华尔街虎女 5

《WomenTigerOnWallStreet》读书笔记5...

Chapter 8. Learning, Burning, and Crashing

● Most of the dates Andrew and I went on did not take place in restaurant or theaters. Instead, he would accompany me on field trips and to my office over the weekend to brainstorm investment ideas or help me build financial models.

读书笔记：学霸的恋爱和约会我不懂。。。

● After China become the world factory with cheap labor and low costs, there are three waves of Chinese companies was invading U.S. capital markets.

1. The first wave of Chinese IPOs began coming to U.S. markets in 1990s. these companies were state-built empires in strategic industries such as insurance, energy, and telecommunications, monopolies constructed with generous government funding and production.

2. The second wave of Chinese companies hit U.S. exchanges in the early to mid-2000s. These firms were sexier than their predecessors because they operated in hot industries such as technology, consumer products, and media.

3. The third wave of Chinese IPOs, which rushed to join the party on the American exchanges around 2006, presented problems of its own for investors.

● The company’s low R&D (research and development) budget was commonplace in China. The main reason was the loose enforcement of China’s intellectual property laws. I start to realize that this was the reason for China’s notorious lack of innovation. The culture of lawlessness meant many companies feared having their products reverse-engineered and copycatted.

读书笔记： 中国科技产品的研发发展水平是和我国对于知识产权保护的重视程度密切相关的。同时还是和我们对于创新意识的激励制度有关。这也是我国一直是世界工厂做贴牌产品但是迟迟没有创造发明新产品的一个很重要的原因。鼓励创新，尊重和保护知识产权，在产品研发投入大量的人力物力财力并有效利用是我国在世界市场上推出有竞争力的产品的一个发展方向。

● China’s green-tech companies

The companies tried to show off their labs and “proprietary technologies,” but it soon became obvious to me that they were following the same low-cost manufacturing model as any Chinese button or sock manufacturer.

China’s green-tech companies became known not just for lacking intellectual property but also for stealing it.

读书笔记：其实在科研和研发上的少量投入和大量产品的抄袭也是我国创新产品发展停滞不前的原因。

● China’s hefty government subsidies lower the costs for domestic manufactures and allowed them to win market share. But ultimately they damaged their business by creating excess capacity in the market. So the United States and European Union passed antidumping actions to protect their market from low-priced Chinese products.

读书笔记： 欧盟反倾销

欧盟的反倾销法规定，在确定正常价值时，先得确定出口国是否为市场经济国家。如果不是，欧委会就会认为其国内价格不能作为确定正常价值的可靠依据，而会采取其它的办法。欧盟一直将我国视为非市场经济国家。因而欧委会在计算正常价值时往往使用"适当的"第三国（替代国）的价格来确定价格和成本。

欧盟认为中国产品的价格或成本的计算并非供求关系作用的结果，也难以确定中国某一企业对国家的依赖程度，所以将中国列入"非市场经济国家"之中，中国输欧产品的正常价值必须按照某个实行市场经济制度的第三国来计算，但在欧盟对华反倾销案件中，被选为参照国的既有印度、泰国、菲律宾、印度尼西亚、韩国、巴西、阿根廷、智利等发展中国家，也有美国、日本、奥地利、挪威、瑞典及西班牙这样的发达国家。到目前为止，欧盟对华反倾销使用替代国的案件有59起，以发达国家作为类比的达23起，占39%。发达国家的经济发展水平及资源开发和劳动力成本比我国高很多，用这些国家的价格来进行比较，完全抹杀了我国廉价生产产品所具有的比较优势，从而高估正常价值，人为地抬高倾销幅度，结果很容易认定倾销成立并课以重税，这是非常不合理的。即使我出口产品价格高于国内成本，也低于替代国成本，所以只要立案就有倾销，为其征收高额反倾销税提供借口，这已构成了中国产品进入欧盟市场的一种非关税贸易壁垒。

由于将中国视为"非市场经济国家"，欧盟对中国实行单一反倾销税率，而不是根据不同企业的实际倾销幅度征收不同的反倾销税。即中国若有一家企业的产品被诉反倾销，则国内其他企业出口的同类商品无论是否存在倾销，都要受到牵连，一律征收统一的反倾销税，即使出口产品售价高的企业也不能幸免，同样得遭受欧盟的反倾销制裁，结果导致某些本来倾销幅度较小或根本不存在倾销的出口企业也被征收高额的反倾销税，而反倾销税一旦裁定，五年中适用于全国有关产品的所有出口商。欧盟这种"株连九族"的做法使我国许多出口产品最后被迫退出了该市场，给企业造成了巨大的损失，而惩罚不分良莠也影响了我整顿外贸经营秩序，加剧企业跟风降价的倾向，结果很容易构成倾销的事实，从而导致恶性循环。

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● Being an Asian woman in a white male-dominated world also helped me to stand out. People noticed me and my questions at various conference, field trips, and industry events. I wasn’t sure what my next move will be, so I took some time off to travel, learn to surf, and get some much-needed rest, after having worked so intensely for five years.