New investors in the master how to resolve

With the market all the way down, has also experienced the pain of frequent resort, not only to erase the entire profit last year, and the principal of a loss of more than 50%. However, as market Exploration low point of 1664 after fierce fighting several beautiful turn of the battle, more than the stock had a smooth release, but also to achieve a profit, it is worthy of new investors in the master.

Thinking fighter to win

Professional investors are not fierce, occasionally working hours to open the computer to look at the stock market, a look at one single mistake on the Green to turn off the computer and concentrate on doing their jobs. By the end of July this year to about 7 yuan / share of the purchase price in the Second Railway Bureau, did not expect more than a month after the stock fell about 3.6 yuan, 30,000 yuan lost almost half. "At that time, a lot of investors out one after another resort, but I think the Board of Iron II is the railway sector, the country's economic development be able to leave the railway it? Definitely has the potential in the future, it is worth the long-term holders. So low they make up the 10,000 yuan." Fierce Told reporters.

Later, in the Second Railway Board rose to 10 all the way around sharp sell stock, not only successfully resolve, but also earned nearly 30,000 yuan.

Follow the money and run hot

Another strong stock market is characterized by following the hot spots, to attract bargain-hunting, once the stock up, to earn 20% -30% of the profits out. To help stand up a fierce fight in the second battle of Chinese stocks is the medium-term. By the end of October this year, China fell to the lowest mid-term of about 10 yuan / share, is a fierce 15 yuan / share into the cargo, fitted by more than 4 months, shares in the hands of paid 5,000 yuan.

"At that time, the news media have published, the state will launch stock index futures in a timely manner, I think China is a medium-term futures industry leader, once the market starts, it will have a ferocious round of the rally. Such shares can not be sure resort, so this year I am 11 In mid another 13 yuan / share price of 10,000 yuan to cover positions. The results a week after it had risen to 18 yuan. 5 days trading both, a total of up to about 40%, I would not only release, also earned a million in the past. " Said fierce.

Do not be greedy bear market may be set free

Note the country in senior financial analyst Chang-ting all the East, said the new investors in the stock bull market in fixed and often get returns. But the bear market in stocks, fixed cover, often the most tragic loss.

Zhang said that the East are in a bear market in the release of the basic strategies are: low to cover positions, Jiancang temper, not greed, not to give up, the cumulative number of operations, can continue to reduce costs, out of deadlock. But the point to grasp and the grasp stocks particularly hard. The first is to choose stocks fallen too far, and the other is to choose hot stocks, the first intervention and wait for the new capital raised, and then shipped. The new shareholders hold a fierce success of these two points, the success of the release, the experience is worth learning from.

How to resolve: the stock release solution

Talk about how to resolve - resolve stock solutions:

Into the stock market investors have been virtually locked in, this is an all reluctant to talk about, but everyone can not be avoided. It is the maturing of each investor must pass through a threshold. Now that can not be avoided, we must face it bravely, to find their own solutions.

Resolve the deadlock strategy initiative is divided into passive strategies and release strategy.

Release strategy initiative:

1, Zhancang: When they find their purchase is a very serious mistake, especially in the pre-buying surge Niugu over the top, then there must be Zhuangshiduanwan determination in a timely manner Zhancang resort to abandoning Diuju. As long as we can to ensure that funds from big losses in the stock market will always have numerous opportunities can be taken as a bonus

2, convertible: in the hands of shares in a weak position after being locked in, there is still room for down time, if accurately judge the other's shares rose shortly after the space, the trend will certainly stronger than in the hands of their own species, can be decisive convertible, In order to buy a new species of the former offset profit losses.

3, short: Some people might think that Chinese stock market is no mechanism for short, can not be short, this is wrong and can be fitted on the stock short. When they find deep-set has been unable to Zhancang, also confirmed that market or stock market outlook is still room for further deep down, can be used short way, the first hold-up to sell shares, wait until the re-location of the lower back, to effectively reduce costs .

4, after T +0: based on the present system can not do T +0, but there are bearing a share of the pre-condition to full use of them. On all aspects of the Unit usually more understanding, Any sign of trouble, get a fishing, the commission is now down only a fraction the cost of money in and out easily.

Passive strategy to resolve:

1, smoothing: buy when the price is not high, or optimistic about the future of the market when the firm could choose to use smoothing techniques. Ordinary investors in the funds are usually only able to withstand a second-share, the most important thing is the time-share must be a good choice

2, wait: Mancang has been locked in depth, can not cut, it can not afford to cover positions, only to wait for such a negative way. As long as it is their money, not as long as the use, loan, and so it can not be afraid?

The final release is the best strategy

Release strategy, and that is your own state of mind to grasp. After the lock-in, first of all, fear not, there must remain cool-headed thinking has done nothing wrong, wrong, and in what manner strain. Do not Poguanposhuai emotional, or blindly to cover positions, or the easy indiscriminate resort to do together. Hold-up is not terrible, Yang million once said: "Sometimes not making money is not set, but a lot of money trap," I feel the same. So, do not simply believe that the hold-up is a disaster if the strain well, it may turn into an opportunity.

German companies reported losses in emerging solar energy shares passed their prime

Berlin, Dec. 16 Germany's largest solar power company Conergy companies said last week that the company this year will be 150000000-200000000 euros pre-tax loss as a restructuring of the company, will lay off 500 people next year. After the announcement, the company's share price fell more than 20%.

Within two months, Conergy shares have fallen about 70%. As early as in early November, the company issued a profit warning for the first time on the market panic, the company's share price fell nearly one-third of the day. 8 trading days later, Germany 10 emerging energy prices a quarter of the shares, investors shudder.

In recent years, new energy enterprises can be said to be Germany's brightest stars of the stock market. In the past 4 years, the German Technical Exchange index of 10 component stocks of companies the market value of the stock up almost 8 times.

In fact, such a surge in the fall after not unusual. At present, Xiamen Machinery & Electronics Exhibition has always been the type of stock analysts have changed their view that solar and wind energy stocks are no longer "unlimited scenery." An investment bank analyst noted that, while such enterprises have good prospects, but in view of falling commodity prices, profit margins, as well as reduce the silicon raw material supply bottlenecks encountered, their production capacity and the ability to profit expansion can not be sustained.

In addition, Germany, according to previously issued by the "Renewable Energy Law", began in 2009 at the latest from government subsidies to the industry will be gradually reduced, which will cause the industry's profits shrink. The German solar energy equipment, the main importer of the United States, the legislature would extend the tax benefits of these products is unknown.

From the statistics, in the new round of energy shares fell, hurt most are still small and medium-sized investors. They emerging energy stocks may be too high expectations, many individual investors also joined by the banks to issue new shares of energy index warrants gamble, some people now have to lose money.

All-around to Germany-based Bank of corporate finance model Review

Britain and the United States compared to Germany's relative stock market is neither here nor there, despite the domestic bond market to develop good, but because of participation in the bond market is the main government and the banks, in general very few industrial and commercial enterprises to issue bonds in 1991 and just the opening notes The market is stagnant. In this context, the German enterprise debt-equity ratio than the United Kingdom and the United States than about 50% of the companies rely largely on external financing to bank loans, a large proportion of which is a long-term fixed-rate loans, securitization of loans to the extent Compared with the United States also Very low. However, the German banking industry in corporate finance in the impact of significantly more than the United Kingdom, the United States, the bank will not only give direct loans to enterprises, but also help enterprises to issue stocks and bonds, at the same time assume the commercial banks and investment banking functions of the two. In addition, the German bank's shareholders to vote through proxy, the board of supervisors seat, and other enterprises to obtain further imposed on listed companies. As a result, Germany's banking system known as the "all-round banking system", the all-around in the banking and corporate finance to participate in corporate governance plays a very significant role. In particular, the German banking system is all-based bank, the Bank added in a professional, all-around banks, including commercial banks, savings banks and cooperative banks 3 system among commercial banks as the core. The full participation of all-bank financial activities, including deposits, loans (including mortgage loans), the issuance of securities underwriting, including direct investment in stocks and other kinds of securities can engage in traditional commercial banking, investment can also be carried out Banking, is a multi-functional, and a full range of banking. Germany's major commercial banks including Deutsche Bank, Dresdner Bank and commercial banks such as Germany 3 major banks, regional banks, as well as a number of foreign bank branches; savings banks are in the public interest, not to maximize profit target Banking institutions, including local, state and central level 3; cooperative bank depositors at the same time, the bank's shareholders as well as local, state and central level 3. Does not belong to the professional all-bank financial services offered by banks is less than all-banks, such as specializing in mortgage loans, agricultural credit or bank credit for SMEs.



First, all-German banks and non-bank business relationship between ownership



OECD (OECD) released statistics show that: (1) to the end of 1993, German banks hold a total of public and private non-financial enterprises by the total number of issued shares of 14%, while Britain and the United States of the banking sector to Non-financial holding companies is practically nil. This is the German banking sector from the British and American counterparts the most important feature, that is, they are directly held by non-bank companies a substantial proportion of the shares. (2) U.S. non-financial enterprises of the shares in the main control in addition to individual investors and banks outside the hands of institutional investors, insurance companies and pension funds control of the British non-financial enterprises the main shares, while Germany is the ratio of institutional investors holding Small, on the contrary, non-financial companies holding shares as high as 39%. (1) In addition, Deutsche Bank and non-bank businesses, non-bank mutual holding companies is widespread. Table 1 provides that in 1991 Germany's major banks at the time of the 10 largest manufacturing company's shareholdings.





