李嘉诚、巴菲特纷纷投资西班牙 再度引爆西班牙投资移民
国际商务英语写作模板商业计划书
国际商务英语写作模板：商业计划书篇一：商业计划书模板---英文版精编资料商业计划书模板---英文版BUSINESS PLAN TEMPLATEBUSINESS PLAN[My Company]123 Main StreetAnytown, USA 10000123-4567[Your Name][DATE]TABLE OF CONTENTS...商业计划书商业计划书模板---英文版BUSINESS PLAN TEMPLATEBUSINESS PLAN[My Company]123 Main StreetAnytown, USA 10000123-45671[Your Name][DATE]2TABLE OF CONTENTSExecutive Summary ....................................................................................... (1)Management ................................................................................ (2)[Company] History ............................................................................................ . (5)[Product/Service] Description ................................................................................... .. (7)Objectives....................................................................................... . (9)Competitors ................................................................................. .. (10)Competitive Advantages ................................................................................... . (11)Innovation ..................................................................................... . (13)Pricing ............................................................................................ .. (14)Specific Markets .......................................................................................... . (15)Growth Strategy .......................................................................................... . (16)Market Size and Share ............................................................................................... . (17)Targeting New Markets .......................................................................................... .. (18)Location ......................................................................................... (19)Manufacturing Plan .................................................................................................. (20)Research &Development ............................................................................... (21)Historical Financial Data ................................................................................................. .. (22)Proforma Financial Data ................................................................................................. .. (23)Proforma Balance Sheet ............................................................................................... . (26)Cost Control ........................................................................................... (27)Effects of Loan or Investment .................................................................................... . (28)Attachments ................................................................................. . (29)3Executive Summary [My Company] was formed asa [proprietorship, partnership, corporation] in [Month, Year] in [City, State], by [John Doe] in response to the following market conditions:[Startup, growth] opportunities exist in [Product/Service].The need for use of efficient distribution (转载于: 小龙文档网:国际商务英语写作模板：商业计划书)and financial methods in these overlooked markets.[I/We] have several customers who are willing to place large [orders,contracts] within the next three months.Several other prospective [customers/clients] have expressed serious interest in doing business within six months. [I/We] previously owned a company that was active in the widget markets. Over the past few years I spent much time studying ways to improve overall performance and increase profits. This plan is a result of that study. The basic components of this plan are:1. Competitive pricing2. Expand the markets3. Increased advertising4. Lower our unit costs,5. Thereby achieving higher profits.1. Sign contracts2. Increased advertising3. Increase office staffTo this end, [I/we] need investment from private individuals and/or companies. A total of $XXX is being raised which will be used to finance working capital, plant and equipment. The company will be incorporated and common stock issued to investors. The company will be run as a [proprietorship, partnership, corporation].Financial Goals Sales Net Income Earnings pershareYear 1 $25,000 .01 Year 2 $250,000 .12 Year 3 $375,000 .141Management[Name] [Title]??[Experience]??Sales growth from zero to $1,000,000 in five years.??Led market in market share - 30%.Formulated advertising budgets & campaigns.Pioneered new distribution channels. Established national sales force.Established national repair & service centers.Brought new and innovative products to the market.Designed point-of-purchase materials.[Education}University of BostonBoston, MA- Computer SciencesPresidentJohn Q. Doe, Chief Executive Officer, and Director since February 1988 and President since January 1990. Mr. Doe was the founder and Chief Executive Officer of the original operating company known as Random Excess, Inc. He has had experience in the widget field with his own firm, John Doe Co., of Oshkosh (Wisconsin), from 1980 to 1987. This firm was sold to FatCat Widgets, Inc. in 1987.篇二：商务英语写作(商业计划书写作格式)商务英语写作:商业计划书写作格式XX-03-24 13:39:08 来源：爱词霸资讯官网封面(Title page)企业的名称和地址Name and address of business负责人的姓名和地址Name(s) and address(es) of principals企业的性质Nature of business报告机密性的陈述Statement of confidentiality目录(Table of contents)1. 概述/总结(Executive summary)2. 行业及市场分析(Industry analysis)对未来的展望和发展趋势(Future outlook and trends)竞争者分析(Analysis of competitors)市场划分(Market segmentation)行业预测(Industry forecasts)3. 企业的描述(The description of the venture)企业的宗旨和目标（Mission statement and objectives）产品或服务的描述(Description of the product or service)企业的规模(Size of business)产品的进一步开发(Future potential/product development)竞争优势(Competitive advantage)办公设备和人员(Office equipment and personnel)创业者的背景(Backgrounds of entrepreneurs)4. 生产计划(Production plan)制造进程/被分包的数量(Manufacturing process / amount subcontracted)选址(Location)厂房(Physical plant）机械和设备(Machinery and equipment）原材料的供给情况(Sources of raw materials to be supplied)生产能力和提高的可能性(Output limitations，if any，and scale-up possibilities）质量控制计划(Quality control plans)5. 营销计划(The marketing plan)定价(Pricing)分销(Distribution)促销(Promotion)产品预测(Product forecasts)预见的涨价(Anticipated mark-up)竞争对手的反映(Competitors’response)市场份额预测(Market share projection)控制(Controls)6. 组织计划(Organizational plan)所有权的形式(Form of ownership)合作者或主要股权所有人的身份(Identification of partners or principal shareholders)负责人的权利(Authority of principals)管理层成员的背景(Management team background)组织成员的角色和责任(Roles and responsibilities of members of organization)7. 风险与对策分析(Assessment of risks)企业弱点的评价(Evaluate weakness if business)新技术(New technologies)应急计划(Contingency plan)8. 财务计划(Financial plan)各类业绩比率和投资回报(Summary of performance ratios, ROI etc.)销售预测(Sales forecasts)财务预测的假设(Assumptions underpinning financial forecasts)损益表(Income statement / Profit and lossstatement)预测现金流量表(Cash flow projections)资产欠债预估表(Pro forma balance sheet)量本利分析(Break-even analysis)资金来源和运用(Sources and applications of funds)9. 融资需求(Financing requirements)融资前的活动小结(Summary of operations prior to financing)此刻的股东和未付债款(Current shareholders, loans outstanding)资金需要量及时间(Funds required and timing)投资回报(The deal on offer)资本欠债比率和盈利与利息比率(Anticipated gearing and interest cover)投资者退出方式(Exit routes for investors)附录(Appendix)1. 管理人员简历(Management team biographies)2. 职业咨询人员背景(Names and details of professional advisors)3. 技术参数和图纸(Technical data and drawings)4. 专利、版权、设计等(Details of patents,copyright, designs）5. 审计的报表(Audited accounts)6. 信件(Letters)7. 市场调研数据(Market research data)8. 租约或合同(Leaser or contracts)9. 供给商的报价单(Price lists from suppliers)10. 客户的定单(Orders from customers)篇三：英文商业计划书模板英语商业计划书（Business Plan）第一讲：概述第二讲：现状分析第三讲：目标肯定第四讲：组织结构第五讲：产品分析第六讲：市场分析第七讲：市场策略第八讲：生产分析第九讲：财务分析第十讲：附件第一讲：概述(executive summary)概述是整个商业计划的第一部份，相当于整个商业计划的浓缩，使整个商业计划的精华所在。
