Wednesday, September 30, 2009

毕业

等待了已久,青春飞扬,到处流溢着分离气息的季节即将来临。3年的情谊浓情似水,感谢你们出现在我的世界里,让我学到很多东西,分享很多的快乐。可再见又是几何 ?

没有毕业的时候,我们一直憧憬这样的日子;而毕业了,我们却又不断的回忆… ... 毕业不
“再见”,看似两个非常简单的字眼,但对于我来说可是一种承诺。

毕业,这两个字看上去是多么的简单,但它可是背负了一个承诺啊!

我不敢说“再见”,因为说了,就有了期待,当期待落空了,人也会跟着消沉。所以,只说谢谢。。。。。。。谢谢大家的陪伴,谢谢上天赐我一位善解人意的女友,谢谢缘份让我和我哥-宏威相遇(不同姓),谢谢让我遇到了两名好室友-书俊和奕达谢谢我教授的指点,无尽的谢谢要说。。。

千言万语,就让我们在十月五日见面时一解思愁吧!

保重

Sunday, August 30, 2009

AmBank fast-tracking growth areas

THE AmBank group, which recently crossed its second year of partnership with the Australia and New Zealand (ANZ) banking group, is poised for further fast-tracking of its strong areas in retail, business and investment banking.

“ANZ has, to date, provided expert assistance in a number of areas including retail banking, risk management, channel development, product innovation and financial management,’’ says AmBank chairman Tan Sri Azman Hashim.
In fact, with the technical expertise of ANZ, a foreign exchange and derivatives unit had been set up and is expected to contribute to the new revenue sources of the group.
Looking further, the 34-year-old AmBank group will have ample opportunities to leverage and expand its cross-border businesses, moving forward, with ANZ’s current regional footprint and the stronger strategic intent for growth in the Asia-Pacific.
Azman sees a trend of increasing overseas expansion for local banks. This is especially so with competition heating up and saturation of the domestic market with the entrance of world-class players following the financial sector liberalisation.
The group’s current overseas presence is through AmInvestment Bank in Singapore, Brunei and Jakarta. “In the longer run, we plan to increase contributions from our foreign operations via asset and wealth management businesses,’’ Azman says.
The Brunei operations were set up towards late last year and is in the midst of introducing sukuk and business advisory solutions while seeking an Islamic banking licence. The group is the fifth largest banking group by total assets and ranks fourth in retail banking.
In investment banking, it is among the top five for funds under management, ringgit bonds, and mergers and acquisitions league tables.
Under the group’s medium-term aspirations, it aims to, among other things, double the 2007 profit after tax and enhance dividend payout to be at least on par with the industry average. “We acknowledge that these aspirations will take longer to achieve given the material changes in the macro-economic conditions,’’ Azman says.
Nevertheless, the execution of strategic themes involving profitable growth and portfolio rebalancing since early last year has provided the group with a good headstart,’’ he says.
In view of the current sluggish economic outlook, enhanced credit control, new risk scorecards and methodologies as well as collections and recoveries management will receive heightened focus in the coming year.
The group’s current focus is on domestic operations and growing its nationwide distribution network at a moderate pace with emphasis on faster growth of deposits and other income; sustained growth in lending as well as better sales and service capabilities.
With a network of 187 branches, the group is backed by automated teller machines which are also installed at 7-Eleven outlets. In addition to weekend and extended hours banking, market reach is widened via the Internet and mobile banking as well as its 24-hour contact centre.
Retail banking, in which the AmBank group has a strong brand franchise, aims to sustain growth via its focus on businesses with higher returns and superior customer service.
Business banking, another strong area for the group, will look into the realigning of lending to more stable economic segments such as agriculture, oil and gas, medical, fast-moving consumer goods, the broad property sector and contract financing.
“Action plans are in place to conserve existing customer relationships and cautiously acquire new businesses,’’ Azman says.
Investment banking is being repositioned towards customerbased acitivities in the local and regional markets. These include cross-selling of institutional products, corporate and institutional lending, Islamic finance and Islamic fund management opportunities.
In the debt capital market, focus will be on higher grade credit bond origination, utilities and infrastructure programmes.
A new area, called relationship banking and regional business, aims for higher thrust into advisory work, retainer fees, fund-of-funds model (an investment fund that holds a portfolio of other investment funds), Islamic banking for international businesses and project financing for government support.
The life insurance segment will focus on improving capital management and asset liability practices as well as sales and operational efficiencies.
The general life insurance side will look into enhancements to customer segmentation analytics for the motor business, developing alternative channels for non-motor, rationalising the branch operating model and centralising work processes.
The increase in equity from 19% to 49% in the general insurance arm, AmG Insurance Bhd, by Insurance Australia Group and the acquisition of 30% in the life insurance arm, AmLife Insurance Bhd, by Friends Provident plc are expected to bring about greater transfer of knowledge and skills.
“In future, the banking industry is expected to grow in sophistication to be on par or better than the best international practices,’’ says Azman.
Among other things, these best practices include product and service innovation, income diversification, customer service excellence, information technology and automation.


Retrieved from http://biz.thestar.com.my/news/story.asp?file=/2009/8/8/business/4426778&sec=business

Friday, July 31, 2009

The false appearence on bull market

Recently, many local economy review and regional stock market price and capitalization weight has shown the economy was on the path of recovery and bullish market is coming. This is a good news that every investors be keen to hear and this is the ONLY good news what we have currently. What i can capture on what has happened on our planet economy is the economic stimulus packages that worth 14 million US Dollar has worsen the US economy structure, instead Asian economy recovery has been expected to become the "medicine" to accelerate world's consumption.

Even Asian economy performance has become first light of morning for global economy recovery, but we still can't too optimistic. There are 2 sakes here: First, governmental over expansionary budgetary policies, implemented together with approach zero nominal interest rate, failure to regain the global's demand. Second, excessive cash flow inject into financial market is probably to prompt up the asset price bubbles, and lead to false appearence on the economy.

Some of the economicts have retract theirs opinion on the types of our economy recovery process from "W" & "L" form, to "V" recovery and has proposed that even the risk on economy recovery has been scatter, but the central bank on this planet should need to retain the expansionary monetary and budgetary policies since they have viewed positive growth of the second quaters Korean and China GDP. Indeed, it is a fact that we may to worry.

Massive expansionary policies and market stimulus packages which implemented by China has lead to market bubbles and publics over heated market sentiment has worsen the condition. Every investors and consumers be keen to listen to China's bullish market (false appearence) news. But it is not a great medicine for China's economy. It is because the bullish sign of the stock market also can't reduce the degree of high dependent on the export to abroad. The bullish sign of the stock market is just merely an outcome of increase the governmental liability to foster up such short-term prosperity. This is a common phenomena facing by Asian now.

Monetary policy just can be a supplement to the budgetary policy. Asian's recovery sign is thanks to the consecutive economy stimulus packages outcome. But, the effect will scatter following with time. At this moment, the central bank should decrease the interest rate to prop up the market. It is just a temporary scheme, and merely alleviate the symptoms and not can't cure the root. It just will cause economy sink into asset price bubbles and traps, but it seems like economy growth. The optimistic expectation on Asian economy recovery by "V" shape , has foment the assets price bubbles trap.

