每期必有 6 新观察 8 大事观点 10 小事新说 12 海外信息 13 月度事件 14 往期回顾 118 市场动态 120 编读往来
专栏 28 印花税下调 ——态度决定一切 29 人民币升值过快的副作用 不容低估 72 A股估值体系崩溃 将产生巨大风险 74 期待筑底之旅 经济学人 30 宏观调控中“隐藏的风险” 目前最大的风险是经济可能掉头向下,物价继续上行,从而出现比1998年通货紧缩更困难的“滞胀”局面 金融观察 32 马明哲天价年薪风波 税前报酬为4616.1万元,奖金2000万元,两项累计为6616.1万元,折合每天薪酬为18.12万元,公司董事长兼首席执行官马明哲的天价年薪引起轩然大波 36 商业银行不良资产证券化 封面人物 38 “雅痞”俞敏洪 他究竟是一个不错的教师?还是一个偶然成功的商人?抑或是一个被逼无奈的“痞子”?俞敏洪在当代中国知识分子的“下海”潮中,有着标志性意义 44 俞敏洪的“义利”观 45 新东方的今天、明天 创意人生 46 李柳军:三分钟的意外收获 48 李本能: 一个电话让他离开了IBM 50 贾军:让早教的奶酪动起来 第三只眼 52 怎一个乱字了得 访谈 54 我就是要为农民工“忽悠忽悠” 56 年广久:很傻很暴力 改革开放三十年了,当年像年广久这样具有改革符号的人,如今在做什么?“傻子瓜子”现在还好吗 海外经济 60 米荒,米慌 如果短期内世界范围内的粮荒不能得到有效解决,更多的骚乱必将出现“食品价格膨胀”比“油价高涨”具有更大的危险性,受影响最大的将是低收入家庭 资本市场 62 巨亏股民面面观 两年的牛市激起了所有中国人的财富梦想,然而,刚刚燃起的希望,瞬间又化为泡影。 “救市”政策接连抛出,股市会有起色吗 64 反思股市一跌再跌 68 调整政策救股市 69 持续通胀恶化股市环境 70 两年牛市一场闹剧 公司·产业 76 另类三一 82 摩托罗拉无奈拆分 摩托罗拉宣布,将分拆为两家独立的公司。这个已有八十年历史的全球通讯巨头,正在经历企业创建以来最艰难的时刻 85 惠普:一只大象的漂亮转身 86 光线、华友“闪离” 奥运专版 88 马拉松不只是跑步 90 奥运“二房东”不好当 专题 92 网游:群雄逐鹿场 前有盛大、网易、九城等网游大佬开疆拓土,后有史玉柱突然闯入,网络游戏这个流金淌银,就连睡觉时都有大把钞票进账 94 史玉柱:网游行业“搅局者” 96 陈天桥悬崖勒马 98 巨人VS盛大: 谁能笑到最后 上市公司透视 100 资金链危机中的上市公司 牛市让很多上市公司的金融资产投资赚得盆盈钵满。如今,股市下跌,警惕上市公司资金面可能面临的问题,理应引起投资者的高度关注 102 凯诺科技 大股东易主为哪般 104 亿利科技 年报揭露了大股东谎言 106 综艺股份 10亿资金陷阱 机构视点 108 与国际联动的A股市场 A股从几年前的特立独行,到现在与世界经济融合,与过去已不可同日而语 律案精读 112 许霆案再判之后 为许霆辩护,与其说是真的相信其无罪,不如说是人们借此宣泄对社会不公平现象的不满 品位生活 114 中国式诚信的利与弊 品牌消费 116 韩系车败走麦城
浙江省嘉兴市在国内首开先河,成立了全国第一家排污权储备交易中心。这是国内排污权交易制度建设上的一次尝试,也是市场化治污之路的一次有益探索。既是尝试,就会有两种结果:成功或者失败。但无论如何,他们已经上路。无论是哪种结果,他们的实践都值得社会关注
Focus 16 Discharge trade, on a trial Jiaxing established the first discharge trade center in China. It is a try of discharge trade system. Since it is a try, there will be two results, success or failure. Anyhow, they are on the way. And we are paying close attention to them.
Column 28 A drop of stamp duty 29 Fast appreciation of RMB has side effects 72 Collapse of A stock market will bring huge crisis 74 Where is the bottom of the stock market? Economist 30 Hidden crisis with macro-control At present, the biggest crisis is that economy turns down and the price rises high.
Financial observation 32 Disputes roused by the high annual income of Ma Mingzhe 36 The securitisation of Commercial banks' non-performing assets
Cover story 38 Yu Minhong, a elegant riffraff Is he a good teacher, a successful entrepreneur, or a forced "riffraff"? Anyway, Yu Minhong is a symbol of that special period
Creative life 46 Li Liujun: big surprise within three minutes 48 Li Benneng: leave IBM by a call
50 Jiajun: move the cheese of early education
Camera focusing 52 The autoshow in disorder
Interview 54 I just say something for those farm-workers 56 A fool and tough Nian Guangjiu What is Nian Guangjiu doing now? Is the "fool Guazi" good or bad?
Global economy 60 A flurry for rice
Capital market 62 Look at those investors who is in big loss
64 Drop of stock market 68 Modulate the policy, rescue the market 69 Sustained inflation will worsen the stock market 70 The stock market of past two years was s a farce
Company·Industry 76 A peculiar Sany 82 Motorola's division Motorola is divided into two aompanies. It is hard time for Motorola with a history of 80 years. 85 A beautiful turn of HP 86 A swift divorce Guangxian and Huayou
Olympics 88 Marathon is not just running
90 "Second landlord" is not easy
Feature 92 Bid for online games 94 Shi Yuzhu: a breaker of in online game industry 96 Chen Tianqiao: pull back before it is too late 98 Juren VS Shengda, who will laughto the last
Listed company 100 Those listed capitals on capital chain crisis After bull market, investors should pay attention to possible capital problems of listed companies. 102 Kainuokeji: why the big holder was changed 104 Yilikeji: the annual report ex posed big holder's lie 106 Zongyigufen: a trap of 1000 million
Institution company 108 A stock market is closer to For eign capital market A stock market is quite different from the past. It is related with international stock market closely
Legal case 112 Introspection on Xu Ting case
Elite life 114 Two sides of Chinese style faith
Brand consumption 116 Bad performance in China market of Auto from South Korea
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