卖方市场的营销

当产品不能给你带来优势，你就只有指望你的客户了

百安居中国的人力资源管理：升级行动（B）

百安居是世界第三、欧洲第一的大型国际装饰建材零售集团。百安居中国的人力资源管理无论是在总部还是区域都比较薄弱，对于2004年已达5000多人的员工队伍，人力资源管理系统在百安居中国总部、地区总部和商店之间是以分权管理模式开展工作的，事实上形成了“总部管总部，地区管地区”的格局。新加盟百安居担任人力资源副总裁的陈俐丽提出了人力资源管理变革方案，重点是实施集权化的人力资源管理，开展岗位评估工作，更新岗位说明书，建立科学的以结果为导向的绩效管理制度，以及实施公平的有激励作用的佣金制度。这个由案例（A）和（B）组成的系列，适合MBA、EMBA或EDP等的人力资源课程

Using “Statement of Intermediate Balances” As Tool for International Financial Statement Analysis in Airline Industry

Since September 11, 2001 and during the ensuing economic slowdown, a number of airline companies have experienced significant financial difficulties, including bankruptcies and near bankruptcies. In an economic setting where many airlines are struggling to achieve or maintain profitability, it is important for accountants, auditors, and financial analysts to be able to analyze the relative performance of such companies. In this industry, income statements are normally prepared “by nature” rather than “by function.” This differs from the usual presentation found in the income statements of many companies around the world, in particular most American companies. This paper demonstrates how to perform a comparative financial statement analysis when an income statement is prepared “by nature,” through application of a tool called the “Statement of Intermediate Balances.” This tool is illustrated using three companies chosen from different continents: Southwest Airlines, a low cost U.S. air carrier, Air France, the leader in Europe, and China Eastern Airlines, one of the biggest Chinese air carriers

Hunghom Peninsula in Hong Kong: A Realistic Call for Corporate Social Responsibility (C)

The residential building complex of Hunghom Peninsula was built under the Hong Kong government’s Private Sector Participation Scheme (PSPS) program, which was intended to provide housing for middle class residents at a discounted price. Due to an economic downturn and a shrinking real estate market threatening property values, Hunghom was later sold to the private property developers who had originally built the complex. The developers, New World Development Company Limited (NWD) and Sun Hung Kai Properties Limited (SHKP), came up with a reconstruction proposal for Hunghom Peninsula: demolish and redevelop the area into a luxurious private estate. However, the intent to demolish the never-occupied Hunghom Peninsula came under heavy criticism from the public in large part because the demolition process would produce extensive environmental pollution, which went against the principles and social responsibilities of the various social groups and of the companies. Under the circumstances, the management team had to withdraw the demolition plan and revisit their decision. The developers reconsidered all the relevant parties’ interests and reexamined the place of corporate social responsibility, and ultimately abandoned the demolition plan and decided to conduct an extensive internal reconfiguration and renovation to upgrade the property to a medium-grade private housing estate standard. Case (A) describes the backgrounds of the Hunghom Peninsular Project and its developers, explores Hong Kong’s business environment and introduces the three options faced by decision makers. Case (B) reveals NWD and SHKP’s decisions and the opposition voices against their initial choice. Case (C), which examines how developers give in to pressures from protestors and changed their initial decision in favor of a more environmental option, brings the story to a close

联想系列案例二：多元化失败以后

1996年至2000年，联想连续5年在中国PC市场上保持领先，位居中国国内以及亚太个人电脑市场第一。然而，随着中国加入WTO后宏观环境的改变，市场竞争日趋激烈，联想集团为了保持竞争优势必须进行一系列的战略调整。“案例一”主要描述2000年9月，针对联想在中国个人电脑市场增长接近饱和的情况，时任联想集团高级副总裁兼联想电脑公司总裁的杨元庆需要对企业未来3年的发展战略做出决策：是实施全球化战略寻找新的增长机遇，还是立足中国市场尝试多元化战略？“案例二”聚焦于2004年，实施3年的多元化战略受挫，联想接到了IBM发来的收购IBM旗下个人电脑业务的提议。面对诸多问题杨元庆需要思考：多元化业务应当如何调整？是否应当收购IBM？并购过程有哪些因素需要考虑？“案例三”着重介绍了联想对IBM的并购整合过程。通过供应链整合、削减成本、文化整合、采用双业务模式等一些列举措，2008年，联想完成了对IBM个人电脑业务并购之后的整合。但是，2008年下半年金融危机爆发，联想陷入亏损，杨元庆不得不反思：联想并购IBM个人电脑业务失败了吗？该如何扭转困境？“案例四”具体阐述了联想并购IBM个人电脑业务中，TPG、GA、NC这三家私募机构所体现的沟通作用以及它们将股价作为首要关注点对联想造成的负面影响。2010年11月三家私募机构沽清了联想股票，此举引发了杨元庆关于如何处理与国际资本之间的共生关系和利益冲突的思考。联想系列案例的教学目的在于启发学生讨论企业在竞争激烈的环境中如何进行战略调整，实施并购战略需要考虑的因素以及应当和私募基金建立怎样的合作关系

重组的价值

韩豪的状况从某种意义上说，是目前中国许多中小企业的缩影：融资渠道单一、市场竞争日益激烈、贷款回笼不畅、流动资金匮缺、无力偿还债务，以致濒临破产的边缘

Does Analyst Following Curb Earnings Management?

We investigate the role of analyst following as a monitoring device reducing earnings management. We find strong evidence that analysts are more effective monitors in transparent environments than in opaque environments. In a sample of 51,401 observations for 10,866 non-financial firms in 26 countries from 1994 to 2002, we find that the more transparent the country, the stronger the reduction in earnings management activity associated with analyst following. We also find that firms in transparent countries use short-term earnings management techniques to reach the consensus analyst forecast. Taken together, our findings suggest that while analyst following acts as a curb on the most visible forms of earnings management in transparent countries, it also encourages more subtle, short-term forms of earnings management to reach the analyst consensus. In transparent countries monitoring effectiveness more than offsets consensus fixation. In opaque countries, analyst following does not act as a curb on total earnings management, but neither does it create any short-term pressure to manage earnings. Our results are robust to (1) our measure of transparency, (2) reverse causality checks and (3) our choice of measure of earnings management

解析尤科斯公司治理

尤科斯的公司治理可以分为两个阶段:第一阶段从1997年至1999年,此阶段的公司治理可谓臭名昭著,公司的市值跌至2亿美元以下;第二阶段从2000年至2003年,此阶段的公司治理可以用卓有成效来形容,公司的市值升至400多亿美元,堪称俄罗斯公司治理的典范。作为尤科斯当时的掌门人及最大股东——霍多尔科夫斯基(霍氏),在公司治理上表现为一个“双面人”(Mr·Jekyll and Mr·Hyde1)的形象。然而,尤科斯事件(霍氏被捕和最大子公司尤甘斯克被拍卖)使得一个最成功也最有希望跻身世界级公司行列的俄国企业被摧毁了

提升组织学习力的路线图

从某种意义上说，组织学习已成为管理学的罗夏墨渍测试——面对一摊墨渍，大家希望看到什么，结果就看到了什么。一个企业要想提高组织学习力，首先就要超越罗夏墨渍测试的谜思——什么是组织学习