论内幕交易、泄露内幕信息罪

内幕人员、非内幕人员实施的内幕交易、泄露內幕信息的行为违反了证券法律、法规的强制性规定,侵害了证券市场的正常管理、交易秩序和有关投资者的合法权益,情节严重的构成“內幕交易、泄露內幕信息罪”。正确理解內幕信息和犯罪构成要件对准确认定该罪有关键作用。国家立法应对内幕信息公开的标准明确化,同时借鉴国外的做法,适用过错推定责任原则来追究该罪行为人的刑事责任。     

论证券投资基金管理人的主要义务

证券投资基金是一种集合投资、专业理财、独立托管和分散风险的投资方式，属于信托性质，其基本当事人有受益人、基金管理人和托管人。作为证券投资基金管理人，其主要义务有信赖义务和信息披露义务，其中信赖义务主要包括忠实义务和注意义务，信息批露义务包括基金募集过程中的信息披露义务和基金运作中的信息披露义务。     

论证券市场内幕交易民事责任的完善

内幕交易的含义及其民事责任概述，（一)内幕交易的含义及特点，所谓内幕交易又称内部人交易或知情人交易、证券内部交易信息的知情人员或非法获取证券内幕信息人员，在涉及证券的发行、交易或其他对证券价格有重大影响的信息尚未公开前进行证券交易或将消息泄漏给他人，或依据该消息建议他人进行证券交易。     

从操纵证券、期货市场罪看兜底罪名的价值

自1997年《刑法》创设操纵证券、期货市场罪至今,一方面,经历时代变迁后,该罪的法定刑已经无法与其社会危害性相符;另一方面,随着新型操纵行为的出现,广义操纵证券、期货市场罪的罪名框架已经无法承受社会的挑战与满足期待,尤其是在我国分别规定交易型操纵资本市场犯罪与信息型操纵资本市场犯罪的情况下,兜底条款的适用限制不可避免。考虑到操纵证券、期货市场的欺诈本质,可将诈骗罪作为操纵证券、期货市场罪的兜底罪名加以适用,这样一来可在实际上提高法定刑适用,二来可规制无法纳入兜底条款的操纵资本市场行为。当行为同时符合两罪的构成要件时,从一重罪处罚,无需通过立法的修改实现。     

债券回购中法律风险与刑事司法认定

"利益输送""代持养券""对敲交易"等行为正不断地侵蚀着我国债券回购市场的健康发展,形成了债券回购的"灰色地带",有必要对以上行为进行刑法规制。债券回购市场上,利益输送中内幕交易罪的内幕信息刑法认定,仍应以内幕信息的滥用为充分必要条件;代持养券行为在形成交叉法条关系的情况下,法条竞合与想象竞合的刑法判断,介于一般预防与特殊预防的要求,应以想象竞合为宜;对敲交易引发操纵证券罪之"操纵"本质的刑法反思,应当通过立法与司法的二元路径进行考量。     

非法集资犯罪的再思考

近年来我国非法集资案件频发,非法集资犯罪的刑法规制及完善已经成为一个重要课题。从非法集资犯罪的现有立法规定入手分析立法缺陷,详细阐释"非法吸收公众存款罪"、"集资诈骗罪"和"擅自发行股票、公司、企业债券罪"这三个主要罪名,并在此基础上提出立法完善的两点建议:区分直接融资和间接融资;完善犯罪构成要件。     

虚假出资罪与虚报注册资本罪之辨析

虚报注册资本罪与虚假出资罪不存在法条竞合关系,二者有着明确的界限。对虚假出资罪不应当仅从字面意思上进行理解,而应当从行为侵犯的具体客体着眼进行实质的理解。虚假出资罪主要侵害了公司其他股东的利益,其危害性是现实的,而虚报注册资本罪只是侵害了未来相对债权人的利益,其危害性只是可能的。虚报注册资本罪的客观方面表现为没有其他受损失的股东;虚假出资罪的客观方面则必须存在其他受损失的股东,必须具备＂欺骗其他出资人＂这一特征。     

浅析利用未公开信息交易罪的未遂

为了进一步打击证券、期货市场的非法交易,《刑法修正案(七)》增加了利用未公开信息交易罪。对于该罪刑法学者们纷纷对其进行了较深刻的研究,并对该罪提出了较一致的两点意见:一是内幕信息以外的未公开信息需要界定;二是对情节严重的进行相应的解释。对此相关部门也正在就这两点起草司法解释。有关该罪在司法适用上是否存在未遂问题,学者们研究甚少,而该罪是否存在未遂影响到该罪的定罪问题,所以本文试图通过刑法学相关基础理论来探究该罪是否存在未遂。     