Table 1 in 1991, Germany's largest manufacturing company's 10 shareholding banks list



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10 largest manufacturing companies owned bank │ │ bank shares



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Daimler is contained - Mercedes-Benz, Deutsche Bank │ │ 28.5%



│ Banken und Versicherungen │



Bayer │ │ 38%



│ (bank insurance) │



China Rubber Company, Deutsche Bank │ │ 28.5%



Germany's Linde │ │ commercial banks about 10%



Schering Corporation │ Banken und Versicherungen │



│ (bank insurance) │ 23%



Heidelbeger Zement's Dresdner Bank │ │ more than 25%



Didier-Werke AG │ │ Deutsche Bank more than 25%



│ │ Hypobank bank more than 25%



Brau und Brunnen's │ │



Dresdner Bank │ │ more than 25%



Phoenix's Deutsche Bank │ │ about 20%



Hamburg's Holsten Brauerei │ │ community banks is greater than 25%



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Note: these manufacturing companies ranked according to sales.



Source: German commercial banks, "Who Belongs to Whom?", 1991 annual data.





Table 1 shows, including Germany's Commerzbank, Deutsche Bank and Dresdner Bank, Germany's major banks in the top 10 manufacturing companies have a substantial proportion of the shares. As the German company law does not require banks to disclose shares held less than 25% of the stock of information, so this is just one of the most conservative statistics, the actual all-around bank-owned manufacturing company's equity ratio will certainly be much higher than these figures. At the same time, German law provides that the shares held by more than 25% can veto power, which means that like Daimler - Mercedes-Benz such a major decision-making in large companies must first of all with the consent of Deutsche Bank's agreement, no resolution Can not be adopted. Even ignore the ownership below 25% could not disclose the factors, Germany's largest 10 companies in the manufacturing sector is still at least 8 in the bank holding more than 25% of the phenomenon, which means that this bank's 8 The main decision-making with veto power, also shows that Germany's leading banks have been firmly in control of the whole manufacturing sector. Let's look at Germany's biggest bank in Germany in 1994 of equity portfolio (part of), as shown in table 2.





Table 2 in 1994, Deutsche Bank shares held by the main list



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Daimler is contained - Mercedes-Benz │ 24.4% │ Leonische wire and cable │ 12.5%



Gerling Insurance Group │ 30.0% │ Linde Company │ 10.1%



Philipp Holzmann's │ 25.8% │ Metal Co., Ltd. │ 16.6%



Hutschenreuther company │ 25.1% │ Schmalbach-Lubeca's │ 10.0%



Klockner-Humboldt-Deutz │ │ │



Company │ 45.0% │ Phoenix's │ 10.0%



Nǖrnberger Investment Company │ 25.9% │ SalaMander Company │ 10.7%



Allianz insurance holding company │ 10.0% │ Sǖdzucker Company │ 12.8%



China's rubber │ 10.1% │ joint power generation equipment company │ 6.3%



Fuchs Petrolub company │ 10.0% │ Verseidag Company │ 10.4%



Hapag-Lloyd's │ 10.0% │ Vogele Company │ 10.0%



Heidelberger soil Chen Ning Company │ 10.1% │ Vossloh's │ 7.6%



Karstadt's │ 10.0% │ WMF's │ 9.1%



Aachener und Mǖunchener │ │ Mǖnckener Re │ 10.0%



Investment Company │ 5.0% │ │



│ │ Leifheit's │ 11.0%



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Source: Deutsche Bank Annual Report 1995.





Table 1 and compared to some of the reduction of Deutsche Bank AG - Mercedes-Benz shares, but still holds a direct 24.4 percent stake. The bank has been holding shares of both companies, including investment companies, insurance companies, financial companies, including many manufacturing companies, covering a very wide range of industry sectors. All-German banks to non-bank holding companies in general are very stable, they will not easily change the existing ownership structure, which Germany shares in the company's sustainable development has provided more favorable to the protection of the system, at least so that the company faces significant pressure on the M & A Mitigate and help managers to focus on the realization of the company's long-term goals. In Germany, the all-around not only the banks holding a large number of shares, non-bank companies also hold large shares of the all-around bank, which is Germany with the characteristics of mutual shareholding system, the system in the non-bank enterprises are also very popular.



According to German law provides that a person can not be two companies each hold more than 25% of the shares, but does not limit cross-shareholdings. This is among German companies, including financial enterprises and non-financial enterprises between a wide range of mutual ownership structure provides a legal basis. Prowse (1994 years), taking into account the characteristics of the companies holding each other after the re-calculated the actual market value of the stock markets, that is deducted each other listed companies held by the flow of stock market value, Germany and Japan found that the actual market value of almost adjustment Pre-shrunk by half, and the United Kingdom and the United States before and after the big change. This shows that Germany and Japan held each other phenomenon is widespread. As shown in Table 3, 1985, Germany accounted for a total market value of the stock when the gross domestic product (GDP) of 29%, after holding deducted from each account for only 14% of GDP, that is, the net market value of the total market value of 48.3%. (2) Wenge, and Kaserer (1998) in carefully identified at the end of 1994, German listed companies holding each other amount, calculated after deducting holding each other's net market value of listed companies is 73% of the total market value, the figure Prowse is greater than the estimated value, but can be seen as the upper limit of the market value of the net. Since the law does not require listed companies to disclose all the information held, so the public disclosure of data calculated the net market value and the actual market value of the net between sure there is a big difference. Kasere and Wenger in particular, the study asked about the insurance companies listed on a Wurttembergische AG, the company found that the actual number of shareholders than provisions of the law to disclose the amount should be higher than 33%. If the company as a reference, it is estimated that their data from 73% to 64% adjustment, which is estimated Prowse out 48.3 percent of the data on a closer.





Table 3 of the main countries in 1985 and held each other a list of the total market value of the stock market



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United States │ │ Britain │ │ Japan Germany



Calculation of indicators │ │ │ │



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Shares with a total market value of the proportion of GDP accounted for │ 51% │ 90% │ 71% │ 29%



After discounting the effect of cross-shareholdings of listed companies after the net │ 48% │ 81% │ 37% │ 14%



The proportion of GDP accounted for the market value of │ │ │ │



Net market value of the total market value of the share of │ 94.1% │ 90% │ 52.1% │ 48.3%



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Source: Prowse, S.1994.Corporate Governance in an IntemationalPerspective Basle: Bank for Intemational Settlements.





Table 3 of the statistics concise and pointed out the company's Japan and Germany and the United States system, the major difference between Britain, which is almost half the market value of shares held by each other out to create a "virtual" market value, and holding each other in the UK And the United States, there is very little. This is from a macro point of view on the stock market mutual shareholding system, a micro point of view, the financial enterprises, financial enterprises and non-financial enterprises are holding each other to form a very stable ownership structure. As shown in table 4, Allianz Insurance and Reinsurance Company Münchener Germany is the largest and second largest insurance company, Dresdner Bank and Bayer.Hypo. Is Germany's second-largest and fifth largest bank, the 4 large companies core Companies, such as AMB and 4 of these large financial companies belonging to the company's satellite companies, a large number of shares they hold each other. Table 4 shows that the core and satellite companies took control of Allianz Insurance 42.67 percent stake in Dresdner Bank's 31.6 percent stake in Münchener Re and 45.9 percent of the shares also were close to those of the minority holders of the company. It can be said that this 8 of the financial holding company with each other through the establishment of a strong shareholding structure of the internal and external impact is difficult to shareholders of these companies operating managers in decision-making, external capital markets almost impossible for them to pose any threat. From the corporate governance point of view, this holding each other and the formation of a special ownership and control structure would be the advantages and disadvantages of co-existence.





Table 4 in 1994 with the German banking industry mutual insurance holding of the typical cases (%)



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│ 4 large holding company's core



├ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─



Allianz │ │ Bayer. │ Dresdner Adams │ Mǖnchener



Insurance │ │ Hypo. │ │ Dayton Bank Re



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Allianz Insurance │ │ 0.06 │ 5 │ 10.08 │ 26.07



│ Bayer. Hypo. │ 22.6 │ - │ - │ 5.8



Dresdner Bank was │ │ 23.0 │ 1.27 │ 1.27 │ 2.53



│ Mǖnchener hold Re │ 25 │ 6.19 │ 12.1 │ --



Unit │ │ │ │ │



Public │ AMB │ 5.01 │ - │ 14.7 │ 8.6



Secretary │ BHF │ 15.2 │ - │ - │ 6.2



│ IKB │ 12.0 │ - │ 3.67 │ 6.2



│ Victoria │ - │ - │ 6.6 │ 23.64



─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─



│ 4 large holding company's core



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Allianz Insurance │ │ 41.21



│ Bayer. Hypo. │ 28.4



Dresdner Bank was │ │ 28.09



│ Munchener hold Re │ 43.29



Unit │ │



Public │ AMB │ 28.31



Secretary │ BHF │ 21.37



│ IKB │ 21.83



│ Victoria │ 30.24



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─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─



Holding Company │ 4 satellite company



├ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─ ─



│ AMB │ BHF │ IKB │ Victoria



│ │ │ │



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Allianz Insurance │ │ 0.02 │ 1.41 │ - │ 0.03



│ Bayer. Hypo. │ - │ - │ - │ --



Dresdner Bank was │ │ 1.39 │ - │ - │ 2.12



│ Mǖnchener hold Re │ 0.11 │ 2.28 │ - │ 0.26



Unit │ │ │ │ │



Public │ AMB │ - │ - │ - │ 2



Secretary │ BHF │ - │ - │ 4 │ --



│ IKB │ - │ 10 │ - │ --



│ Victoria │ 4.75 │ - │ - │ --



─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─



Holding Company │ 4 satellite company



─ ─ ┬ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─



Allianz Insurance │ │ 1.46



│ Bayer. Hypo. │ 0



Dresdner Bank was │ │ 3.51



│ Munchener hold Re │ 2.65



Unit │ │



Public │ AMB │ 2



Secretary │ BHF │ 4



│ IKB │ 10



│ Victoria │ 4.75



─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─



Source: Wenger, Ekkehardard and Christoph Kaserer, 1998.The German System of Corporate Govemance-A Model which Should not be Imitated, inCompetition and Convergence in Financial Markets: The German and Anglo-American Models, edited by SWBlack and M. Moersch , North-Holland, 1998.