Monday, July 20, 2009

Our mess educational policy - teaching M&S in english

It is really a bored and stupid topic for me but it had been arguing and hoo-ha for five years long. To be frank and open with you, i still misunderstanding with the "value" of it has become a "hot topic" to be discussed. Is it economically for us to continue this bad policy? I strongly stand on my own opinion -"NO". For me, it is a "poisonous asset" that had left by our foolish former prime minister - Dr. M (I no need mention his name clearly, otherwise i will be arrested under ISA probably...haha). We have spent too much effort and time for this uneconomically policy and it must be rectified immediately. Not i disagree with M&S taught in English, but what i would like to stress here is whether our nation will advance from upper middle income to high income or developed country is not solely depend on which language has been applied in teaching, but is more than that. Healthy economy structure & policies, transparency of administration of justice and anti-corruption mechanism, high politician's aspiration, social welfare, government servant efficiency and so on are an essentials that need to consider too. Maybe there will have many peoples are preparing to oppose with what i am talking nonsense here, but those are welcome! We may can have a drink and debate on this issue. I know many peoples will take Singaporean's success story as an example on this issue on the language they base onto. I have to admit that Singaporean's English proficiency is much more better than Malaysian, but we must look in macro perspective and don't forget that the safety environment, transparency in justiciary and anti-corruption, positive working attitude and strong desire to achieve excellent (Kia-shu) also are the factors that prop up the Singaporean legend, it is a special case. How about the other Asian countries - Philipina & India where widely use English as a medium in teaching and communication? Both of this countries were also categorized as low income and low living standard country. So, it has proven that language was not the only proximate cause to determine a country achievement and it is no any direct correlation between this two variables. It is OK if you give the sake that it is aimed to improve students English proficiency. We must back to the root of the problems. We knew that most of the Malaysians English level whether in speaking, writing and understanding skills alike are in "private limited company" standard (include myself). So, why not we just extend the duration of English language subject in school, introduce the English Literature subject in the early age of school , widen the scope of subjects to be taught in English and put more efforts on how to promote and make English usage practically & effectively? Do you think that the idea to make M&S to be taught in English will improve student's English grammar command? Sorry, i not think so! The crux of the problems here is some of the racialist play a political game on this issue to obtain their self-interest and it is a sorrow for Malaysian actually. It is unjust and unfair for us to bear the social cost due to an inappropriate policies by racialist policymaker-Dr. M. But fortunately, two weeks ago, our educational minister-Muhyiddin Yassin had announced to reform and reevaluate the overall teaching Mathematics and Sciences in English language effectiveness. Well, it is really a bold move for Malaysian politician, i think we should praise him loudly of his courage to abolish Dr. M's policies (In fact, Dr. M until now still deems with what he has done was benefit to our next generation) and many organization has welcome to this good move. But i personally feel that our regardful BN minister still chaos on their standpoint on this issue. It is because i can't see the blueprint of the suggestion- primary school - M&S to be taught in Bahasa Malaysia, secondary school - re-change to Bahasa Inggeris again. I am really confusing with our minister, i think it is more proper to call them as innovationist. If they really feel English is important, (indeed, it is very important) so, go ahead la and please be more enchantment to ensure the policy to be implemented effectively and has started from primary school to university level, and cover all subjects and not merely M&S. It is quiet ridiculous if the policy change and change again and give the reason that they are worry about their mother language will varnish from this world. We will always at spiral and seem like an experimental rat. Otherwise, it will encumber our nation productivity and contract our economic competitiveness. Remember, the education is the basic of quality and productive human resourse and to long term economy growth .

I feel that our government too rush to run this policy without a proper evaluation mechanism and Dr. M must responsible on the social cost which arised.

Sunday, July 19, 2009

An advisory statement for central bank

Nowadays, the globe economy especially US economy is seems like suffering a "pestilence" - sink into a boundless asset price bubbles trap and it has caused a mass credit fault and bubbles and the inappropriate policy has worsen the condition that we facing now.

Once our financial structure is unstable and into booms and busts cyclical, all participants in the economy must recognize the fact that: using any monetary and budgetary policy to ameliorate or eradicate any deflation phenomena is not a probably and an unreasonable action. Instead, the central bank on this planet should back to its core value - to regulate the proceeding of credit creation meanwhile, foster up the high pressure combat mechanism, be sure so not to obey to the government and private sectors needs to continue the expansionary credit easing to accelerate the unhealthy economy activities. If the expansionary credit creation persists, pernicious business cycle will not only unbounded but it also will encumber our world's economy.

I personally believe that our financial system is not operate on the basic of Efficient Market Hypothesis(proposed by classical economist), but it will collapse follow with the main classical economy theories. The Efficient Market Hypothesis has suggested that our financial market was like a tractable animal, it will calm once you ignore it and it will reach an equilibratory condition automatically. In fact, our financial market's nature is unstable; no any equilibrant force can we rely on; instead, it has its inertia force which will prompt up the booms and busts cyclical to disrupt our economy structure. What i would like to emphasize here is only credit creation regulation imposed by central bank will able to control its unstable nature. Unfortunately, the historical experience has proven that the monetary policy implemented by central bank was probably changed along with time, and has enlarge the booms and busts cyclical, waver our economy health structure.

I would like to take this opportunity to blame on the expansionary monetary policy which implemented by US Federal Reserve (Fed), it has lead US fall into a consecutive expansionary credit cycle. I bold to say, if US still deem that they are in the right way of making a proper decision in order to move the economy onto recovery path, it will harm and alter the US as a world economy leading position.

Saturday, July 18, 2009

Stagflation is coming soon...

Is big inflation coming? I think this may be a jest and is an unquestioned trouble for many others people because of their narrowed horizontal on economy forecast and background. Many peoples have said to me before "It not should be a main concern in this special moment" and "no others matter rather than pumping money into market to recover our nation's economy from consecutive downturn". I personally feel that the next challenge we need to deal with is not merely an inflation, but is Stagflation.

The bulls and bears are now are the most critical point that they have had in years for the global markets and economy. What we are experiencing today or going to face is the most devastating economic scenario, namely, rising prices in a deflationary environment isn't in a typical sense.

I personally feel that the governments on this planet especially with Obama regime, printing more artificial money than ever, they have been creating a more larger monster for the world to deal with and the side effects are already showing up. What are they doing today to reviving economy's vigor from deflationary mires is matching with what stated in Keynesian ideology by inject and speed up the cash flow into financial market, even making an unproductive investment in an unproductive sectors.

The worst is over but the world is still in a deep recession and we aren't probably even in the middle of the recovery path. Based on past experience, it's need to take 24 months to back our economy onto the correct path. Therefore, my own belief is that the global economy has largely stabilised if compared with 1997/1998 Asean Financial Crisis and it will recover end of this year.

Unfortunately, i also remain convinced that it will just for temporary moment, afterward it will fall agains - W-shaped recovering model appearance, and not V-shaped recovery. Every government on the planet is trying to stretch things out in the hope the time will resolve the problems. A V-shaped recovery is simply a myth promoted by the shills working for brokerage firms especially in property sectors.

One important things i would like to stress here is in this under global mess under over printing artificial money, the global stock market are more overvalued than before. The liquidity wave that central bank unleashed since the financial crisis happened is floating our whole economy's structure. The argument that we are hearing from some of the best mind in financial market is that we will see a new secular bull market in Malaysia regardless of what is going to happen in US market. That's really a bold call! Please... when you are talking to economics, don't quote stock market as a primary indicator to gauge the actual strength of our nation economy. Remember, the overheating in our capital market should be seen as an another concedely problems - over excess money in capital market will lead to asset bubbled, commodities price are rising. In particular, fuel prices have been rising mostly because of leveraged positive feedback speculative assets bubbles. All these will move our economy into inflationary pressure later.

Many people strongly believe that economy are onto the recovery path by looking on many manufacturing mills restart their daily operation. It is just temporary and due to inventory goods has finished. I don't think that this phenomena is caused by excess demand in market. It can proved by consecutive high unemployment rate and consumer's willingness to purchase are still in dim outlook although the figure has shown there are increasing in confidence our economy recovery from end of this year. It's because through the bigger financial meltdown after postwar in this case, much more consumers started realize the importance of saving.

Indeed, risk to growth is still high. I believe that growth in dosmestic demand continuelly expected to suffer an unpronounced slowdown, to dip into the negative slowdown trajectory. Private expenditure is expected to perform badly. Exports will face an intensified contraction from the sluggish American economy outlook. Once our labor market conditions remain weak, American economy continuely in dim outlook (our export will be contracted) and the side effect of excessive money flow in market ferment later, it is the right time for all reckless policymaker to confront with a more devasting scnerio - Stagflation, and it is inevitable.

Sunday, May 24, 2009

一个马来西亚???