论金融犯罪的立法及完善

我国金融犯罪立法采取刑法典、单行刑法与附属刑法相结合的立法模式,规制范围较广,涉及罪名较多。《刑法修正案(八)》和《刑法修正案(九)》废除了金融犯罪中的死刑规定,但主刑设置仍较为严厉。完善金融犯罪立法的重点是:将非法经营证券、期货、保险业务,非法从事资金支付结算业务和非法买卖外汇犯罪行为规定在破坏金融管理秩序罪中;完善利用未公开信息交易罪的法定刑设置,增加单位犯罪主体;对逃汇罪增加自然人犯罪主体;对贷款诈骗罪增加单位犯罪主体。     

有效市场假设理论与中国证券市场低效率的分析

有效市场假设理论是证券理论的基础和重要组成部分 ,是深入理解现代证券市场建设与运作的关键。中国证券市场低效率的原因在于 ,制度缺陷造成虚假、迟滞的信息披露和庄家对股票的操纵以及市场监管乏力     

Identity construction of suspects in telecom and internet fraud discourse: from a sociosemiotic perspective

ABSTRACT

As a new kind of contactless crime, the telecom and internet fraud has become a public hazard, with criminals targeting massive numbers of innocent victims. It is a prominent criminal problem that currently affects social stability and the sense of security of the public. Since the six Ministries and Commissions jointly cracked down the crime in 2016, the number of cases and the number of people deceived have decreased, but the occurrence and frequency has still been at a high rate, and the situation is deteriorating. Regardless of the scientific and technological means used by fraudsters, the main medium is language. From a sociosemiotic perspective, this study identifies that the criminal suspects use the discourse resources to fabricate false information and construct false identities through discursive practice, with the aim of achieving the communicative purpose of obtaining victims’ trust, tricking, deceiving and manipulating their victims into giving out confidential information and funds. This study, taking telecom fraud discourse as one type of genre, examines the dynamic process of selecting and constructing identities by manipulating related discourse resources and strategies in the social-cultural context. This study further provides a sociosemiotic solution to telecom fraud prevention.     

论侵犯财产罪犯罪对象的演变及其发展——以网络虚拟财产为视角

网络虚拟财产在本质上是一种数字化信息,它既不是“有体物”,也不是“无体物”,而是一种“财产性利益”,是现实世界中人类劳动和财富的异化。我国刑法侵犯财产罪应严格区分“财物罪”与“利益罪”。研究侵犯网络虚拟财产的行为,对于我国侵犯财产罪犯罪对象的深入研究具有重要意义。     

What stock market returns to expect for the future?

In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant. But lower savings as growth slows should partially or fully offset that effect. The present high stock prices, together with projected slow economic growth, are not consistent with a 7.0 percent return. With a plausible level of adjusted dividends (dividends plus net share repurchases), the ratio of stock value to gross domestic product (GDP) would rise more than 20-fold over 75 years. Similarly, the steady-state Gordon formula--that stock returns equal the adjusted dividend yield plus the growth rate of stock prices (equal to that of GDP)--suggests a return of roughly 4.0 percent to 4.5 percent. Moreover, when relative stock values have been high, returns over the following decade have tended to be low. To eliminate the inconsistency posed by the assumed 7.0 percent return, one could assume higher GDP growth, a lower long-run stock return, or a lower short-run stock return with a 7.0 percent return on a lower base thereafter. For example, with an adjusted dividend yield of 2.5 percent to 3.0 percent, the market would have to decline about 35 percent to 45 percent in real terms over the next decade to reach steady state. In short, either the stock market is overvalued and requires a correction to justify a 7.0 percent return thereafter, or it is correctly valued and the long-run return is substantially lower than 7.0 percent (or some combination). This article argues that the "overvalued" view is more convincing, since the "correctly valued" hypothesis implies an implausibly small equity premium. Although OCACT could adopt a lower rate for the entire 75-year period, a better approach would be to assume lower returns over the next decade and a 7.0 percent return thereafter.     

Municipal Debt Issues in Foreign Markets: Managing Currency and Interest Rate Risk

Since the mid-1980s, there has been an acceleration of state and local government interest in the taxable bond market as a source of capital. This has resulted from, among other factors, restrictions imposed on economic and industrial development loan programs resulting from the passage of the Tax Reform Act of 1986. Increased state and local government involvement in the taxable bond markets has increased competition for such capital between the public and the private sectors. In turn, the developing capital competition has expanded into overseas securities markets. Private sector corporations have frequently accessed foreign capital markets to take advantage of lower interest rates and reduced financing costs. By contrast, state and local governments have accessed such markets only recently. This article discusses the policy issues considered by a state or local government entity when it decides to borrow funds in foreign markets and discusses the issues involved in managing currency and interest rate risk when issuing municipal bonds in foreign markets. It includes a review of the hedging techniques used by the Kentucky Development Finance Authority (KDFA) to protect against changes in the Yen/Dollar exchange relationship on a recent Samurai bond issue sold by KDFA as an example of such a transaction.     