案例4：中国海洋石油有限公司两次上市的洗礼
案例四中国海洋石油有限公司两次上市的洗礼1999年10月20日，中国海洋石油有限公司(下称“中海油”)一次特殊的最高管理层会议正在深圳举行，室内弥漫着沉重的气氛。
卫留成，中海油董事长兼首席执行官(CEO)，以锐利的目光扫过每个人的脸。
与会的是中海油的核心管理人员，也是首次公开募股(IPO)路演团的主要成员。
5天前，距最终上市前55个小时，当主承销商所罗门美邦(Salomon Smith Barney)建议因定单不足而放弃IPO计划时，路演团成员在纽约四季饭店的房间中除了沉默就是啜泣。
所有人都懵了——大家太自信了，以至于谁也没考虑过失败的可能性，毕竟中海油被誉为中国“体型最佳”、“容貌最美”、“魅力最大”的大型国企。
而且从9月24日到10月15日，路演团在10个国家和地区的21个城市与130个机构投资者进行了一对一会面，并举行了15场推介会，可谓使出了浑身解数。
“现在的问题是如何对待这次失利，下一步如何走?”卫留成的问题让大家争论起来。
会议上的悲观论调甚至开始动摇卫留成靠着几年来的非凡业绩所积累起来的自信。
但卫留成告诉自己，作为公司的核心人物，自己必须冷静地分析形势，安抚员212'隋绪，尽快消除上市失利的阴影，并明确下一步的计划，否则公司长期以来的改革努力可能付诸东流。
想到这里，卫留成猛醒了，他拍着桌子说：“改革的路子要往前走，该走的、该做的绝对不能停!”“不经历风雨，怎么见彩虹?”2001年2月，卧薪尝胆14个月的中海油再次向资本市场发起冲击，结果大获成功：平均认购率5．3倍；首日收盘逆市劲升17．6％，为近年来中资股海外上市所罕见。
中海油上市被纽约股票交易所(NYSE)评为首季全球IPO最佳表现第2名，被《国际股本资本市场》杂志评为“亚太地区本季最佳IPO"。
尽管股票市场低迷，但到2002年6月底，中海油股价累计升幅逾80％。
更为难得的是，中海油上市仅5个月就被豁免上市两年的最低标准而入选恒生指数成分股。
楼市回暖,西班牙购房移民新政是什么样的？
楼市回暖，西班牙购房移民新政是什么样的？全球最大的商业地产服务和投资公司世邦魏理仕（CBRE）最新市场研究报告显示，西班牙房地产市场连续三年价格与成交量稳步上涨，楼市复苏迹象显著。
报告显示，西班牙在2016年间，共售出新旧住房超过43.5万套。
自2013年起，成交累计增长45%；与2015年相比，年度增幅为13%；成交总额与增幅均创下了2011以来的新高。
这显示出西班牙经济在稳步复苏，侨外西班牙移民想说西班牙房产市场也在显著地回暖，置业热在不断升温。
该报告显示，在经济的驱动下，就业率提升，市场的积极情绪上扬，贷款及购房都明显增长。
此外，年轻家庭，小家庭以及西班牙移民成为主要的购买力。
这些原因促使西班牙房地产交易连续8个季度的增长超过两位数，2016年，房地产投资的总回报高达8.3%（租金+房价增值）。
两大城市依然是热点，成交占总量25%西班牙全境范围内，经济发展指数越高、经济活动越频繁、就业约稳定的城市，房产成交也越热烈。
如马德里和巴塞罗那，作为西班牙两大城市，马德里和巴塞罗那在2016年的房地产成交，占到了总量的25%。
△2016年西班牙房产各城市成交排名与占比值得注意的是，阿尔坎特作为西班牙（市区人口数量）排名仅居第8的城市，2016年的房产成交排名高居全国第三。
就此，侨外西班牙移民专家分析称，这主要得益于阿利坎特近年来的经济发展。
阿尔坎特地处地中海沿岸，环境气候优越，是西班牙重要的港口和旅游城市，旅游、服务、酿酒、食品加工以及出口都有较好的基础。
为促进经济复苏，当地政府加大了吸引海外投资的力度，促使阿尔坎特成为了西班牙近年来发展最快的城市。
外国人投资猛增，阿尔坎特成“宠儿”该报告还显示，外国人在西班牙置业的人也在高幅上增，其中与西班牙移民依托于购房不无关系；而单纯的投资客也占到相当大比例。
2016年，外国人购房在西班牙房产总成交中占到了17%，有约7.4万套房产被外国人买去，比2015增加了13.3%。
巴菲特
初识股票
1941年，刚刚跨入11周岁，他便跃身股海，并购买了平生第一张股票。 1947年，沃伦·巴菲特进入宾夕法尼亚大学攻读财务和商业管理。但他觉得教授们的空头理论不过瘾，两年后转学到尼布拉斯加大学林肯分校，一年内获得了经济学士学位。 1950年巴菲特申请哈佛大学被拒之门外，考入哥伦比亚大学商学院，拜师于著名投资学理论学家本杰明·格雷厄姆。在格雷厄姆门下，巴菲特如鱼得水。格雷厄姆反对投机，主张通过分析企业的赢利情况、资产情况及未来前景等因素来评价股票。他传授给巴菲特丰富的知识和决窍。 1951年，21周岁的巴菲特获得了哥伦比亚大学经济硕士学位。学成毕业的时候，他获得最高A+。 1952年，巴菲特和苏珊·汤普森结婚，他们双方的父母是多年的老朋友。在西北大学读书时，苏珊和巴菲特的妹妹罗伯塔是住同一间宿舍的舍友。当巴菲特顺路拜访她并向她求婚时，苏珊离开了就读的大学和他结了婚。巴菲特夫人是在离巴菲特目前的家只有一个半街区的地方长大的。 1957年，巴菲特掌管的资金达到30万美元，但年末则升至50万美元。
早年巴菲特
1930年8月30日，沃伦·巴菲特出生于美国内布拉斯加州的奥马哈市，沃伦·巴菲特从小就极具投资意识，他钟情于股票和数字的程度远远超过了家族中的任何人。他满肚子都是挣钱的想法，五岁时就在家门口摆地摊兜售口香糖。稍大后他带领小伙伴到球场捡大款用过的高尔夫球，然后转手倒卖，生意颇为红火。上中学时，除利用课余做报童外，他还与伙伴合伙将弹子球游戏机出租给理发店老板，挣取外快。
An Anatomy of the Crude Oil Pricing System
An Anatomy of the Crude Oil PricingSystemBassam Fattouh1WPM 40January 20111 Bassam Fattouh is the Director of the Oil and Middle East Programme at the Oxford Institute for Energy Studies; Research Fellow at St Antony‟s College, Oxford University; and Professor of Finance and Management at the School of Oriental and African Studies, University of London. I would like to express my gratitude to Argus for supplying me with much of the data that underlie this research. I would also like to thank Platts for providing me with the data for Figure 21 and CME Group for providing me with the data for Figure 13. The paper has benefited greatly from the helpful comments of Robert Mabro and Christopher Allsopp and many commentators who preferred to remain anonymous but whose comments provided a major source of information for this study. The paper also benefited from the comments received in seminars at the Department of Energy and Climate Change, UK, ENI, Milan and Oxford Institute for Energy Studies, Oxford. Finally, I would like to thank those individuals who have given their time for face-to-face and/or phone interviews and have been willing to share their views and expertise. Any remaining errors are my own.The contents of this paper are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of itsmembers.Copyright © 2011Oxford Institute for Energy Studies(Registered Charity, No. 286084)This publication may be reproduced in part for educational or non-profit purposes without special permission from the copyright holder, provided acknowledgment of the source is made. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from the Oxford Institute for Energy Studies.ISBN978-1-907555-20-6ContentsSummary Report (6)1. Introduction (11)2. Historical Background to the International Oil Pricing System (14)The Era of the Posted Price (14)The Pricing System Shaken but Not Broken (14)The Emergence of the OPEC Administered Pricing System (15)The Consolidation of the OPEC Administered Pricing System (16)The Genesis of the Crude Oil Market (17)The Collapse of the OPEC Administered Pricing System (18)3. The Market-Related Oil Pricing System and Formulae Pricing (20)Spot Markets, Long-Term Contracts and Formula Pricing (20)Benchmarks in Formulae Pricing (24)4. Oil Price Reporting Agencies and the Price Discovery Process (30)5. The Brent Market and Its Layers (36)The Physical Base of North Sea (37)The Layers and Financial Instruments of the Brent Market (39)Data Issues (39)The Forward Brent (40)The Brent Futures Market (43)The Exchange for Physicals (44)The Dated Brent/BFOE (45)The Contract for Differences (CFDs) (45)OTC Derivatives (48)The Process of Oil Price Identification in the Brent Market (50)6. The US Benchmarks (52)The Physical Base for US Benchmarks (52)The Layers and Financial Instruments of WTI (55)The Price Discovery Process in the US Market (56)WTI: The Broken Benchmark? (58)7. The Dubai-Oman Market (61)The Physical Base of Dubai and Oman (61)The Financial Layers of Dubai (62)The Price Discovery Process in the Dubai Market (64)Oman and its Financial Layers: A New Benchmark in the Making? (66)8. Assessment and Evaluation (70)Physical Liquidity of Benchmarks (70)Shifts in Global Oil Demand Dynamics and Benchmarks (71)The Nature of Players and the Oil Price Formation Process (73)The Linkages between Physical Benchmarks and Financial Layers (74)Adjustments in Price Differentials versus Price Levels (74)Transparency and Accuracy of Information (76)9. Conclusions (78)References (81)List of FiguresFigure 1: Price Differentials of Various Types of Saudi Arabia‟s Crude Oil to Asia in $/Barrel (21)Figure 2: Differentials of Term Prices between Saudi Arabia Light and Iran Light Destined to Asia (FOB) (In US cents) (23)Figure 3: Difference in Term Prices for Various Crude Oil Grades to the US Gulf (Delivered) and Asia (FOB) (24)Figure 4: Price Differential between Dated Brent and BWAVE ($/Barrel) (26)Figure 5: Price Differential between WTI and ASCI ($/Barrel) (ASCI Price=0) (26)Figure 6: Brent Production by Company (cargoes per year), 2007 (37)Figure 7: Falling output of BFO (38)Figure 8: Trading Volume and Number of Participants in the 21-Day BFOE Market (42)Figure 9: Average Daily Volume and Open Interest of ICE Brent Futures Contract (44)Figure 10: Pricing basis of Dated Brent Deals (1986-1991); Percentage of Total Deals (45)Figure 11: Reported Trade on North Sea CFDs (b/d) (46)Figure 12: US PADDS (52)Figure 13: Monthly averages of volumes traded of the Light Sweet Crude Oil Futures Contract (55)Figure 14:Liquidity at Different Segments of the Futures Curve (October 19, 2010) (56)Figure 15: Spot Market Traded Volumes (b/d) (April 2009 Trade Month) (57)Figure 16: Spread between WTI 12-weeks Ahead and prompt WTI ($/Barrel) (59)Figure 17: WTI-BRENT Price Differential ($/Barrel) (60)Figure 18: Dubai and Oman Crude Production Estimates (thousand barrels per day) (62)Figure 19: Spread Deals as a Percentage of Total Number of Dubai Deals (63)Figure 20: Oman-Dubai Spread ($/Barrel) (64)Figure 21: Dubai Partials Jan 2008 - Nov 2010 (65)Figure 22: daily Volume of Traded DME Oman Crude Oil Futures Contract (67)Figure 23: Volume and Open Interest of the October 2010 Futures Contracts (Traded During Month of August) (68)Figure 24: OECD and Non-OECD Oil Demand Dynamics (71)Figure 25: Change in Oil Trade Flow Dynamics (72)Figure 26: The North Sea Dated differential to Ice Brent during the French Strike (76)Summary ReportThe view that crude oil has acquired the characteristics of financial assets such as stocks or bonds has gained wide acceptance among many observers. However, the nature of …financialisation‟ and its implications are not yet clear. Discussions and analyses of …financialisation‟ of oil markets have partly been subsumed within analyses of the relation between finance and commodity indices which include crude oil. The elements that have attracted most attention have been outcomes: correlations between levels, returns, and volatility of commodity and financial indices. However, a full understanding of the degree of interaction between oil and finance requires, in addition, an analysis of interactions, causations and processes such as the investment and trading strategies of distinct types of financial participants; the financing mechanisms and the degree of leverage supporting those strategies; the structure of oil derivatives markets; and most importantly the mechanisms that link the financial and physical layers of the oil market.Unlike a pure financial asset, the crude oil market also has a …phy sical‟ dimension that should anchor prices in oil market fundamentals: crude oil is consumed, stored and widely traded with millions of barrels being bought and sold every day at prices agreed by transacting parties. Thus, in principle, prices in the futures market through the process of arbitrage should eventually converge to the so-called …spot‟ prices in the physical markets. The argument then goes that since physical trades are transacted at spot prices, these prices should reflect existing supply-demand conditions.In the oil market, however, the story is more complex. T he …current‟ market fundamentals are never known with certainty. The flow of data about oil market fundamentals is not instantaneous and is often subject to major revisions which make the most recent available data highly unreliable. Furthermore, though many oil prices are observed on screens and reported through a variety of channels, it is important to explain what these different prices refer to. Thus, although the futures price often converges to a …spot‟ price, one should aim to analyse the process of convergence and understand what the …spot‟ price in the context of the oil market really means.Unfortunately, little attention has been devoted to such issues and the processes of price discovery in oil markets and the drivers of oil prices in the short-run remain under-researched. While this topic is linked to the current debate on the role of speculation versus fundamentals in the determination of the oil price, it goes beyond the existing debates which have recently dominated policy agendas. This report offers a fresh and deeper perspective on the current debate by identifying the various layers relevant to the price formation process and by examining and analysing the links between the financial and physical layers in the oil market, which lie at the heart of the current international oil pricing system.The adoption of the market-related pricing system by many oil exporters in 1986-1988 opened a new chapter in the history of oil price formation. It represented a shift from a system in which prices were first administered by the large multinational oil companies in the 1950s and 1960s and then by OPEC for the period 1973-1988 to a system in which prices are set by …markets‟. First adopted by the Mexican national oil company PEMEX in 1986, the market-related pricing system received wide acceptance among most oil-exporting countries. By 1988, it became and still is the main method for pricing crude oil in international trade after a short experimentation with a products-related pricing system in the shape of the netback pricing regime in the period 1986-1987. The oil market was ready for such a transition. The end of the concession system and the waves of nationalisation which disrupted oil supplies to multinational oil compan ies established the basis of arm‟s-length deals and exchange outside the vertically and horizontally integrated multinational companies. The emergence of many suppliers outside OPEC and many buyers further increased the prevalence of such arm‟s-length deals. This led to the development of a complex structure of interlinked oil markets which consist of spot and also physical forwards, futures, options and other derivative markets referred to as paper markets. Technological innovations which made electronic trading possible revolutionised these markets by allowing 24-hour trading from any place in theworld. It also opened access to a wider set of market participants and allowed the development of a large number of trading instruments both on regulated exchanges and over the counter.Physical delivery of crude oil is organised either through the spot (cash) market or through long-term contracts. The spot market is used by transacting