试论排污权交易制度在我国的实行——在环境法制度层面上的分析

排污权交易制度是通过企业对排污权的自由买卖来满足企业的排污需求和最大限度地减少排污量。它来源于"科斯定理",把对环境的负外部性转移到企业的经营成本中,来实现环境的正外部性,从而激励企业积极地治理污染。本文指出排污权交易制度的实施过程涉及很多因素,其中,产权的确定和排污权的初始分配将成为我国政府工作的重点和难点。     

企业空间扩张与转移的价值链驱动机制——以温州市服装业为例

企业空间扩张与转移是企业价值链活动中的全部活动或部分活动转移到其它区域的经济现象。企业空间扩张与转移作为一种企业成长战略,已越来越多地为民营企业接受和实施。本文拟从价值链的角度出发,以温州服装业为例,研究企业空间扩张与转移的驱动机制,以探求企业外迁的动力所在,对企业制定合理扩张与转移策略和迁出地政府采取积极的经济发展政策有一定的指导意义。     

论社会主义产权市场目标模式的选择

建立产权市场，使企业产权作为商品进入交易领域，实现企业生产要素的流动，是深化改革的应有之义。从中国的实际出发建立产权市场，似应选择以兼并、买卖为主体，也可以实行其它经营形式。为使产权市场沿着健康有序的方向发展，应着力完善产权市场的形成机制、调节机制和法律约束机制。     

“拜一杜规则”与中国《科技进步法》和《专利法》的修订

如何促进政府投资所生之科研成果尽快向产业界转移,充分实现公共投资的经济和社会价值,一直是各国政府所面临的一个挑战。美国于1980年制定的《拜—杜法案》通过将政府资助所作之发明获得专利的权利划归完成单位,以产权激励的方式刺激此类创新成果的实施,并为此构建了被称为"拜—杜规则"的一整套颇为完备的制度,其实施取得了举世瞩目的效果。中国为提高政府资助科研所获得成果的产业化实施率,借鉴美国经验,在《科技进步法》中引入了"拜—杜规则"的核心内容。但是,仅有科技基本法原则性的规定是不够的,为充分发挥"拜—杜规则"的积极作用,《专利法》或者《专利法实施细则》中有必要充实这一规则的具体制度设计。     

致命的管制--产权交易市场的过去、现在与未来

产权交易和产权交易市场,为国有企业改革和国有经济结构性调整,提供了公平公正的"阳光交易"平台,是防止国有资产流失,实现国有资本在一般竞争性行业有序退出的必然选择.目前,强制进场交易制度的实行,使产权交易市场比较繁荣,但它仍然是一个被高度管制的市场.为了"统一、开放、竞争、有序"的规范的产权市场,监管部门应放松管制,给市场以充分信任.     

中国传统契约“原因条款”研究——兼与欧陆民法原因理论之比较

中国传统契约中的原因条款,不仅是一种事实,还具有重要的法律意涵,它既是直接引致订立契约的原因,同时也作为一方当事人订约的动机,体现对社会经济需求的某种满足。确定产权合法有效转移的契约本身又作为"产权"转移的重要原因,产权的有效移转和契约的有效成立在传统契约实践中是紧密联系的。明确契约之债的"原因",本身有助于更准确地对契约"定性",也能更方便地确定契约是否合法、有效。从交易安全与契约定性的角度看,中国传统契约中的原因条款亦具有现代价值。     

资本市场秩序的宪法选择

资本市场秩序是不同利益主体通过复杂交换和博弈选择所达致的一种制度过程。中国资本市场的公、私二元产权结构,政府是公有产权管理者,同时又是市场制度供给者和市场秩序维护者,由于自身特殊利益偏好,政府行为演化为市场内在要素,形成一种权力选择市场,以公共利益理论为基础的单向度资本市场制度体系无法有效制约政府行为,更难以实现公、私产权的市场制衡,由此促发当前资本市场的利益失衡和秩序扭曲。以私人利益保护为逻辑起点,超越现有市场规则内选择的固有进路,通过个体内核公共选择形式的双向度制度系统来促进资本市场各利益主体走向开放的"宪法式"趋同,寻求公、私产权在资本市场的宪制均衡,从而实现平等自由交易秩序的法治生成。     

“拜一杜规则”与中国《科技进步法》和《专利法》的修订

如何促进政府投资所生之科研成果尽快向产业界转移,充分实现公共投资的经济和社会价值,一直是各国政府所面临的一个挑战。美国于1980年制定的《拜—杜法案》通过将政府资助所作之发明获得专利的权利划归完成单位,以产权激励的方式刺激此类创新成果的实施,并为此构建了被称为拜—杜规则的一整套颇为完备的制度,其实施取得了举世瞩目的效果。中国为提高政府资助科研所获得成果的产业化实施率,借鉴美国经验,在《科技进步法》中引入了拜—杜规则的核心内容。但是,仅有科技基本法原则性的规定是不够的,为充分发挥拜—杜规则的积极作用,《专利法》或者《专利法实施细则》中有必要充实这一规则的具体制度设计。     

