中国对外直接投资是指中国境内投资者在国外及港澳台地区设立或购买境外企业,并控制企业经营管理权的投资活动。对外直接投资的形式包括______。
A. 新设
B. 参股
C. 增资
D. 并购
France"s tradition of making exquisite luxuries dates back at least to the court of Louis XIV. 16 The sun king financed ebenistes (cabinet-makers), tapisseurs (upholsterers), menuisiers (carpenters) and other artisans who made beautiful and largely useless things for the court of Versailles.Bernard Arnault might be his heir.Mr. Amault is the chairman, chief executive and controlling shareholder of Moet Hennessy Louis Vuitton (LVMH), the world"s largest luxury group. 17 Over the past quarter-century he has transformed a small, nearly defunct clothing manufacturer into a conglomerate that controls more than 60 luxury brands.Credit Suisse, a bank, predicts that LVMH"s combined sales will reach27 billion ($33 billion) this year. Its profits in 2011 were3.5 billion and its market capitalization is a cork-popping62 billion. LVMH is more profitable than other luxury groups."LVMH is like a mini Germany," boasts an insider. Like that country"s Mittelstand, it has built a reputation for craftsmanship and quality that people are happy to pay extra for. 18 The difference is, the Mittelstand makes unsexy things such as machine tools and shaving brushes, whereas LVMH makes champagne hand-bags and other objects of desire.Also like the Mittelstand, LVMH energetically pursues opportunities abroad. 19 After years of hard marketing, it has persuaded much of Asia"s new middle class that its wares confer a whiff of European sophistication.Sales in Asia (Japan except) accounted for 27% of the total in 2011, up from 17% in 2001. In Japan, which generated 15% of the group"s sales a decade ago, a startling 85% of women now own a Louis Vuitton product. It takes a rare talent to be ubiquitous and yet retain an air of exclusivity.A final similarity is that, like the Mittelstand, LVMH is made up of lots of family firms. The difference is that the ones that make up LVMH have been swallowed by a hungry conglomerate.Some didn"t object. Last year LVMH bought Bulgari, an Italian jeweler, for4.3 billion. The Bulgari family were happy to take the cash. 20 Their business had hit a rough patch after the collapse of Lehman Brothers in 2008, and they thought Mr. Arnault would make a good sugar daddy for their brand.
下列关于外商投资企业的股份出质表述中,正确的有______。
A. 投资者不得质押未缴付出资部分的股权
B. 投资者不得将其股权质押给本企业
C. 经出质人同意,质权人就可以转让出质股权
D. 在质押期间,出质投资者作为企业投资者的身份不变
When retailers want to entice customers to buy a particular product, they typically offer it at a discount. According to a new study to be published in the Journal of Marketing, they are missing a trick. 11 A team of researchers, led by Akshay Rao of the University of Minnesota"s Carlson School of Mana gement, looked at consumers" attitudes to discounting.Shoppers, they found, much prefer getting something extra flee to getting something cheaper. The main reason is that most people are useless at fractions.Consumers often struggle to realize, for example, that a 50% increase in quantity is the same as a 33% discount in price. They overwhelmingly assume the former is better value. 12 In an experiment, the researchers sold 73% more hand lotion when it was offered in a bonus pack than when it carried an equivalent discount(even after all other effects, such as a desire to stockpile, were controlled for).This numerical blind spot remains even when the deal clearly favors the discounted product. 13 In an other experiment, this time on his undergraduates, Mr. Rao offered two deals on loose coffee beans: 33% extra free or 33% off the price.The discount is by far the better proposition, but the supposedly clever students viewed them as equivalent.Studies have shown other ways in which retailers can exploit consumers" innumeracy. One is to befuddle them with double discounting. 14 People are more likely to see a bargain in a product that has been reduced by 20%, and then by an additional 25% than one which has been subject to an equivalent, one-off, 40% reduction.Marketing types can draw lessons beyond just pricing, says Mr. Rao. 15 When advertising a new car"s efficiency, for example, it is more convincing to talk about the number of extra miles per gallon it does, rather than the equivalent percentage fall in fuel consumption.There may be lessons for regulators too. Evert well-educated shoppers are easily foxed. Sending every one back to school for maths refresher-courses seems out of the question. But more prominently displayed unit prices in shops and advertisements would be a great help.