香港金融市場
彭如川
中國及國際發展主管
香港交易所
北京清華大學
企業在香港
籌集資金的渠道
方式
(1) 貸款 (loan)
(2) 銀團貸款 (syndicated loan)
(3) 商業票據 (commercial paper)
(4) 債券 (bond)
(5) 上市 / 預托證券 (listing / depositary receipt)
(1) 貸款
全統借貸工具
償還債項﹝本金﹞及附加金額 ﹝本金﹞的承諾
金融中介機構 - 銀行、財務公司
(2) 銀團貸款
借貸方法與(1)大致相同
由幾間金融中介機構組成銀團貸款予企業
多用作營運資金貸款
牽涉的金額會較大、年期較長
(3) 商業票據
公司發行的短期承諾期票
可在二級市場買賣
通常是浮息 - 利率是在指定的日期重新釐定
如有貸款評級，可助公司付出較底的利息
(4) 債券
公司發行的長期承諾期票
發行人承諾在到期日償還債券持有人債券的面值
利率 - 定息、支付通常為每半年或每一年一次
(5) 預托證券
可轉讓憑證 - 通常代表一海外公司的股權
有關公司的股票被一證券商於公開市場購入，存放在一本地的托管銀行，並由一存放銀行發行
發行後便可於交易所或場外買賣
(6) 上市
公司發行股份在交易市場籌集資金
在香港上市的要求及程序
上市要求
(1) 盈利要求
過往三年合計5,000萬港元萬港元盈利，最近一年不得低於2,000萬元，前兩年累計亦不得低於3,000萬港元
(2) 營業記錄
不少於三年的營業記錄
上市要求
(3) 主線業務
並無有關具體規定，但實際上，主線業務的盈利必須符合最低盈利的要求
(4) 業務目標聲明
並無有關具體規定，但申請人須列出一項有關未來計劃及展望的概括說明
上市要求
(5) 最低市值
市值不得低於一億港元
(6) 最低公眾持股量
公眾人士持有的部份，市值不得低於 5,000萬港或25% ，以較高者為準。
如市值超過40億港元，百份比可降至10%
上市要求
(7) 管理人員
須有至少兩名執行董事通常居於香港
(8) 包銷安排
發售以供認購必須全面包銷
(9) 招股機制
須採用公平的分配基準，分配發售予公眾人士
上市要求
(10) 上市後的保薦期
沒有特別規定，建議上市後一年內繼續留用其保薦人
(11) 股東人數
初次申請上市，至少須由100名人士持有；每發行100萬港元的證券，須由不少於3名人士持有
日數 要求 聆訊前 25天 向聯交所上市科 - 繳交上市費 提出申請 - 上市時間表初稿 - 招股章程草稿 - 經審計的首兩年營業紀錄 - 關連交易建議的書面陳述
主板上市流程圖
日數 要求 聆訊前 20天 文件提交 - 營業紀錄 (第一部份) - 賬目調整表草稿 - 公司章程大綱
- 備忘錄初稿
主板上市流程圖
日數 要求 聆訊前 15天 文件提交 - 盈利預測備忘錄初稿 (第二部份) - 董事/監事者的有關其 他業務的正式聲明
主板上市流程圖
日數 要求
聆訊前 10天 文件提交 -《公司條例》規定的附件文件 (第三部份) - 正式上市通告初稿 - 認購證券的申請表格初稿 - 證券的所有權文件或證書初稿
主板上市流程圖
日數 要求
聆訊前 4天 正式上市申請 - 包括正式簽署的《上市協議》 在內的有關文件的最後定稿 上市科推薦 或 拒絕申請
推薦
主板上市流程圖
日數 要求
聆訊 上市委員會聆訊 批准 - 招股章程註冊 - 向聯交所提交正式文件 - 發行招股書 及上市通告 證券開始買賣 - 聯交所開市進行證券買賣
主板上市流程圖
上市後的持續責任要求
(1) 信息披露
在各有關財政期間結束後5個月內及3個月內分別刊發年報及半年報告
董事酬金以累計總數形式披露，亦按收入所屬範圍作分析
(2) 業務性質出現重大改變
上市後首１２個月內，發行人不得作任何收購或出售以致與招股章程出現根本改變，除非已得到獨立股東批准
股票估值
方式
(1) 技術分析 (technical analysis)
如圖表的：
艾氏波浪理論 (Elliot Wave Theory)
移動平均值 (moving average analysis)
相對強弱指數 (relative strength index)
方式
(2) 基本分析 (fundamental analysis)
如：
帳面值比率 (price to book value)
股息估值模式 (dividend valuation model)
資產回報率 (return on assets)
市盈率 (price earning ratio)
市盈率 (P/E ratio)
大部份投資者所用的參考指標
衡量市場/公司的資產價格是 否便宜或昂貴