论房屋买卖合同中的产权转移登记

现代房产制度有三个组成部分，即产权制度、交易制度和管理制度，这三种制度都依靠登记制度的确立。我国现代房产登记有一定的民事因素，但实质上属于行政范畴。一、学术界对我国房产转移登记的观点和国外不动产登记立法取向我国房产转移登记是政府管理房产的重要方法之一，它对于明确产权关系，保证交易安全，均衡当事人的权益起着重要的作用。从我国有关民事著作看，学术界对房屋产权转移登记在房屋买卖中的效力问题有以下两种观点：一是认为产权转移登记是房屋买卖合同成立的要件，不进行产权转移登记，合同就不能有效地成立，即“实质要…     

企业重大金融衍生交易损失事件研究——以合约结构为基础

对中国企业2008年金融衍生交易重大损失事件的总结可以从三个角度进行:企业违规、境外金融机构欺诈以及交易结构分析.衍生交易的性质是各种法律合约,其损失首先来源于合约基础资产的市场变动,因此,交易结构角度的观察是法律上进行归责的前提.本文通过对中信泰富等典型损失事件中合约结构的分析,力图从事实层面厘清中国企业金融衍生交易损失的主要原因,为进一步探究相关主体违规或欺诈,以及改进对衍生交易的监管提供一种方向性的引导.初步的研究结论是:金融衍生交易是企业控制商业风险的一把"双刃剑".市场风险、知识匮乏、投机等不同因素会增加衍生交易的风险程度,而良好的公司治理以及多元化的金融市场培育能佐助企业更有效地进行"风险控制".     

美国法上的异议股东股份评估权制度对我国的借鉴意义

异议股东股份评估权的存在,不是为了督促多数股东恪尽忠实义务,保护少数股东的利益免受公司管理层的非法侵害,而是为了协调不同股东对交易的不同风险偏好,促使公司从事提升全体而不是部分股东利益的交易。从这个角度出发,异议股东股份评估权应适用于上市公司和非上市公司,应赋予表决权股东,不应具有排他性。     

民营上市公司财务监督问题——兼评《上市公司治理准则》《证券法》的相关修订

在日本设置监查委员会等三类委员会的公司中,监查委员会和会计监查人为公司财务监督的最终把门人。日本立法者虽然给予了这两大监督机构一定的独立性,但是东芝公司财务造假事件的发生却反映出这两大机构背后的许多问题。我国《上市公司治理准则》和《证券法》对公司财务监督的有关修改难以解决民营上市企业的财务造假问题。在我国,作为民营上市公司内部财务监督把门人的审计委员会和日本的监查委员会一样,有着交叉任职和缺乏专业性的问题,这使得聘任财会专业的专职审计委员显得有所必要。同时,类似于日本的情形,独立性、会计师事务所的强制轮换制度缺失和时间压力是会计师事务所担任我国民营上市公司外部财务监督把门人时所面临的问题,对此可采取的改革措施有赋予审计委员会对会计事务所的选解任权和报酬决定权、限制每年年初前4个月签字会计师审计的公司数量等。     

公司作为普通合伙人投资合伙企业引发的法律思考

相较于1997年《合伙企业法》,修订后的《合伙企业法》在制度上有许多调整,公司可以参与合伙并可以成为普通合伙人即是其中较为重要的创新之一。但是,公司作为法人成为普通合伙人参与合伙企业经营和管理,毕竟与自然人以普通合伙人的身份参与到合伙企业之中有着很大的区别,可能对公司、公司股东特别是小股东、公司债权人等造成不利影响。在实践中,公司作为普通合伙人所带来的诸多问题并没有引起实务界和理论界的关注。而这些问题的解决,有助于公司在利用合伙企业的投资优势的同时,能够建立适中的风险防范机能。     

Foundation Ownership and Financial Performance: Do Companies Need Owners?

A curious ownership structure is found in Northern Europe—foundations that own and operate business companies. The foundations are non-profit entities, they have no members and no owners, and they cannot be dissolved. In many cases, these entities control more than 50% of the votes in successful international companies. Obviously, this structure completely blocks the market for corporate control, but it also violates other basic principles of agency theory and corporate finance. Nevertheless, we present evidence that a sample of foundation-owned companies listed on the Copenhagen Stock Exchange are at least as efficient as other listed companies in terms of risk adjusted stock returns, accounting returns and Tobins Q. Thus, they question whether profit-seeking ownership is a necessary condition for competitive enterprise.JEL Classification: D23, G34, L31     

Considerations on the economic effect of the new Turkish commercial code provisions regarding single member companies

This article deals with both legal and economic analysis of the new Turkish Commercial Code provisions regarding single member companies. In this respect, legal provisions of the Turkish Commercial Code are examined and compared not only with the Twelfth European Union Directive and Societas Unius Personae, but also regulations of the European Union member states. Since single member companies are to be established as limited liability companies under Turkish law, this article considers the benefits of the limited liability form that can be applied to single member companies in the framework of firm theory. It also examines the benefits and risks of single member companies in terms of transaction costs and assesses the safeguards against the risks in this regard. Finally, an evaluation is made in the light of the data collected relating to the number of companies established after the new Turkish Commercial Code entered into force.     

