product, Japan's ratio is 0.25, although the United States and Japan is full and open economy, they the degree of trade dependency is much smaller than China.
policy conclusions. Some scholars have suggested that the domestic government to restrict foreign investment in order to protect the so-called The problem is not opening up too, but opening up a serious shortage. In other words, China's foreign / domestic efficient high proportion of the denominator of the problem, not the problem elements of China's financial and legal system severely limits development of private enterprises in China, while China lags behind the development of private enterprises to foreign companies to artificially create a commercial space, leading to large-scale entry of foreign capital and this is my 1990 analysis of foreign investment in China.
In this article I behind this analysis and this book will give a more detailed explanation. Here I would like to make a little note on two problems First, I do not agree that 企业 is not Waiziqiye out, but their very unreasonable by the Chinese economic system out of .1970 years we have not a penny of foreign capital, but then there really any private enterprise? the opposite is true.
In the 1990s, the development of private enterprise under the but is hampered by a variety of foreign capital to private entrepreneurs to obtain a certain amount of development funds, and I in Chapter 4 of this issue a detailed analysis of foreign investment in China is very labor-intensive industries large contribution Max Scherzer Jersey, but it's most important contribution of foreign capital to private entrepreneurs played a role in providing venture capital, rather than a general analysis is that foreign investment has brought China's export market, thanks to the introduction of .1990 foreign investment from Hong Kong, Taiwan and Macau into China's labor-intensive industries to some extent foreign species is an unreasonable place in China's financial system. domestic commented that I was .
The second problem is to identify clearly the economic development and foreign investment relations. Many commentators often say that China's high-speed growth of foreign companies in China market prospects, the large increase in foreign direct investment. This view is not comprehensive. high-speed economic growth can lead to foreign investment in China, the absolute amount of increase, but will not lead to China's dependence on foreign capital increase (absolute increase in the amount refers to the amount of foreign capital is the change in time, such as 1990 year, China attracted 34 billion in foreign direct investment in 2003 China attracted 535 billion dollars in foreign direct investment. foreign dependence refers to the foreign / domestic ratio.)
the simple reason that if China attractive market for foreign companies, then it should also appeal to Chinese enterprises, so the investment of Chinese enterprises will also increase if both foreign and Chinese enterprises to increase investment, foreign direct investment of China's total investment ratio should remain unchanged Felipe Lopez Jersey, or little change in China in the 1990s, increased reliance on foreign capital and close to some small level shows that the Chinese enterprises, mainly private enterprises, because the system's limitations can not invest.
the largest of China's economy is characterized by macro-economic development Soon, however, unsatisfactory performance of micro-economic, such as China's annual GDP growth in the past 15 years has remained above 8%, but China's stock market returns since 2000 has been negative, which is an incredible phenomenon.
To answer this question, we must investigate why so weak competitiveness of Chinese enterprises, first it should be noted that China actually has a lot of the conditions for the formation of competitive advantage of China's abundant human resources, rather, the total number of scientific and technical personnel, education penetration not only more than many developing countries, but also more than some developed countries, China also has a Harvard Business School, Michael Porter (Michael Porter), Professor of competitive advantage to develop some of the important conditions, such as huge and diverse domestic market, Many factors of production can be self-sufficient, China does not lack of funds, although China's per capita income is not high, but China's savings rate is the highest except Singapore. In fact, China exports a large scale every year fund.
China's main problem is the economic system, while the problem is the so-called state-owned economic system, institutional issues. the irrational economic structure and distorted resource allocation system resulted in lower overall competitiveness of Chinese enterprises.
I focus in this book On three. First, although private enterprises and efficient than state-owned enterprises, private enterprises, but no funding is competitive not form from the early 1980s, countries and regions all over the world not only through economic globalization is more important privatization of the economy, but in China, from bank loans, foreign exchange supply, the allocation of business opportunities, political and legal support are inclined to inefficient state-owned enterprises until a few years ago Tim McCarver Jersey, private enterprises, especially private enterprises, can not enter the so-called strategic, high-profit industries, such as the 1990s, the private sector in order to enter the electronics, machinery, automobile industry, such as, will encounter a variety of policy constraints, while as finance, telecommunications services, energy such as private industry by 2005 is impossible to enter. more bank loans to state-owned enterprises are large-scale tilt. Although the more efficient private sector are facing lack of funds.
wealthy state-owned enterprises and private resources lack of resources while promoting foreign investment into the 1990s, micro-factors. the book's fourth and fifth chapters of this issue in detail. dependent on policy support to state-owned enterprises to purchase a large number of machines and equipment, some quite advanced, and accumulated a large number of assets a considerable part of the state-owned enterprises in the 1980s are the object of government key support of these companies import a considerable number of, sometimes a full set of equipment. a considerable number of enterprises and foreign companies and technical cooperation projects, hold time is advanced in China technology, but because of inefficient state-owned enterprise, losses, state-owned enterprises into a takeover target. We know that when a company has good assets but poor management, then this business is a very attractive acquisition target, but For a long time, if the acquisition of state-owned enterprises of private enterprise is privatized, it is not permissible, while if it is a foreign acquisition, was considered to be ;. at all levels of government not only permitted but also give a lot of subsidies.