倒卖火车票案件的分析与法律适用

春运是我国人民春节前后人员流动最为集中的一段时间,而在多种交通方式中,铁路运输成为人们更多的选择。为了缓解"一票难求"的情况,我国铁路部门一直在改进售票机制和加大打击票贩子倒票行为的力度。目前倒卖车票的违法方式大体有两类:一是利用各种方式抢购车票并加价倒卖,二是非法制售假票。面对倒票活动在手段和技术上的升级,铁路警方也应在侦破手段和侦办思路方面做出改进,加强网络监察手段和网络信息技术的应用。     

论侦查主体的“三结合“

侦查主体的"三结合"是指侦技结合、侦情结合和侦诉结合.技术化、信息化、智能化是现代文明社会的重要标志,现代社会的犯罪也因体现了时代特征而在形态与要素上愈加复杂化,而且犯罪总量日益增大与侦查力量相对不足的矛盾也日渐突出.因此,加强侦查主体的"三结合"便成为与现代犯罪作斗争的必然要求.     

How Social Wealth Funds Could Help Tackle Inequality

This article examines the potential to tackle the roots of inequality by the introduction of one or more social wealth funds. Such funds would aim to capture some of the financial gains from the private ownership of capital—a principal driver of inequality—and use the proceeds for wider community benefit, such as investment in social infrastructure. In recent decades a number of countries have introduced a variant on such funds, mostly taking the form of state‐owned sovereign wealth funds resourced through the exploitation of oil, and used for a diversity of economic purposes. In contrast, the UK has failed to take the opportunity to create such funds by, for example, reinvesting the revenue from the sales of public assets. So would it be possible to build one or more such collectively owned funds in the UK, and if so, how should they be financed? As well as funding social investment and anti‐inequality programmes, could such a scheme also help finance a regular Citizen's Dividend payment or a Citizen's Income scheme?     

An Options Pricing Method for Calculating the Market Price of Public Sector Pension Liabilities

State and local public sector employee pensions are widely known to be underfunded, but pension financial reports do not reveal the true extent of funding shortfalls. Pension accounting methods assume that plan investments can earn high returns without taking any account of the market risk involved. This gives a false sense of the financial strength of public sector pensions and understates risks to taxpayers. Since accrued pension benefits are legally and constitutionally protected, any pension funding shortfalls must be met by taxpayers. This benefit guarantee amounts to an effective put option on plan investments, the cost of which is not disclosed under current actuarial accounting. This paper uses an options pricing method to calculate the market value of taxpayer guarantees underlying public sector pensions. The average funding ratio declines from 83 percent under actuarial accounting to 45 percent under this options pricing approach. The typical state has unfunded public pension liabilities three times larger than its explicit government debt. Public pension shortfalls equal an average of 27 percent of state gross domestic product, posing a significant fiscal challenge in coming years. Accurate measures of public pension liabilities are important for policy makers, taxpayers, investors considering the economic environment in which to start or locate a business, and bond purchasers considering the risk premia appropriate to municipal government bonds that are in practice subordinate to public pension liabilities.     

Manufacturing Trust: Community Currencies and the Creation of Social Capital

In this study I examine whether an innovative government program in Ichikawa, Japan has been successful in increasing the level of generalized interpersonal trust in the community by rewarding civic participation by local citizens. Japan has sponsored the development of a number of “community currency” programs at the local level that are designed to create social capital. A community currency is a local “money” that is only useable within a neighborhood or town. In a typical community currency program, a town rewards civic volunteers with credits to barter with other citizens, use at participating stores, or pay for town services. These programs are specifically designed to stimulate generalized trust by rewarding civic engagement and encouraging social interaction. I evaluate whether the new Tekona community currency program in Ichikawa, Japan has been successful in raising levels of trust among participants, as compared to a randomly selected control group of town residents. I find that community currency involvement increases general trust, which demonstrates that it is possible to institute government programs that create social capital.

Chinese capital flows and offshore financial centers

Abstract

Why is the British Virgin Islands a bigger source of foreign direct investment into China than the USA, the European Union and Japan combined? Why is there 10 times more investment from China in the Caymans Islands than there is in the USA? This paper argues that these flows represent the efforts of Chinese and foreign investors to reduce governance and measurement transaction costs. Investors avail themselves of efficient institutions in offshore centers that are absent locally. These institutional attractions include the ease of raising capital on foreign stock markets, access to reliable courts, and more flexible and sophisticated financial products. Existing explanations of these capital movements, characterizing them as criminal money or tax arbitrage, are insufficient. Evidence is drawn from government statistics, private legal advice and interviews in offshore financial centers.