纳吉,就任我国首相已快两个月了!依照政治惯例,一个领袖新上台,凭有享受100天的政治蜜月期,但我在这,提早宣告纳吉的政治蜜月期已结束,所以是时候开始好好检验纳吉的执政方向和至今所推出的政策了。

有某某政治评论家说,在纳吉的部落格细节中,可以间接反映新首相有意走亲民作风,第二任首相敦拉萨以一丝不苟、注重绩效闻名。纳吉从小耳濡目染的情况下,一定会承继其父的一些作风和治国理念。真是可耻,难道一国宰相该做的只不过是亲民,回顾1970年,一上位的敦拉萨,在其就职礼上(1970年9月22日),明确地指出:“这个政府是基于巫统组成的,我以此权力赋予巫统,以使巫统来决定其形式——政府必须依随巫统的要求和愿望—它所执行的政策必须由巫统来决定。这一“以党治国”的理念也在后来孕育了“一党独大”的心态,这算什么权力分享理念?要是纳吉真的从小就耳濡目染的情况下Copy 起先父的执政大方针,我国不只民主倒退,也将走回头路,采纳旧时代不合时宜的作风与政策。论最基本的,究竟纳吉是左翼还是右翼,至今还没人摸得出他实际的政治动向,就连美国长期研究马来西亚政治的学者也摸不出头绪,只因从他从政至今,没有明显的政治理念(他老爸可是中间偏左的政治立场)。他所推出的执政理念 —— 《一个马来西亚》,愿与民联开闭门会议,谈判,商讨何决绝霹雳州的宪法和政治危机,也只不过是因目前整个政治大环境所逼的而已,究竟他葫子里卖什么药,事实上没人晓得,包括巫统党内。。。他也可能只不过利用与民联的谈判,增加自己日后的政治筹码,塑造出“非一般”过气巫统领袖 (如马哈迪尔的强硬作风,一改阿都拉的软弱风格)来塑造自己的执政手腕,特质。纳吉一上台,就喊着要打塑造出一个全新的马来西亚,来个大改革,有个新气象,但依我看来,纳吉目前首当其冲的首要任务,应该是团结巫统,按奈各党派势力吧,从巫统党选到内阁改组,根本看不出纳吉有那个政治意愿来个巫统大改革,内阁大改组,他进行的只不过是打地鼠似的改革动作,他的左靠阿都拉,右靠马哈迪尔,可以从内阁改组里观察的到。说到最后,还只不过是要按奈国阵成员党爆发出走潮和巩固自己在党内的势力,这是哪门子的改革?什么新气象?

接下来纳吉又推出了他所谓的政治理念,———— 《一个马来西亚 ONE MALAYSIA》 的口号。假如各位记忆还悠新的话,因该还记得马哈蒂尔时代所推出的竞选口号吧 ———— 《马来西亚民族;MASYARAKAT KEBANGSAAN》, 《宏愿2020;WAWASAN 2020》马哈蒂尔算比较聪明些,至少他退出的口号较明显 MASYARAKAT KEBANGSAAN就是要我们不分彼此,不管是华人,马来人,印度人,都共同认定自己就是马来西亚人,至于宏愿2020, 老马把时限拉长自2020,他已下台了,2020年他可能不再这世间了,达不达成他的他所设的目标已不是他的责任,负责的是他接下来的接班人。幸运达成的话,他将名流千古,世人将认为他是一位有远见的一名领袖,达不成的话顶多一声sorry,把责任推得一干二净,说当初我接下来的接班领袖依照执行我之前所推出来的政策的,及忠言孽耳的话,就。。。。。。他更聪明的,是为他退位时找到了一个很好的平台给他“为所欲言”,道着什么是为国家前途着想,但我的接班人却与我背道而驰。

回头看看纳吉的口号,简直是荒唐到极点!什么一个马来西亚的。。。当然只有一个马来西亚啦!!!难不成世界上还有第二个马来西亚吗?你去找找,有点话我向你磕头!他这口号不只说给本国人民听,而且也听入各国领袖和平民老百姓耳里了。这种口号好比向世界宣战,世界只有一个马来西亚,要统一各国为我国领土似的。简直有如白痴在乱讲话。这可是他的一大败笔!所以我说他的蜜月期该提早结束了。他这口号象征着什么?他本身与他的幕僚并非有什么战略纵深思考,而是在玩弄文字游戏,过去马哈蒂尔这样做,也很成功,但这一次一定会碰壁。这种执政理念还不如民主行动党的《马来西亚人优先;MALAYSIAN FIRST》。

今天就到此为止,纳吉接下来会有什么作为,大家似目以待吧!我希望在野党,媒体们好好鞭策纳吉接下不懂又将冒出什么奇奇怪怪的手段和政策了。

Sunday, May 10, 2009

离别的心绪

时光如流水般静静流淌,三年的时光就这么一晃而过,就要和UUM说再见,和朝夕相处的朋友们道别,大家从此就要道。各自在人生的旅途上奔波,不论辛劳还是闲适,不论微笑还是哭泣,每个人的幸福与快乐、痛苦与酸楚已与别人无关,只因为我们早已散落天涯,各自奔波,再过几年又该如何,真的不敢想像,或许早已成为最熟悉的陌生人,这又何尝不是人生的一种无奈呢?

  也许我们应该习惯每一次的离别,当我们无能为力天各一方,散落天涯。毕业的离别会增添几许无奈或遗憾,沉闷和伤感啊!!!

  对于友情的珍惜,眷恋,都是我永远无法忘却的记忆。当我送来自不同州属的朋友与当我决定在五月七日离去时,我只希望把我的忧伤浸没在这迷离的空气中,不会让伤感凝聚在我的心头。但我就是办不到。此时此刻,总会想起一位友人的话语:“天底下无不散之筵席?

   悠悠数载,无论亲情,友情,每一次的离别总会深深触动我的心弦,有些是暂时的离别,有些却成为永远的分别。每一次的离别又何尝不是一次情感的离别,每一 次蓦然回首,才发现离别真的是一种无奈,尽管在离别的时刻,彼此道一声珍重和再见,可是谁又知何时会是下一次再见呢?面对一切的一切,难说再见的太多太 多。记得中五毕业的时候,同学们说好了要在多少年后年后搞一次同学聚会,可是六年过去了,有多少人已音讯全无,面对同学聚会上寥寥无几的几个人,每个人的 心里都感到一丝的伤感,六年中,在我们的人生中会经历多少的事情,岁月会在我们的身上留下多少的痕迹,只有自己知时,我们只有感叹岁月的无情和人生的无奈!在人生的路上彼此道一声珍重,只是真的难说再见!

不过,我还是坚信,我所在大学里认识的挚友们,我们之间的友情不会“再难说再见”,因为我们毕竟一起生活和同欢共苦了三年。三年时光,要说长不长,要说短不短,我依然深信,我们大家在这三年所累积的点点滴滴,是经得起时间的考验的。

在大学的最后一个学期里,我得到了无价的女友,“哥哥”及友情,可以算是毫无遗憾了吧。。。。。。

最后,我再次要感谢你们带给我在大学的回忆。。。。。。


那以往迷人甜和酸的同窗生活,将永远回味不完。今天,我们在课桌前分手;明天,许我们在人生的道路上手挽手。

朋友们,珍重,再会啦!!!

