我国上市公司委托理财法律环境的问题与对策

在我国,不健全的委托理财法律环境对上市公司、投资管理公司等金融机构产生了较大的不良影响,成为困扰资本市场正常发展的重要因素。本文对我国委托理财法律环境存在的问题进行研究,分析委托理财法律环境不完善的原因,并提出改进建议和应对措施。     

人力资本语境中的教育投资

在全球经济一体化的时代潮流中,教育投资的挑战与机遇并存.我们只有深刻理解在国际大市场背景下的教育投资内涵,才能真正把握好发展机遇.综观当今世界发达国家的教育投资状况,教育经费随着各国经济的不断增长而呈增长的趋势,即不仅教育投资绝对量在增长,而且教育投资的相对量也在增长.我国资本市场与国际资本市场的逐步接轨,对我国进一步拓宽教育投资的融资方式、拓宽教育投资的市场领域,解决我国当前教育投资经费总量性短缺问题非常有益.我们要充分利用加入WTO的国际平台,进一步加强和明确政府在国家教育投资主体中的核心地位,调整教育投资经费结构性短缺问题.     

我国合作社引人伦理投资资本的法律支持

缺乏资本是合作社发展面临的一个世界性难题,也是我国合作社发展面临的重大难题,破解合作社融资难题需要投资资本.合作社最终能够引入的投资资本必定以伦理投资资本为主,因为常规投资资本进入意愿不足且可能遭到合作社排斥,而伦理投资与合作制相容且能够满足合作社融资需求.合作社要成功引入伦理投资资本,一方面需要法律对伦理投资者追求经济回报与社会效益两大基本诉求予以回应,包括提高资本报酬吸引力以及保障投资者监督权,打造好伦理投资资本融入合作社的基础.另一方面,合作社成功引入伦理投资资本还需要法律提供相关的配套措施,包括豁免合作社伦理投资股发行注册、发展合作社伦理投资基金以及设立合作社伦理投资股二级市场.     

论我国双重股权结构制度的构建

双重股权结构对公司的治理有利有弊,法律出于对弊端的考量而一律禁止该制度显然是不可取的.如今,双重股权结构在全球市场获得认可,面对国内大量优质企业的纷纷“外逃”和国外的企业对我国资本市场的“望而却步”,我们需正视其在控制权市场的重要价值.本文在我国资本市场发展现状的基础上,参考一些国外实践经验为我国双重股权结构制度的引入提供一些思路.     

H股公司回购股份法律问题的探讨

H股公司是指根据中国<公司法>在中国内地设立,并在香港联交所上市的股份有限公司.在1997年10月以来的亚洲金融风暴中,H股公司在香港的股价长期处于低迷状态,不利于公司的发展及国有资产的保值.面对金融风暴,香港上市公司,包括红筹公司①可以根据香港<公司条例>及香港联交所有关公司股份回购的有关规范,通过回购股份支持其股价,以避免股价因市场因素的影响而不合理地低廉.     

论长期坚守我国法定资本制的核心价值

我国2013年完成的公司资本制度改革基本上沿袭了法国、日本、韩国和我国台湾地区近10多年来资本制度约束软化的路径。降低投资门槛,刺激经济活力,是资本制度改革的价值取向,但因此也会在债权人利益保护方面制造了新的不平衡、不确定的困难场景。依据对我国诚信环境的认识和判断,我们应该选择长期坚守法定资本制的核心价值,及早启动公司法与证券法并行的新一轮修订,充分把握现实理性和科学态度,焊接断裂的公司交易安全链条,构建保障经济社会平稳发展的公司法律制度体系。     

刍议公司资本形成制度的改革与发展——以“认缴制”的定性为起点

我国公司登记的“认缴制”改革在资本形成制度上并没有改变我国法定资本制的性质.当前各发达国家和地区的资本形成模式都呈现出不断放松管制并加强自治的趋同化发展潮流.“认缴制”与授权资本制的法律效果不同、自治效果也有差距,无法替代授权资本制.授权资本制的优势不仅体现在公司的便捷化设立和资本的高效率筹集,更深远的价值还在于其对私法自治的实质性落实,以及对股东和公司利益的有效平衡,能够适应现代化的公司治理和资本市场发展需求.我国资本形成制度未来的发展方向应立足于授权资本的分次发行,以及多元化资本概念的构建,实现资本的有效利用.     

