The modern portfolio management process is not anymore a simple activity. It has developed into a quantitatively complex process that can be described using five steps:

Specification of investment objectives and constraints

Investment needs to be guided by a set of objectives. The main objectives taken into consideration by investors are capital appreciation, current income and safety of principal. The relative importance of each of these objectives needs to be determined. The main aspect that affects the objectives is risk. Some investors are risk takers while others try to reduce risk to the minimum level possible. Identification of constrains arising out of liquidity, time horizon, tax and special situations need to be addressed.

Choice of the asset mix

In investment management the most important decision is with respect to the asset mix decision. It is to do with the proportion of equity shares or shares of equity oriented mutual funds i.e. stocks and proportion of bonds in the portfolio. The combination on the number of stocks and bonds depends upon the risk tolerance of the investor. This step also involves which classes of asset investments will be placed and also determines which securities should be purchased in a particular class.

Formulation of portfolio strategy

After the stock – bond combination is chosen, it is important to formulate a suitable portfolio strategy. There are two types of portfolio strategies. The first is an active portfolio strategy which aims to earn greater risk adjusted returns depending on the market timing, sector rotation, security selection or a mix of these. The second strategy is the passive strategy which involves holding a well diversified portfolio and also maintaining a pre-decided level risk.

Selection of securities

Investors usually select stocks after a careful fundamental and technical analysis of the security they are interested in purchasing. In case of bonds credit ratings, liquidity, tax shelter, term of maturity and yield to maturity are factors that are considered. Portfolio Execution This step involves implementing the formulated portfolio strategy by buying or selling certain securities in specified amounts. This step is the one which actually affects investment results. Portfolio Revision Fluctuation in the prices of stocks and bonds lead to changes in the value of the portfolio and this calls for a rebalancing of the portfolio from time to time. This principally involves shifting from bonds to stocks or vice-versa. Sector rotation and security changes may also be needed.

Performance Evaluation

The assessment of the performance of the portfolio should be done from time to time. It helps the investor to realize if the portfolio return is in proportion with its risk exposure. Along with this it is also necessary to have a benchmark for comparison with other portfolios that have a similar risk exposure.

申请MILLERIA商业孵化项目,需要提交申请表格以及基本商业意向描述。MILLERIA商业孵化项目经理将会审核申请是否通过。

也有一些情况,经理会建议MILLERIA员工拟定一份适宜的商业企划书,该企划书必须阐述该企业客户是否具备在两年内自立的潜力。

对于具有充足运作投资资金的基金、所有权贸易公司等服务公司来说,可以申请两年商业孵化项目或者合伙性质。这种合伙性质使得客户公司保留在孵化企业内长达五年,这个时间有利于公司完成商业化,以达到有充足的现金流。

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一旦进入商业孵化项目,客户公司与MILLERIA员工会面确定可实现的基准目标,这个目标希望在前六个月内实现。

MILLERIA员工帮助客户公司界定可实现的基准目标,并且决定实现各个目标所需要的各类资源。只要是每月、每季度规划的或者是另行要求的情况,客户公司将继续与MILLERIA员工会面。

根据美国全国商业孵化协会(NBIA)的一份报告数据显示,87%孵化企业在十年以后仍然正常运营。这证明了商业孵化商业孵化起步的企业是成功的。

而非孵化企业在四年后仍然运营的仅占44%。这也证明了大多数非商业孵化的企业起步后以失败告终。

在第一、二年里,客户公司必须满足下列要求:

  • 商务专题讨论会

在商业孵化项目的第一、二年里,公司将完成四个商务专题讨论会。这些讨论会将涉及会计、金融、市场推广和管理。商业孵化者提供每年20个课程,通常每一个课程持续3小时。若公司要求不在提供范围内的特别的课程,MILLERIA员工将从外界请到咨询师来做课程演讲。

  • 每月会见

客户公司同意每月一个小时的会见。这些会见旨在给与客户公司一个加入业内圈的机会,并且由业内专业人士提供客户公司也许感兴趣的简短的关于服务和机会的讲演。

  • 季度回顾

客户公司同意单独与商业孵化项目执行经理会见,执行经理将回顾财务报告,商业和市场推广计划书,以及其他继续进行的项目。季度回顾属机密会见,旨在向公司为取得成功提供高层的支持。

  • 启动会计账簿

在商业孵化项目运行过程中,客户公司提交启动会计帐簿。所有信息严格保密,但是MILLERIA员工必须允许与客户公司员工阅读财务报告,以便帮助其成长和规划。