Chapter 29 Lang Xianping and his affairs

Some people joked that Lang Xianping in 2004 was originally equivalent to Super Girl Li Yuchun in 2005. He won overwhelming popularity and support, and the number of star chasers has increased. However, in September 2005, Lang Xianping said with a smile, "This still underestimates me."Professor Lang Xianping, whose hair is whiter than a year ago, frequently appeared on the forums of big cities such as Beijing, Shanghai, Shenzhen, and Wuhan, and continued to talk about hot economic issues such as the stock market, real estate, and foreign exchange.He continued to pursue the MBO issue, publicly accusing the new successor of a well-known color TV company of engaging in disguised MBO, and the smell of gunpowder is still strong.What is more noteworthy is that he revealed to the author that the subject of his research is China's development strategy for the next 25 years, how will the country's macro-economy change, and how can regional integration be better utilized?In what industry can those companies continue to grow?

Professor Lang Xianping received a Ph.D. in Finance from the Wharton School of the University of Pennsylvania in 1986. He has taught in many well-known business schools, including Wharton School of Business, Michigan State University, and Ohio State University. , New York University, University of Chicago, etc.Professor Lang is currently Chair Professor of the Department of Finance, The Chinese University of Hong Kong.Professor Lang once served as a corporate governance consultant of the World Bank, and is currently a corporate governance consultant of the Shenzhen Stock Exchange and a corporate governance project consultant of the Financial Services Bureau of the Hong Kong Government.

Professor Lang is mainly committed to research on corporate governance, project financing, direct investment, corporate restructuring, mergers and acquisitions, bankruptcy, etc., and has made remarkable achievements.He has published academic papers in many of the world's leading economic and financial journals, such as "Journal of the American Economic Association", "Journal of Political Economy of the University of Chicago", "Journal of Financial Economics" (Journal of Financial Economics), "Journal of Finance" (Journal of Finance), etc.Professor Lang's papers have been cited a lot, and his academic achievements are generally recognized by world-class business schools.Numerous well-known media reported Professor Lang's views, including "The Economist", "Wall Street Journal", "New York Times", "Business Week", CCTV, CNBC and TVBS, etc.Moreover, most of the world's common financial management textbooks cite Professor Lang's papers.

In the second half of 2001, Professor Lang tried his best to promote the measures of "defense proof" and "class action" in the domestic stock market to protect the legitimate rights and interests of small shareholders.His views are highly valued by the media, academia, and the government, so he is honored as "Lang Supervisor" by the media.Professor Lang's regulatory thinking has been published in important media including "New Fortune", "Caijing" magazine, "Economic Observer", "21st Century Business Herald", three major securities newspapers, "China Central Television 2 Economic Half Hour", "China Central Television "Taiwan Financial Report", "Phoenix Satellite TV" and so on often report.

In September 2005, Professor Lang Xianping, whose hair was whiter than a year ago, frequently appeared on the forums of big cities such as Beijing, Shanghai, Shenzhen, and Wuhan, and continued to talk about hot economic issues such as the stock market, real estate, and foreign exchange. After Gu Chujun, a formidable opponent in court last year, was criminally detained, the hidden company problems of Greencool and Kelong have become apparent, and Lang Xianping's personal reputation has reached a new peak.After he was reputed to have accurately predicted the demise of the Delong family, he once again knocked down a number of problematic companies with harsh words.

Although he couldn't hide his joy, Professor Lang Xianping did not comment further on the Gu Chujun incident. He just emphasized that everything was fully expressed in his analysis a year ago, and there is no need to chase after the dog in the water now. In the mainland, he is often surrounded by flowers and flashing lights, talking and laughing with high-ranking officials, and his contacts are never in vain.In Hong Kong, Lang Xianping's life is very simple.If there is no special arrangement to go out, it is to arrive at the office in the morning, stay in the office at noon, and leave the office at seven or eight o'clock in the evening to go home.