Wednesday, April 8, 2009

我的性格。。。13/09/1986

我朋友转寄给我的,本人觉得有90%以上相似叻。。。哈哈,很多人都说不了解我,希望你们看了会对我有进一步的了解吧 …

处女座
都说处女座另类,双重性格,甚至有点神经质,其实原因只有一个,处女座的一切都要随自己外显的性格而转,姑且称之为“状态”。处女座状态好的时候,可以将自己聪明、细腻、能干、温情、幽默、有内涵等优良品质完全外展,此时他们显得如此完美,光芒四射,并且可以表现得非常外向、健谈,容易与人打成一片(这本非他们的性格)。而一旦处女座状态不好,便会变成另一个人,甚至非常窝囊,一事无成,不过通常此时他们都躲避外在的干扰,所以让人感觉有点间歇性自闭症)因为同为水星守护,所以处女和双子一样善变,但双子善变的是心思,处女善变的却是情绪。
很多时候处女座要面对很多实际的琐事,这时的处女座便不得不在冷中面对周围世界:要么说话做事很不自然,有做作的痕迹;要么便极度冷漠和被动,对谁都不理不睬。其实处女座很清楚自己现在的样子,但他们无力改变和控制自己的情绪,只能选择疯狂地逃避一切。
他们想的是:与其很不自然地面对你,尴尬地和你说些无关痛痒地话,或是因和平时反差太大而被人说成表里不一,性格怪异,还不如先躲一阵子,等调节好了以后再出来。所以,在与人交往中,他们只会和不得不交流的人(实在躲不掉)或是完全陌生的人(反正无所谓)交谈,而和熟悉的朋友反而疏远。
所以.你在他心中地位越重,他躲得你越远。特别是恋人.
而且,大家都知道处女座的人有严重的完美主义倾向,所以就有了所谓的\\'处女座的人最喜欢若即若离\\'。原因很简单:他只想给你一个最好最完美的自己,而不愿让你看到他无助脆弱的一面。所以请记住,有时处女座对你冷,绝不是你说错做错什么,这是他们正常的生理现象,他们只是不想让严寒和冰霜伤害了你(可事实上这种做法已经伤害)。不必难过,因为他们在乎你的话,他们的内心比你还要难过、自责和内疚!他们所能做的,只希望快点调整好情绪,回到你的身边。
正基于以上两点,处女座有时便会表现出非常另类的行为和思维模式。他们的性格也很多来源于此:不喜主动,不善交际(也可以热情,只是今天热了,终有一天会冷的),不爱表现,不喜抛头露面(万一哪天情绪无法把握状态不好时,岂不大失脸面),诸如此类。
关于“洁癖”并非处女都有洁癖,很多处女座并不爱干净,但却要求整洁,他们更多的是井然有序,不喜欢别人破坏他们所整理和布置的“完美”格局。处女座更多的是有精神洁癖。一旦触碰到他们精神上的禁区,严重时会表现得歇斯底里。
关于“花心”一般说来处女座绝不花心,忠诚是他们的代名词。异性关系多很可能是他们需要确定一个好人缘和自己有魅力,来反击那些普遍观点。一旦找到心中真爱,他会呵护你一辈子,只要你能给他安全感,他永不背叛,心中眼中唯你一人。寻花问柳,红杏出墙这些事与他们绝缘(一是责任感所致,二是怕麻烦)。
关于“聪明”不似双子灵活机巧,不象水瓶创意非凡,也不是天蝎的那种计画周密,处女座更多体现的是智慧。细腻、理性、好学加上十二星座里一流的洞察力和最强的逻辑思维能力,处女座想不聪明都难。没事少在处女座面前信口开河,随意撒谎,很多伪纱他们一眼便能看透;也别跟他们玩什么心计,你玩不过他们的。处女是那种可以把你卖了你还得向他道谢的类型。没事也少跟处女座辩论,他们没理也可找出理,甚至找出不止一条理来。处女是永远不会吃亏的。
关于“单纯”处女座很纯真,但绝不单纯,他们内心复杂得让人难以想象,很多不经意的事可能都是他们精心布置的。处女座也总在纯洁和好色之间徘徊,这一点最难说清。不过他们真正的内心是极其善良的,
宁可自己苦也不愿伤害任何人,心灵如水晶一般晶莹剔透。
关于“幽默”都说处女座冷若冰霜,缺乏幽默。多和他们接触吧,你会体会到什么是冷幽默,什么是真正的幽默,而并非品位低俗的搞笑。
关于“迟钝”别看你和处女座说某些提议时他们半天才反应过来,在你说好的一瞬间,他们脑子里可能已经转过五六个你这项提议会造成的后果(通常是消极后果)了。他们总是想得太多,绝非想得太慢。
关于“自私”处女座的自私觉不是狮子的那种惟我独尊,也不是水瓶的以自我为中心。处女座正因为是无私的,所以显得自私。(能够理解吗?)因为处女不想伤害任何人。
关于“逃避”由于处女座性格上的因素,他们通常会显得压力很大。当周遭的事物已无法掌控,或是自己的情绪无法调节好时,他们会疯狂地逃避,堕落自己,这种状况通常对别人无害,却是伤害自己,让所有爱他们的人感到心碎。不过不用太担心,过一阵子他们自己会好的,他们天性的自我批判精神很快便会起作用。处女座一般不会彻底堕落,堕落前可能都已留有余地,只是在等待着希望的来临。甚至有时堕落都是做给别人看的。
关于“内涵”处女座有涵养这一点是肯定的。在成长中不断吸取教训,不断学习,取人之长来丰富自己的内涵。因为他们感觉到情绪无法把握,而这些是自己可以踏踏实实做到的,将来一定有帮助。这是他们所追求的完美主义目标。
处女座就是一个表面神秘到难以琢磨,说穿了却又很简单的星座。最接近神的人?可能吧,处女座喜欢这样
来标榜自己。因为他们确实有超凡脱俗的一面。他们的内心接近了神,可是身在这个世界,不能不食人间烟火吧,所以必须得戴着一个面具活在这个世界上。
处女座喜欢和人说些暧昧的话,对心仪的对象却不好意思表白。
处女座希望别人了解自己,却又只将能公布的那一部分对外展示。
处女座是最有责任感的人了,可很多时候却害怕承担责任。

了解我的你,认为有几巴仙相似呢?

Monday, April 6, 2009

已经迈入温书假了。。。

今天回家开始我第一天的温书假了,希望可以照着我的计划执行,哈哈!!!我第一张考试是在20号才开始咯,但我12号就要回去了,呵呵。。。第一次温书假以这么短的时间待在家咯,回来的第一天就有点想回去了,奇怪的感觉。。。哈哈

不管如何,祝我的朋友们温书假愉快噢!!!

(P/s:学习注重于过程,非成果(成绩)。。。希望大家从中探索其乐趣的存在噢)

Friday, April 3, 2009

献给我大学的挚友们。。。

4月1日,2日,3日,4日。。。时间过得真快,还有31天就要毕业了,真的开始舍不得了,想当初我还认为我不会重蹈其他人的毕业所面临的伤感呢,哈哈。。。

回想第一学期的大学生涯,有点可悲,那时的我真的很孤独,只是老是想着回家,快点毕业,很怕与大学里的人交心,毕竟是个陌生的环境吧,在加上我的性格上是个慢熟的“冷血”青年(也可以说是有点患有忧郁症的青年吧!)哈哈。。。 除了以上两个原因外,还有个原因令我恐惧建交新的朋友,在这里我不想多谈这件不愉快的回忆了,“它”也只有与我常在大学畅谈心事的挚友才懂。

在大学,你可以看到行行色色的人, 有些人只可充当普通朋友,即普通交情的朋友,牌友,
损友:对自己有害或无益处,或不是真心的友人 和点头之交,泛泛之交则是比比皆是。当然也有真正的友谊关系,其中包括经过长时间观察,对彼此有利无害的好朋友,比好朋友关系更上一层关系的友人,一般观念是指不管做什么事都会给予支持的死党,知己:互相了解程度很深的友人和莫逆之交的挚友:心意相合,感情亲密深厚,可以谈心的朋友。 当然,这些只占少数,尤其莫逆之交。
友情是相知。当你需要的时候,我还没有讲,友人已默默来到你的身边。他的眼睛和心都能读懂你,更会用手挽起你单薄的臂弯。因为有友情,在这个世界上你不会感到孤单。

当然,一个人也可以傲视苦难,在天地间挺立卓然。但是我们不得不承认,面对艰险与艰
难,一个人的意志可以很坚强,但办法有限,力量也会有限。于是,友情像阳光,拂照你如
拂照乍暖还寒时风中的花瓣。

友情是常在顺境中结成,在逆境中经受考验,在岁月之河中流淌伸延。

有的朋友只能交一时,有的朋友可以交永远。交一时的朋友可能是一场误会,对曾有过的误
会不必埋怨,只需说声再见。交永远的朋友用不着发什么誓言,当穿过光阴的隧道之后,那
一份真挚与执着,已足以感地动天。

挚友不必太多,人生得一知己足矣,何况有不止一个心灵上的伙伴。朋友可以很多,只要我
们有一个共同的追求与心愿。

友情是不受限制的,它可以在长幼之间、同性之间、异性之间,甚至是异域之间。山隔不断,水 隔不断,不是缠绵也浪漫,只是相思情太浓,仅用相识意太淡,友情是相知,味甘境又远。

在这三年里,我改变了不少。从我刚踏入大学生涯的第一阶段,不少人都认为我是蛮难相处的人,认为和我相处有种压逼感,沉静不多话的人和怪人一个(事实上我也认为是如此,哈哈 …)直到我会和朋友们去Hatyai玩,上课一起上,一起出外吃喝玩乐(刚开始许多人都Tio Chuak。。。哈哈!)坦白说,有几位我借此机会真心想要感谢的,这些都要归功于——
1)书俊(阿木),奕达 (我的好室友)同房共处也有三年了,真的非常感谢你们对我坏脾气的包容,时时刻刻对我的关心和分担我的“烦恼”,让我找回友谊的可 贵!阿木和奕达,你们太瘦了啦,多吃点吧!和祝你们和嘉燕和艳艳恩恩爱爱至到永远噢!
2)宏威Brother --》可以算是难得的挚友吧(不知当事人如何认为?呵呵)!也是我和我老婆之间的“鸽子”,再次谢谢的说,哈哈!和他谈心别有一番感觉,谢谢你时时刻刻对我的关怀。也非常感激你对我的信任及和我分享你“烦恼”噢!!!希望毕业后不会失去联络咯。。。就像你说的,“相信你我心目中都会有彼此的存在”。
3)智岑学长 --》从他身上学了不少,也是他令我对未来充满希望的,很好和称职的一位学长。很感动下,毕业了还记得我这位学弟的存在,呵呵~听说他要继续他的硕士学位,加油噢,我心目中的“神”!哈哈。。。
当然,也有其他要感激的朋友们。。。
我们的相遇是缘份。。。
有幸能在“森林”里结识为朋友。。。
珍惜缘份是我的心愿。。。朋友可以是一辈子的。。。
愿将真心献给我的好朋友。。。
更愿彼此的友谊。。。能细水长流
祝我们的情谊永不渝噢!



