Problem description:
What is the CEO of a company responsible for? What qualifications should I have?
Analysis:
CEO (Chief Executive Officer) is the product of American corporate governance reform and innovation in 1960s. With the change of the market, the speed of decision-making and the intensity of implementation are more important than ever. The traditional company system of "the board of directors makes decisions and the manager carries them out" has been difficult to meet the needs of decision-making. Moreover, the delay of information transmission and communication barriers between the decision-making layer and the executive layer, and the increase of decision-making cost have seriously affected managers' ability to respond quickly and implement major decisions of enterprises. The first point to solve this problem is to give managers more power to make their own decisions, so that managers can fight for their own decisions and be responsible for their actions. CEO is the product of this change. In a sense, CEO represents the transition of some decision-making power from the original board of directors to the management.
The CEO and the general manager are both the "top leaders" of the enterprise in form, and the CEO is both the CEO and the spokesperson of shareholders' rights and interests-in most cases, the CEO appears as a member of the board of directors, and the general manager is not necessarily a member of the board of directors. In this sense, the CEO represents the enterprise and is responsible for its operation.
Because there is no similar supervisor abroad and constraints from all directions, the authority of CEO is more absolute than that of domestic general manager, but they will never get involved in the specific affairs of the company as much as the general manager. After the CEO makes the overall decision, the specific execution will be decentralized. So some people say that CEO is like 50% chairman and 50% general manager in China.
Generally speaking, the CEO's main responsibilities are in three aspects: ① making decisions on all major affairs and personnel appointment and removal of the company, and delegating power to specific supervisors after making decisions, with less specific intervention by the CEO; ② Create a corporate culture that encourages employees to be willing to serve the company; (3) Promote the overall image of the company.
QFII is short for Qualified Foreign Institutional Investor. Under the QFII system, qualified foreign institutional investors (QFII) will be allowed to remit a certain amount of foreign exchange funds and convert them into local currency, and invest in the local securities market through special accounts under strict supervision and management. All kinds of capital gains, including dividends, bid-ask spreads, etc., can be converted into foreign exchange for remittance after examination, which is actually a limited opening of the domestic securities market to foreign investors.
According to the Interim Measures for the Administration of Domestic Securities Investment of Qualified Foreign Institutional Investors jointly issued by the People's Bank of China and the China Securities Regulatory Commission, QFII's investment scope includes: A-share stocks, government bonds, convertible bonds, corporate bonds and other financial instruments approved by the China Securities Regulatory Commission.
As a system, it means that the relevant administrative departments of our country allow approved overseas institutional investors to convert foreign currency into RMB under certain supervision and restrictions and invest in the local securities market through special accounts; Investors' capital gains and dividends must be approved before they can be remitted out of China. QFII, as a transitional low-risk model, plays a unique role in the gradual opening of China's securities market.
In some countries and regions (especially emerging market economies), the money market is not fully open, and the capital account is not fully open. The intervention of foreign capital may have a negative impact on the country's securities market. It can be said that this system is just to prevent such risks. Through this system, the management department of a country can supervise and guide the entry of foreign capital, make it adapt to the development of its own economy and securities market, curb the impact of speculative hot money from abroad on the economy, promote the internationalization and healthy development of its own capital market, and protect its independence. In fact, China, Taiwan Province Province, South Korea, India, Brazil and other countries and regions established and implemented this system in the 1990s. China also promulgated the Interim Measures for the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors on June 5438+065438+ 10, 2002. Compared with other countries and regions, China's QFII system is more active and innovative in specific system design, especially in the process of opening to the outside world, which is more attractive to overseas institutional investors. China's QFII system has the following characteristics.
The first is the leap-forward development of QFII system in one step. According to general international experience, the opening of the capital market will go through two stages. In the first stage, "overseas fund" (Taiwan Province model) or "open international trust fund" (Korean model) can be established first; At this stage, Taiwan Province Province spent 7 years, and Korea 1 1 year. China bypassed the first stage, one step in place, and its advantage as a latecomer is immeasurable.
The second is to expand the scope of QFII access and raise the requirements. In order to strengthen supervision, countries and regions in emerging capital markets generally stipulate what types of foreign institutional investors can enter their own countries or regions through listing. In addition, there are strict requirements on QFII's registered capital, financial status and operating period. On the contrary, China has defined the scope of QFII relatively broadly, giving overseas investors more freedom. However, in order to ensure the stable and healthy development of the domestic securities market, China has further raised the requirements for the amount of registered capital, financial status, operating period and other indicators.