Lang Xianping, who flies around every week, said that he returns to Hong Kong almost every week. Apart from home, he is in the office, collecting information and doing research.This office is only about ten square meters, and on the wall are four medals awarded to him by world-renowned academic journals.The large desk is densely packed with documents, materials and newspapers. "There seem to be so many things in the past ten years," Lang Xianping said with a smile.Here, he has repeatedly studied academic research for eleven years. Of course, Lang Xianping, who is practicing internal skills while maintaining exposure, has no intention of being satisfied. He is still paying attention to every bit of economic change.

Some female employees of Cheung Kong Graduate School of Business would say with emotion that Lang Xianping seemed to care nothing but academics.Becoming a famous professor, Lang Xianping said that his life has not changed much.In addition to eating with everyone outside, he would rush to treat guests and order a table full of dishes, his diet at home was very monotonous, soybean sprout rib soup, Chinese cabbage tofu soup, shredded pork and pickles.He said that he liked to eat like this when he was young, and he liked it even more after he was 45 years old.Because he didn't want to eat other dishes, the family members were yelling every time they ate, and they were so annoying, so they simply asked the Filipino maid to cook a table of meals for him to eat separately.

Of course, the life of Lang Xianping, who travels around the world, is not monotonous. He enjoys himself, and in a sense, his life is even rich. In Beijing, he would also secretly invite a few overseas professor friends or confidantes to go to Houhai or other very traditional Chinese places, and have a drink while watching the sunset. What many female office workers don't understand is why Lang Xianping feels bored when he hears them talking about buying clothes and where to eat.They would say that Lang Xianping is a person who doesn't pay much attention to food or clothing.In fact, they might just see the side of him at work.

In fact, he is also a person who knows how to dress and eat for different occasions.For example, every time before going on a TV show, he would take out the freshly laundered clothes in the car and change into them.But in the dressing room of the TV station, when this rebellious and passionate scholar is rarely quiet, he will keep silent and cooperate with the make-up artist. In Hong Kong, he would go to various distinctive restaurants in Tsim Sha Tsui to drink tea and eat hot pot. He would meet many friends from different schools of thought. Or the glaring look during an interview.Sometimes, he is quite understanding.One day, a Taiwanese friend insisted on taking him to a Taiwanese restaurant in the east of Tsim Sha Tsui for dinner, so he also went to the meeting with me.As a result, although my friend ordered a lot of famous dishes, he sat patiently for a long time, but when he came out after the banquet, he secretly told me that this place should not be visited in the future, it is too bad!

Lang Xianping often bought a newspaper and took it to the dining place. After sitting down, he flipped through it while chatting, and then finished it in almost five minutes, and put dozens of editions of the newspaper beside him.I asked him if he had finished reading it, and he said that he had finished reading all the information I cared about. Once, Mr. Chen, a taxi driver in the New Territories of Hong Kong, was specially appointed by him.When Lang Xianping wanted to go to the city, he would call Driver Chen and ask him to come to the teaching building of Chinese University or his dormitory.Twenty minutes later, Lang Xianping hurried downstairs, rushed into the taxi, said a destination, and then the driver Chen drove there.On the way, Lang Xianping would ask him with great interest what hotspots and fun things there are in the city recently, and often wrote the conversation with Driver Chen into his financial column on the Hong Kong Oriental Daily.Of course, according to my observation, he is not interested in entertainment news at all.Once when he came back from watching a beauty pageant with his wife, he would repeatedly shake his head and say that those people really didn't look very good! In the summer of 2003, he bought a new property in East Tsim Sha Tsui and left the campus in Sha Tin in order to facilitate more social activities.And he also told the author with infinite regret that his new home in Hong Kong was rebuilt bit by bit from scratch.However, he also made it clear that in the future, he will devote more time to the mainland, because the mainland has given him a lot of passion. Of course, after moving to a high-rise apartment in the east of Tsim Sha Tsui on the Kowloon Peninsula, Lang Xianping also drove his Mercedes-Benz again for convenience.Lang Xianping, who claims to have 30 years of driving experience, is very good at driving on the narrow roads of Hong Kong.I remember that at the end of August 2004, during the stormy typhoon that hit Hong Kong, the visibility outside the car window was extremely low, but Lang Xianping still drove through the most prosperous