论商誉权的资本能力

我国《公司法》认可了知识产权的资本能力,但商誉权作为知识产权之一种,其资本能力却被《公司登记管理条例》所否定.这与我国对外签订的双边投资保护协定承认商誉权出资的现状、《公司法》修订放宽知识产权出资要求的趋势以及承认商誉权出资的国际惯例均不相符.商誉权在会计学上具有评价可能性,在法律上具有转让可能性.它与作为其客体的营业相伴随,与其他财产同财产权之间的关系一样,体现了权利载体与权利之间的应有关系,其资本能力应获得我国法律的承认.     

论与公司资本制度有关的犯罪圈的重构——以公司资本制度的重大调整为视角

我国与公司资本制度有关的犯罪圈建立在公司法对公司资本制度进行规定的基础之上。在公司法对公司资本制度作出重大调整的情况下,我国刑法却并未对与公司资本制度有关的犯罪圈作出相应的调整。这就使得当前我国刑法中与公司资本制度有关的犯罪圈的设定既不符合公司资本制度的发展趋势,也无法实现惩罚破坏公司资本制度犯罪、规范经济秩序、保护交易安全的立法目的。因此,应当改变我国现有的以保护国家对经济秩序的管理制度为先导的立法理念,在以尊重经济自由、公司意思自治和维护商业交易中诚实信用原则为立法理念的指导下重构我国与公司资本制度有关的犯罪圈。     

论公司资本登记制改革的配套措施跟进

资本登记制是公司设立制度的核心,是公司法的基础性制度。《公司法修正案》仅对资本登记制进行改革,会导致认缴登记制与现行公司设立登记操作规则的不相吻合,增加了公司交易相对人的交易风险。所以,实施资本登记制改革,配套措施必须跟进。与公司资本制度改革密切相关的跟进措施主要有两个方面:一是公司设立制度完善措施的跟进,以保障公司资本登记制改革的有效进行;二是对公司交易相对人的交易风险防控措施的跟进,以保障公司交易相对人的交易风险不因股东投资受惠于资本登记制改革而变得失控,平衡好股东的投资利益与公司交易相对人的交易利益关系。     

Oil price shocks and stock market returns of the GCC countries: empirical evidence from quantile regression analysis

This paper examines the effects of oil price shocks on the stock market returns of the Gulf Cooperation Council countries. The empirical method used is quantile regression analysis. In addition, we allow for structural breaks and asymmetry by differentiating between positive and negative oil price changes. Unlike OLS analysis, quantile regression allows the coefficient estimates to vary throughout the distribution of the dependent variable, which provides a complete picture of the relationship between the explanatory variables and the dependent variable. Our results suggest that the coefficient estimates have not been constant throughout the distribution of stock returns; that oil price shocks have asymmetrical effects on stock returns; and that the effects of oil price shocks on stock market returns are affected by stock market conditions. Overall, the results suggest that rising oil prices increase stock returns only when stock markets are bullish (high quantiles) and normal (medium quantiles), and that falling oil prices lower stock returns only when stock markets are bearish (low quantiles) and normal (medium quantiles). This suggests that oil and stock markets are more likely to boom together or crash together.     

Transition, the Evolution of Stock Market Efficiency and Entry into EU: The Case of Romania

In this paper we demonstrate that the measurement of stock market efficiency is an important activity in establishing whether eastern European countries satisfy the Copenhagen Criteria for EU membership. Specifically, we argue that developing an efficient stock market should be an important policy focus for countries with aspirations to join the EU as it helps to demonstrate the existence of a functioning market economy. We illustrate this issue by examining the evolution of stock market efficiency in the Bucharest Stock Exchange from mid-1997 to September 2002. We use a GARCH model on daily price data and model the disturbances using the Student-t distribution to allow for ‘fat-tails’. We find strong evidence of inefficiency in the Bucharest Stock Exchange in that the lagged stock price index is a significant predictor of the current price index. This result is robust to the inclusion of variables controlling for calendar effects of the sort that have been observed in more developed stock markets. The level of inefficiency appears to diminish over time and we find evidence consistent with stock market efficiency in Romania after January 2000.     

试论证券市场操纵行为的法律规制

伴随改革开放的深化,证券市场作为媒介融资的必备环节在我国逐步发展起来。其从无到有,逐渐完善的过程亦伴随着我国证券立法的渐趋完善合理。然,市场操纵行为仍是我证券市场的一大危害。这是一种扭曲价格机制,严重损害中小投资者合法权益,破坏证券市场公正性的违法行为。在建立了行政责任制度和刑事责任制度之后,还应建立完善民事赔偿责任制度以有效的遏止操纵市场行为,保护投资者的合法权益。     

Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic

In this study we examine private investment behavior of firms in the Czech Republic. A special feature of the study is that the investment equations include variables which may give some more insights into the role of capital market imperfections as well as the effect of uncertainty. Our results find support for the accelerator model. We find evidence for cash-flow effects on Czech corporate investment. It is striking that indeed smaller longer privatized firms face relatively less cash flow restrictions. Financial structure doesn't matter as much as we expected. We find that smaller firms react positively to more uncertainty.     

