The subordination of shareholder loans in bankruptcy

Bankruptcy and corporate laws in several countries allow or require courts to subordinate loans by shareholders to corporations. Examples include the German Eigenkapitalersatzrecht and the equitable subordination and recharacterization doctrines in the US. I use a model to show the incentive effects of subordination when a controlling shareholder attempts to rescue a closely held corporation by extending a loan. Even though subordination has some beneficial effects, it deters some desirable rescue attempts and is an insufficient deterrent for some undesirable ones. Legal reform should thus focus on narrowing down the scope of application to undesirable shareholder loans, where more severe penalties than subordination should apply.     

上市公司股权再融资偏好的自由现金流量解释

上市公司应避免采用股权再融资方式筹集资金,以减少对公司价值产生的负面影响。但国内外仍有不少上市公司采用股权再融资,我国则呈现强烈的股权再融资偏好,这说明上市公司采用股权再融资存在一定的理论依据。现实中上市公司管理者在公司股份中只占有很少的比例,因此上市公司管理者更注重非货币利益的获取。为了获取更多的非货币利益,他们更倾向于采用股权再融资。而我国不太合理的制度背景,使得我国上市公司管理者几乎不拥有公司股份,从而造成我国上市公司强烈的股权再融资偏好。     

Towards an Integration of Distributive Justice,Procedural Justice,and Social Resource Theories

The aim of this paper is to formulate new and more precise predictions regarding behavioral reactions to distributive and procedural injustice via insights from resource theory. The three theories share focus on discrepancies between actual and ideal states of existence as well as on psychological and behavioral reactions to discrepancy. But they also differ from each other in their conceptualizations and theorizing about these matters. Equity theory conceptualizes discrepancy as a perceived mismatch between inputs and outcomes; multiprinciple distributive justice and procedural justice theories view discrepancy as a mismatch between expected and applied distribution and procedural rules, respectively. Resulting feelings of inequity/injustice may trigger attempts to restore justice. Within the framework of resource theory, discrepancy concerns an inappropriate match between the nature of the provided and received resources. This leads to frustration which, in turn, may trigger attempts at retaliation. Limitations of the theories are discussed, with particular focus on their inability to match specific discrepancies with appropriate behavioral reactions. Behavioral predictions are based upon established congruence between behavioral reactions and violated procedural rules as well as type of inequity, as determined via their respective resource isomorphism. Limitations of the present integration attempt are discussed.     

陕甘宁边区民事审判模式之选择

调解成为陕甘宁边区民事审判权的主导性运作方式,这是陕甘宁边区民事审判的特色,并且这一特色在很长时期内保持了高度的稳定性。在我国,诉讼调解和判决是诉讼制度的重要组成部分,两者没有主辅之分,不可偏废。     

关于纪检监察证据司法衔接的思考

纪检监察证据转化为司法证据的基础是两者的共性。纪检监察证据向司法证据转化有利于固定证据、防止翻供和提高诉讼效率等。纪检监察证据向司法证据转化应遵循全面转化规则、最佳证据规则、非法纪检监察证据排除规则和自由裁量规则。     

Shared Waters—shared Responsibility. Application of the Principles of Fairness for Burden Sharing in the Mediterranean

The paper addresses the issue of burden sharing within the context of the Barcelona Convention for the protection of the Mediterranean. The initial premise is that the perceived fairness of burden sharing rules is an important factor in the success of multilateral environmental agreements. We review briefly the basic ideas behind the fairness and equity debate in global environmental affairs before we apply a number of widely accepted equity rules in the case of Mediterranean marine protection. We derive arithmetic examples to illustrate the application of the rules and compare them in terms of their political attractiveness, cost-effectiveness and practical feasibility. It is shown that the simple rule of egalitarian justice scores high on all aspects.     

论不完全合同视角下的公司融资

以公司融资的不完全合同属性为分析框架,通过对公司融资活动诸要素的考察,以及对融资交易类型与合同条款的梳理,用以厘清融资中所存在的交易不确定性、资产专用性、信息不对称、投机主义等因素,以及与融资协议中常见的条件条款、声明与担保条款、互锁等条款之间形成的匹配性关系。同时,以此为分析范式,探求该匹配性关系中蕴含的“无形法律的秩序”,即商业理性,并明确裁判者应尊重市场主体对特定事项的商事安排。尤其在司法处理争议的具体法律适用之前,应强调经济逻辑在融资合同解释中的运用来探求真意。审判实践要从“融资不完全要素—治理对策—具体条款”的分析路径,拼接出商业安排的对策全景,以遵循融资安排之真意。以公司融资协议的性质归属、名股实债两个实务问题为例,重点从商业理性与合同解释衔接的视角进行研判。     

中国律师制度的构建与展望

人类社会经济活动的日趋纷繁复杂 ,需要律师提供各种法律服务。受轻视、冷落的我国律师制度现状不符合中国经济建设发展的要求。重视解决律师阶层的司法定位 ,加强律师在司法过程中的作用和影响 ,提高律师素质 ,实行律师职业行业管理等是新时代中国律师制度、法治民主的内容和途径。     

经济成长与社会公平向度下的韩国财阀模式研究

韩国财阀模式是在国家指导下大力发展私营大企业的一种经济运行模式,这一模式不但促进了韩国经济的迅速增长,实现了产业结构的升级;而且在经济成长进程中一定程度上缩小了社会的贫富差距,是韩国社会公平的重要原因。而同样采取大企业发展模式的巴西等国家则既没有实现经济的现代化,也没有缩小贫富差距。韩国财阀模式是一种有效的经济发展模式。     

论我国私募股权投资基金与证券投资基金一体规范

《私募投资基金监督管理暂行办法》对于私募股权投资基金设立、基金管理人和基金托管人权利义务等一系列重要问题未作出规范,由此导致法院在处理部分私募股权基金纠纷案件时只能选择参照适用我国《证券投资基金法》作为裁判依据。 我国《证券投资基金法》未将私募股权投资基金纳入其调整范围。 法院此举缺乏正当性。 事实上,私募股权投资基金与证券投资基金在行为性质上同属金融活动,在法律关系的构建上均主要以信托关系为基础,两者产生的法律风险亦具有同质性,将两者一体规范能解决司法裁判适法正当性的问题,既有必要性和可行性,也能提高监管效率、促进行业发展。 我国应当将私募股权投资基金纳入《证券投资基金法》,实现私募股权投资基金与证券投资基金的一体规范。