Cross-ownership system brought about by the obvious benefits: (1) financial enterprises as well as between non-financial enterprises and financial firms to form a stable strategic partnership for long-term goal of enterprises is of positive significance. (2) the business is relatively stable shareholding structure, forming a large number of shareholders of the common control mode, which can solve the supervision of the shareholders and managers of the power-sharing costs. (3) from the accounting point of view, mutual shareholding system allows enterprises led to the holding of the actual cash flow significantly reduced, which facilitate corporate use of limited funds to achieve portfolio, the realization of other companies have been able to maintain control at the same time good assets Mobility. A company such as 1-funded 0,000,000 yuan to hold 10% of the company's B shares, while company B and 8,000,000 yuan investment holding 8% of the company's A shares (A, B Company's share capital are set up to 1 million), A company's actual cash outflow of 2,000,000 yuan only. (4) in general will not always exist in our country, "Yigududa", several major shareholders of the common control between competition and cooperation is the unity, which helps to avoid an absolute controlling shareholder of the interests of other shareholders Erosion.



However, each holding the disadvantages are also obvious, the main problems: (1) holding each other to form a system of a relatively stable shareholding structure will help the company achieve Although the long-term goals, but also the company's control over the market's managers Bound relatively ineffective. Germany's managers are usually held by the group to appoint or hire, their jobs and the stability of the company's share price fluctuations in the correlation between relatively weak. Franks and Mayer (1990 years) An Empirical Study: German companies facing hostile takeover was a lot less than Britain and Germany. (3) (2) all-German banks were holding each other because of some of the core business control, holding a smaller proportion of the bank's shareholders on the bank a direct impact on the all-bound to be very limited, which in turn will affect the all-round participation in non-bank financial firms Corporate governance initiative and effectiveness, as they rarely from the bank's minority shareholders interests of the exercise of the duties of supervisors, and often subject to the entire shareholding of the Group of common interests. (3) business ownership among investors confused with the investors, shareholders and the relationship between the company and the interests of both the complexity of relations and even long-winded. (4) from an accounting point of view, although arrangements for the holding of mutual holding companies can incur a reduction in actual cash flow, greatly reducing the cost of holding companies, but the minority shareholders is a clear disadvantage. In the above example, A real company has invested only 2,000,000 yuan on the B's have 10% of the voting rights, the actual price is 0.2 yuan per share, while the actual inflow of B Company of 2,000,000 yuan is holding 8% of A Company Equity, real negative for the stock. This situation is clear for the A's and B's other minority shareholders is extremely unreasonable, because the minority shareholders to buy the stock price of 1 yuan per share, much higher than the A's and B's. This is clearly a violation of "the same right to share with the" basic principles, the impact of minority shareholders to participate in the effectiveness of corporate governance. (5) mutual holding companies have been under the all-around, including banks, several major shareholders of common control, even though this can be effectively resolved between the shareholders and managers of the issue of conflict of interest, but cooperation between the major shareholders than the competition, then They are fully possible "conspiracy" to erode the common interests of minority shareholders.



Second, all-German non-financial enterprises in the banking supervisory board seat and influence



In 1965 promulgated the Law provides that Germany shares the shares of three companies to set up a statutory body: the management board of directors, board of supervisors and the annual general meeting of shareholders, that is to implement two-tier management system. Management and board of directors of the board of supervisors are very clear division of responsibilities, which is responsible for the company's day-to-day operations and strategic decision-making, corporate governance by the board of supervisors responsible for the implementation of their primary function is to oversee the management and control of the board of directors, directors who sit on the board of supervisors can not be members of the board of supervisors Can not bear any day-to-day management tasks. Due to Germany's all-around non-bank financial firms have a considerable proportion of the shares, they will certainly send a representative to act as a member of the board of supervisors. Germany's two-tier management system and below constitute a mechanism for joint decision of the German-style house the core of governance.



Germany's all-appointed board of the Bank acts led to a number of large companies on behalf of the board of supervisors in the bank too, and some of the senior management of the bank at the same time more than the company's board, which has been so much controversy that end, in 1965 Germany adopted the so-called Abs of the bill provides that each person can only serve as supervisors of 10 posts. Abs was named by the bill, because at the time of the Deutsche Bank governor Hermann-Josef Abs at the same time the 30 board positions in the stock market and investors are very worried that this kind of bank supervisors whether there is sufficient energy to participate in corporate governance. In order to better play the role of supervision and control, German bankers have begun to take the initiative to avoid a number of companies as board positions, but generally do not serve as Chairman of the Board of Supervisors, unless their own investment bank was the company's largest shareholder. As a result, the current German bankers in the company's board of supervisors in the occupied seats than Abs which greatly reduces the times, but still has a very high proportion.



As shown in table 5, 1993, Germany's 100 largest banks in the board of supervisors still have the 99 board seats, accounting for 6.3 percent of the total, on behalf of the workers and other industrial companies on behalf of the respective shares of 35.2% and 27.4%.





Table 5 in 1993 Germany's 100 largest source of a list of members of the board of supervisors



─ ─ ─ ─ ─ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ┬ ─ ─ ─ ─ ─ ─



Supervisors source │ │ proportion of the number of



─ ─ ─ ─ ─ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ┼ ─ ─ ─ ─ ─ ─



Private Banking │ 99 │ 6.3%



Other banks and insurance companies │ 53 │ 3.4%



Industrial companies and other companies │ 427 │ 27.4%



Politicians and civil servants │ 67 │ 4.3%



On behalf of other owners │ 155 │ 9.9%



Representatives of trade unions │ 211 │ 13.5%



Other workers on behalf of the │ 549 │ 35.2%



The total number │ 1561 │ 100%



─ ─ ─ ─ ─ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ┴ ─ ─ ─ ─ ─ ─



Source: Federation of German Banks, 1995.Power of Bank, Cologne.





Table 5 also reflects Germany's corporate governance structure is another characteristic that is representative of the workers at the Board of Supervisors holds a very important role, which by the trade union representatives and shareholders to participate on behalf of the board of supervisors, known as "co-decision system." The system was first set up in 1951, first in the iron and steel, coal mine enterprises to provide a total of 11 members of the board of supervisors, on behalf of shareholders and employees on behalf of the 5, 11 have been identified by members of the 10 supervisors to the Annual General Meeting To make recommendations by the Annual General Meeting elected. In 1976 the revised decision of the common system applicable to the shares of major companies to stipulate that 50% of the company members of the board of supervisors should be elected by shareholders and the other 50% of the workers by the members of the election. The size of the board of supervisors according to the number of workers in all the company decided that if fewer than 10,000 employees, board of supervisors should be 12 members; the number of employees more than 10,000 people but less than 20,000 people, should be composed of 20 board of supervisors. Chairman of the Board of Supervisors has a special power, that is a member of the board of supervisors after two rounds of voting are still unable to obtain a majority (more than 50%), the President has the final decision. Chairman of the Board of Supervisors elected by the entire board, a candidate must receive two-thirds majority to be elected. If no candidate obtains a two-thirds majority vote by the board of supervisors in the press on behalf of the President of the shareholders, employees and representatives of the elected Vice-Chairman.



This joint decision was Germany's system of corporate governance is an important feature of the trade union's participation in decision-making and corporate governance has played a positive role, but some people think this is a system weaken the bank's shareholders include the election of supervisors in the corporate governance of Role. Wenger and Kaserer (1998 years) that the board of supervisors to effectively monitor managers brought about the ultimate value-added shareholder value to control who belong to (such as all-Bank) and control (AG) of private shareholders, and the board itself can only be part of the proceeds, here There are still oversee the costs and benefits of asymmetry, that is, as the supervisors who are not shareholders, but that representatives of the shareholders. At the same time, the German financial enterprises and non-financial enterprises there is a clear mutual shareholding relationship, to shareholders of the general all-around bank does not constitute an effective external pressure. Germany to send some of the all-around bank of supervisors and managers often do not want to rigorous implementation of the supervision of the main reasons is that these banks did not come from its private shareholders of external pressure. (4)



Third, proxy voting system with the German bank's control over the all-around



German banks to participate in all-round corporate governance is another important means of access by small and medium-sized shareholders to authorize proxy voting, which is known as the proxy voting system. According to the Baums and Fraune (1995 years) statistics, the 1992 all-around Germany's largest bank in the 24 listed companies annual general meeting of shareholders to vote on the actual average of 60.95 percent, in one of the 11 companies the right to vote or even more than 75 %. (5) The reason why the bank can agent all-round vote, which the law allows them to assume the functions of investment banking presence in close contact. Deutsche Bank shares will bear a greater share of the underwriters, they will usually have most of the underwriters to sell shares to their customers, and these customers for the safety of investing in stocks and lower transaction costs and generally kept in bank stocks. Cable (1985) estimated that about 50% of the shares of listed companies shareholders was deposited in the bank. (6)



