Research Report on European Asset Management Centers

2025 年是中欧建交 50 周年的重要历史节点。半个世纪以来，中欧关系经历了从最初的经贸往来到全面战略伙伴关系的跨越式发展，金融领域的交流与合作尤为突出。作为全球金融市场的重要组成部分，欧洲资产管理行业的发展为全球经济金融稳定与创新提供了丰富经验，同时也为深化中欧金融合作提供了重要启示和借鉴。在这一背景下，中欧陆家嘴国际金融研究院推出《欧洲资产管理中心研究报告》，旨在全面系统地梳理欧洲资产管理中心的历史演变和现状特征，并探索中欧资管合作的现实路径与潜在机遇。报告共分五大章节。 第一章“起源与发展”，详细回顾了欧洲资产管理行业的发展历史，从荷兰创立全球首只共同基金到英国成为全球资产管理中心，分析了经济基础、社会财富积累、金融市场完善及一流营商环境等关键因素，明确欧洲资管中心形成的历史脉络与现实基础。第二章“制度框架”，深入探讨欧洲资本市场联盟（ CMU）及储蓄投资联盟（ SIU）的具体建设过程，强调统一的金融基础设施在降低跨境交易成本中的重要作用。此外，本章还重点分析了欧盟在税收政策方面的创新实践，包括税收协调机制和具体激励措施，阐明税收政策对资本跨境流动和投资便利化的积极推动作用。第三章“市场结构”，系统阐述欧洲多层次资管中心的布局特征，具体分析伦敦作为全球型资管中心的国际化优势、巴黎和法兰克福作为区域型中心服务周边市场的特点，以及卢森堡和爱尔兰等作为中介型中心的专业化定位。此外，本章还详细介绍欧洲资管市场产品结构的多元化趋势，包括主动型 ETF 市场快速发展、另类投资的恢复性增长及 ESG 产品市场的规范推进。第四章“人才与技术”，聚焦英国脱欧后的欧洲金融人才再分布趋势，特别关注新冠疫情后欧洲资管行业人才流动的新变化。同时，本章通过案例分析（ 东方汇理 ALTO 技术平台），具体展示金融科技和数字化创新如何重塑资产管理行业的运营模式，提升投资合规效率和客户服务质量。第五章“中欧合作”，详细探讨欧洲资管机构全球化发展的路径，具体分析了中资资管机构进入欧洲市场的现实机遇和障碍，包括 UCITS 基金发行的监管挑战以及资本市场差异。最后还提出打造高水平中欧资管合作机制的具体路径和政策建议，以促进双向资本流动和更深层次的金融合作。值此中欧合作 50 周年之际，本报告的发布不仅是对欧洲资管市场的全面梳理，更寄望于以金融合作深化双边关系，推动全球经济共同繁荣。我们期待本研究能为金融决策者、资管机构、学界以及投资者提供有益参考，共同推进中欧资管合作迈向新的高度

Central and Eastern Europe HORIZON

本期看点：波兰可能计划增兵至50万人匈总理：乌克兰加入欧盟将毁灭匈牙利经济捷克与斯洛伐克两国计划修建高速铁路2025年1月中东欧国家失业率情

全面深化管理会计应用加快推进管理会计体系建设

2024年是我国开展管理会计体系建设的11周年。2024年11月29日，财政部发布了《关于全面深化管理会计应用的指导意见》，本刊针对性安排了本期专栏，邀请了财政部领导以及部分专家学者围绕管理会计体系建设展开专题讨论。专题一：中国管理会计体系建设的意义，未来工作的重心楼继伟财政部原部长2014年，是中国管理会计体系建设具有重要意义的一年。这一年财政部发布了《关于全面推进管理会计体系建设的指导意见》（以下简称"2014年《指导意见》"），提出管理会计是会计的重要分支，主要服务于单位（包括企业和行政事业单位）内部管理需要，是促进单位提升管理水平、增强价值创造能力、实现高质量发展的重要基础和手段

Personal financial incentives, corporate governance, and firms' campaign contributions

We find that corporate governance and executives’ personal financial incentives are important determinants of firms’ ability to extract benefits from political participation. Firms with more independent boards are more likely to establish corporate political action committees (PACs), and executives in such firms exhibit a stronger sensitivity of campaign contributions to their personal equity stakes. We also show that disperse ownership limits PACs’ ability to raise funds because even large firm-level benefits from political participation may become insignificant for individuals with small equity stakes. This may help explain why aggregate PAC contributions remain relatively small compared to the large firm-value benefits such contributions can provide. However, the negative effect of disperse ownership on political donations is mitigated by corporate governance, as well-governed firms are able to better align their managers’ incentives with the benefits from corporate political participation