downtown calmly, and parked firmly downstairs at home.However, Lang Xianping sold his Mercedes-Benz in February 2005, and his colleagues at the Chinese University immediately asked him nervously whether there had been any new changes.After I questioned him, he said that because he seldom stays in Hong Kong, he has to pay the loan and the gas fee, which is not worth it, so why not take a taxi?He joked that the next time a reporter interviews him, let's take the subway together. Lang Xianping's current residence covers an area of ​​more than 180 square meters, overlooking the Victoria Harbour. He only moved in in the summer of 2004. “When I came to Asia ten years ago, I brought almost nothing. It seems that everything here seems to be my hard work, and the media is also gossiping about the market price of this house. But I must admit, I bought it at the time. The price is 7 million Hong Kong dollars, but it was bought with a 70% mortgage. I paid 2 million Hong Kong dollars. This kind of financial resources is really nothing, so I am still a poor scholar. The media must not make meaningless guesses .” Lang Xianping was very emotional. "Some weekly gossip magazine reporters in Hong Kong made a mistake, saying that I moved here to show off to mainlanders, haha. In fact, this is completely wrong."But when Lang Xianping talked with me in private, he always vaguely said that he has no sense of belonging to Hong Kong or even this house.I think this may be an emotional reaction caused by the different attention he received in the two places.It suddenly occurred to me that Professor Lang had also sold his Mercedes-Benz. The combination of these two phenomena seemed to give the answer, but I didn't know the answer, because Professor Lang never disclosed his private life to the media. Lang Xianping has long complained about the lack of cultural heritage in Hong Kong society. Many people see things too superficially and commercially, and there is no atmosphere for academic research.Lang Xianping also felt ironic about the experience of dealing with many so-called popular newspaper reporters. "My dormitory at Chinese University, you have been there many times, it used to be more than 300 square meters, and you can still see the sea. I moved here for the convenience of social activities, such as going to the airport directly. But the reporters felt that This place is much better now," Professor Lang said with a wry smile.So although he studies in Hong Kong, he is more willing to communicate and disseminate in the Mainland, because "the atmosphere of learning there is strong, and the whole society is very dynamic. I am very optimistic about the future development of the Mainland, which is unlimited." Lang Xianping's emotion comes from the wide recognition of his academic activities in the Mainland.He feels that his potential has been constantly brought into play in this huge space. Professor Lang Xianping is a person with rich body language. "Okay, close-up close-up, when his hands are moving like this, don't move the camera away." In the recording room of Phoenix Satellite TV on the ninth floor of the Kowloon Peninsula Waterfront Plaza, Ms. Zhong, the editor-in-chief of the topic, was very excited to guide the staff to shoot. "This kind of financial talk show is easy to be boring, but every time Professor Lang does the show, sparks can be sparked. He is very expressive and can perform well. It is rare among scholars." Ms. Zhong recalled a year Duolai is very happy to cooperate with Professor Lang. "I like to disseminate my academic views to as many people as possible." Lang Xianping feels "very good" about his frequent exposure. On the eve of the Spring Festival in 2003, Professor Lang Xianping went to Shenzhen and talked with a few friends from the media that he was going to be on TV to do financial commentary.At that time, an editor-in-chief who had a close relationship with him tactfully expressed his objection, saying that it would be detrimental to your professional image, and it would make people think that you became a public intellectual.Lang Xianping laughed, what does it matter, "Whether I am an expert or not is not determined by whether I am on TV or not. I don't know about others. I am on TV, and it is also the result of my in-depth research. It is impossible to be reduced to something." Public intellectuals.” My friend said unwillingly, it’s not that simple, being on TV all the time will affect your academic research, and it will become a comment for the sake of commenting, and in the end you will lose your original professionalism. "Ha, besides doing research, I just comment. I'm not afraid that this thing will change me. I just want to try." Lang Xianping didn't believe in evil.As a result, first on Phoenix Satellite TV and then on Shanghai's First Financial Channel, Lang Xianping found a stage where he could give full play to his academic insights and public speaking talents. Over the past year, his academic views have had a much greater impact than previous years, especially in the Shanghai area.Lang Xianping's "Cai Lang Xian Ping" in Shanghai First Finance and Economics has been welcomed by all walks of life in Shanghai in just half a year, and has also received