Monday, February 9, 2009

我国该如何应对全球经济危机?

稳定金融市场和刺激全球经济需要全球政治领导人在2009年进行空前的协调。如果未能以这种方式协调,将减缓复苏,降低各国政府正在酝酿或执行的财政刺激方案的总体效果。更糟糕的是,单独行动可能会逐渐导致“以邻为壑”的政策,这将会加速而不是缓解危机。

国际货币基金组织(IMF)预计,2009年全球经济至少需要2%,即1.2万亿美元的财政刺激,以抵御经济危机的最严重影响。在经济理论上,如果信心动摇导致去杠杆化螺旋式激增、资产价值不断下降、收入日益下降和失业率日益上升,需要的资金可能会远远大于上述数字。

我国政府已通过货币政策和宣布重大财政刺激方案,采取了某些行动。而真相是,大部分举措效应不会在2009年到位,而是要等到随后的几年。而且, 已宣布的一些财政刺激举措是重复声明,老调重谈,因此不太可能对保持增长有任何额外效果。同时,单靠我国所实施的举措,其实不会取得跟国际集体协调行动将带来的收益。

这些收益具有重大意义。首先,这种收益是真实的和心理上的。一国的刺激举措产生的效果蔓延至他们的贸易伙伴,产生额外的推动作用;协调还将在降低外汇和债券市场波动方面发挥重要作用,这种波动可能是未协调政策预期之外的效果。

第二,协调是对“以邻为壑”政策的重要防范。目前,我们已开始看到令人担忧的保护主义抬头迹象,各国关税水平一直 在逐步爬升。即使在世界贸易组织(WTO)协定中也存在着提高关税的余地。如果所有国家将他们的关税水平提高至约束税率(与WTO协定中规定的最高水平一 致),中高收入国家的出口商可能面临两倍于目前水平的关税。此外,完成多哈回合谈判仍是一项挑战——谈判缺乏进展表明全球政治意愿的持续失败。

第三,国际协调是必不可少的,因为此次危机对发展中国家具有重要影响。他们没有制造危机,却遭受严重打击。发达经济体中的全球衰退削弱了新兴国家的 出口机会。另外,金融危机限制了信贷流动——发展中国家的债务息差已明显扩大,意味着许多发展中国家将难以为他们现存的赤字融资,更不用说出台发达国家所 酝酿的那种财政刺激方案。2007年,多边发展银行对发展中国家的贷款总额为410亿美元。多边发展银行需要全面大幅增加贷款,就像世界银行(World Bank)近期决定将贷款总额扩大4倍。必须增加援助,扩大货币互换安排,国际货币基金组织必须扩大短期流动性安排的范围。

采取协调行动的第四个理由是,此次危机提供了空前的机会:将促进2009年经济增长和增加就业的短期刺激需求,与提升全球生产率增长和加速低碳经济转型的长期需求结合起来。

推动全球对此次危机做出响应是一项非常复杂的任务。好消息是,20国集团(G20)峰会(去年11月在华盛顿召开,并将于今年4月在伦敦举行)将创 建一个有效协调行动的机制——首次将主要发达国家和发展中经济体联系在一起,这代表着85%的国内生产总值(GDP)、80%的全球贸易和全球三分之二的 人口。

在接下来的这一阶段,除了20国集团中的各国政府的集体合作,虽然我国并不是G20成员国之一,不过我国可连同东盟(ASEAN)成员国政府计算出2009年必需的财政刺激金额,以抵消预期中的私营经济收缩以及对失业率的相应影响;我国政府还需要就平衡短期和长期经济需求的最佳刺激政策,并与他国协调执行这些举措,同时制定中期退出策略,以确保此次危机之后不会陷入长期通胀。

所有这些举措都必须由各国政府进行空前的协调。如果政府未能做到,后果将非常严重;如果政府接受了挑战,不仅能够降低长期失业带来的影响,还将形成一种新的经济治理模式,全球化的基本推动力一直在呼唤这种模式的诞生。

Friday, February 6, 2009

2009年全球经济:寒冬能否孕育望复苏

2009年世界经济能否复苏取决于:-
1)美国的对策是否足够"大胆"
2)欧洲能否解决内部分歧
3)中国能否遏制经济增长放缓势头
4)各国是否进行充分的全球经济合作,而不是相互设置贸易壁垒

美国的对策是否足够"大胆"?
奥巴马的承诺没有问题,奥巴马的对策至少部分仿效了1932年大萧条顶峰时期 Franklin D. Roosevelt"不断大胆实验"的著名呼吁。奥巴马身边聚集了一流 的经济学家团队,这样可以确保他不做任何傻事。但美国的情况如此特殊,以至于他需要愿意尝试从未测试过的全新理念的人做他的顾问---换句话讲,必须勇于 进行罗斯福式的尝试。
具体来讲,他需要跨越凯恩斯财政刺激政策的障碍,解决处在目前危机根源的经济信心问题。到目前为止,信心恢复措施仍只限于金融市场,手段有公共担保、流动性支持和注资。
可对解雇忧心忡忡的工人不大可能放心消费,不管财政刺激把多少钱放进了他们的口袋里。正如银行囤积现金一样,家庭也在试图通过增加储蓄保住现有的财富。因此解决方案中必须有直接针对就业的政策。
欧洲能否解决内部分歧?
这本来应该是欧洲的机遇。归根结底,这次危机发端于美国,并导致美国政策主要解决其国内问题,从而为其他国家在全球扮演领导角色提供了机遇。但危机却反而彰显了欧洲内部的深刻分歧--它存在于从金融监管到必要对策等形形色色的领域。
德国一直在拖财政刺激政策的后腿,阻挠本该成为全球财政行动计划第二条腿的重要对策付诸实施。如果欧洲想在全球舞台上劲往一处使,就必须就行动目标更多地 达成一致,同时承担起更多的责任。哎,目前人们能够指望的最佳状态就是欧洲不要破坏就连一向捍卫正统财政的国际货币基金组织都认为绝对必要的全球财政刺激 计划。
尽管美国政策不力是经济领域最大的风险,但中国所发生的一切可能在历史的画卷上留下更深更持久的印迹。
无论中国如何应对发端于美国的金融危机,后世子孙都将记住2009年,这不是因为全球经济和金融危机,而是因为这场危机给中国带来的重大变化。
中国能否遏制经济增长放缓势头 & 各国是否进行充分的全球经济合作,而不是相互设置 贸易壁垒?
国内需求居首位的时候,全球经济合作必然要遭受损失。但贸易和金融领域保护主义的成本在目前这样的时刻尤其可怕。国家为保护国内就业强加的贸易壁垒进一步 恶化了大萧条的经济局势。设置贸易壁垒这次也将成为一种诱惑。而银行--无论表面上是不是国有--都将受到优先照顾国内借款人的压力。
到目前为止,国际货币基金组织在危机中重新焕发了活力,它设立了市场迫切需要的短期借贷机制,如果新兴市场所承受的压力加大,则必须拓展这样一种短期借贷 机制。与此同时,世界贸易组织却把宝贵的时间浪费在了毫不相关的多哈谈判。世贸组织本应在监管和执行20国峰会不提高贸易壁垒的承诺上投入主要精力。
决策者需要充分发挥团队智慧,将"市场与政府"或"民族国家与全球化"这样无效的二分法彻底放弃。他们需要正视国家法律和国际市场无法分割--同时也相互需要的现实。他们采取的行动越切合实际、越有创造力,世界经济就能够越快恢复。

Thursday, January 29, 2009

什么是REITs?