竞业禁止协议之下企业商业秘密的保护——对74份竞业禁止案件司法文书的整理与研究

通过整理和研究有关竞业禁止的案例发现:就保护商业秘密而言,商业秘密侵权之诉难度更大、胜算更低,企业更倾向于依据竞业禁止协议提起违约之诉。但在经济补偿金和竞业禁止协议的效力关系上,法院倾向于认定未约定或未支付经济补偿金的竞业禁止协议无效。鉴于占据主导地位的"无效说"使得用人单位商业秘密权的保护陷入两难境地,且实质上并未有效保护劳动者的择业权,笔者赞同"有效说"之法律设计,允许用人单位和劳动者进行协议补充以确认竞业禁止协议之效力。     

The changing of the guard: Top management characteristics, organizational strain, and antitrust offending

From within an organizational strain perspective, this paper examines the effects of managerial succession, CEO background, decentralized management, and product dominant strategies on the reported corporate antitrust offending levels of 43 basic manufacturing companies over a 22-year period. In the aggregate, findings suggest that past illegal involvement predicts future offending; companies headed by finance and administrative CEOs have higher offending levels than do firms headed by CEOs from other backgrounds; a turnover in top management generally decreases offending levels; the pursuit of product dominant strategies increases the number of anticompetitive acts; and offending levels are unrelated to whether new leaders are recruited from within or outside the firm, whether the CEO is also Chair of the Board of Directors, or whether management is centralized or decentralized. The effects of some variables on corporate offending interact with firm performance.     

Patent cross-licensing,the influence of IP interdependency and the moderating effect of firm size

This paper analyzes technological interdependency as the key factor for companies’ motivation to engage in cross-licensing transactions. It gives evidence on how the incentive effects for mutual technology transfers vary by firm size and the degree to which a firm has to rely on its competitors’ intellectual property (IP dependency). Even though IP dependency exists also among smaller firms, cross-licensing has previously only been analyzed for large firms. This paper fills this gap in the empiric literature using original survey data among German manufacturing companies. Findings suggest that the influence of firm size and IP dependency on the use of cross-licensing can not be regarded separately. While the effect of IP dependency on the relevance of cross-licensing itself has a clear positive effect this seems to be true to a higher extent for small firms and decrease for larger companies. A possible reason for the interaction effect between these two factors is that larger firms have better odds of achieving a technological workaround which can serve as an alternative to in- or cross-licensing; furthermore small high tech firms might need to explicitly use cross-licensing to secure the freedom to operate while a large firm’s patent portfolio itself can serve as an implicit insurance by posing a threat which prevents other technology holders to file patent infringement cases.     

Modernizing small manufacturers in Japan: The role of local public technology centers

Japan's hundreds of thousands of small manufacturing enterprises not only provide high-quality inputs to large Japanese companies, but also are becoming innovators and growth generators in their own right. In addition to help from larger customers, small Japanese companies can call upon an array of public support mechanisms, including about 170 local Kohsetsushi examination and technology centers which provide research, testing, training, and guidance for firms with under 300 employees. With their intensive geographical coverage, broad range of technical services, and nominal fees, these centers offer small Japanese firms a readily available and effective source of assistance to improve their manufacturing operations, technology, and products. After reviewing the changing context for small manufacturers in Japan, the article examines the role of local Kohsetsushi centers in small firm modernization. This article considers the history, organization, and services of the Kohsetsushi system, explores the operation of five case study centers, and discusses how small Japanese firms benefit from Kohsetsushi services. Finally, there is an assessment of the strengths and weaknesses of the Kohsetsushi system.     

Means and Ends: A Theory Framework for Understanding Entrepreneurship in the US Arts and Culture Sector

This article provides a framework for the conceptualization of arts entrepreneurship in the US by first examining a range of perspectives on the boundaries of the “arts and culture sector” in the US and then exploring in some depth four theories of entrepreneurship and how such theories may be realized within the arts and culture sector. Theories of firm formation are considered both generally and as potentially applied to the arts and culture sector, with examples of firm formation drawn both from existing literature and the author's direct observation of entrepreneurial activity. Finally, the essay connects these theories in a means and ends framework to provide a context for understanding arts entrepreneurial activity, especially in the US arts and culture sector. The theory that emerges from the examples provided to illustrate the framework is a simple one: artists form firms or otherwise undertake entrepreneurial action toward the end of creating art sustainably and they do so by discovering or creating new connections between their means and that desirable end.