現時分析市場的資產價格最 常用的一種指標
市盈率 (P/E ratio)
= 公司現時股價
_______________________________________________________________
每股盈利
市盈率 (P/E ratio)
每一元每股盈利的價格
即是如果投資者以$10買入一個P/E十倍的公司，顯示投資者願意用$10買入公司現值$1的每股盈利
市盈率 (P/E ratio)
每一元公司盈利的回本年份
即是如果投資者以$10買入一個P/E十倍的公司，顯示投資者需要10年的盈利才能賺回所付出的價格
市盈率 (P/E ratio)
公司對股東回報：
其中一部 >>> 公司派息
而公司之所以派息 >>> 公司錄得盈利
盈利最終可分為2部
(1) 股息
(2) 保留盈利 (retained earnings)
市盈率 (P/E ratio)
所以除了
= 公司現時股價
____________________________________________________
每股盈利
市盈率 (P/E ratio)
= 預期派息率(%) 〈1+預期派息增長率(%)〉
__________________________________________________________________________________________________________________________________________________________________
無風險利率(%) + 每股風險溢價(%) - 預期派息增長率(%)
每股派息 / 每股盈利
影響市盈率的重要因素
(1) 預期盈利增長
(2) 預期派息增長
(3) 風險
(4) 無風險利率
(5) 經濟/市場宏觀情況
(1) 預期盈利增長
預期盈利增長高 >> 市盈率會越高
影響盈利的因素有:
行業前景
公司營業情況
每股盈利 (earnings per share)
股本增長
(2) 預期派息增長
預期派息增長高 >> 市盈率會越高
影響派息的因素有:
每股派息 (dividend per share)率
每股的股息收益 (dividend yield) = 每股派息/現時股價股本增長
派息增長率
股息收益比較
股息收益%=每股派息/現時股價
中國上市公司平均派息較少
香港上市公司組成較成熟、派息較穩定
美國新經濟公司令整體派息率有下降趨勢
註:中國*=估計數字(上海B公司99年有現金分紅的平均股息收益率為%，但6成上市公司沒派股息)
(3) 風險
風險越低 >> 投資者信心越大 >> 風險溢價降低 >>市盈率會越高
影響風險的因素有:
公司負債比率
市場流通率
(3) 風險
有效對沖、套戥工具
國家/市場風險（國際評級）
市場流通量比較
換手速率= 換手總額/股值總額
(turnover velocity = turnover of current month*12/month-end market cap)
(3) 風險
公司如有好的公司管治 >>> 減低公司和股東風險
投資者亦願意對這些公司付出較高的市盈率
調查報告 - 投資者願意付出高達18-28%的溢價高買良好管理公司的股票
麥肯錫報告
(McKinsey & Company)
2000年六月
歐美 source: Mckinsey & Company, June 2000
亞洲 source: Mckinsey & Company, June 2000
拉丁美洲 source: Mckinsey & Company, June 2000
(4) 無風險利率
無風險利率越低 >>> 投資者對股票投資的成本越低 >>> 相對預期盈利越大 >>> 市盈率會越高
通常是由政府證券的現有回報率決定，如美國國庫證券 >>> 既無風險，流通量亦大
無風險市盈
100/一年期存款利率
無風險市盈率亦可視
為市場的合理預期價
格的基數
(5) 經濟/市場宏觀情況
整體經濟:
國民生產總值增長率
生產力增長率
通脹率
人口分佈/收入
金融市場﹕
市場成熟程度、結構、監管
投資者信心、投資氣氛
市盈率需要注意幾項
市盈率的每股盈利通常是前一季度或前半年的財務公佈，但投資者所購買的是公司的未來盈利
如預期市場或公司的股息派發會大副增加，投資者亦會願意以較高的市盈率投資
市盈率需要注意幾項
市盈率的高低，沒有絕對的標準。最重要是比較要正確：
(1) 股票所在的全市場平均市盈率
(2) 此一市場中同類股的平均市盈率
(3) 公司自己的歷史市盈率
香港證券市場的發展
香港交易所合併原因和動力
全球化、一體化
金融市場技術推陳出新