Proxy voting system is characterized by: (1) did not develop all-automatic proxy voting, but must be authorized by shareholders in order to exercise this right, generally by the bank shareholders to take the initiative to obtain such authorization. (2) In practice, the German individual investors or minority shareholders usually commissioned by the bank to act as custodian of the shares and shares in the company's annual general meeting of shareholders on proxy voting by banks, shareholders and proxy voting rights in general can only be entrusted to a A specific credit institutions, and commissioned period of up to 15 months. (3) of the bank's annual general will be to the shareholders the right to vote the use of the possibilities, and then make a decision by the shareholders. If Deutsche Bank is usually recommended to their clients as much as possible to participate in the annual general meeting of shareholders, or the right to vote will be entrusted to individuals or on behalf of the shareholders association, if these customers are not interested in Deutsche Bank is also acceptable to the commission to vote on their behalf. (4) Bank as the custodian must take part in the annual general meeting of shareholders before the vote, or the intention of the proposed motion to inform shareholders of its customers, clients or shareholders did not object, the bank must be prepared in advance in accordance with the general meeting of shareholders to participate in the program can not Not change his mind. Clients (shareholders) in the general meeting of shareholders before the voting power of the specific proposals put forward, and the bank must comply with these recommendations, but in practice an average of only 2% of the shareholders will vote in specific views. (7) (5) Universal Banking in the face of the more controversial issues often consult the views of shareholders, if the shareholder has not given a clear vote, the bank will give the agent the right to vote. For example, Daimler - Mercedes-Benz in 1995 before the general meeting of shareholders expected in 1996 will be 5.7 billion German marks for the huge losses, the general meeting of shareholders in 1994 and is expected to return to moderate growth to judge the contrary, in the face of this grave situation, The company's major shareholders, Deutsche Bank, Dresdner Bank and the German commercial banks have their own recommendations of its customers and shareholders to participate in the exercise of the right to vote, or by the customer as to whether the restructuring of the managers are given very clear, otherwise these large banks Will abstain from voting.



These features indicate that the proxy voting system under the all-around small and medium-sized banks do not have a monopoly of the shareholder the right to vote, but with full respect for the legitimate rights of small shareholders, only if they are authorized to carry out the premise of proxy voting, but also to ensure that the general meeting of shareholders before the vote With the full intention of small and medium-sized shareholders to communicate in a major conflict of interest in particular cases, to seek specific shareholder vote, or else give up on the agent the right to vote. Such proxy voting system was that the OECD is a very effective means of corporate governance, as the bank through active participation in the annual general meeting of shareholders to effectively monitor and restricted shares of the company's day-to-day decision-making operating and maintaining the vast number of investors, including debt and equity investors to invest Interests.



Universal Banking proxy voting system has two main advantages: First, to address the spread of joint decision-making groups, shareholders when there is a "free rider" problem and cost-sharing. However, the large number of shares held in very small groups of shareholders to safeguard the common interests sometimes must unite to vote, but because of the existence of "free rider" problem, the implementation of this joint vote difficult. All-around polling commissioned by the bank is effectively overcome this problem, the bank will be the cost of proxy voting by all clients (shareholders) share, significantly reduced the minority shareholders in joint decision-making costs. Secondly, the proxy voting system to build a stable shareholder groups, is conducive to maintaining the stability of the business for the company managers and shareholders, board of supervisors, such as communication, thereby reducing their short-term volatility in the stock market under pressure to take some short-term behavior At the expense of long-term interests of the company. In the absence of proxy voting stake in the company and the system is relatively dispersed, the floor manager of the company is facing an uncertain and even a random shareholder groups, as they dispersed small and medium-sized shareholders at any time can be combined or reorganized into a new Large groups of shareholders, which will increase the manager level and the major shareholder groups to communicate more difficult, different combinations of the shareholder group may often interfere with normal business managers in decision-making activities, thus affecting the long-term interests of all shareholders. In the company's share price down and become a M & A target, the pressure is more obvious, because in the end to ascertain whether a floor manager and who to consult, not knowing whether the shares of small and medium-sized shareholders has been to focus on the acquisition. In order to avoid the risk of mergers and acquisitions in order to safeguard the stability of their jobs, managers are usually taken are conducive to the promotion of short-term stock price decision-making, but this is the decision-making at the expense of the company's long-term interests. This is Britain, the United States market-based financial model, the typical short-sighted in the stock market problems. Proxy voting system to create a long-term vision of the right to vote and to have control of the voters - all-around bank. The reason why the bank has the all-around long-term perspective: (1) all-bank holding company directly to a larger share of stock, they will lead to the need to focus on long-term gains rather than short-term capital gains; (2) to the all-around bank of these enterprises paid a huge amount of Long-term loans, loans to safeguard the safety and profitability, they must proceed from a long-term care to vote on the decision-making; (3) all-bank proxy voting must be to safeguard the fundamental interests of the client, if the reckless decision-making will inevitably harm the interests of its clients in order to All-around final damage the credibility of the bank, and one through the absorption of loans to deposits to obtain profits of major banks, credit is undoubtedly the most important.



Proxy voting system is the largest bank in each general meeting of shareholders on whether the real will to safeguard the interests of investors, in particular, it represents the interests of minority shareholders. Many economists expressed doubts, Wenger and Kaserer (1998 years) put forward, as the German Securities Exchange Act does not require banks to disclose their all-around on behalf of the list of shareholders and those shareholders holding shares in the amount, a number of subsidiary In the investment banking firms and other institutional investors are fully commissioned by the bank may choose to give up voting in person participate in the general meeting of shareholders, so as to ensure that the market does not rise to the attention of shock and achieved a number of strategic objectives. At this point, all-around at the expense of the bank is likely at the cost of the interests of minority shareholders and institutional investors for profit, but such actions are hidden, often under the banner of safeguarding the interests of minority shareholders of the banner appears, therefore, great potential harm. German investment company managed domestic stock market value of about 800 billion deutsche marks, accounting for total stock market value of about 10%, many of the investment company is a subsidiary of some of the largest banking subsidiary, the Bank of proxy voting with the minority shareholders when there is a A certain degree of conflict of interest. (8) Although the all-German company law requirements of the banks that they must represent the interests of the shareholders to implement Deputy voting rights, but the abuse of the law of the agent the right to vote in order to achieve the purpose of self-interest bank does not have enough sanctions.



Fourth, all-German bank and the banking system and the mode of financing Review



Based on the above analysis, all-German bank through four main channels of influence business investment, companies involved in corporate governance, first, loans, and the other is held directly, as is the three supervisors, four proxy voting is. Compared with the United States, Germany's main source of funds business from the all-around banks and insurance companies, such as Poensgen (1980) found 75 percent of German companies debt financing from the banking system. (9) Germany 3 major banks - Germany's Commerzbank, Deutsche Bank and Dresdner Bank in the credit market, accounting for the special share, in 1972 they accounted for Germany's manufacturing sector loans 28.2 percent, to the 20th century, 80 The market share has declined in 1982 but still reached 18.2 percent. (10) all-German banks, through direct ownership, as supervisors, proxy voting, and so fully involved in the process of corporate governance will help the bank more extensive and in-depth collection of business information in order to better supervise the utilization of loan funds and For future decision-making loans to provide useful information. In fact, companies can also take part in the government bank in the process of benefit, which benefits not only the performance of the enterprise will be stable credit funds, and they can share in the financial banking, technology and other fields of expertise. Through the bank as corporate supervisors directly involved in major business investment, finance, personnel, and other decision-making, is in control of first-hand information and to avoid the credit market, there is usually a result of information asymmetry as a result of adverse selection problems, contribute to the bank for business The specific credit and financial situation of the development of specific loan interest rates, loan guarantees, loan repayment policies, which the bank credit to optimize resources, reduce credit risk, increase the income of credit has been very positive. And other companies and their investors on behalf of the board of supervisors from the bank can also participate in corporate governance activities, the importance of access to financial information and other expertise, is conducive to scientific decision-making. More importantly, because of the bank in the information symmetry can be achieved under the optimal conditions for the loan arrangements for credit and financial condition of enterprises, they can effectively in-house information to banks and banking supervisors themselves, so as to obtain Conditions for preferential loans to avoid becoming a victim of adverse selection, the corporate cost of capital will also be greatly reduced.



Cable (1985 years) that the German banking and industrial sectors closely related to the creation of a "quasi-internal capital markets," the quasi-capital market pressures brought about by encouraging enterprises to minimize costs and maximize profits.According to his research, the German banking sector and large industrial enterprises is closely linked to the extent of these large enterprises and the financial position of a significant positive correlation between. Gorton and Schmid (1996) studied the years 1974-1985 the bank holding company and the relationship between performance and found that: in 1974, the bank holding company to improve performance, instead of the bank holding company's performance did not affect. By 1985, they found that banks and non-bank holdings are holding on to improve the performance of the company to have a positive impact. Shows that Germany is indeed all-stock banks directly help to improve the performance of the company, but from the 1970s to the 80s that the changes in the bank's influence with the development of capital markets and non-bank holdings and increase the relative decline of these non-bank Institutions have begun to actively participate in corporate governance, the banking sector in Germany's corporate governance pose a challenge to the special status. Elston and Albach (1995 years) of the study is further evidence of Cable's "quasi-internal capital markets" hypothesis, they believe that the general day-to-day business operations must attach great importance to the mobility of assets, only to maintain a certain level of liquidity in order to ensure that The timely repayment of short-term bank borrowings and other liabilities, in order to guarantee a certain degree of mobility, enterprises must consider when making investment decisions to stay out of a short-term capital investment or direct bank deposit, the rate of return on investment is relatively low investment in fact a waste of valuable Financial resources in the guise of improved corporate financing costs. (11) Under normal circumstances, a more distant relationship with the creditors of the business need to maintain a higher proportion of liquid assets, in order to reduce the risk of default and bankruptcy risk. But the all-around with the bank to maintain close relations in business investment decision-making when you do not need too much liquidity into account, because the bank to give the all-around is the main long-term loans, and business and close a large bank is relatively easy to negotiate. Albach and Elston also found that in the years 19831992, and close to all-bank businesses to invest its function of the liquidity problem is not sensitive, and the other of our investments should be very clear that the liquidity constraints of the problem. (12) Chirinko and Elston (1996 years) in the course of the study did not find that Germany close relationship between the bank and to reduce the company's financing costs, but also found no relationship between the bank's profitability and positive correlation between, but Discovered an important fact that the close relationship between the bank and the type of concentrated ownership structure of the relationship between the alternative. (13) in the highly fragmented ownership structure of the company prevails in the "free rider" problem, although the shareholding structure of the focus can be part of the settlement of shareholder oversight of managers, but would give rise to the major shareholders and the interests of minority shareholders of the conflict to form The new agency costs. ChirinkoElston in accordance with that type of close relationship between the bank and can substitute for part of the centralized ownership structure to better address the issue of corporate governance, which can address the excessive concentration of ownership structure where the majority shareholder of the interests of minority shareholders erosion, it can help solve Ownership Structure spread too thin layer under the manager and the interests of minority shareholders and managers of the conflict-monitoring.



