金融危机的历史规律、当前特征与中国企业应对策略

Financial Crisis:Historical Rules,Recent Characteristics and Chinese Firms' Countermeasures

本文对金融危机进行了历史分析,阐述了金融危机生成的历史规律,揭示此次国际金融危机在传导路径、资产定价和风险分担机制方面的突出特征。文章认为,为了对抗金融危机的冲击,中国企业应重视安全性,贯彻安全保值、审慎稳健的主导思维,并在战略管理、并购、投融资和业绩评价方面做出相应的调整。

This paper analyzes financial crisis historically, gives the historical rule of financial crisis formation, and discovers the unique of this crisis in contagion channel, asset pricing and risk-sharing. To confront the financial crisis, Chinese firms should focus on cash flow, follow the philosophy of security and robusmess, and adjust their strategy, M＆A, investment and financial policy, and performance appraisal system.