great attention from foreign media.The North American Wall Street Journal, the British Financial Times, the South China Morning Post and the German Mirror all introduced Professor Lang and his program on the entire page, and CNN also plans to do an exclusive interview with Professor Lang and this program in March 2005. CNN is international I don’t need much introduction, and their exclusive interviews are basically on the level of national leaders and major events. We are all happy that CNN pays so much attention to a program hosted by a Chinese professor. I think this is probably the first time in the history of Chinese TV programs that it has received such attention from the international media.According to my contacts with these reporters, the foreign news media paid attention to his program except because of its high ratings, and the foreign media thinks that the success of a professor hosting a program is probably the first case in the world, so it deserves the attention of the whole world. Professor Xianglang's personal charm can be said to be revealed in the three-dimensional media. An interesting episode from a report by the Financial Times.The Financial Times article said that Shanghai women's three recent hobbies are Louis Vuitton (Louis Vuitton) leather bags, Cartier (Cartier) watches and the "Finance Lang Commentary" program. I accompanied Professor Lang to Shanghai Standard Chartered Bank on February 25. It was already off work at that time, and more than a dozen female employees who had not yet finished get off work rushed forward together, asking Professor Lang to sign and take pictures, completely squeezing the male colleagues behind.I observed Professor Lang's academic demeanor in talking with these admirers, and his dedication and sincerity to his audience, and felt that its success was not accidental. His advertisements were not only full, but also rated according to financial The Times report ranks among the top three in ratings of various programs in Shanghai.This achievement and influence is astounding.Due to repeated reports from foreign media, MBA students from the University of Washington hoped to come to Shanghai to participate in his program through various channels.For this reason, Professor Lang specially changed the format of the program, so as not to disappoint these foreign guests, and planned to broadcast his dialogue with these foreign students in Shanghai on March 12, 2005. In a forum held by Cheung Kong Graduate School of Business, a professor talked about "how Chinese companies can become bigger and stronger", while Lang Xianping talked about "enterprises cannot become bigger and stronger".The host looked at the topics of the two people in advance, and discussed with Lang Xianping whether he could change a topic. Lang Xianping flatly refused without thinking: "No change, no change, just talk about this, or I won't participate!".The professor in the front talked about how to become bigger and stronger, followed by Lang Xianping who completely denied it. His eloquence and passion completely overwhelmed the other party, and Lang Xianping believed that in the Mainland, the issues he raised could be truly taken seriously, and only then could he speak out and express himself. Share your academic experience with the society. For the United States, which he highly praised academically, Lang Xianping said that today he is very unfamiliar, because he has no feeling for it, and there is nothing that he will not go back to, and even if he does not go back for a lifetime, he has no regrets. Generally speaking, according to his speeches and articles, people often think that Lang Xianping is a nerd and a teacher who is ignorant of current affairs. In fact, as long as you have met him, you will know that he can challenge the top ten investment banks and rich families in Hong Kong. Absolutely not in vain.There are also many people in Hong Kong and the world who can make the big consortium unable to step down because of official business, and come to him to discuss reconciliation in private. Professor Lang used to work in Diwang Building in Shenzhen for a long time, and often held gatherings in the seafood restaurant downstairs.And when eating, Professor Lang is able to make the most of his six-way vision, and at most one-tenth of his attention will be on diet. If you talk about a topic he is particularly interested in, he will keep his eyes on you. And the hand is subconsciously putting a very thin toothpick in his mouth and tearing it into pieces, and when you stop talking, he will immediately catch your words, and he just said what the stock market should be like in the last second What kind of theoretical question, the next second will suddenly call at an extremely fast frequency: Miss, why is the food still not served? If it is not served in three minutes, all will be refunded.As a result, one time the food was really slow to serve, so Lao Lang simply insisted on returning the five late dishes, and even the minister refused to intervene.There was an executive of a securities company present here who came to persuade the manager of the restaurant, "Haha, if you are wrong first, there is nothing you can do. This gentleman doesn't even give Li Ka-shing