The all-powerful banks and the close relationship between the bank and the German model of financing a large impact. On the whole, Germany is not well-developed stock market, oversee functions is not clear that the company's shareholding structure is more concentrated, many listed companies the right to vote on the all-hands Bank, the company can not control the market and what role to play. In addition, the company's share price based on the performance of managers incentive compensation system has not been established in order to pay a fixed salary as the main source of the managers prefer to engage in low-risk investment projects and construction of a wide range of corporate structure with the aim of reducing The company into financial crisis, as well as reduce bankruptcy caused by specific human capital loss. From the internal structure of corporate governance, the Board of Supervisors play a larger role. Board of Supervisors of the main trade unions on behalf of the employee's efforts to safeguard the stability of employment and, therefore, managers and the same preferences in low-risk investment projects or a wide range of business activities. Board of Supervisors on behalf of the workers in the non-elected by the shareholders, they are usually controlled with the right to vote on behalf of the interests of the bank's all-around, rather than other non-bank shareholders. Bank of the interests of the all-clear, they are concerned about the company is able to guarantee payment of principal and interest of loans, their participation in corporate governance is the ultimate objective of the loan in order to protect the safety and profitability. All-around small and medium-sized Bank settlement of a shareholder vote "free rider" problem, so that decision-making mechanism of listed companies not meet the shareholding structure of the fragmentation of failure, both at the same time to prevent a "vacuum of control" and restricted the managers of the company's "internal control "Solved in a modern company owner operator of the supervision and restriction issues.



In short, to all-bank-based financing model for German companies to cultivate a stable ownership structure and control structure, the financing model of the internal structure and external relations than market-based financing model more simple, especially for this model The requirements of the legal system is relatively low because the interests of small and medium-sized investors, directly or indirectly, by the all-around bank of effective protection, rather than the interests of minority shareholders in the United States must be very sound legal system to protect this relationship-based financing model is Conducive to promoting the steady macro-economic growth.

Eight Diagrams entrepreneurial husband and wife relationship of the five criteria

A relationship: making the other more beautiful -
Typical representative: Pan Shiyi and Zhang Xin
A man and a woman, 12 years to do couples, in today is a very difficult thing these 12 years, the two not only at night to Dahuo live during the day but also to business partners, it is really hard on the pieces And difficult matter, and 12 with a short period of time to become husband and wife both of billions of Regal, it is simply

But the 43-year-old 42-year-old Pan Shiyi and Zhang Xinthese difficult January 1 in the foot pedal.

At 9:30 on October 8, 2007, China (0410. HK) in Hong Kong Stock Exchange main board listed on the official. Listed on the first day to 10.10 Hong Kong dollar closed, to close at 9.55 Hong Kong dollar, the Hong Kong dollar than the 8.30 issue price rose 15.06 percent. To the day closing price, SOHO China has reached a total market value of 47.7 billion Hong Kong dollar, the Pan Shiyi and his wife also worth a towering fly to 350 billion HK dollars, China's richest couples.

When a black frame of "China Pan" and a yellow streaked hair "of the United States", with 12 hours of heated run-in with the collision and eventually the Hong Kong Stock Exchange in a dazzling wealth of blooming flowers, the world's Young couples tempted to start a new round of the Fu Qidang entrepreneurial boom.

Relations between the two: Tuyangjiehe -
Typical representative: Wong Kwong Yu and his wife cuckoo

"Fu Qidang" enterprises, mainly in general is the man, the woman serving as a role-Neizhu. For example, instead of his wife Wong Kwong Yu Gome's cuckoo.

Rhododendron graduated from the Beijing University of Science and Technology of the lenders in the Bank of China. 1993, Wong Kwong Yu because the working relationship with the cuckoo acquaintance. That year, Wong Kwong Yu Gang and the separation of big brother Huang Junqin, is at a critical turning point on the cause. Both pretty capable and have good education background and work of Du Juan, undoubtedly it to the younger Wong Kwong Yu echocardiography, and not even the junior high school graduates Wong Kwong Yu, has a clever mind and to his enterprise, which also Du Juan Guamu to it. 1996, and Du Juan Wong Kwong Yu finally "Tuyangjiehe."

In 1999, Du Juan resign from the Bank of China, participate in the rapid development of the United States. She listed companies long as the executive director of Gome, Wong Kwong Yu care for their operations in Hong Kong, Peng-run investment is also vice president of the main groups responsible for overseas operations and acquisitions. March 20, 2007, Peng Run-Group and private equity investment company Bear Stearns commercial banks signed a memorandum of understanding to set up a maximum of 500 million U.S. dollars joint investment fund to invest in Chinese enterprises. And the major battles in the direct Caopan hand, is Wong Kwong Yu, wife of the cuckoo.

In the memorandum signed at the scene, Wong Kwong Yu side of the cuckoo is quite eye-catching - with her fluent English, quick thinking and partnership exchange deal with the United States.

Relations between the three: "Yinshengyangshuai" -

Typical representative: Zhang Yin Liu and her husband were in

"Fu Qidang" enterprises, there are also many "Yinshengyangshuai".

At a trade conference, Zhang Yan to know who was the husband of Liu. At that time, Liu is one of the great achievements in their career doctors, and do part-time steel trade, proficient in multiple languages. At the instigation Cheung Yan, Liu set aside in their careers, and her business. 1990, Zhang Yin and her husband Liu in the decision to move to the cause of the world's largest raw material market the United States, where the establishment of the United States and South Africa, for the purchase of factories in China and to provide recyclable waste paper. First arrived in the United States, would not say that the English Cheung Yan, accompanied by her husband in a search for a customer.

Cheung Yan Road with emotion afterwards, the women in the selection of the other half the time, we must value each other and whether you focus on the same cause, or can not understand each other, day for a long time will be tired. And Liu were in completely to achieve this, the company responsible for the development, handling the affairs of the company, he even than Zhang Yin is also formidable. Some people may mind: as a man, but in place under the woman. However, Liu in the vanity of those who do not care about the fundamental things. They live in the principle is: we should admit mistakes, but things were not right. , Chairman of Cheung Yan sometimes do not, as Liu Mingqi, vice president of the China Council for severe criticism.

Relations 4: equal -

Typical representative: WU Zheng and Yang Lan

"Fu Qidang" enterprises, there are two well-matched couples of.

WU Zheng and Yang Lan, the combination is a typical woman of her husband's wealth and business success stories. In the cause of division of labor, WU Zheng capital to operate and manage the main, Yang Lan is a little more creative, while concurrently with the company's image ambassador. In the overseas Chinese circles, WU Zheng have a very sound reputation of Chinese industrialist; to the mainland, because Yang Lan is the star, by the natural concern to more than WU Zheng, while in Hong Kong, the reputation of almost two. They have a common cultural ideas and strengths, of course, is complementary.

Another more typical is the "Pan Chang ticket." April 1994, Hainan had just the real estate bubble in the "victory of the flight," came to Beijing and the development of the Pan Shiyi, the Pinglun introduced to the work in the Wall Street bank Goldman Sachs Zhang Xin. "Tubie" and "Turtle" of love in six months time quickly bear fruit, two in October that year held a wedding.

New new look. September 1995, Pan Shiyi encouraged his wife to leave Wantong, together founded the Redstone Industries.

In one year the eyes of the venture partners, the couple left a deep impression: "at the beginning of Zhang Xin, have yet to resign her office units, 30 are still several layers of the ITC building work. Sometimes I go to Pan Shiyi and Zhang Xin, often three people at Linchuang's office, Pan Shiyi excitedly, pointing to the distance Jianwai SOHO New Town and the two said that this is our site ah! We have heard blood boiling , A major cause of dry strong impulse. "

Marriage for a period of time, the two start-up life is not so understanding, but full of differences and disputes, but was very intense, but after several years of adjustments, and that the "Fu Qidang" tacit understanding and cooperation in the increasingly well acquainted, Zhang Xin with the name later changed to the Pan Zhang Xin. They gradually formed a "Zaofang Zi Zhang Xin, Pan Shiyi Mai Fangzai" model of cooperation, all companies with foreign relations, matters outside the commercial decisions, such as project management, and other architectural design done by Zhang Xin; negotiations, marketing, government relations And all matters relating to money and are responsible for Pan Shiyi. Pan Shiyi has played a very vivid metaphor: "Like the previous Shuahoumaiyi, I was out Qiaoluo the first, and then out Shuahou Zhang Xin, with the final out of the hat is my money."