parties to buy and sell crude oil not covered by long term contractual arrangements and applies often to one-off transactions. Given the logistics of transporting oil, spot cargoes for immediate delivery are rare. Instead, there is an important element of forwardness in spot transactions. The parties can either agree on the price at the time of agreement, in which case the sport transaction becomes closer to a …forward‟ contract. More often though, transacting parties link the pricing of an oil cargo to the time of loading.Long-term contracts are negotiated bilaterally between buyers and sellers for the delivery of a series of oil shipments over a specified period of time, usually one or two years. They specify among other things, the volumes of crude oil to be delivered, the delivery schedule, the actions to be taken in case of default, and above all the method that should be used in calculating the price of an oil shipment. Price agreements are usually concluded on the method of formula pricing which links the price of a cargo in long-term contracts to a market (spot) price. Formula pricing has become the basis of the oil pricing system. Formula pricing has two main advantages. Crude oil is not a homogenous commodity. There are various types of internationally traded crude oil with different qualities and characteristics which have a bearing on refining yields. Thus, different crudes fetch different prices. Given the large variety of crude oils, the price of a particular type is usually set at a discount or at a premium to marker or reference prices, often referred to as benchmarks. The differentials are adjusted periodically to reflect differences in the quality of crudes as well as the relative demand and supply of the various types of crudes. Another advantage of formula pricing is that it increases pricing flexibility. When there is a lag between the date at which a cargo is bought and the date of arrival at its destination, there is a price risk. Transacting parties usually share this risk through the pricing formula. Agreements are often made for the date of pricing to occur around the delivery date.At the heart of formulae pricing is the identification of the price of key …physical‟ benchmarks, such as West Texas Intermediate (WTI), Dated Brent and Dubai-Oman. The benchmark crudes are a central feature of the oil pricing system and are used by oil companies and traders to price cargoes under long-term contracts or in spot market transactions; by futures exchanges for the settlement of their financial contracts; by banks and companies for the settlement of derivative instruments such as swap contracts; and by governments for taxation purposes.Few features of these physical benchmarks stand out. Markets with relatively low volumes of production such as WTI, Brent, and Dubai set the price for markets with higher volumes of production elsewhere in the world. Despite the high level of volumes of production in the Gulf, these markets remain illiquid: there is limited spot trading in these markets, no forwards or swaps (apart from Dubai), and no liquid futures market since crude export contracts include destination and resale restrictions which limit trading options. While the volume of production is not a sufficient condition for the emergence of a benchmark, it is a necessary conditio n for a benchmark‟s success. As markets become thinner and thinner, the price discovery process becomes more difficult. Oil price reporting agencies cannot observe enough genuine arms-length deals. Furthermore, in thin markets, the danger of squeezes and distortions increases and as a result prices could then become less informative and more volatile thereby distorting consumption and production decisions. So far the low and continuous decline in the physical base of existing benchmarks has been counteracted by including additional crude streams in an assessed benchmark. This had the effect of reducing the chance of squeezes as these alternative crudes could be used for delivery against the contract. Although such short-term solutions have been successful in alleviating the problem of squeezes, observers should not be distracted from some key questions: What are the conditions necessary for the emergence of successful benchmarks in the most physically liquid market? Would a shift to assessingprice in these markets improve the price discovery process? Such key questions remain heavily under-researched in the energy literature and do not feature in the consumer-producer dialogue.The emergence of the non-OECD as the main source of growth in global oil demand will only increase the importance of such questions. One of the most important shifts in oil market dynamics in recent years has been the shift in oil trade flows to Asia: this may have long-term implications on pricing benchmarks. Questions are already being raised whether Dubai still constitutes an appropriate benchmark for pricing crude oil exports to Asia given its thin physical base or whether new benchmarks are needed to reflect more accurately the recent shift in trade flows and the rise in prominence of the Asian consumer.Unlike the futures market where prices are observable in real time, the reported prices of physical benchmarks are …identified‟ or …assessed‟ prices. Assessments are needed in opaque markets such as crude oil where physical transactions concluded between parties cannot be directly observed by outsiders. Assessments are also needed in illiquid markets where there are not enough representative deals or where no transactions are concluded. These assessments are carried out by oil pricing reporting agencies (PRAs), the two most important of which are Platts and Argus. While PRAs have been an integral part of the oil pricing system, especially since the shift to the market-related pricing system in 1986, their role has recently been attracting considerable attention. In the G20 summit in Korea in November 2010, the G20 leaders called for a more detailed analysis on …how the oil spot market prices are assessed by oil price reporting agencies and how this affects the transparency and functioning of oil markets‟. In its latest report in No vember 2010, IOSCO points that …the core concern with respect to price reporting agencies is the extent to which the reported data accurately refle cts the cash market in question‟. PRAs do not only act as …a mirror to the trade‟. In their attempt to identify the price that reflects accurately the market value of an oil barrel, PRAs enter into the decision-making territory which can influence market structure. What they choose to do is influenced by market participants and market structure while they in turn influence the trading strategies of the various participants. New markets and contracts may emerge to hedge the risks arising from some PRAs‟ decisions. To