face when he is serious. It is useless for you to talk to him.". Fortunately, in addition to being serious and poignant, he is a person full of humor in daily life.For example, the eldest son of Professor Lang has three fears, the most afraid of going out to eat with his father, because Professor Lang often criticizes the dishes and service personnel in public without giving face, and the second fear is asking his father about finance, because Professor Lang often scolds him without giving face fool.Third, I am afraid to show my girlfriend to my father, because Professor Lang often calls her ugly without saving face. A student in the first financial class of EMBA at Peking University once asked the serious-looking Professor Lang on the podium, if you were not a scholar, what career would you most want to pursue? Professor Lang, who was still analyzing the gains and losses of corporate management just now, blurted out—— —Singer!In fact, Professor Lang occasionally shows off his skills when he sings karaoke. He has three Taiwanese songs that he is best at. Let's sing. A reporter specifically asked Professor Lang if he likes to travel, and the answer of the active-minded Professor Lang made people laugh.He said that he would take his family on a trip if the international financial institution invited him to give a speech, otherwise he would never travel for the sake of travel.According to the reporter's understanding, the Organization for Economic Cooperation (OECD) invited Professor Lang to India to give a special lecture in October last year. According to Professor Lang, he really didn't want to go to the "desolate place" and finally canceled the lecture.Professor Lang told the reporter that he had accepted the invitation of the Austrian Central Bank and the International Monetary Fund to give a lecture on "the road to success of the great European economic potential". Professor Lang said that he was willing to accept the invitation because his family wanted to go shopping in Vienna.But in the end, the speech was canceled because of too busy domestic affairs. Professor Lang is able to pick and choose invitations from internationally renowned institutions in this way. Both his huge influence in the academic circle and his naughty nature are indispensable. Lang Xianping in life is as concise as in academics.He never shy away from talking about money.His lectures in enterprises are all clearly charged, and they are "after tax".The price is now rumored to be 40,000 yuan per game.When some newspapers and periodicals asked him to make an appointment, even though he was very familiar with him, he still asked with his mouth: "How much do you pay for a single article?" There is a joking version of his reason for talking about money, which is "I want to support a family." It is very hard for me to make money by playing tricks like this, and he has a serious version with me privately, "The certain amount of remuneration is to maintain academic dignity. If it is too cheap or even given to others for free, others may It will not be respected, and it will not be taken seriously enough when dealing with it." Lang Xianping also has a shrewd business spirit.He wasn't shy about haggling.Ask the hotel waiter to deliver a bottle of mineral water, and declare that he wants the "free one", "There is no way, it is still in the primitive accumulation stage." When someone invites him to give a lecture, he also: "Be clear, you need money, but I should scold you the same. I still scold when I’m in the company.” At the end, I added a sentence, “The charge refers to the after-tax price.” However, although Lang Xianping made it clear that he was negotiating prices with horses and horses, his way of talking about profits sometimes still has an intellectual and interesting side. One time, a private enterprise in the Pearl River Delta specifically requested an appointment to meet with Professor Lang Xianping, and I also witnessed a vivid scene there.Young business founders are very eager to hope that Professor Lang can become a senior employee of their company and be rewarded generously, so that they can grow bigger as soon as possible, and it is best to have some financial skills to quickly complete the accumulation.Professor Lang said sternly, you'd better give up this idea of ​​making it bigger, because you will die very quickly!As for financial skills, I don't know how, I only know how to expose those practices that harm small and medium shareholders!Although the two sides talked politely for a while afterwards.But in the end, the company never looked for Professor Lang again. On the one hand, he asked openly for his own labor remuneration, but he refused some transactions without hesitation. Lang Xianping maintained his consistent independent style in his research. He said that he never had contact with the management of the enterprise, and he conducted analysis through public data and his own investigation.When researching Delong, his assistant went to various provinces and cities, "I searched everything I could find, and searched in the industrial and commercial bureaus of various places. There is such a large pile of information." Lang Xianping said, gesturing a thickness of one meter high.When