Adapting to the Digital-Intelligent Era: POOK's Strategy-Organization Alignment

From the mid-2000s to the mid-2020s, the digital revolution profoundly disrupted traditional distribution channels for consumer goods. Offline distributors, once essential intermediaries managing sales and logistics between brands and consumers, faced unprecedented challenges. As brands increasingly pursued “disintermediation” and Direct-to-Consumer (DTC) strategies in the digital intelligence era, distributors had to grapple with fundamental questions: What unique value do we offer? How can we remain relevant? This case examines how POOK, a traditional offline distributor of consumer goods and electronics, navigated the threat of disintermediation. Over two decades, founder Yong Yu navigated industry shifts with urgency, driving strategic and organizational transformations to reposition POOK as a digital brand ecosystem service provider. Strategically, POOK evolved from launching online operations to developing a full value chain and ultimately building an ecosystem. Organizationally, it shifted from Amoeba management to a digital middle platform, and eventually, a platform-based ecosystem model. The case provides insights into how companies can use dynamic capabilities to align strategy with organizational growth and establish competitive advantages. It also explores how these advantages evolve from dynamic capabilities into ecosystem-driven data network effects in a shifting competitive landscape. Beyond distribution intermediaries, the case offers valuable lessons for businesses with resource constraints or peripheral roles in an ecosystem, demonstrating how strategic adaptation and organizational alignment drive digital transformation

Deeds speak louder than words:Employees' responses to supervisors' word-oriented and deed-oriented voice endorsement

Integrating the voice endorsement literature and behavioral integrity theory, this research first advances the constructs and develops the scales for supervisors' word-oriented and deed-oriented voice endorsement in Study 1. In Study 2, we examine how supervisors' word-oriented and deed-oriented voice endorsement influence employee voice behavior. Results from a four-wave field study demonstrate that supervisors' word-oriented voice endorsement is negatively related to perceived supervisor behavioral integrity, whereas supervisors' deed-oriented voice endorsement is positively related to perceived supervisor behavioral integrity. Perceived supervisor behavioral integrity enhances employees' willingness to discuss ideas and ultimately promotes their voice behavior. In addition, a higher (versus lower) level of explanation providing weakens the negative impact of supervisors' word-oriented voice endorsement and strengthens the positive impact of supervisors' deed-oriented voice endorsement on perceived supervisor behavioral integrity. Theoretical and practical implications are discussed

Balancing stability and flexibility: The effects of blockchain adoption on supply chain resilience

Firms are increasingly adopting blockchain technology to enhance risk management strategies. Nevertheless, the extent to which blockchain adoption influences firm resilience and its broader spectrum of stakeholders remains uncertain. Our study investigates how a focal firm's adoption of blockchain in the supply chain affects its resilience, encompassing both financial stability and operational flexibility. We then explore the spillover effects of the focal firm's use of blockchain on the resilience of both suppliers and customers, and further examine the moderating effects of supply chain diversification. Drawing on data from Chinese listed manufacturers and their supply chain partners, the empirical results reveal that blockchain significantly improves the financial stability of focal firms while its relationship with operational flexibility follows an inverted U-shaped pattern. In terms of supply chain spillover effects, the blockchain adoption of focal firms is linked to decreased financial stability for customers, but it concurrently boosts the operational flexibility of suppliers and customers. Supply chain diversification moderates the relationship between blockchain adoption and the operational flexibility of both suppliers and customers. These insights illuminate the trade-offs introduced by blockchain for supply chain resilience, providing a nuanced understanding of how supply chain members are influenced by the focal firm's blockchain adoption

Asset Prices When Investors Underestimate Discount Rate Dynamics

Underestimating discount rate volatility leads to asset pricing anomalies. Usinganalysts’ return forecasts as proxies for subjective discount rates, I show that theseforecasts exhibit systematically lower volatility than CAPM-based benchmarks,whose objective fluctuations negatively predict future returns, especially for highbeta-volatility stocks. A misvaluation measure based on this underestimationsignificantly predicts cross-sectional CAPM alphas, while a tradable factor explains12 prominent anomalies. These findings underscore discount rate underestimationas a unifying explanation for analysts’ forecast errors and cross-sectional returnpredictability, linking recent evidence on aggregate subjective belief dynamics withfirm-level mispricing