I explained in Chapter 5 in the 1990s, foreign companies and state-owned enterprises to establish joint venture is actually a lot of foreign companies acquired the assets of state-owned enterprises , do not we talk about a joint venture general.
general contract funded joint venture the two companies to develop a parent does not produce new products, and state-owned enterprises in China and the fact that the Chinese joint venture parent company in name only these joint venture is similar to state-owned enterprises into joint-venture financial institutions by type of business, it is not carried out in industrial company. Most of these companies are often the proceeds from the investment income, rather than operating income.
for lack of funds for private entrepreneurs, foreign investors will provide a certain amount of development funds, which is why state-owned enterprises and private enterprises are welcome foreign investment, but they welcome foreign investment is very different reasons. state-owned enterprises have assets no ability to venture into the vast amount but was ineffective use of the realization of assets means the ability of private enterprise is no assets Denny McClain Jersey, their access to foreign capital has become one of the few channels.
I put in the book chapter The combination of private enterprise and foreign investment as a risky investment than the so-called venture capital is equity investment, it occurred because banks are reluctant to companies with high credit risk in a market economy, such enterprises are often not market-tested production new products or technologies.
the vast majority of private enterprises in China, there is no risk of product or technology, but in China's political risk under the system they have. This kind of discrimination in the private entrepreneurs to foreign artificially created investment opportunities in the United States, venture capital furniture has a high bargaining power, because they do not need and bank competition, they tend to be controlled to meet the requirements, because businesses can not obtain other financing in China, because banks are not lending to private enterprises , making Hong Kong and Taiwan are small enterprises in the mainland investment holding.
China's economic system is another serious problem of local protectionism. There are many national studies of local protectionism, and I will not repeat them here and I think emphasize two points. First, local protectionism and artificially increase the bargaining power of foreign investors because the domestic firms only in areas in which they choose investment projects, they often can not choose the best investment projects, while foreign companies are not subject to this restriction, they can choose to invest in projects across the country and I in Chapter 6 analyzes why companies such as second choice to invest in the country. One of the reasons is because the separatist region of China's capital market, the second Local protectionism is a considerable extent caused by the state-run system. important reasons. In other words, if the change of state institutions, we do not need to use the Since 2000, India began to pay attention to when I taught at Harvard to write the case, I chose the pharmaceutical industry on this subject. I started to notice that India's pharmaceutical industry is mainly driven by its local private sector of which the Chinese to State-owned and foreign-based development model completely different India's success in the pharmaceutical industry has another meaning: we can not Indian companies in the pharmaceutical industry's success simply attributed to the language factor, although India has the advantage of English, However, this advantage in the pharmaceutical industry is not as important as the software industry, so the reason for this difference are many, far from cultural and language differences can be explained.
I also briefly in the book reference to India's development model, highlighting that it is mainly a large number of outstanding local company's performance in November .2001 Project Syndicate for the first time I made this proposition: and India, the Chinese economy took off, but China's enterprises did not take off. more domestic interest in India in late 2003 .2003 November official website of the Chinese with Indians, Professor Han Taiyun I co-wrote, published in the United States' foreign policy 'on the' India can catch up China? kind of the opposite opinion, while interesting, in my opinion, although these two diametrically opposed viewpoints, but their reasons, they have strikingly similar errors. The first view is that India's foreign direct investment in China is the only First, note that as China's economic performance. The second view is that India's foreign direct investment in China is only 1 / 10, indicating that in order to nurture local companies to adopt stricter than China's foreign policy point of view there is nothing to these two According to.
we examine the first view should bear in mind, foreign direct investment is only one country and another country economic exchanges occur in one of many ways in addition to foreign direct investment, there is neither indirect investment mm With control of the equity investment mm and outsourcing. Outsourcing refers to the type of orders or contracts based on corporate cooperation within and outside of China's foreign direct investment in many, but almost no orders for any indirect investment and cooperation in India is just the opposite It's direct investment is small, but it has a lot of indirect investment and a lot of outsourcing, why is there a difference in India? The reason is that the micro and institutional basis of India than we do.