he was doing analysis and research on Delong and TCL, people always approached him, hoping that he would not write those articles, but Lang Xianping resolutely refused. "If the data they released is false, how could he see you and tell you the truth? I just want to guarantee the independence of my research, and I don't want to be influenced by anyone." "I remember when I was in the United States, the average professor's annual salary was about 100,000 US dollars, and the actual income after tax was only 55,000 US dollars, which was converted into less than 5,000 US dollars per month. The rent was 2,000 US dollars, and the car was 400 US dollars. If you want to travel, the cost will be even greater. At that time, the most feared thing for young professors was that students would come to ask questions, because after talking about teaching, it was time to eat, and out of face, they had to invite students to eat, eat It hurts when it’s over. I’m doing better because I teach a lot.” For so many years, Lang Xianping has neither speculated in stocks nor bought funds, and kept his distance from these investments, preferring to deposit his money in the bank. After the Delong incident broke out in 2004, Lang Xianping deeply felt, "This society has a lot of expectations for me. I can't help myself now. Before 2003, I told myself that I must maintain my independence in essence, but now I am very independent. Difficult. I strongly feel that the media and stockholders have begun to ask me to maintain objectivity and independence in substance and name. After the Delong incident broke out in 2004, entrepreneurs were shocked by my ability to predict, so these two months although There are hundreds of companies asking me to serve as an independent director or consultant, but it is impossible for me to hold any position now, this is to meet the expectations of this society for me."Speaking of this, Lang Xianping laughed and said, "The biggest problem I am now completely objective and independent is that I have lost my private money." Lang Xianping had many long talks with the author about his academic research ideas and ideas, and fully explained them. "I used to conduct financial research on listed companies in the United States, but there was no such a big sensation." Regarding the receipt of a letter from Gu Chujun's lawyer in mid-August, and then holding a personal press conference, it suddenly became a public opinion and media. Focus, Lang Xianping is quite touched. "U.S. companies, in their environment, are more consciously accepting doubts and questions that meet the needs of investors. Therefore, research for the interests of investors is very popular, and American companies will be more calm and positive. Accept the criticism." Professor Lang Xianping introduced, "Our finance or finance scholars conduct very academic research on companies, especially listed companies. Our research on corporate governance is by no means empty talk, but very specific, including how companies should When to borrow money, how much to borrow, when to pay dividends to shareholders, etc.” Professor Lang added that for those companies, they face various studies and criticisms every year, and they have learned how to face them. to these criticisms. "In order to be accountable to shareholders, company management often makes corresponding business and behavioral adjustments." Since the beginning of development in the Mainland at the end of 2001, Professor Lang found that the corporate governance environment here is quite different from that in the United States. "I can only have two choices. The first one is to give up everything I have done in the past, eat and drink with entrepreneurs, and get a good return." Professor Lang said with a smile. It's not that he doesn't understand China's national conditions, but It is unwilling to give up the accumulation of more than 40 years. "The second option is to insist on academic independence, do my research well, and tell the public my responsible conclusions." "In the face of academics, my research is all based on numbers, which are completely objective and fair, and this method can be replicated, and the conclusion can also be verified. This is my contribution, and this is also the so-called real science. However, this contribution has caused such a sensational effect, which is beyond my expectation. I am grateful to the media and the general public for their support and encouragement. However, if this kind of scientific contribution is filled with the apotheosis of personality, etc. If it is praised, it seems to obliterate my real scientific contribution, and push me to criticize the company from a moral point of view. This kind of missionary criticism is definitely not my specialty, and it is also contrary to my decades. The scientific training of rigorous scholarship". "Someone asked me if I had any grudges with those companies that were criticized, and I think they misunderstood." Professor Lang pointed out solemnly, "My research is all based on numbers, and has nothing to do with which companies I like or hate. He gave an example, "Even if the companies I like, if the results show that they have problems, I have no way to praise them. And those entrepreneurs