Relations 5: Zhenbiancaoge -

Typical representative: De-Hui Wang Kung Yu-sum and

"Fu Qidang" enterprises, because if a major accident caused by one side can not continue to manage the enterprise, then the other side is undoubtedly the best "Tibuduiyuan."

Gong looks like a weak heart, supporting his early years with her husband De-Hui Wang venture. When the company's development Rurizhongtian the time, De-Hui Wang respectively in 1983 and 1990 suffered twice kidnapped. In a pre-paid 11 million U.S. dollars after the release, and the second in the 60 million U.S. dollars to pay the ransom, De-Hui Wang has disappeared, from Yaowuyinxin.

Kung Yu-sum has not been this unexpected blow to the fight in her continued efforts, the Chinachem Group has developed into Asia's premier investment firms, in July 1997, the United States, "Forbes" magazine released by the world super-rich top Kung Yu-sum to 7 billion U.S. dollars of personal assets of Chinese women in the world's richest man.

Of course, "Fu Qidang" is not the whole enterprise is Juanqimei harmony story, but also because of Strange Bedfellows to Fanmuchengchou, finally led to the tragedy. Li Shuang was a芭蕾舞演员, and later married a real estate company executives. Buganjimo of Li Shuang, after a period of ease and comfort in the "full-time wife", has begun to enter her husband's companies engaged in sales, and deputy general manager of the company. Li Shuang did not let her husband disappointed in less than two years time will make himself has become famous in the industry was "Beauty Caopan hand" and "real estate beauty," a reputation. However, the success of the cause of marriage and not to increase lubricant, on the contrary, young, beautiful, plus the various advantages of strong woman, and her much older than their husbands between the accumulation of a lot of irreconcilable contradictions. Finally Zhenbiancaoge lead to a tragedy - Li Shuang positions occupied by her husband charged, thus caught in a prison deep in jail.

In the life of Jiang Qing, the pursuit of the Qinmiwujian and in the cause of reasonable, to fight for their rights and a clear division of clarity, the "Fu Qidang" enterprises is essential principles.

Can humble the rich man who changed the language Zhen

A vagrant, begging for more than 40 years, traces of Tabian more than half of the world. One day, he came to the front of Bill Gates plans to discuss Dayton Fan Qian. Bill Gates said: "You want to be a dollar, or 10,000 U.S. dollars» "vagrants know that Bill Gates is the world's largest millionaire. Said: "I think it gave 10,000 U.S. dollars." Bill Gates can only gave him a dollar, plus a sign saying "You play to the strengths of the knowledge wealth" of the card, saying that "this is a Dollars, which is 9,999 U.S. dollars. "Vagrants received money and business cards:" This card is really value so much money? »" Bill Gates said: "As long as you do照着, Value may be more than over 9,000 U.S. dollars. "Vagrants seriously pondering a business card on it, the town hall to the Department of Trade and Industry wrote an application: We now begging for the establishment of the New York consulting firm. The reasons are as follows: 1. Huge market. According to "The New York Times" published the latest figures, the streets of New York has 200,000 to vagrants and beggars living. 2. To serve the community. As vagrants more, more and more stingy donor, the attitude is getting worse, resulting in very survival of some vagrants pressure. 3. Eligible. I stray 40, experienced begging, begging means comprehensive. 4. The needs of the times. Knowledge economy has arrived, I belong to rely on knowledge to get rich. City Hall Ministry of Commerce and Industry vagrant no reason to refuse the application, "the New York consulting firm and beggars" were allowed to set up. What about the results of «let people surprise! 2000, his breakthrough on the assets of 10 million U.S. dollars. Shortly thereafter, the company again "knowledge and beggars" as the theme to open up European markets to the European countries benefited from the vagrants. For example, an 8-year-old started begging, grinding life of her mother only once knife vagrants, after consultation, the beggars at the language from "pity!" With the "Brothers?» "Revenue increase. For instance, a child only once in his father Roll back the vagrants, through the Advisory soon in the bath found work. Even a no skills of the old vagrant, through the Advisory also improved the living, because he was London's streets are well known to every one, the Advisory officers let him do a "personal leader Company." Bill Gates, a vagrant in the induction, taking advantage of their "knowledge" for the company, results, beggars become a millionaire, and he provided the advisory opinion of the other vagrants, but also with their own "merits" of the change Their living conditions. Strange? «Not a bit strange, strange But the inertia of thinking so that I do not know how many people bury their" knowledge. " By Bill Gates saying that to do it, it can humble the rich man who changed the language Zhen。

RMB exchange rate against the U.S. dollar into the "six times" two "six times" What's the difference betweenRMB exchange rate against the U.S. dollar

1 asked two "six times" What's the difference between
For the current FX168, chief currency analyst Li Jun, 15 years ago, the swap scarce dollars on the foreign exchange market, the depreciation of the renminbi moving rapidly the situation is still Lilizaimu, Bank of Communications is working at the time he was responsible for U.S. dollars foreign exchange settlement and sales business, Probably in late 1992 and early 1993 when the U.S. dollar against the RMB exchange rate the way to the market, six yuan in the Dangkou almost without stop,
Instant perforation of the seven yuan barrier.

15 have passed, the RMB exchange rate against the dollar yesterday, once again returned to the "six times." Li Jun said that it is now今非昔比, China's comprehensive national strength, macro-economic and financial environment than 15 years ago with earth-shaking changes.

Recalling China's foreign exchange system History shows that in January 1, 1994 China announced the cancellation of dual exchange rate system, there are the official exchange rate and the swap market exchange rate at the same time both the exchange rate pricing system, but at the time the shortage of foreign exchange, foreign exchange resources in Demand and allocation between the providers "wrong", the official premium "price without the city."
At the same time, from around 1988 began gradually built up foreign exchange swap is unusually prosperity. Before and after 1993, the domestic economy overheating, there inflation, the surge in demand for imports, "is very scarce foreign exchange things, the market will think that the substantial depreciation of the renminbi, would result in a substantial appreciation of the Exchange, in the panic buying (Exchange)." Bank of Communications Lian-ping, chief economist recalled that time the Stock Market, also has a profound impression.

15, the RMB exchange rate against the dollar once again perform a "break 7", entered the "six times." But apart from the depreciation of the process is the last time, Now is the appreciation of the basic differences, the two "six times" There are many factors can not compare the background.

15 years ago, as a measure of a country's comprehensive national strength of key economic indicators, China's foreign exchange reserves, about 20 billion U.S. dollars; Today, China's foreign exchange reserves have more than 1.5 trillion U.S. dollars over 15 years ago, an increase of 70 times. 15 years ago, the domestic financial order more chaos, massive violations of bank credit market funds; Today, China's financial market after years of construction, are more open attitude to integration into the global market, multi-level construction of the market system with remarkable results.

"Two times'6 'is clearly not the same day and language." Li Jun, the current RMB exchange rate did not reflect their real value, "cracking 7" will continue to rise.

2 asked whether it will slow down the pace of appreciation

For the future trend of the renminbi issue, Lehman, UBS, Bank of America and many other investment bank economists believe that since the first quarter of this year, 4 percent appreciation of the renminbi, although they also expected the appreciation of the yuan will continue, but not to the past Within the next few months as the rate of appreciation of the renminbi's future reference. Under the influence of multiple factors, the yuan's appreciation against the dollar rate will slow.

The revaluation of the renminbi in the first quarter of about 4% of the problem, Bank of America Greater China economic research and strategy director Wang Tao believes that this partly due to the depreciation of the dollar-driven, the yuan on the project has not been effective in a more substantial revaluation. Lehman Brothers chief economist of China Sun Mingchun believes that the domestic price increase last year to promote the key factor is the raw material, food and other global markets soaring prices of raw materials caused by rising import prices, and currency appreciation will help curb domestic product imports Prices.

For the future trend of the yuan, said Sun Mingchun, with the Government's anti-inflation focus from work to promote employment, the pace of appreciation should slow down significantly in the second half. "The Government's policy focus of the second half may soon shift from the anti-inflation problem of unemployment, pay more attention to economic growth rather than inflation, will slow down the pace of currency appreciation."

Wang Tao is also expected that once the inflationary pressure makes a clear slowdown in export data or weakened, the yuan against the U.S. dollar will weaken the speed of adjustment. He predicted that by the end of June this year, the RMB exchange rate will break the 6.8, the end of the year will rise to 6.65.

In exchange rate policy, the Sun Mingchun, the RMB exchange rate management in the People's Bank of China will pay more attention to the effective exchange rate and expectations for a U.S. in the second half of the year compared with other major currencies (such as euro, sterling and yen) appreciation of the RMB against the U.S. dollar's appreciation pace May not be as fast as the first quarter.

UBS chief economist for the Asia-Pacific region Anderson pointed out that there are multiple factors, makes the appreciation of the renminbi can not be expected to last four months about the appreciation of the situation as a reference. First, the renminbi is not on all the major currencies appreciate, but the appreciation of the dollar; Second, the "hot money" the possibility of returning; Third, the United States and the global economy will further slow-down in the first half of this year, which will help the economy Of exports. Once this happens, the appreciation of the RMB power would decline.

