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There’s a basic formula for economic growth． It has four ingredients：investment in physical capital， workers with more human capital （that is， skilland education）， new technology， and mixing these first three ingredients together in a situation where there are incentives for innovation，entrepreneurship， and hard work． The early stages of China’s economic development focused mostly on high levels of investment in physical capital andchanging the incentives for entrepreneurship and work． But in the last coupleof decades， there is an ongoing shift toward more growth coming from humancapital and new innovation and technology．
对于交易标的比克电池而言，大股东止步“临门一脚”的情况并非首次。早在2017年3月，长信科技拟以67.5亿元收购比克电池75%的股权，收购后长信科技将拥有比克电池84%的股权，形成控股。不过仅仅5个月，长信科技便宣布中止。政策监管趋严、新能源补贴变数大、业绩对赌失败风险较高被认为是此次收购折戟的主要原因。
问题还在于，宁波东力目前计提的30多亿元损失已经远高于其市值。截至12月14日收盘，其总市值为20.8亿元。随着年富供应链造假案发，其未来业绩承诺补偿亦存在“后遗症”。“年富供应链造假涉及方方面面，查起来没那么快，中介机构是否有责任也要等调查结果出来。”上述宁波东力有关人士称。
04管理不“靠谱”，疏漏频现对于险企而言，手握巨大体量的资金，肩负保障风险的职责，路遥车慢，无论是业务转型，还是战略定位，均存调整空间，但这背后，必须有“靠谱”的股东夯实地基，以及“靠谱”的管理层掌舵加持。上海人寿，却难达此条件，问题相继暴露。
本平台旨在沟通研究信息，交流研究经验，不是兴业证券股份有限公司研究报告的发布平台，所发布观点不代表兴业证券股份有限公司观点。任何完整的研究观点应以兴业证券股份有限公司正式发布的报告为准。本平台所载内容仅反映作者于发出完整报告当日或发布本平台内容当日的判断，可随时更改且不予通告。
The advantages of backwardness， of course， is a famous term from an economics research paper written back in the early 1960s． It pointed out that when a country is poor it can benefit by selling to countries with higher incomes， and also by using technology already developed in other places． But the disadvantage of backwardness is that a country has lower income， which isoften combined with lower levels of education， health， environmental protection， ability to travel and relax， and other nice things． The disadvantages of backwardness are more important．