I hate, if their financial operations have no problems, I can't praise them." What to scold. This is determined by the characteristics of our scholars." At the end of August, a Sina.com poll showed Lang's approval rating as high as nearly 90%.At the same time, a group of scholars came out to criticize Lang Xianping. "Academic discussions are welcome at any time, but I found that some independent scholars and media, used by the companies I criticized, began to dig out my so-called scandals and hope that my personality will criticize me. This is very meaningless Yes." "I hope they can refute my research results, instead of putting them into emotions and putting them on the line. My research has not opposed the one-sided and non-academic judgment of the development of private enterprises at all." Lang Xianping said bluntly. I'm an ordinary guy, but I'm a real scholar when it comes to academic research. ◎Lu Xinzhi: The research results you have published in recent years have triggered financial and social hotspots one after another. Everyone is very curious. It may have been three years since Professor Lang actually studied financial issues in the Mainland. May I ask how many of your research results are there? Lang Xianping: Over the past few years, I have conducted in-depth research on more than fifty corporate cases.And the analysis of large samples is even more, basically including all A-shares and H-share state-owned enterprises and private enterprises listed in Hong Kong. ◎Lu Xinzhi: Do you mean all, more than a thousand A-shares? Lang Xianping: Yes.For all A-shares, because of the large sample analysis, it is necessary to exhaust the target objects as much as possible. It is a pity that after finishing this huge basic sorting work, I found that the mainland A-shares have problems because of a lot of data, and the specific goals of each company are different. The same, so there is not much regularity extracted.Therefore, on the contrary, enterprise case studies often have conclusions that attract the attention of all walks of life. ◎Lu Xinzhi: Oh, then, you still have a lot of research reports that have not been published. Lang Xianping: Yes, because many times, many companies have finished their research, and their case reports may not be very enlightening, so I did not publish them. ◎Lu Xinzhi: This kind of research is really huge and requires a lot of time and energy. Lang Xianping: Yes, that's why you can see me in the office every time you come to Hong Kong.Of course, I would also like to thank my students, who have done a lot of groundwork for me. ◎Lu Xinzhi: In this case, is there a time when you can’t continue your research? Lang Xianping: Individual companies will have it.For example, for a well-known private company listed in Hong Kong, I found that the information he released was fundamentally different from the data provided by the industry association in the Mainland. Such a company lost the value of normal research. ◎Lu Xinzhi: Some people are worried that the sample time for your research on Chinese companies may not be long enough.Another economist said that the logic of research is very important, and the same data, different logic will lead to different results. Lang Xianping: I started my research from the data of the first day of public disclosure that these listed companies could find.And I adopt the internationally accepted research method, as long as you use the same data as mine, you will be able to derive the same conclusion, which can be repeated and verified.As for the unscientific statement about the impact of logic, I think this kind of economists have done too little empirical research, so they have such worries. ◎Lu Xinzhi: Please tell us about your work status in Hong Kong, whether you have as many media exposures as in the Mainland. Lang Xianping: In June 2003, he began to write the "Lang Ping" column in Hong Kong's "Oriental Daily", with more than 1,000 words a day, discussing serious financial topics.I used to write some articles in Hong Kong Economic Journal, but not many.Because writing articles in Hong Kong is different from writing in the Mainland, the influence is very different.Of course, I did this mainly to maintain relations with the media. Another point is related to the overall culture of Hong Kong. Hong Kong people think that a person who often shows up is very prestigious. As for what you are talking about, they are not very Don't worry, there's nothing you can do about it.So the Hong Kong media asked me for an interview, but I tried my best to turn it down.But it is very clear that the interest and understanding of my academic research in the Hong Kong media is definitely not as good as that of the serious media in the mainland. ◎Lu Xinzhi: It seems that the Voice of America wanted to interview you just now, but you tried your best to refuse. Lang Xianping: Yes, because they want me to talk about the reform of state-owned enterprises. I have written so many articles, and they can read them for themselves.I am a scholar, not an entertainer, and I don't need to repeat similar content on a topic.When I return to Hong Kong now, I just rest, recharge my batteries and do research. Other entertainments are all exempted.