證券及交易所行業 - 競爭日趨激烈
擴展產品基礎
減低經營成本
提高服務，實行直通式交易
亞洲金融風暴，提高風險管理
香港交易所誕生日程
8/1988
3/1999
4/1999
5/1999
7/1999
9/1999
2000初
3/2000
6/2000
亞洲金融
風暴，
政府入市
干預
政府披露兩所
合併及股份化，
聯交所-美林
期交所-摩根
士丹利
政府-
匯豐
政府的
市場架構
改革統籌
委員會
首次開會
政府發表新公司
商業架構，並定名
香港交易及結算所
有限公司
兩所就權益
分配達成協
議，股東大會
通過議決
兩所會員
表決通過，
立法程序
開始
香港交易
所正式
成立
香港交易
所上市
香港交易所的架構
聯交所會員
期交所會員
公眾人士
香港交易所
董事局 - 成員包括股東代表，專業人士，獨立董事及政府委任人仕
期交所
三家結算所合併
聯交所
主板上市公司數目 (2001年3月底)
738
736
701
680
658
583
542
創業板上市公司數目 (2001年3月底)
69
54
7
香港股票市場總市值 (以年底計算)
香港股票市場總市值與
海外市場比較
香港排行第10位
香港市場結構 (上市公司) 比較
中國上司公司集中在傳統工業
香港上市公司香港市場上市公司以地產、金
融和綜合企業為主導較成熟行業，比較多元
化，但增長率較低
香港市場結構 (上市公司) 比較
全球證券交易面臨的改革
全球證券交易面臨的改革
由經紀制 >>> 會員制
實施企業式擁有權和管理架構
公開招股 >>> 轉型為上市公司
企業化，商業化 >>> 生產力和競爭力
合併、橫向的產品整合和縱向的功能整合 >>> 減低成本、擴展產品基礎和增加市場流通量
全球證券交易面臨的改革
組成策略性聯盟 >>> 加強實力
提升資訊科技系統 >>> 連接其他交易系統和互聯網，簡化買賣盤處理、結算、交收等
進一步了解客戶的需要 >>> 制定全新的市場模式，成立市務小組推廣產品及服務等
謝謝
HKEx 香港交易所
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
China and International Development
China and International Development
China and International Development
China and International Development
China and International Development
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
There are 3 more important elements in the definitions:
(a) the establishment of long-term strategic objectives and plans;
(b) proper management and management structure with a view to achieving those objectives; and
(c) the maintenance of the corporation’s integrity, reputation and accountability to its constituencies.
The first 2 concern corporate objectives and management structure. Without clear corporate objectives and proper management structure, the organization may be exposing their shareholders to risks and hence, leading to our 3rd point on the question of integrity, reputation and accountability.
I believe that management will be able to attend to the first 2 points as they are more bottom-line driven. As a result, our focal point will be on the 3rd element.
China and International Development