evaluate the role of PRAs in the oil market, it is important to look at three inter-related dimensions: the methodology used in indentifying the oil price; the accuracy of price assessments; and the internal measures that PRAs implement to protect the integrity and ensure an efficient assessment process. There is a fundamental difference in the methodology and in the philosophy underlying the price assessment process between the various PRAs. As a result, different agencies may produce different prices for the same benchmark. This raises the issue of which method produces a more accurate price assessment. Given that assessed prices underlie long-term contracts, spot transactions and derivatives instruments, even small differences in price assessments between PRAs have important impl ications on exporters‟ revenues and financial flows between parties in financial contracts. In the last two decades or so, many financial layers (paper markets) have emerged around crude oil benchmarks. They include the forward market (in Brent and Dubai), swaps, futures, and options. Some of the instruments such as futures and options are traded on regulated exchanges such as ICE and CME Group, while other instruments, such as swaps, options and forward contracts, are traded bilaterally over the counter (OTC). Nevertheless, these financial layers are highly interlinked through the process of arbitrage and the development of instruments that links the various layers together. Over the years, these markets have grown in terms of size, liquidity, sophistication and have attracted a diverse set of players both physical and financial. These markets have become central for market participants wishing to hedge their risk and to bet on oil price movements. Equally important, these financial layers have become central to the oil price identification process.At the early stages of the current pricing system, linking prices to benchmarks in formulae pricing provided producers and consumers with a sense of comfort that the price is grounded in the physical dimension of the market. This implicitly assumes that the process of identifying the price of benchmarks can be isolated from financial layers. However, this is far from reality. The analysis in this report shows that the different layers of the oil market form a complex web of links, all of which play a role in the price discovery process. The information derived from financial layers is essential for identifying the pricelevel of the benchmark. In the Brent market, the oil price in the forward market is sometimes priced as a differential to the price of the Brent futures contract using the Exchange for Physicals (EFP) market. The price of Dated Brent or North Sea Dated in turn is priced as a differential to the forward market through the market of Contract for Differences (CFDs), another swaps market. Given the limited number of physical transactions and hence the limited amount of deals that can be observed by oil reporting agencies, the value of Dubai, the main benchmark used for pricing crude oil exports to East Asia, is often assessed by using the value of differentials in the very liquid OTC Dubai/Brent swaps market. Thus, one could argue that without these financial layers it would not be possible to …discover‟ or …identify‟ oil prices in the current oil pricing system. In effect, crude oil prices are jointly or co-determined in both layers, depending on differences in timing, location and quality of crude oil.Since physical benchmarks constitute the pricing basis of the large majority of physical transactions, some observers claim that derivatives instruments such as futures, forwards, options and swaps derive their value from the price of these physical benchmarks, i.e., the prices of these physical benchmarks drive the prices in paper markets. However, this is a gross over-simplification and does not accurately reflect the process of crude oil price formation. The issue of whether the paper market drives the physical or the other way around is difficult to construct theoretically and test empirically and requires further research.The report also calls for broadening the empirical research to include the trading strategies of physical players. In recent years, the futures markets have attracted a wide range of financial players including swap dealers, pension funds, hedge funds, index investors, technical traders, and high net worth individuals. There are concerns that these financial players and their trading strategies could move the oil price away from the …true‟ underlying funda mentals. The fact remains however that the participants in many of the OTC markets such as forward markets and CFDs which are central to the price discovery process are mainly …physical‟ and include entities suc h as refineries, oil companies, downstream consumers, physical traders, and market makers. Financial players such as pension funds and index investors have limited presence in many of these markets. Thus, any analysis limited to non-commercial participants in the futures market and their role in the oil price formation process is incomplete and also potentially misleading.The report also makes the distinction between trade in price differentials and trade in price levels. It shows that trades in the levels of the oil price rarely take place in the layers surrounding the physical benchmarks. We postulate that the price level of the main crude oil benchmarks is set in the futures markets; the financial layers such as swaps and forwards set the price differentials depending on quality, location and timing. These differentials are then used by oil reporting agencies to identify the price level of a physical benchmark. If the price in the futures market becomes detached from the underlying benchmark, the differentials adjust to correct for this divergence through a web of highly interlinked and efficient markets. Thus, our analysis reveals that the level of the crude oil price, which consumers, producers and their governments are most concerned with, is not the most relevant feature in the current pricing system. Instead, the identification of price differentials and the adjustments in these differentials in the various layers underlie the basis of the current crude oil pricing system. By trading differentials, market participants limit their exposure to the risks of time, location grade and volume. Unfortunately, this fact has received little attention and the issue of whether price differentials between different markets showed strong signs of adjustment in the 2008-2009 price cycle has not yet received due attention in the empirical literature.But this leaves us with a fundamental question: what determines the price level of a certain benchmark in the first place? The pricing system reflects how the oil market functions: if price