论外商证券投资法律制度

外商对华证券投资包括投资于境外证券市场与境内证券市场的外资股与债券,其主流则为境内上市外资股(B股)与QFII投资普通股(A股)。外商证券投资的法律制度由投资者本国的法律监管与东道国法律监管两部分构成。前者监管主要针对证券发行数量、税收和利率的限制,后者监管主要集中在证券入市审批和证券交易管理,两者中应以东道国法律监管为主。我国对外商证券投资实行较为严格的监管制度,集中体现为证券市场开放中实行的QFII制度。法律监管的范围涉及市场准入审批、证券发行、证券交易、资产管理和外汇管理等方面。     

Oil price changes and stock market returns: cointegration evidence from emerging market

The aim of this paper is to examine whether changes in nominal oil prices (Brent and West Texas Intermediate (WTI)) affect the stock market returns in the context of an emerging market framework. The Autoregressive Distributed Lag bounds testing approach of cointegration is used to test for the long run relation between the two variables, where the daily stock market index return is calculated using the first difference in the natural logarithms of stock market index. Further, we test for the stability of the cointegration relationship by examining the sensitivity analysis where diagnostic tests for serial correlation (namely the Breusch–Godfrey serial correlations LM test) and cumulative sum of recursive residuals (CUSUM) are employed. Using daily data from January 3, 2000 to December 9, 2015, the findings suggest that there is long run integration between oil prices and stock returns series in which the daily oil price shocks have a negative impact on stock returns. The highly significant error correction coefficient indicates high rate of convergence to equilibrium. In addition, the Toda and Yamamoto (J Econom 66(2):225–250, 1995) Granger non‐causality test indicates significant bidirectional causality between stock market returns and Brent nominal oil price, meanwhile there is unidirectional causality running from WTI oil price to stock market returns. These findings are, up to some extent, meaningful for investors, portfolio managers and policy makers.     

对证券投资基金忠实义务的法律规制探讨

随着大盘的暴跌,基金资产的大幅缩水,我国证券投资基金违反忠实义务,侵害基金持有人利益的情形日显突出,这背后凸显的是深刻的信任危机。究其根源,是由于我国规制基金忠实行为的法律过于概括、原则,尚存在许多缺陷。因此,我国基金法规应对证券投资基金的忠实义务给予更详细、科学的规定,以实现切实保护基金持有人利益的目标。     

噪声交易中套利者的作用研究

证券市场上的噪声交易会引起证券价格的均值非零的变动.DSSW模型研究证实了噪声交易者获得的平均收益甚至要高于套利者,但套利者的存在依然抑制了价格的波动,从而也限制了噪声交易者的获利空间.一个简单的拍卖模型表明,套利者在与噪声交易者的博弈中,套利行为的产生需要一定的获利空间条件,因此套利者行为确实受到了限制.但同时套利行为也无疑产生了重要的价格平抑作用.     

我国风险投资基金立法若干问题思考

对我国风险投资基金的定义、设立、运作和管理体制等问题提出了初步的立法构想 ,认为我国的风险投资基金应按公司型而不能按契约型设立 ,采取公募方式而不能采用私募方式 ,采取以可转换优先股和可转换债券为主的投资方式 ,并通过投资合同来管理和监督风险企业 ,为风险投资基金提供第二板市场上市等多种退出机制 ;应由证监会下设投资基金管理委员会作为风险投资基金的行政管理机构 ,同时必须加强风险投资基金行业的自律性管理。     

Corporate governance of Chinese state-controlled listed companies: Evidence from the exit of Chinese domestic venture capital

The existing literature on the corporate governance of Chinese state-controlled listed companies (SCLCs) focuses more on agency costs. There is inadequate attention being paid to its adaptive efficiency through the standard of venture capital (VC). This paper tries to fill this gap on the basis of the evidence from the exit of Chinese domestic VCs. The existing research has proved that the availability of stock market as an exit is essential for the vitality of a country’s VC industry. Unfortunately, with the institutional barriers imposed by the control-based model of the SCLCs, the exit ways of Chinese domestic VCs via stock market are still uneven. The implication from this study is that adaptive efficiency and agency costs are equally important factors which ought to be considered when any reform proposals for the corporate governance of the SCLCs are put forward. While either of the two factors is neglected in this process, the overall efficiency is to be jeopardized.