can easily explain why India attract a large number of indirect investment:
its corporate governance far more than China. direct comparison of the two corporate governance materials is small. CLSA Ltd. in April 2001, published on governance, 3.4 points in the ranking of all countries, India ranked sixth, China ranked No. 19. CLSA report to India in several areas of corporate governance play score higher than their overall score in the corporate governance regulations, the implementation of these regulations, as well as CLSA Indian company in a very low rating, many of which are state-owned company, which is very telling, but also explain why the poor performance of China's management provides a clue: Corporate Governance in China's biggest problem is government-to-business interference. CLSA report said, China in the areas of corporate governance problems are most prominent: First, the state is the largest shareholder, which makes the political agenda of most priority. Second, China has released few announcements on corporate governance or annual report of China's best corporate governance does not create a strong sense of urgency and intent. Third, Chinese companies do not have the right, there are encouraging managers reward and punishment mechanism. Fourth, the relationship with investors not close.
Fifth, there is no independent board members and chairman of the board, more of their responsibilities is to manage the business rather than supervise the enterprise. Although most private companies serving the company's founder and controlling the company's highest level, but state-owned companies Many of the senior managers or appointed by the government. Most board size is too large, too many members, no real power.
Stock Exchange listed companies in China, mainly by government-controlled state-owned enterprises from the lack of non-administrative board, the company's internal management of the operation is not to be firmly in control, is firmly controlled by the government, according to a 1995 Securities Trading Center in Shanghai and Shenzhen securities trading center over 600 companies listed on the survey do the survey, three countries holding mm Group, corporate and individual shareholders - were holding 33% of company stock. This rules, the state and legal person shares can not participate in the circulation as long as home businesses and corporate joint master control status, non-transferable equity interests, the two securities trading centers play a trading company can not control (not just the sale of the company usufruct) role, the Government still has not disputed control.
China and India are the gaps in corporate governance affect the operation of the two stock market Indian stock market returns have been higher than China's. three an American economist Randall Mock (Randall Morck), Bernard Yeung (Bernard Yeung), and I Wayne (Wayne Yu) wrote in a famous paper that, in those of corporate governance is poor, information disclosure poor, minority investor protection measures for poor countries, the securities trading center of the listed company's stock price movement rather than a separate exercise in line, according to their calculations, China's score of 0.8, which means that 80% of the stock in line movement, while India's score of 0.695, in contrast, the world's best stock market relatively low scores, the U.S. score of 0.579.
to explain why India can attract a large number of outsourcing business, we must first explain outsourcing and the distinction between foreign direct investment. Foreign direct investment is an equity arrangement (equity arrangement), through which a foreign company to gain control of a domestic enterprise, domestic enterprises overseas enterprises to become part of an offshore business subsidiaries or branches. Outsourcing is a contract manufacturing arrangement (contract production). In the case of contract manufacturing arrangements, foreign enterprises to domestic enterprises under the orders (product order), orders of domestic enterprises according to the required quality standards, instructions and patterns production from the main supply arrangements in the contract manufacturing arrangement, foreign enterprises and domestic enterprises are two separate entities.
invented a lot of people think that Indian outsourcing companies, outsourcing companies will actually push the East Asian international stage. 20th century from the 1950s until the 1970s, Japan, Korea, Taiwan and Hong Kong's garment and textile enterprises through contract manufacturing arrangements in this way dominate the global garment and textile production .20 In the 1980s, Taiwan's clothing, leather, fur, timber bamboo 90% of export products through contract manufacturing arrangements, only 10 percent dependent on foreign direct investment in the equity arrangement, while in China, the outsourcing of these industries, only about 20%.
chapter in my book detailed explanation of why China and other East Asian economies different, did not choose outsourcing production arrangements, but it relies on foreign direct investment in China, the role of foreign direct investment is that it is the largest credit restricted private funding, which is foreign direct investment and outsourcing the production of a key difference: only product outsourcing orders, but foreign direct investment in both orders and provide products provided funds product itself is not a money order, it is only a future commitment to funding a < br> This is why outsourcing this mode of production requires an efficient financial system as a support. entrepreneurs to order, he still needed working capital from other sources for production. there is no efficient financial system determines the entrepreneurs He has timely access to needed working capital .20 1960s and 1970s in South Korea, Taiwan and Hong Kong, small business owners as long as you can get orders to get loans from local banks, sometimes in the order as collateral, which is why outsourcing this business models to open a large scale in East Asia, while in China, serious discrimination in the financial system under the premise of private entrepreneurs, foreign direct investment has a strong advantage, because it provides product orders and to provide funds. In an unreasonable financial system, foreign direct investment for entrepreneurs to reduce the dependence of the country's financial system.
outsourcing success in India because India has a more efficient financial markets. on this issue, I also below To elaborate, but I will comment on the views of India, another error mm is not open to foreign investment that India in fact, the Indian financial sector in China to be much more open than we in India in the 1993-1994 financial year to open measures have been reached in 2006, China committed to financial liberalization measures, including direct foreign commercial banks to develop financial services and allow foreign investment in India stock market investment should be pointed out that India has always been open to both internal and external, as we open internal limits in the 1990s, India's best banks are foreign banks. Today, India's best bank is a local private banks.