levels are set in the futures market and if market participants in these markets attach more weight to future fundamentals rather than current fundamentals and/or if market participants expect limited feedbacks from both thesupply and demand side in response to oil price changes, these expectations will be reflected in the different layers and will ultimately be reflected in the assessed spot price of a certain benchmark.The current oil pricing system has survived for almost a quarter of a century, longer than the OPEC administered system. While some of the details have changed, such as Saudi Arabia‟s decision to replace Dated Brent with Brent futures in pricing its exports to Europe and the more recent move to replace WTI with Argus Sour Crude Index (ASCI) in pricing its exports to the US, these changes are rather cosmetic. The fundamentals of the current pricing system have remained the same since the mid 1980s: the price of oil is set by the …market‟ with PRAs making use of various methodologies to reflect the market price in their assessments and making use of information in the financial layers surrounding the global benchmarks. In the light of the 2008-2009 price swings, the oil pricing system has received some criticism reflecting the unease that some observers feel with the current system. Although alternative pricing systems could be devised such as bringing back the administered pricing system or calling for producers to assume a greater responsibility in the method of price formation by removing destination restrictions on their exports, or allowing their crudes to be auctioned, the reality remains that the main market players such as oil companies, refineries, oil exporting countries, physical traders and financial players have no interest in rocking the boat. Market players and governments get very concerned about oil price behaviour and its global and local impacts, but so far have showed much less interest in the pricing system and market structure that signalled such price behaviour in the first place.1.IntroductionThe adoption of the market-related pricing system by many oil exporters in 1986-1988 opened a new chapter in the history of oil price formation. It represented a shift from a system in which prices were first administered by the large multinational oil companies in the 1950s and 1960s and then by OPEC for the period 1973-1988 to a system in which prices are se t by …markets‟. But what is really meant by the …market price‟ or the …spot price‟ of crude oil?The concept of the …market price‟ of oil associated with the current pricing regime has often been surrounded with confusion. Crude oil is not a homogenous commodity. There are various types of internationally traded crude oil with different qualities and characteristics which have a bearing on refining yields. Thus, different crudes fetch different prices. In the current system, the prices of these crudes are usually set at a discount or a premium to a benchmark or reference price according to their quality and their relative supply and demand. However, this raises a series of questions. How are these price differentials set? More importantly, how is the price of the benchmark or reference crude determined?A simple answer to the latter question would be …the market‟ and the forces of supply and demand for these benchmark crudes. But this raises additional questions. What are the main features of the spot physical markets for these benchmarks? Do these markets have enough liquidity to ensure an efficient price discovery process? What are the roles of the various financial layers such as the futures markets and other derivatives-based instruments that have emerged around the physical benchmarks? Do these financial layers enhance or hamper the price discovery function? Does the distinction between the different layers of the market matter or have the different layers become so inter-linked that the distinction is no longer meaningful? And if the distinction does matter, what do prices in different markets reflect? It is clear from all these questions tha t the concept of …market price‟ needs to be defined more precisely. The argument that the market determines the oil price has little explanatory power.The above questions have assumed special importance in the last few years. The sharp swings in oil prices and the marked increase in volatility during the latest 2008-2009 price cycle have raised concerns about the impact of financial layers and financial investors on oil price behaviour.2 Some observers in the oil industry and in academic institutions attribute the recent behaviour in prices to structural transformations in the oil market. According to this view, the boom in oil prices can be explained in terms of tightened market fundamentals, rigidities in the oil industry due to long periods of underinvestment, and structural changes in the behaviour of key players such as non-OPEC suppliers, OPEC members, and non-OECD consumers.3On the other hand, other observers consider that the changes in fundamentals or even in expectations, have not been sufficiently dramatic to justify the extreme cycles in oil prices over the period 2008-2009. Instead, the oil market is seen as having been distorted by substantial and volatile flows of financial investments in deregulated or poorly regulated crude oil derivatives instruments.4The view that crude oil has acquired the characteristics of financial assets such as stocks or bonds has gained wide acceptance among many observers but is disputed by others.5Many empirical papers2 For a comprehensive overview, see Fattouh (2009).3 See, for instance, IMF (2008), World Economic Outlook (October), Washington: International Monetary Fund; Commodity Futures Trading Commission (2008), Interagency Task Force on Commodity Markets Interim Report on Crude Oil; Killian and Murphy (2010).4 See, for instance, the Testimony of Michael Greenberger before the Commodity Futures Trading Commission on Excessive Speculation: Position Limits and Exemptions,5 August 2009. Greenberger provides an extensive list of studies that are in favour of the speculation view.5 See, for instance, Yergin (2009). Yergin argues that the excessive …daily trading has helped turn oil into something new -- not only a physical commodity critical to the security and economic viability of nations but also a financial asset, part of that great instantaneous exchange of stocks, bonds, currencies, and everything else that makes up the world's financial portfolio‟.。
腾讯财经-IMF欢迎欧元区为西班牙提供金融援助
IMF欢迎欧元区为西班牙提供金融援助
新华网华盛顿6月9日电（记者樊宇蒋旭峰）国际货币基金组织（IMF）总裁拉加德9日发表声明，对欧元区承诺向西班牙提供资金援助，帮助其巩固金融业表示欢迎。
拉加德当天在声明中说，她热烈欢迎欧元集团的决定，这为西班牙政府近几周来加强银行业的举措提供了补充。
1000亿欧元的援助承诺对西班牙政府整顿银行业的成功与否至关重要，其规模将足以满足西班牙银行系统的资本需求。
西班牙政府9日宣布，已向欧盟申请援助，以更好地进行银行业重组。
欧元集团主席容克在当天举行的欧元区财长紧急电视电话会议之后发布声明说，欧元区愿意接受这一请求，救助贷款金额将包括银行业重组所需的资本金以及其他备用资金，总计不超过1000亿欧元。