今天与位朋友聊起房地产投资信托基金,与他讨论了一下,为了更进一步的了解,我上网找了其资料,顺便把它上传在部落格上,以跟有兴趣的网友分享。。。

房地产投资信托基金(Real Estate Investment Trusts, REITs)
从国际范围看,REITs(房地产投资信托基金)是一种以发行收益凭证的方式汇集特定多数投资者的资金,由专门投资机构进行房地产投资经营管理,并将投资综合收益按比例分配给投资者的一种信托基金。与我国信托纯粹属于私募性质所不同的是,国际意义上的REITs在性质上等同于基金,少数属于私募,但绝大多数属于公募。REITs既可以封闭运行,也可以上市交易流通,类似于我国的开放式基金与封闭式基金。

房地产投资信托的概述
  房地产投资信托(REITs)最早的定义为“有多个受托人作为管理者,并持有可转换的收益股份所组成的非公司组织”。由此将REITs明确界定为专门持有房地产、抵押贷款相关的资产或同时持有两种资产的封闭型投资基金。此后,伴随着税法的衍变,REITs在美国经历了数次重大的调整,同时REITs在各国推广的过程中也存在许多差异,但都没有改变REITs作为房地产投资基金中一种形式的本质。不过REITs与一般的房地产投资基金有显著区别:REITs通常可以获得一定的税收优惠,但需要满足一定的设立条件等。

  REITs代表着目前全世界房地产领域最先进的生产力。房地产投资信托,是基于房地产行业细分的科学规律,随着房地产六大环节(资本运作、设计策划、拆迁征地、建设施工、销售租赁、物业服务)的分工合作,随着政府执政能力逐渐加强,房地产行业的逐渐规范而出现的。它可以最大限度的保证政府利益,并能有效的实现整个房地产行业的规范,所以,强烈建议尽快在我国立法支持并推广。
通过REITs融资的优势
  REITs不仅资金来源广泛,而且是以专业的人员进行房地产项目的投资选择及运作管理,因此在可运作的资金规范上、管理上及投资策略的制定上都具有先天的优势。

  对于投资者而言,REITs风险低,回报稳定。首先,因为REITs一般是由专业的房地产公司发起并管理的,能够合理地选择投资的项目,并能对其进行科学的管理,所以,相对于我国的由信托投资公司发起的房地产信托而言,从经营管理上大降低了投资风险。其次,由于基金的规模比较大,因而能广泛投资于各种类型的房地产项目,从而分散了投资风险。最后,由于REITs投资于房地产,可获得稳定的租金收入,有一笔持续稳定的现金流,而且收益率也比较可观。在美国,投资房地产的基金年平均收益率可达6.7%,远远高于银行存款的收益,而且其风险却要小于一般的股票。

  对于房地产企业而言,与债务融资相比,REITs是以股权形式的投资,不会增加企业的债务负担。如果从银行贷款,房地产企业要按借款合同约定的还款,财务压力大,而且房地产企业也难以就那些短期内回报低的项目向银行申请贷款;同时,由于REITs的分散投资策略,降低风险的投资原则,其在一个房地产企业的投资不会超过基金净值的规定比例,因而房地产企业不丧失对企业和项目的控制权和自经营权。


REITs国际运行模式的比较
  房地产投资信托基金作为房地产企业一种创新的融资手段,首先产生于20世纪60年代的美国。20世纪60年代后期,美国、日本等发达国家就已经形成了初步成熟的房地产证券化模式。进入20世纪80年代之后,房地产证券化得到了迅猛发展,英国、加拿大等其他国家和地区也先后开展了证券化业务。 2003年,房地产投资信托开始进入香港房地产市场运作,其资金管理采取外部管理方式。2005年6月,香港颁布新规则允许房地产投资信托投资海外地产,并允许借款不超过持有房地产价值的45%。

  美国REITs的设立主要由《证券投资法》和有关的税法决定。REITs像其它金融产品一样,必须符合美国1933年的《证券投资法》和各州的相关法律,而税法则规定了REITs能够享受税收优惠的一些主要条件,从而解释为什么了美国REITs在结构、组织、投资范围,收益分配等的发展都会围绕着税法的变更而展开。2003年7月,香港证券和期货事务监察委员会(香港证监会)颁布了《房地产投资信托基金守则》,对REITs的设立条件、组织结构、从业人员资格,投资范围、利润分配等方面作出了明确的规定。香港在很大程度上借鉴了美国REITs的结构,以信托计划(或房地产地产公司)为投资实体,由房地产地产管理公司和信托管理人提供专业服务。

  按《房地产投资信托基金守则》规定,香港REITs每年必须将不低于90%的净利润以红利形式分配给信托单位持有人。尽管美国、澳大利亚和其他亚洲国家对REITs的收入分配都有要求,但是这些国家对REITs的分配要求与税收条款相联系,尤其是美国的REITs发展基本上是税收优惠驱动,收入分配要求其实是避免双重征税的需要。香港的《房地产投资信托基金守则》规定上市的REITs必须交纳地产税,REITs面临公司资本利得和地产税的双重征税。香港采用的是比较谨慎而且限制性较强的模式,除了对结构、投资目标、收入分配等方面的规定外,《房地产投资信托基金守则》对REITs结构中的各参与方的资格和责任等方面作了非常严格的规定。

  可见,美国的REITs是始终围绕着税法来发展的,其REITs的起源有明显的税收优惠特征;而香港对REITs的规范不是通过税法中税收优惠的杠杆而实现,而是通过专项的立法、修改投资、信托等有关法律或新建法令,对REITs的结构、投资目标、收入分配等方面制定了硬性的规定,并没有明显的税收优惠驱动的特征,因而可以说香港的REITs是发展是专项法规型,这种模式对控制REITs这类新产品的风险有积极的作用。美国的 REITs的发展非常迎合市场的要求,所以可以说非常市场化,其REITs市场化导致的结构变异也得益于比较成熟的市场化经济,以及其较成熟的金融体系;而由于REITs在香港的发展历史较短,所以REITs的形成仅仅是在各个专项法规要求的规范框架内,因而REITs在香港也没有形成由市场环境所致的结构上的变异。
我国建立REITs的发展政策建议
  1、加快相关政策和法律法规制定

  房地产投资信托(REITs)作为一种新的房地产投资工具,是一个需要房地产业和金融业相结合的市场配置资金的投资产品,需要建立完善的法律体系,保证和维持整个市场的公平、公正、公开和透明,进而推进房地产投资信托业健康、理性地发展。要建立完善的法律体系,仅仅只颁布单一的《信托法》、《投资基金法》是远远不够的。必须将法律制定工作细化、完备化,要达到此目标还必须配备一些其他的相关法规。首先应进一步完善《公司法》或制定专门针对投资基金发展的《投资公司法》、《投资顾问法》等法规。其次,还可制定一些房地产投资信托基金的专项管理措施,如对投资渠道、投资比例的限制等等。使我国的房地产投资信托基金从一开始就以较规范的形式发展。另外,还需对目前的税法进行改革,避免双重征税问题,为其发展创造良好的税收环境。

  2、加快房地产信托专门人才的培养

  加快、加强REITs的人才培养。发展REITs需要尽快建立起一支既精通业务、又了解房地产市场、熟悉业务运作的专门管理人才队伍。一个专业的房地产信托运营机构或专业人员通常有较强的房地产项目操作能力,对市场的嗅觉灵敏,能在恰当的时点对恰当的项目进行恰当的投资;同时这种专业机构或专业人员也是证券市场上的分析家。加强房地产信托人才的培养,需要尽快建立起一支既精通信托业务、又了解房地产市场,熟悉业务运作的专门管理人才队伍。与此同时,还需积极促进信托业务所必不可少的律师、会计师、审计师、资产评估师等服务型人才的队伍建设。

  3、防范运作中的道德风险

  从美国的房地产投资信托运作经验来看,其经营与管理由受托人委员会或董事会负责。受托人委员会或董事会通常由三名以上受托人或董事组成,其中大多数受托人必须是“独立”的。借鉴美国经验,我国可以考虑在开展房地产投资信托业务的信托公司中建立类似的受托人委员会,负责制订房地产信托的业务发展计划,并且要求受托人与投资顾问和相关的房地产企业没有利益关系,还要创造一种环境或制度,尽可能使投资者的利益与管理者的利益相一致,对REITs的发展就显得非常关键。另外,有限合伙形式能较好地解决约束和激励的问题,管理者承担的无限责任以及管理者的业绩回报制度,能将管理者和投资者的风险及利益有效地捆绑在一起,激励管理者努力管理好各项投资以实现价值最大化,最大限度地防范风险。