India's banking reform started much earlier than China, while it is not out of the government active policy, but under pressure. It can be seen between the two countries is an interesting difference in India's banking reform is one in 20 occurred in the early 1990s driven litigation depositors, depositors requested the then dominant state-owned banks to disclose their credit standards. depositors that banks in a variety of non-performing loan ratio continued to improve, and damaged as the interests of depositors.
It is because of the litigation, banking and state-owned banks clearly and openly began to provide credit standards, thereby increasing transparency in China, such a thing had never happened before, it is difficult to imagine that will happen.
the World Bank's World Business Environment Survey Design (World Business Environment Survey ) provides some very powerful and very descriptive basis. The purpose of the survey is to understand the business operations for its views on the business environment.
it is an important feature of entrepreneurial companies focused on these The vast majority of enterprises in private enterprises, only 12% of the enterprises are state-owned.
Thus, the survey reflects the business environment of private enterprises rather than the overall business environment survey carried out between 1999 and 2000, covering 81 countries, more than 10,000 business and it is the first time also includes the investigation of China and India, which is also one of its major advantages, which allows us to directly compare the two countries.
help the World Business Environment Survey description of financial market conditions in India some of the substantive differences that include information on corporate finance, credit validity of many problems, of which there is a question: scoring corporate financing environment. financial constraints of this surprising fact is reflected in two aspects: One is not only ranked lower than India, China Austin Jackson Jersey, and lower than in many countries, China in the 81 countries ranked No. 78. three ranked in the financing restrictions lower than China's state are: Ukraine, Moldova and Kyrgyzstan. The second is with India, the Chinese have much larger banks. instance, according to World Bank statistics, 2001, domestic credit provided by banks proportion of GDP Lou Brock Jersey, China is 132.7 percent, while India is only 53.8%. It seems that China's banking sector provides 2 times the loan in India, but China's private enterprises still face more financial constraints World other parts of the business environment survey also confirmed this. For example, the survey of Chinese enterprises, business investment in fixed assets, retained profits accounted for 56% financing; in the survey of Indian companies, this ratio was only 27 %.
there is a startling statistics that despite the scale of China's banking sector is much larger than India, in the survey of Chinese enterprises, provided by local commercial banks, only the total fixed asset financing 9%; and Indian companies in the survey, this ratio reached 22%, with an interesting phenomenon is that although Chinese and Indian companies are facing financial constraints, although to different degrees, resulting in very different reasons for these restrictions World Business Environment Survey on the reasons for the difficulties caused by the financing companies ask for investigation and it provides five reasons for respondents scoring: (1) collateral requirements; (2) Bank procedures; (3) high interest rates; ( 4) a special relationship with the bank; (5) Bank lack of loanable funds in the four options, the Chinese banks actually score higher than India's banks. instance, the Indian companies in the survey, 50.5 % of enterprises believe that the collateral requirement is financing a (81.2%) and the need for a special relationship with the bank (35%) In contrast, Chinese companies on the reasons given in the three scores were 29%, 35.4% and 25.3%.
Indian enterprises lag behind banking system complaints are common in developing countries in these countries, the bank's risk assessment is poor, and the lack of information on potential customers. In order to be safe, they are often made of high collateral requirements, but impose onerous bureaucratic conditions, and the implementation of high interest rates to reduce the risk of a mature banking system to avoid taking the blunt of the business means, for example, the World Business Environment, noted that U.S. companies face fewer financial constraints than the Indian companies Many, therefore, Indian companies is subject to restrictions in credit for technical reasons, while the technology-based limitations in developing countries with underdeveloped banking sector is very common. Bank of India's problem is not a constitutional issue but a development countries face common problems and typical.
our banking system should be developed and biased towards the banking system to distinguish, as mentioned above, compared with Indian companies, mortgage-backed Chinese companies requirements, bank paperwork, high interest rates and less complaining about a special relationship with the bank in fact, within the context of China's four points better than the United States, but this data is difficult to arrive at a Bank of China, the quality of more than U.S. banks High conclusions. A more reasonable explanation is that, until 199 ...
Par sgsfhgdsh - 0 commentaire(s)le 28 juillet 2011
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