欧元集团在声明中说，国际货币基金组织并非救助的出资方，欧元区只是邀请其协助实施、监督救助。
西班牙经济大臣路易斯·德金多斯称，援助资金将通过西班牙银行有序重组基金（FROB）发放。
美国财政部长盖特纳当天也发表声明，对西班牙政府重组银行的决定和欧盟对其提供援助的承诺表示欢迎。
来源：hao315com 和。
李嘉诚紧锣密鼓布局欧洲
作 优势 ，但在 新技术应 用和 专业管理 上要和众 多国企和 民营企业拼市场也是竞争力有 限。
近７ ０ ％ 的 股 权
富豪企业垄 断香港 民生和 公用事业市场的不满情绪。 在 内外 受压和 区域 发展受 限的背景下 ，李 氏商 业集 团密集减持 中港资产 ，跳出 “ 围城 ”另寻 出路 ，也在情 理之 中 ，所以未来不排 除还 有类似 中港资产减 持和欧 美
商 业 并 购 的动 作 。
１ ． 从２ ０ ０ ８ 年美国金融危机开始 ，借着欧洲债务危机 引
起的资产价格下跌和欧 元疲软的机会 ，李氏集团连续大 手
笔买人欧洲基础设施和 电信资产 ，特别是进入２ ０ １ ０ 年后 ，
确实在进行新 的市场战略布局。
抓 住 并 购 机 遇 ，成 功 投 资 欧洲
由于美 国金融 危机和 欧洲债务危机 的持续 影响 ， 目 前投资欧 洲确 实是一个难 得的商业机遇 。李 氏集团利用
体 实施。和 记黄埔作 为李嘉诚 旗下最 重要的投资平 台 ，
２０ Ｉ 中国国情国厂 １ Ｉ ２ ０ Ｌ ３ ． １ ０
３ ． 连番运作变卖 内地的地产项 目 据 媒体８ 月３ ０日报道 ，李嘉诚 拟 出售 ２ ０ １ ２ ｇ底 刚刚 开业 的广外 城 都荟 广场 及位于其地 库一层与二 层的所 Ｉ 有停车场 、老年活动 中心，此举套现约人 民币３ ０ ￣ ＇ Ｌ 元。 此外 ，市场还传言长江 实业正 准备出售其在上海开 发 的东 方汇经 中心 ，预计售价 为人民币６ ０ １ ＇ Ｌ 元 以上。
李嘉诚的例子
李嘉诚的例子【篇一：李嘉诚的例子】李嘉诚成功事例1： 2000年10月25日，欧洲议会发表，点名指责以李嘉诚为首的李氏家族生意，在香港市场占有率太高，可能对香港经济造成支配性影响，甚至会出现垄断情况。
报告又关注李嘉诚两名儿子在若干的上市及收购事件中，获得有关当局的优惠，而这种不公平的特权，将不利于外国商人在香港投资。
报告声称：这个家族的业务共占香港市场资本估值约四分之一到三分之一，当中包括的行业有电话、移动电话、电力、超级市场及地产等等。
报告中还提到，2000年初，李嘉诚次子李泽楷夺得香港最大电讯公司香港电讯的控制权后，香港不少传媒均关注李氏家族日渐增大的影响力。
还有未经公开招标的港，以及tom在板上市时获多项豁免条件，这些事件都惹来很多争议。
报告更认为，香港有需要引入公平竞争法防止垄断。
李嘉诚纵横欧亚多年，从未被间如此高调抨击，故对欧洲议会的报告，立即作出回应，通过旗下的长实集团发表声明反驳，指出该报告不但计算错误，且指李氏家族影响力巨大的评论更属谬误。
长实发言人称，李嘉诚名下四间公司市值，只占港股市值一成半，连同次子李泽楷的电讯盈科，五间公司占股市总市值也不足一成八。
至于市场占有率高是否即等于垄断?身兼港府公平竞争委员会成员的浸会大学经济系教授曾满基指出，高市场占有率不代表一定有垄断。
垄断是取决于公司的行为，如业内公司实施限制性行为，共同定价或限制供应等。
正当各界争议不休时，事情只相隔一天，李嘉诚再被欧洲委员会警告，指和黄国际港口在一九九九年收购鹿特丹欧洲组合码头时，可能违反欧盟竞争法，并强调如果被裁定属实，有关合并的交易可能要被取消，和黄更要面对罚款。
据悉，欧委会所持的理由，是这个商业计划未被知会，这宗交易可能违反合并。
欧委会追查一宗未被的商业合并计划，这种情况实属罕见。
和黄国际港口当即发表声明，否认有违反条例。
欧洲议会如此高调地把李嘉诚点名，引来了很多猜测。
香港著名者曾渊沧在《香港经济日报》发表评章，认为欧洲议会突然管起香港的经济，这主要是欧洲商人已经开始对李嘉诚的商业王国进军欧洲感到不安，因为不少欧洲商人已经尝过败在李嘉诚手上的滋味。
怎看李嘉诚变卖资产脱华入欧
怎看李嘉诚变卖资产脱华入欧腾讯网今日话题最近英国财长来华，旨在促进对英投资。
过去18个月，中国对英投资超过了之前30年的总和。
另一面，李嘉诚大肆抛售中国资产入资欧洲实业，也让不少人议论。
为何一时间资本纷纷脱华入欧？中国资本涌向欧洲的原因不难理解金融危机后的欧洲成了投资洼地，而中国等新兴国家经济增速放缓泡沫犹存欧债危机让欧洲各国的不少公用事业都受到影响，很多房产和基础设施都急切的寻找接盘人，成为了名符其实的价值洼地。
而在之前的专题《外国人为何逃离中国》中就曾有过分析，在最新一轮的经济复苏中，新兴市场国家为主的亚洲地区经济黄金时期已经过去，复苏的发达国家再次成为了世界经济的主角，大量资金都重新涌回发达经济体。
经济形势转好且资产估值合理泡沫风险较低，再加之欧洲多数国家还拥有较发展中国家成熟很多的法治环境，影响社会稳定的不利因素也较少，更利于商业发展。
这些都让欧洲重新获得了资本的青睐。
今年前三季度，涌入欧洲股市的外来资金创造了5年以来的最高纪录。
而包括李嘉诚在内的商人“脱华入欧”的原因也不外乎如此，实际上，李嘉诚的此次转投欧洲并不是突然的举措，而是其财团一贯经营策略的延伸。
换句话说，李嘉诚的企业其实一直很国际化，早在上世纪九十年代李嘉诚就投资欧洲多国电讯业务，甚至在以色列创立Partner品牌并推出移动通信网，新世纪又投资facebook 和siri，这些当时也都曾被质疑“撤资香港”，但结局都是李嘉诚获利颇丰。
而如今，长江基建和和记黄埔海外业务版图早已涉及全球50多个国家，占集团业务的80%，其旗下长江集团香港员工数目只有3万左右人，而海外员工数目则高达20万人，是一个名符其实的跨国公司。
…[详细]资本的脱华入欧是在中国对外投资暴增的大背景下发生的中国企业频频出手投资海外产业，中国对外投资量激增已经延续十余年对外投资对多数企业都是好事，通过国际间的资本流动，一方面可以扩大企业的经营范围，一方面还可以通过“把鸡蛋分到更多的篮子里”，规避资产过于依赖一个国家市场的风险。
投资大鳄频出手抄底西班牙 索罗斯投5亿欧元
投资大鳄频出手抄底西班牙:索罗斯投5亿欧元放眼全球，手上有钱的话应该投去哪？一些投资大鳄给出了最新的答案：西班牙。
作为“欧猪”国家之一，许多投资者对西班牙的印象仍停留在债务危机的阴影里。
不过，一些投资大鳄已经开始将西班牙视为新的宝藏。
据海外媒体报道，在近日西班牙国际银行集团的75亿欧元融资活动中，投资大鳄索罗斯投资了5亿欧元，押注西班牙银行业将因经济复苏而受益。
根据汤森路透数据得到的计算结果，这一规模的投资将使索罗斯的基金持有西班牙国际银行集团约0.66%的股权。
其实，这只是索罗斯投资西班牙的最新动作。
早在去年，索罗斯以及另一投资大鳄保尔森买进名为Hispania Activos Inmobiliarios的西班牙房地产公司价值9200万欧元的股份。
此外，西班牙信贷银行加泰罗尼亚银行此前也以36亿欧元的价格向黑石集团出售抵押贷款资产，黑石集团在完成这些资产收购之后将扩大在西班牙房地产市场的业务规模。
看中西班牙的投资大鳄还不止这些，比尔·盖茨此前也买进西班牙基础设施建设集团FCC的部分股份；万达集团董事长王健林以2.65亿欧元的价格收购了西班牙马德里地标建筑“西班牙大厦”。
此外，包括高盛集团、橡树资本、孤星基金等投资机构也成为西班牙不良国有资产出售计划的潜在买家。
在西班牙南部黄金海岸Marbella还有一个被人们津津乐道的传闻：俄罗斯总统普京买下了一幢位于Benahavis地区La Zagaleta心脏地带的高尚别墅。
无论这个传闻是真是假，已经让投资者感到雀跃，相信这会掀起西班牙房地产业又一轮热浪风暴。
西班牙投资促进局和毕马威共同编制的《2014年西班牙主权基金》报告显示，自2009年至今，全球主权基金以直接和间接方式已在西班牙投资400亿欧元。
回顾已经过去的2014年，欧元区的日子并不好过，债务危机阴霾未去的同时并没有出现经济回暖的迹象。
英国《金融时报》此前表示，要判断欧元区今年何去何从的话，除了关注传统的“大佬”级人物，如德国总理默克尔、欧洲央行行长德拉吉等，还要关注西班牙的走势。
2017年西班牙购房移民形势变化详解讲解
西班牙投资移民趋势解析近年来,中国企业开始大举进入西班牙:【新启点移民】1、华为在西班牙的员工已经多达900多人;2、恒大和我们西中商会合作在中国广东建立了皇马足球学校之后,也在马德里建立了足球学校;3、李嘉诚以154亿美元收购西班牙电讯的英国股份;4、复星、双汇等都在收购股份,进入西班牙公司;5、海航收购西班牙NH集团的29.5%股份;6、南京金浦、香港诚晟、重庆康德不断收购西班牙的星级酒店;7、万达在西班牙以2.65亿欧元买下了马德里市中心标志性建筑“西班牙大厦”,接着还要以30亿欧元打造一个15000套住宅休闲区。
万达大胆阔步在西班牙买房投资,是因为万达在做了非常深入的研究之后,确认西班牙是一个非常适合投资的国家,特别是今后十年之内都是非常适合中国人来投资的国家。
分析人们关注西班牙买房移民10个理由1.房产物业价格降低到50%,半价折扣,是投资买房的好时机,如现购入,增值空间大2.根据FMI国际货币基金组织得出结论,西班牙将会是欧洲国家发展很快之一,PIB生产总值指数将增长到3%3.拥有强大交通通讯服务,高铁广泛至西班牙至欧洲,广泛道路和高速公路,还有各类国际飞机场4.教育的优选性和互补性,医疗和教育都是有保证的,不论是工作人员或者业主及家庭都将享受免费医疗, 孩子们的教育免费到16岁,中国和西班牙有签约凭借国内高中文凭即可迅速申请就读西班牙大学5.西班牙被称为欧洲宜居国家之一,拥有欧洲浪漫的海滩,地中海气候舒适,适宜生活,平均寿命为80岁以上6.拥有健全的福利,因此移民享受与国民相同待遇7.自由通行26个申根国家。
持有西班牙居留卡,随时进入欧盟申根国,对在欧洲有生意的客户带来很大的方便。
8.热情奔放的民族及灿烂的文化,拥有众多“人类文化遗产”,5亿人口使用西班牙语,总使用人数排位第三多9.资源丰富,饮食文化丰富,橄榄油、葡萄酒、西班牙火腿十分出名。
10.西班牙绿色环境,蓝色天空,交通无阻碍,避免污染和人口拥挤西班牙买房移民十分便捷,整体申请流程只需要3个月左右,审理速度快;而且为永久产权;一家三代移民,子女续签无限制;欧盟与申根成员国,所获身份自由出入26个申根国。
郎咸平独家爆料 李嘉诚的战略转移
阅读31158 60 举报郎咸平独家爆料：首富李嘉诚的战略转移2014-08-20 郎咸平MBA俱乐部李嘉诚并不是像有些媒体所说的那样要退出中国地产、退出香港，他不是要离开，而是他只有一个商业思维，他才不想成为什么地产大亨、电信大王，或者是哪里的大佬，他只有一个考虑，那就是回报率，也就是利润。
郎咸平独家爆料首富李嘉诚的战略转移李嘉诚不是撤离香港了吗？在上周，这位香江大佬再度成为香港报刊的头条，这一次是冷嘲热讽，纷纷送上“劏房豪宅”(住：“劏房”在港指将一套住宅切割成多个套房出租)、“牢房豪宅”等称号。
长实在新界大埔区的新楼“岚山”上周开售，不声不响地刷新了新盘“小户型”的纪录——其中一套“开放式”户型实用面积仅177平方英尺，折合约16平方米，以至居室面积只有8平方米多，而香港赤柱监狱单人囚室甚至都有7.5平方米。
有着计量功底的经济学家郎咸平，噼里啪拉打了半天算盘，郎教授最后告诉你，李嘉诚并不是像有些媒体所说的那样要退出中国地产、退出香港，他不是要离开，而是他只有一个商业思维，他才不想成为什么地产大亨、电信大王，或者是哪里的大佬，他只有一个考虑，那就是回报率，也就是利润。
为什么卖掉百佳超市、卖掉上海东方汇经中心，是李嘉诚手里有本帐，请诸君静心阅读，看一看传奇大佬的帐本。
宗庆后的女儿宗馥莉说：“李嘉诚都要走了，我为什么不能走呢？”所以“李嘉诚要走”似乎给我们中国带来了极大的震撼，那么他真的要走了吗？据媒体的报道，李嘉诚已经把几个物业抛售了，其中包括香港的百佳超市、嘉湖银座广场，以及内地的广州西城都荟广场和上海东方汇经中心，据估计总金额高达410亿港币，李嘉诚准备拿这笔钱去英国投资。
根据我们所搜集的资料显示，近几年来李嘉诚陆陆续续在英国投资超过4000亿港币，他已经控制了英国25%的天然气、30%的电以及7%的水，难怪英国人惊呼：“李嘉诚控制了英国！”那么李嘉诚真的是要退出中国转战英国吗？这才是值得我们关心的话题。
英国退欧对李嘉诚有多大影响？
不过李嘉诚似乎也对此事抱有乐观心态，他认为最终英国退出欧盟的可能性不大。而英国媒体的一份最新民调显示，目前英国公民对留欧支持率为45%，退欧支持率为42%。正是由于英国脱欧概率略降，全球股市出现普涨。
在抛售中国资产的同时，李嘉诚则大举投资欧洲尤其是英国。北青报记者了解到，其实早在本世纪初，李嘉诚的和记黄埔就开始投资英国。2000年曾斥资36亿英镑为英国Three电信商购买电信运营牌照。近年来，李嘉诚大规模投资英国的迹象日渐清晰，而且全部围绕基础设施领域。仅2010年至2012年的三年时间里，长江基建牵头的财团就以超过150亿美元的总代价分别收购了英国电网、英国水务和英国管道燃气业务。其间，李嘉诚还以24亿英镑买下一家当地自来水公司。此外，李嘉诚旗下不同企业还分别收购了英国曼彻斯特机场、英国Eversholt铁路集团。而和记黄埔斥资约102.5亿英镑收购英国第二大移动电信运营商O2 UK的大动作，也成为李嘉诚迄今海外收购的最大手笔。而据最新消息，收购英国最大的通讯运营商的计划也正在李嘉诚的运作之中。
英国首相卡梅伦曾警告支持脱欧的英国人，他们自己的钱袋子很可能因此变瘪，具体而言就是养老金和就业机会减少。英国财政大臣奥斯本也明确表示脱欧将导致养老金减少。财政部的报告显示，在最糟糕的情况下，养老金或将缩水3000亿英镑。
对此，很多资本大鳄其实早有预见。金融大鳄索罗斯在英国《卫报》撰文称，“假如退ห้องสมุดไป่ตู้派赢得公投，英镑几乎肯定会骤然剧跌，预计跌幅会超过1992年9月15%的贬值幅度。”他预测，根据目前市场定价，一旦英国公投决定退欧，英镑可能将贬值15%至20%，从当前英镑兑美元的1.46跌至1.15以下。也就是说，届时英镑可能将与欧元大致等值。“不会有哪个英国人希望以这种方式‘加入欧元’!”索罗斯表示，如果这次英镑大贬值，影响要比1992年更大，“因为英国央行几乎没有降息的空间，英国的经常项目赤字也比当年大得多，而且英国企业获得新投资等其他扩大产能措施的前景不明，英镑即使大贬值也不可能带动国内出口增长”。
PE 机构对连续并购中管理者学习效应的影响说明书
1.2 研究价值 ................................................................................................................... 4
then to make ‘performance’ of M&A better. The managers’ learning effect is complex.
Some research has focused on how to "make learning happen" and has not looked much
连续并购绩效的传导逻辑很简单：开展并购“实践”，对上一次并购进行“学习”，进而提升并
购“能力”，从而提升下一次并购“绩效”。理想中的连续并购就是一个启动并购实践、开展并
购学习、提升并购能力、改进并购绩效四个要素持续正循环的战略学习圈。
管理者学习效应非常复杂，一些研究集中在如何“让学习发生”，并没有更进一步思考如
(3) examined the key variables ‘time between serial M&A’.
This paper finds that: establish M&A fund with PE can improve the performance of
serial M&A; PE shareholding can accelerate the learning effect of managers in serial M&A.