  4、建立信托企业信用制度

  建立信托企业信用制度,以完善的法律体系促进信托市场的诚信,保证信托市场的健康发展。建立信托企业征信体制,划分信托企业信息类型,实现征信数据的开放;发展信用中介机构;建立标准化的信托企业征信数据库;建立健全失信惩罚制度;规范发展信用评级行业;大力发展信托企业信用管理教育。

  5、健全信息披露制度

  有的信托公司将募集资金投入关联方、并由关联公司进行担保,但信托合同中对此没有揭示,使投资者身处风险隐患而不知情。信托投资公司应真实、准确、及时、完整地披露信息,包括经审计的年报和重大事件临时报告等,在年报中披露各类风险和风险管理情况及公司治理信息,并在会计附注中披露关联交易的总量及重大关联交易的情况等。

REITs与国内一般意义上的房地产信托有很大的差别
  第一,REITs是标准化可流通的金融产品,一般从上市或非上市公司收购地产资产包,且严格限制资产出售,较大部分收益来源于房地产租金收入、房地产抵押利息,能够在证券交易所上市流通;目前国内的房地产信托计划是有200份合同限制的集合非标准化金融产品,一般不涉及收购房地产资产包的行为,其收益视信托计划的方案设置而定,目前尚无二级市场,不能在证券交易所上市流通。

  第二,REITs对投资者的回报需要把收入的大部分分配给投资者,比如美国、香港要求把所得利润的95%分配给投资者;国内的房地产信托计划对投资者的回报为信托计划方案中的协议回报,目前一般在3%-9%左右。

  第三,REITs的运作方式是:负责提供资金并组建资产管理公司或经营团队进行投资运营;国内的房地产信托计划的运作方式是:提供资金,监管资金使用安全,或部分或局部参与项目公司运作获取回报。

  第四,REITs的产品周期一般在8-10年,更注重房地产开发后,已完工的房地产项目的经营;国内的房地产信托计划产品周期较短,一般为1-3年。

  第五,在美国,REITs是享有税制优惠的一种工具:如信托收益分配给受益人的,REITS免交公司所得税和资本利得税,分红后利润按适用税率交纳所得税。在香港,则需要承担资本利得税和土地税双重税收,而国内的房地产信托计划目前没有相关的税制安排。

  第六,国内的房地产信托概念较为宽泛,可以是REITs模式,也可以是贷款信托、优先购买权信托、财产权信托、受益权转让信托等等。

  总之,简单地讲,REITs就是将投资大众的资金,由专业投资机构投资在商务办公大楼、购物中心、饭店、公共建设等商用建筑物,投资人不是直接拿钱投资不动产,而是取得受益凭证,报酬以配息方式进行,且REITs可以挂牌公开交易,因此投资人还可以在公开市场买卖,赚取资本利得。

Monday, January 26, 2009

祝大家2009牛转乾坤,新机运,牛耕福田好运来,事事顺利过好年


२००९对即将大学毕业的修读生而言是关键的一年。
时间在流动,生命在跳跃,仿佛我昨天才踏进校园的大门,那份新鲜,那份好奇,那份紧张,那么喜悦।还鲜活的存在于我的脑海之中।看着身边熟识的同学,我才知道我 已经不是哪个初入校园的无知少年.我和我身边的同学一样,我们都已经长大了.激烈复杂,充满新奇的社会慢慢的向成年的我们张开大门,等待我们的是不可预知 的将来.

离开往往意味着一种感伤。。。

教室,将留下了我们努力接受新知识,掌握新文化的身影。。。

图书馆,将留下了我们刻苦学习的精神和坚持不懈的脚印。。。

宿舍,将留下了我们日常生活中的琐屑小事,点点滴滴。。。

校道,将留下了我们匆忙的背影和青春的记忆。。。

是的,在这里,将留下了我们的欢笑,我们的泪水,我们的成功,我们的失败,一切和青春有关的回忆,我们都留在了这里।

在这里,我找到了珍贵的友谊和同学们之间"苟富贵,无相忘"的宝贵承诺.

毕 业是一首久唱不衰的老情歌,是散场之后的余音绕耳,所有甜美或者苦涩的故事定格为热泪盈眶的欣悦。依然真诚直率的目光、依然奔流激荡的热血。当我们离开校 园的时候, 我们将和自己的过去的种种告别,我们的生活将象一张白纸,当我生命结束的时候,我们的生活的白纸上最后能作出什么样的一幅画就要看我自己如何用我的双手去 描摹了!

在大学,我最牢记的一句座右铭就是"天行健,君子以自强不息,地势坤,君子以厚德载物。在此,我把我的座右铭献个大家吧!!!

希望我们的毕业不是失业的开始。。。哈哈

最后仍非常期待网友们能够多多捧场我的部落格,让我们多多在这个小小园地互动交流,当然,也希望大家日后会喜欢我写的文章,我会努力写的!!!(认真ing)

在这大年初一里,我期许每一位朋友在新的一年里,牛转乾坤,牛耕福田好运来,事事顺利过好年。

&

Heppy“牛” Year,牛年行大運

走上街头的必要性

一个政党最重要的是不會為了走上街頭而走上街頭,如果一个政党為了要走上街頭,那有很多其他的方法。一个政党要走上街頭,它必须有很大的訴求,而這些訴求是在現在 的國家體制裏面,或者執政者無法辦法替你實現的,或者是這個社會對這些訴求是沒有足夠的警覺的,那你必須要一個比較大型的群眾運動,讓群眾警覺到這些問題 的存在,也讓執政者知道這個事情的嚴重性。這個才是走上街頭用意的所在。

我為什麼說現在街頭運動有必要性?主要是我们社会面臨的問題確實很多,最主要的-整體社會改造的工程還留下許多還沒有做的事。

但是我最困擾的是,現在的阵結構实质上是巫统一黨獨大,巫统至今仍只懂得口头上的反省,毫无实际反省行动,其国阵成员党只是合法化巫统在马来西亚种族政治的合法性,不但一黨獨大,而且行政權獨大的情況下,即使308大选后我国政治结构已形成两线制,不同的聲音仍沒有辦法進入到國家體制的運作過程中。以巫统为首的国阵政府,仍不懂得权利释放,与在野党分享行政资源,比如较早前政府单方面推举选委会主席人选就是最好的例子。在這種情況下,你必須形成人民自己的力量,及媒体须扮演第三势力监督的角色,來告訴執政者,這個是人民要的東西。你也可以在選票中顯現出來,人民最要的 是甚麼東西。

你可以說它(群眾動員)是一個改革的過程中所必須的,你因此而能達到你最需要的目的。即便是選票也都是一個手段,你需要的是那個目的的達成。即使在一個完全民主化、發展完全的社會,也有這種大型的、積極的群眾運動。

因為這個社會必須要往前走。很多人為了要有一個安全感、要有秩序,覺得社會運動不好,但是在這同時你也喪失了社會往前走的動能。马来西亚社会目前就是处于在这种僵硬的格局里。

Sunday, January 25, 2009

The Barison Nasional Government to Underprop Malaysian Economy from Downturn

Global economy is suffering the impact from subprime mortage and financial crisis, admittedly ,Malaysia also not survive from this "prevalent"issue. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system. A succession of policies and actions were conducted such as implement an expansionary fiscal, decrease the overnight policy rate (OPR) from 3,25% to 2.5%, seven hundred million was disembogue into the stock market to shun the market from sustained further downward tendency. Stabilize the market and investor confidence is the uppermost goal and will take into account by Bank Negara Malaysia (BNM) no matter what policy will be formed in times to come. But, the effort of preventing Malaysia economy further slip down is not only rely on question: which policy, i.e: monetary or fiscal policy should be implemented? But also must attach important to the comprehensive and magnitude of the policy. Several inspiration and question throwed out here are be worth to take into consideration by Barison National Government as well as BNM.

i) Is that our government sustained economic growth stimulation package series are able to be implemented efficiently? The corruption, innovation, effisien and political willingness are dominate here.

ii) Monetary policy conventional tools besides money supply and interest rate, must think over whether should take into account the perspective of assets and property value stabilization into mechanism adjustment. Usually, when economic crisis was happened, it has correlation between bubble assets and property price (which will lead to bubble economy) and shattered of the bubble phenomena. Formerly, the public believe that the bubble economy happened due to market behaviour, no need further augment the governance, but it's seem that the authorities must think over on this issue during current global financial crisis. In addition to stabilize the common goods price, the monetary authority 's goal whether should comprise perspective of assets and property price stabilization, must weight cautiously.

iii) Financial crisis only can solved through creativity multilateral scheme. Financial crisis reveal the shortcoming of global finincial institution, therefore, worldwide community must dicuss and cooperate to reform the Bretton Woods System. Similiarlly, the structure of IMF and others global institutions might need to reshuffle. Malaysian government must involve aggresively in any financial crisis forum and forsake the preconceived idea (especially with USA) and together confront the economy challenge.

iv) The statesman must recongnize the roots of the problem. This is the only way to formulate the "remedies" precisely and effectively to rescue our private enterprise and workers which vulnerable to economic downturn. Failing to support them could severely endanger the long term economy growth and poverty reduction prospects of our nation.