3 asked whether the appreciation of anti-inflationary pressure

Since the central bank in last year's third quarter monetary policy report for the first time raised interest rates and exchange rates to strengthen coordination and cooperation to ease inflationary pressures, the role of exchange rate tools on the market for more attention to. With yesterday's exchange rate of RMB against the U.S. dollar above the first seven yuan juncture, the road in the rapid appreciation of the RMB is the way to the high inflation pressure to play a greater role once again be concerned about.
In the third quarter last year, the central bank's monetary policy implementation in the report, interest rates and exchange rates to strengthen the coordination role, to curb inflationary pressure, the RMB exchange rate performance was positive, to bring rapid appreciation of the potential market many accidents. "In order to curb inflation pressures, in fact the central bank has pushed the exchange rate tools to the first line." CASS Institute of Finance, China's economic evaluation of Liu Yu-hui, director of the Center said.

Two sessions held in March this year, central bank governor Zhou Xiaochuan made it clear that from an analytical point of view, the proper appreciation of the yuan, or slightly faster, the Chinese currency will help curb inflationary pressures. But he also pointed out that curbing inflation pressures will not become the market exchange rate mechanism reform, or changes in the main exchange rate fluctuations.

However, with domestic and international economic environment of constant change, use the exchange rate tools to ease the inflationary pressure should also be constantly adjusted. Liu Yu-hui stressed that the current external environment is not relaxed, the Government's control ideas, considerations will be subtle changes. He believes that the Government may prevent over-tightening policies have a negative impact on the economy, but on the nature of the appreciation of the exchange rate will play a role in tightening, in such circumstances, the next revaluation of the RMB rate will definitely not be more than one quarter , But relatively slow.

Senior Manager of the Research Department of China Construction Bank, Zhao Qingming not agree to the appreciation of the renminbi to alleviate inflationary pressures views. He said that in theory, this view is to set up, but it needs a relatively harsh existence of the premise. In China's current circumstances, the renminbi to the formation of a unilateral appreciation of the market is expected to attract a lot of capital inflows, resulting in Waihuizhankuan increase the liquidity surplus, eventually formed the appreciation of the excess liquidity to strengthen the cycle, There is no pressure to help curb inflation. In his view, is the key to solve the problem by dividing the expected way, making money is no longer unilateral revaluation of the yuan have imagined, cut off the inflow of hot money, thereby reducing Waihuizhankuan due to the passive monetary base running, the final start from the currency Ease inflationary pressure. (Qinyuan-na-Beibei)

Talking about ways to create inventions

1, to create innovative changes in law

Innovation is one way to change our world is not perfect, it is worth a lot of things change, we need to change the world Nanbu Nan »a bottle of mineral water, to change its weight, how do» a drink, to change the weight, cut Vegetable knife so that it can easily be hoisted, how do «open a hole to do so also, of course, can also be a bolt and so on.

To create innovative change, we emphasize the change in the length of articles, size, structure, weight, shape, content, materials, theory, composition, the use of methods, the use of venues and other content.

Feet - longer - tape measure

Watches - more - 10 minutes

Bicycle - variable structure - water cycling, ice bicycle

Balloon - variable weight - basketball, shot put, etc.

Round pencil - change shape - hexagonal pencil

Cup - variable content - magnetized Cup

Glass - change materials - stainless steel Cup

Hanging buckets - Variable principle - easy to play buckets (under open and covered with rubber Paper)

Light bulbs - into points - color light bulbs

Door button - use change - ramp up the door button, the door-to button

煤气灶- changed the use of places - Gas shower

2, to create their own combination of

For any one subject, we can from its function, materials, shape or structure of the interrelated subjects such as knowledge to explore.

If the cup examples:

Functional areas: the cup - to watch - Sheng solid - Sheng liquid……

Structure: the cup - in Cup - Beigai - Cup ear……

Materials: cups - enamel - Ceramics - metal - glass - plastics - paper……

Related subjects: the cup - - - magnetic - knowledge (such as text - map - painting, etc.) - scale - layered…

After the analysis and inference can create many new ideas:

+ + Cup glass scale = scale glass

+ + Metal cups, metal electric Cup =

+ + Magnetic plastic cup plastic magnetic Cup =

+ + Knowledge to watch the cup viewing knowledge Cup =

Beigai cup + + = compass to guide Daigai Cup

3, the existing articles of law

In fact, almost every one of the world's goods in use, without exception will be found, it has many advantages, there are also some advantages, but we have not found, or have passed easily overlooked. Therefore, it can be said that there are any items of the possible. How to make use of existing items of innovation, we may wish to try. China to create scholars generally adapted from the "12 words" wise, it stems from a question of principle. This method to learn, easy to understand, even primary school students can grasp the specific details are as follows:

(1) plus one plus

The word written in large, easy to read the elderly, to increase the general umbrella, on the shore at a place Qingyu dual-use umbrella, the truck is extended, and extended on a trailer, the Ping Banche, can carry long Of, such as rocket; high-rise building, tower cranes, aerial ladders, lifts, multi-sect, multi-functional suitcase.

+ = Pencil with rubber-coated rubber head of a pencil

TV + phone = videophone

Amp + TV = OK karaoke machine
(2) by a reduction

A decrease of the items, reduce, reduce the point. If the tube into Manifold, to reduce the volume; letters directly printed on stamps, not to be Self-stick stamps, and let the wearer of contact lenses thinning, reduce, minus frames, also made by many traditional Chinese characters of the word, a The band is replaced by recording a decrease of expenditure, and convenient VOD.

(3) expansion of a widening

A relaxation of the items that the expansion of that function to produce significant changes, single sofa expanded to more than a sofa, a road widening for two two-way section of the road into a single row of double-row seat car expanding car, a hair dryer to expand The drying of the dryer blankets, binoculars expansion into the long, large astronomical telescopes, expanding a single umbrella double umbrella, "Couples" umbrella.

(4) a reduction reduction

Medical there is a "probe" pill, can Tunjin stomach, Dunei full-scan, Weidiao the hair on the lettering, pocket-sized lyrics, pocket radios, pocket-sized flashlight, pocket-sized raincoats, the globe is not Earth's microfilm goods? «Collapse - Is also a shrink.

(5) and one of the

Will be a thing and another thing, the use of the linkages between them, one of the new features and will have new things.

For example, shaving and scraping to be linked to the multi-functional shavers, multi-purpose machine tools, electric cars can also be electric feet moving.

(6) of a school

Learning to imitate other items of principle, the shape, structure, color, performance, specifications, movements and methods, so as to innovation.
There will be a function to imitate movements can take-off and landing Lanqiu Jia, the flying bat on the principles of the invention of radar to study the fish swimming in water, the invention of the submarine.

(7) changed a change

Change the shape of an item, size, color, taste, sound, etc., will have another kind of feeling. Many new products come out, many fall into this category.

Round into a hexagonal pencil, Chen Shui-bian round, two-color ball-point pen monochrome or colour change, melon seeds to taste butter, soy sauce flavor, Guaiwei, spicy variety of changes in the bottom of the funnel into a triangle round, semi-circular, Square, Tianji changed the race to a 2-1 victory changed, the alarm clock into a silent vibration become a popular new products.

(8) Gaiyi Gai

Is from the shortcomings of existing things start with, if found inadequacies of the insecurity, inconvenience, Bumei Guan, and then address these deficiencies to find effective improvement measures, a new invention.

For the past many black umbrellas, too monotonous, many now changed color, Sanbing also changed the past, with Zhesan, facilitate the collection, the umbrella cloth cover line of sight, into a transparent plastic so the umbrella cloth. Shoulu Ji-card into double-card functions into a single multi-function, and so on, so on.
(9) and generation

It refers to things or use other methods to replace the existing things, thereby creating a new invention.

Cao Chong is the basis of alternative rock elephant, aluminum-plastic instead of metal tubes, napkins instead of a handkerchief, and so on.

(10) to move a move

The original or the original vision of things, go to the technology elsewhere, to produce new things and new ideas and new technologies.
This approach contains a large extent on the use of a technology. Such as the use of vibration theory, can produce vibration, vibration transmission, the use of laser, made of laser weapons, CD, laser security.

(11) against an anti -

That is a matter the shape, nature, functions, as well as the positive and negative, from top to bottom around, they would be reversed, and so on before and after, thereby creating new inventions.

"Anti-Anti-a" way of thinking known as reverse thinking.

"Sima Guang smashing cylinder rescue" is one example, Sima Guang breaking the conventional thinking - who pulled out of the water, a broken tank will go to water, thereby saving a life. The pros and cons can wear the clothes, car mirrors, all belong to such examples, the thermometer is the expansion of liquid - heat, shrinkage - the cold reverse thinking of the invention, the motor used to turn a generator.

(12) must be

Refers to certain inventions or products set a new standard, model, order, or to improve some things, to enhance learning and efficiency and to prevent adverse consequences that may occur to some of the new requirements, thus leading to the invention of innovative techniques .

Medicine bottles have been printed on the scale, tagged, annotated daily use several times, taking the time, taking a few lattice; traffic junction traffic lights, the students raise their hands before speaking.

Li Ka-shing. Prerequisite of successful 10!

Social progress and economic development of Yemen to enable children to feel the pressure in Biezhuo shares to be strong people Shangren, to the actual things and feel - effectively have nowhere to capacity or are simply not. Whether anyone ever thought: those who successfully What is the secret »how they do« Well, I put my experience to tell you some, this is also Laobei the teaching and personal summing up!

1: do not move people hate

This means that no matter what you first learn how to man, man has learned there will be a friend. With a friend out of your success will step!

2: Shengliang behind the tree good, very important power, the right to nothing unstoppable.

China's economy and society in what is money »what capital» rights is the capital! Zuoyoufengyuan you can have rights, can have numerous opportunities to appear in front of you! Instead you is that the brain can only Gates is a small Small downtown! Course, we can not be born who have such family conditions, but people are dead is a living thing. You have to in your peripheral to mining, to develop! You may think you have lost the past such an opportunity!