中国企业在西班牙的分布 -回复
中国企业在西班牙的分布-回复【中国企业在西班牙的分布】在过去几十年里，中国企业在海外扩张的步伐越来越快，西班牙作为投资热点之一，自然也吸引了不少中国企业的目光。
本文将以中括号内的内容为主题，详细讨论中国企业在西班牙的分布情况，并分步骤回答相关问题，以期读者能更好地了解这一现象。
第一步：中国企业进军西班牙的原因中国有着庞大的经济实力和制造业优势，而西班牙作为欧洲最重要的经济体之一，拥有广阔的市场和良好的投资环境。
因此，中国企业选择进军西班牙可以实现资源的互补，提高竞争力和规模效应。
此外，西班牙的地理位置优势，其作为欧洲对拉美地区的门户也吸引了中国企业。
第二步：中国有哪些主要的投资行业？中国企业在西班牙的投资涵盖了多个行业，以下是其中的几个主要领域：1. 基础设施建设：中国企业深耕于西班牙的能源、交通、通信等基础设施建设领域。
例如，中国公司参与了西班牙高速铁路项目，并获得了一些营运权。
2. 房地产开发：中国企业在西班牙的房地产市场有着不小的份额。
著名的例子是中国恒大集团在马德里市中心购买了多个优质的商业和住宅物业。
3. 金融服务：中国的金融机构也积极进入了西班牙市场。
例如，中国四大银行之一的中国建设银行已在西班牙设立分行，并与当地金融机构开展合作。
第三步：中国企业在西班牙的分布情况中国企业在西班牙的分布相对分散，主要集中在马德里、巴塞罗那和瓦伦西亚等大城市。
这些城市以其发达的经济和良好的投资环境吸引了大量的外国投资。
马德里作为西班牙的政治、金融和文化中心，也是许多外国企业的首选目的地。
巴塞罗那作为西班牙第二大城市和加泰罗尼亚地区的经济中心，以其创新和活力的商业环境吸引了不少中国企业。
第四步：中国企业在西班牙面临的挑战尽管中国企业在西班牙的投资取得了一定的成功，但他们也面临着一些挑战：1. 文化差异：中国和西班牙有着不同的商业文化和经营方式，这可能导致沟通和合作上的困难。
2. 语言障碍：西班牙是西班牙语国家，许多中国企业在进入西班牙市场时面临语言障碍，这会对商务谈判和沟通造成困难。
侨外移民： 西班牙投资掀热潮 两大巨头纷纷斥资
西班牙投资掀热潮比尔·盖茨、巴菲特纷纷斥资据中国《第一财经日报》报道，经过深陷金融危机的洗礼后，西班牙央行对西班牙三季度将首次出现两年来正增长的预期，引发了国内外投资人的广泛关注。
西班牙经济提前脱离衰退泥潭惠誉上调评级展望至“稳定”全球唯一的欧资国际评级机构惠誉11月1日宣布，确认西班牙评级展望从“负面”上调至“稳定”。
惠誉上调西班牙评级展望的原因包括：首先，2012至2013年西班牙财政政策有较大突破，政府赤字占国内生产总值(GDP)比重下降2.5个百分点。
其次，惠誉预计该国2013年间将会出现1.2%的经常账户盈余。
第三，西班牙对国内银行业的重组改革有所成效。
此外，今年第二季度，西班牙经济脱离了衰退泥潭，较此前预期提前。
上周，西班牙央行发布消息称，今年第三季度，西班牙的GDP环比预计将增长0.1%，这是西班牙近两年内首次出现的环比正增长。
巴菲特、比尔·盖茨抢滩投资西班牙房地产在经历了房地产泡沫破灭之后，根据西班牙房地产评估公司TINSA发布的报告，2013年三季度，西班牙每平方米房价较去年同期下降9.3%，自2007年第四季度房价达到最高点后，西班牙的平均房价已累计下降38.1%。
这样低的资产价格和相对丰沛的国内劳动力正吸引越来越多的投资者关注。
上周，比尔·盖茨(Bill Gates)以1.135亿欧元购入西班牙最大建筑公司西班牙营建集团(FCC)6%的股份，成为该公司的第二大股东。
此前，巴菲特等投资者也已纷纷购入西班牙资产。
侨外移民专家分析认为，巴菲特和比尔·盖茨这些世界顶级投资者的进入，足以显示国际市场对欧洲资产价格洼地和增长前景的期许。
西班牙移民获投资者关注侨外移民喜传捷报为了吸引更多的投资者，西班牙政府于2013年9月28日正式颁布新的移民法，即皇家法令BOE-A-2013-10074。
新的法案规定只要投资50万欧元以上价值的房产就可以申请西班牙居留权，可自由通行26个申根国，持西班牙护照享受全球165个国家免签或落地签。
跟随巴菲特、比尔盖茨投资西班牙概要
跟随巴菲特、比尔·盖茨投资西班牙50万欧元买多套房亦可移民经过深陷金融危机的洗礼后,上周西班牙央行对西班牙三季度将首次出现两年来正增长的预期,引发了海外投资的关注。
西班牙是受2008年全球金融危机打击最为严重的国家。
虽然国内经济仍处于恢复中,国内的消费额还未走出连续38个月的下滑,但出口拯救了西班牙的经济。
西班牙的主要出口商品为设备、汽车交通工具及化工产品。
虽然其国内没有整车制造企业,但占据了全球汽车零配件市场较大的份额。
从今年1月到8月,西班牙的出口增速达到了6.6%,主要得益于新兴市场需求的增加和欧盟内部的进口需求。
西班牙统计局的数据指出,该局公布的西班牙三季度失业率亦好于预期,让市场对于西班牙经济正走出谷底的信心愈发强烈。
上周,比尔·盖茨(Bill Gates以1.135亿欧元购入西班牙最大建筑公司西班牙营建集团(FCC6%的股份,成为该公司的第二大股东。
此前,巴菲特等投资者也已纷纷购入西班牙资产。
虽然投资额度都不算太大,但这些顶级投资者的进入显现市场对欧洲资产价格洼地和增长前景的信心。
西班牙虽然是欧洲小国,但是其正能量是无穷大的,就拿移民福利这块儿来说吧!西班牙移民福利不比美国差。
语言方面,西班牙语是世界上使用最广泛的一种语言,有40多个国家、超过5亿人在使用。
教育方面,从0-18岁都是免费义务教育,上大学也是免费。
不同于中国的“填鸭式”教育,西班牙是“散养式”教育,对于初高中的孩子,这种启发式教育更有优势。
西班牙高等教育也有自己的特色,在对比德、美、西三国的大学教育时,德国是培养工程师,美国是培养金融家,而西班牙则注重艺术和文学方面,如画家毕加索、建筑师高迪以及作家塞万提斯等文学艺术名人都出自西班牙。
医疗方面,只要是公民,包括合法取得居留权的移民都可以享受公立医疗体系;而条件好一些的,都愿意再买一份私人保险,便于救急,每个月交不到200欧元的保险,然后就可以享受到全部免费的医疗服务。
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李嘉诚、巴菲特纷纷投资西班牙再度引爆西班牙投资移民
富豪投资趋势向来引人关注。
近几个月以来，以李嘉诚为代表的富豪转资入欧置办、投资海外房产使投资移民至欧洲的话题成为焦点。
而“股神”巴菲特、墨西哥富豪斯利姆购入西班牙资产后，微软董事长盖茨以1.085亿欧元收购了西班牙建筑公司近6%股权，一度成为投资西班牙的领头羊，将西班牙投资移民热推向了高潮。
西班牙投资移民为何火热?
关于西班牙投资移民趋势形成热潮的原因，投资移民专家分析到：一方面，从全球经济贸易看，亚洲和欧洲的资产价格存在很大套利空间，但考虑到经济的活跃度与稳定性，以西班牙为代表的西欧海外资产投资让人更有安全感，因此企业家们纷纷调整投资方向;另一方面，西中两国文化背景存在一定的差异性，西班牙在投资保值升值以及社会福利等各方面具有一定的优势，特别是投资政策日益开放，给广大投资移民者提供了便利，西班牙“购房换居留”移民法案出台就是政策推动投资的有力证明。
据西班牙新移民法案政策规定：移民申请人只需在西班牙购买50万欧元或以上房产(不限制房产数量、物业类型等)，5年后可申请永久居留权，10年后可选择入籍。
此项政策意味着西班牙降低门槛，刺激投资移民双向需求。
西班牙投资移民举措将获得政府法律的支持和保障。
西班牙人在饮食习惯上是全欧洲最接近中国人的国家，其经济的发达、完善的市场经济、开放的政策、丰富的资源以及高品质的生活吸引着越来越多的人投资拓建。
移民专家认为，国内形成的服务资源应被广泛利用和积极维护起来。