I would like to apply the talk from our former Prime Minister, Tun Dr. Mahatir Mohammad here. I cannot remember the date precisely, but if i not mistaken, the talk was gave on this early January - He appeals Malaysian to boycott together the products and services imported from USA by stand on his perspective on Israel-Gaza war issue. It is absurd and terrible for me when i hear it!!! I curious to know his basic economic knowledge degree on domestic labor market and i start to query myself, a person like Tun Dr. Mahatir who held the PM position and Minister of Finance simultaneously for so long time, still have a stupid mindset and speak as bark on the important economic issue facing by our country now. Could it be said that he doesn't know that if we act to boycott the product and services from USA, ultimately, it will harm our economy and our labor force will bear the burden of unemployment? Let we take an example, KFC, Mc Donalds, Starbucks Coffee Cafe, all this is the restaurant and franchise from USA and locate throughout Malaysia. Have you discover American waiter or waitress in all of these franchise? I to be doubtly sure that all the employee are Malaysian. So, if the product and services in all of these fanchise are unable to sold out and the business performance slip from day to day, of course they will cut down the number of person employed and it be bound to worsen umemployment problem in our nation. When the number of umemployed increased, the purchasing power on good and service produced by local enterprise also will be affected (in term of effective demand decreased). So, the action to boycott foreign product which might not only will lead to foreign enterprise close down, but also will worsen the unemployment problem in local manpower market as well as endanger our local effective demand and thus economy growth thanks to erodent of laborer's ablilty to consume.

Haih~~~the basic economy concept he also can misunderstood..so, was he really contribute to our nation economy when he was PM? I think this is a doubt and only can be answered after 10 or 20 years later because the positive and negative impact of the policies which implemented by him on social, economy and politic only will become visible later and not just in 1,2 or 5 years. So, don't too hasten to conclude his contribution on our nation yet.

Saturday, January 24, 2009

经济学家对经济复苏的献议。。。

下最令人关注的莫过于经济危机;面临全球金融危机和随之而来的经济衰退,诸多经济学家纷纷给于了他们学术生涯中从未有过的重视。


较早前,在SanDiego召开的美国经济学会(American Economic Association)年度会议上,来自全球的经济学家济济一堂,数十个专家小组专门讨论全球经济下滑的各个方面问题;当然,在酒店走廊里,在鸡尾酒会 上,在喝咖啡的功夫,还展开了数百次非正式讨论。

压倒一切的问题是:我们如何才能走出经济危机?以下是经济学家们开出的11剂药方。

加州大学伯克利分校巴里•艾肯格林(Barry Eichengreen):走 出危机需要双管齐下。首先,再投入3,000亿美元用于救助银行并建立机制将问题资产移出他们的资产负债表。其次,至少需要8,000亿美元资金用于财政 刺激。他表示,我希望看到联邦政府主要通过削减工资税和向地方政府提供大额拨款来刺激经济。大力建设基础设施无济于事。

哈佛大学肯尼思•罗格夫(Kenneth Rogoff):在 当前人们纷纷将衰退与大萧条类比的时候,一定程度的通货膨胀可能是件好事,因为这可以吸引人们消费,使得偿债更为容易,最为重要的是可以平息民众对通货紧 缩可能性的担忧情绪。中央银行应该明确表示他们相信这一点,昭示他们掌控着印钞机。他表示,现在担心通货膨胀会上扬两三年,就好像在将得瘟疫之际担忧麻疹 一样。

斯坦福大学罗伯特•霍尔(Robert Hall)与山德希尔咨询公司(Sand Hill Econometrics)的苏姗•伍德沃德(Susan Woodward):投 资基础设施建设会带来瓶颈。举例来说,如果只有一些人会安装宽带,那么一个大规模宽带计划的大部分都会用来过度支付给安装宽带的人。但退税这样的举措会增 加储蓄。因此这对夫妻档认为应该推出一个大规模免税日,吸引消费者增加开支,使刺激措施在最需要的地方发挥作用。霍尔表示,为了补偿州政府,联邦政府应该 为销售税买单。少数没有销售税的小州可以用联邦资金补充资金储备。


耶鲁大学罗伯特•席勒(Robert Shiller):似 乎外界对解决经济问题的一致看法是先通过短期政策恢复经济运转,随后再施行较长期举措。但这可能会令事情更加糟糕。他表示,我们希望推行更长期的变革,而 不是修修补补(民众将其视为修修补补)。他希望看到的一个政策是为财务建议提供补贴,这样人们在去找抵押贷款商了解他们能承受多贵的房子的时候就不会犯错 误了。

普林斯顿大学阿兰•布林德(Alan Blinder):经济下滑仍刚刚开始,下滑过程会更加持久,幅度会非常深。他表示,我们需要考虑服用“定时释放胶囊”,帮助在一年以后提振经济。基础设施支出所发挥的正是这个作用。不过一些经济学家对此持反对意见,认为这需要一定时日才会付诸实施。

芝加哥大学布斯商学院(University of Chicago Booth School of Business)阿尼尔•卡什亚普(Anil Kashyap):决 策者们应当继续专注于重新调整银行体系的资本结构。问题资产救助计划(TARP)的3,500亿美元资金还不足以修补金融机构的资产负债表,这些金融机构 正坐在数千亿美元(如果不是数万亿美元)损失的火山口上。而除非资产负债表得到改观,否则金融机构就不会重新开始放贷。但问题银行应该被关停或更为激进地 被收归国有。他说,救助那些破产的家伙完全是在浪费纳税人资金。

哈佛大学杰里米•史坦(Jeremy Stein):政府需要对银行进行大举审计,将破产的银行与健康的银行分离。他说,根本核心问题是目前已经实施的特别救助举措。这令市场参与人士对政府策略感到茫然,因此吓跑了潜在的私人投资者。

普林斯顿大学何塞•施可曼(Jose Scheinkman):在判定哪些银行无法偿债之后,下一步措施就是决定该对它们采取什么措施。他说,我们有三个选择方案,你可以将它们和健康的银行合并,引入目前在美国不太活跃的外资银行控股,或是让政府将它们收归国有予以清理。我怀疑我们需要三管齐下。

彼得森国际经济研究所(Peterson Institute for International Economics)亚当•波森(Adam Posen):美国经济的部分问题是银行体系变得比其所需要的规模更大──这类似于上世纪九十年代日本面临的问题,当时日本对这个问题反应迟滞。他表示,财政刺激会在短期成效明显,但你必须在财政刺激耗尽之前收缩银行体系。

芝加哥大学布斯商学院道格拉斯•戴蒙德(Chicago Booth):我 们需要找到一条更好的途径化解银行控股公司的问题,而不是等到他们面临破产再出手救助。他说,我们现在有太多的胡萝卜,却没有大棒。一个替代方案可能是采 取立法变革,允许监管部门在不引发破产的前提下迅速撇开问题银行的现有股东,将法案实施后发行的长期债券转化为股份。这能在不需要动用政府资金的情况下对 银行实施资产重组。而且这还可以积极促使投资者购买银行债券,推动银行筹集资本以保证现有股东不至于被撇开。

普林斯顿大学马科斯•布鲁那米尔(Markus Brunnermeier):为 金融体系制定一个新的监管架构,可能看起来不像推动金融体系重新运转那么紧迫,但坐失良机可能意味着从事重大变革的政治意愿以后可能会不复存在。引发危机 的一个因素就是监管部门过于关注单独银行的风险,而不是整个体系面临的风险。他说,他们应当关注的是风险溢出效应。一个银行破产会对其他银行带来怎样的损 害?我们需要在这方面制定新的风险举措。