3: No one is perfect, everyone has flaws are fatal weakness, once seized, single blow.

Chairman Mao once said, "and people fighting ~ ~ Fun for all at." Communist Party refused to pull up a group of peasants defeated the national army of 8.0 million regular army, which is to find a national army of the fatal weakness: the replacement of dynasties is to support the broad masses of the people才行! People to engage in, we all have fatal Weaknesses, have Sixue! Depends on whether you really have to consider!

4: Xianhaojiushou, the world is not one of you.

Business, well, gambling, Paoniu should Enough is enough! Scar target Mu Xian Hui Hu Rapporteur on the thin »

5: Do not高高在上, Tianwaiyoutian, people, people.

Each person or whether you are successful entrepreneurs, are not self-righteous, perhaps you can become beggars close to your opponent! When put to the heart of the peace should be "cold-shouldered look at the sector."

6: harm to the heart is, of the heart-no, you harm the people you are often the most trusted people.

Platitude it! This world who is the most reliable in addition to their own health you can only raise your parents!

7: Woman is the largest Huoshui, she can let-men mourning.

Men to 10% of its real importance to the Society: - put aside the sons and daughters of intelligence long! Can not Tanse! Women can not put your life first! One day you will know these men: As long as there Money will have love! Without economic backing for the love is the most unreliable!

8: look at a person, from the trivial to see major event, not Xiaojing parents who can not pay.

Xiaojing not a parent, even Dama parents of the people will not be good friends Where! People regardless of Zoudao Na step, you around no family, no friendship, not love, then you is a Chusheng!

9: dry matter must not regret it, believe in themselves, the key is value and worth to his face.

As long as things do look, as long as they are worthy of their relatives, friends, you do! There is to self-confidence! What is worthy of its own »worthy of its own: to be worthy of their work as human Standards!

10: Human nature is selfish, no one so.
This world, this community of people who will eat! You have to know your this nature, we must know and understand the people and things around you, everyone is in for his own work. He heard his name is not on your capital, can not afford not to the extent you eat!

2008 Forbes "Taiwan's 40 rich list" published

Graphic: CAI Hong Figure 1 (Tsai Hong-tu) family
Net wealth: 8.5 billion U.S. dollars
Industry: finance; Age: 55-year-old
Marital status: Married, three children
CAI Hong map and his family's wealth by inheritance from his father's plans CAI Hong Tsai Wan-lin (Tsai Wan-lin) (2004 died) legacy. Cathay Pacific Holdings is the main financial holding companies (Cathay Financial Holdings) (CAI Hong map of the company's chairman). Cathay Financial Holding's subsidiaries, including Cathay Life Insurance (Cathay Life Insurance) and Cathay Pacific Construction (Cathay Real Estate). This year, due to Taiwan's real estate market recovery, the building of Cathay Pacific's shares have gained.

Graphic: Wang Yung-ching (Y. C. Wang)
Net wealth: 6.8 billion U.S. dollars
Industry: Petrochemical; Age: 91-year-old
Marital status: Married, nine children
Only received primary education tea farmers to the son of Formosa Plastics (Formosa Plastics) built Asia's largest manufacturers of petrochemical products. Taiwan's major petrol supplier. Business more than 50 years later, in 2006 from the position of chairman of retirement.

Graphic: 3 Kuo-ming, Taiwan (Terry Gou)
Net wealth: 6 billion U.S. dollars
Industry: electronic age: 57-year-old
Marital status: widowed, two children
1974 by Hon Hai Precision Industry (Hon Hai Precision Industry) started in 7500 U.S. dollars. Is now the world's largest contract manufacturers, it was reported responsible for the assembly Apple (Apple) iPod and iPhone, Nokia (Nokia) mobile phones and Nintendo (Nintendo) Wii systems. Wealth, including a trust for employees on incentives and R & D shares. Since last November, Hon Hai's shares shrink 25 percent, part of the reason is that labor costs rose and consumer spending worries. Vietnam is expanding production through. The woman took the Hong Kong-listed Foxconn International Holdings (Foxconn International Holdings) board of directors.

Graphic: 4 million before Choi (Tsai Wan-Tsai)
Net wealth: 5.1 billion U.S. dollars
Industry: finance; Age: 78 years
Marital status: Married, four children
Fubon Group (Fubon Group), a founder and retired chairman. In his two sons - CEO Caiming Zhong (Daniel Tsai) and Vice Chairman Cai Ming Xing (Richard Tsai), under the leadership of the enterprises to enter the field of telecommunications and media and has been the revitalization. April the Taiwan government's approval of its Fubon Bank (Fubon Bank) acquisition of Xiamen commercial banks 19.9 percent stake. This is the first time Taiwan's government approved Bank of Taiwan to the mainland banks to invest. Nephew CAI Hong plan is the first top tycoons.

Graphic: 5 WANG Xue-hong (Cher Wang) and Chen Wenqi (Wen Chi Chen)
Net wealth: 3.5 billion U.S. dollars
Industry: electronic age: 50-year-old / 53
Marital status: Married, two children
Wang Yung-ching (the No. 2 ranking Regal) the daughter of a production control the use of Microsoft (Microsoft) software for mobile phones HTC (HTC). Last year in November and Google announced a joint venture production of new cell phone. Her husband operates semiconductor manufacturing enterprises VIA (VIA Technologies).

Graphic: 6. Jeffrey Koo (Jeffrey Koo Sr.)
Net wealth: 2.8 billion U.S. dollars
Industry: finance; Age: 74 years
Marital status: Married, four children
Jeffrey Koo is also the eldest son of his predecessor, the successor Guzhong understanding (Jeffrey Koo Jr) since 2006 on the run from the outside, when he abused Chinatrust Commercial Bank (Chinatrust) of funds to purchase the shares competitors were charged. Jeffrey Koo and his Chinese owned by the Trust Financial Holding Co., Ltd. (Chinatrust Financial Holding) side by side, and is expanding its consumer banking business, to serve in Greater China, Southeast Asia and North America Chinese. The company's stock has been since January have risen nearly 33 percent. Jeffrey Koo family also held recently in Singapore-listed by their other son Andre small commercial banks operating in the Financial One shares. His son, also a game company GigaMedia shares.
Net wealth: 2.7 billion U.S. dollars
Industry: real estate; Age: 69 years
Marital status: Married, four children
Rong-Hui Lin is the first three growing vegetables on rice sales Fajia wealth. He 20 when the teenager began to get involved in real estate development industry. He is Taiwan's largest daily Liberty Times (Liberty Times) and the issue of Taiwan's democratic reform and international relations advocate. At the same time, he also holds the Commonwealth Bank of Taiwan (Union Bank of Taiwan) shares. Furthermore, as a former member of Taiwan's legislature, he also served as the island had two successive leaders of the national policy adviser.
Graphic: 8. Wei should state (Wei Ing-Chou) and his family
Net wealth: 2.65 billion U.S. dollars
Industry: food; Age: 54-year-old
Marital status: Married, three children
Since the 1990s, consumer-oriented Chinese mainland since the launch Kangshifu instant noodles, she should state the noodles production company is developing rapidly. Now, he's the top benefit (Tingyi) is a leading provider of instant tea noodles and bottled water and retailers. The company's earnings per share in 2007 on growth of 31 percent. Wei, the family should be adopted last year to increase its purchase of shares in the company's shares.

Graphic: 8. Wei should state (Wei Ing-Chou) and his family
Net wealth: 2.65 billion U.S. dollars
Industry: food; Age: 54-year-old
Marital status: Married, three children
Since the 1990s, consumer-oriented Chinese mainland since the launch Kangshifu instant noodles, she should state the noodles production company is developing rapidly. Now, he's the top benefit (Tingyi) is a leading provider of instant tea noodles and bottled water and retailers. The company's earnings per share in 2007 on growth of 31 percent. Wei, the family should be adopted last year to increase its purchase of shares in the company's


shares.
Graphic: 10. Lin Yu Lin (Lin Yu-Lin)
Net wealth: 2.4 billion U.S. dollars
Industry: real estate; Age: 72 years
Marital status: Married, seven children
Lin Yu Lin is the real estate development company Fergus Group (Hung Tai Group) chairman. Benefit from the re-warmed up the real estate market, the company is rapidly developing. His favorite building foreigners, including Fergus Centre (Hung Tai Center) and Exchange Square (Exchange Square), and in building Hongsheng Corp. (Hung Sheng Construction) and Qunyi Securities (Capital Securities) in the respective holders Shares. He is ranked seventh in three Rong-Hui Lin's brother.
See all the other tycoons in Taiwan
The real estate industry billions of dollars-rich - far-building (Farglory Land Development), chairman of Chao Teng-hsiung (Chao Teng-Hsiung) is the list of one. In the past two years, far-building shares rose nearly three times, making his net assets reached 1.8 billion U.S. dollars. Over the past year, construction shares soared 42 percent, while Taiwan's main index rose by 11 percent overall.
The number of mainland tourists to Taiwan is expected to increase to benefit another major beneficiary of the tourism business owner. As a whole, their stock in the last year rose 58 percent, from the end of last year to now, soaring by 80 percent. This increase also PAN Si-liang (Steven Pan) to 580 million U.S. dollars of net assets we selected list. PAN Si-liang of the Taipei House4 family is the hotel (Grand Formosa Regent) the majority shareholder. Taiwan's popular but has not yet publicly listed Fuk Wa Hotel (Howard Hotel) the owner of Paul Liao and his family net assets is estimated to reach about 1 billion U.S. dollars.