论非上市股份公司股权交易制度的完善

非上市股份公司股权交易是资本流通和交易的重要方式之一。而由于我国非上市股份公司股权交易法律制度的缺失,相关股权交易纠纷逐年增加。本文从一则案例谈起,阐述我国非上市股份公司股权交易制度的完善问题。一、问题的提出被告上海卓越纳米新材料股份有限公司系非上市股份公司,注册资金为2100万元,其中525万元由上海南极化工（集团）公司出资。2003年,     

浅析股权交易的风险控制

本文主要结合多年从事股权交易实践，对股权交易中的法律风险如何进行有效识别与控制进行了分析，以有效维护股权交易中转让与受让双方的合法利益。     

企业买卖中的给付障碍和瑕疵担保责任

企业本身可以作为买卖合同的标的,企业买卖有两种实现方式:一是将企业作为整体进行出卖,即可以通过资产交易的方式进行买卖;二是出卖企业的股份。在前者情形,为转移企业,需要转移企业所属的全部财产标的;在后者情形,不需要转移各项财产标的,仅需要转移承载企业之公司的股份。企业买卖的规制与法律体系紧密相联系:在传统框架之下,企业买卖构成法律漏洞,而且是有认识的法律漏洞;在现代框架之下,对于企业买卖,相应地适用物之买卖的规则。企业所属各项财产标的上存在的物之瑕疵,仅在其对于企业具有根本性的意义时,始构成企业之作为整体的瑕疵,也就是企业瑕疵;而其上存在的权利瑕疵,在其对于企业具有根本性的意义时,可以构成企业的性能瑕疵,但不构成权利瑕疵。对于企业买卖,应当摒弃双轨制的法律适用,也就是原则上应当适用瑕疵担保责任规则,而不是适用缔约过失的责任原则。     

美国私募股权电子融资平台运作模式、监管及启示

正根据2011年11月国务院发布的《关于清理整顿各类交易场所切实防范金融风险的决定》(国发[2011]38号)的规定,区域股权交易市场的交易功能受到很大限制。~①目前,我国区域股权交易市场以发挥融资功能为主,有两种运作模式:主流模式是线下融资,通过托管、挂牌等服务增强企业公信力,帮助企业进行融资。这一模式为绝     

被误解的风险投资

风险投资的功利性决定其完成投资任务后，连同资本和获利一并退出，但这对于被投资企业来说，并非是一场噩梦     

股权置换样态分析

股权转让是股权在公司之间流转的一种具体方式,它无碍于公司的正常经营,同时又有让置换双方以最小的代价换取最大的经济利益等优点,正日益成为投资者的最佳选择.而在股权交换转让的过程中,股权置换作为一种独特且具有诸多优点的流转方式也受到了各个公司的肯定.本文旨在从学理和实践上阐释股权置换这一转让方式,以期在实践中将其进行效益最大化的利用.     

股权转让中的股东资格确认——基于股权权属与股东资格的区分

股权转让包含了股权作为财产的权属变更和受让人股东资格的取得两个环节.股权权属变动,是股权转让合同履行的结果,以满足公司章程规定的股权转让条件为前提,是股权在转让人与受让人之间的权属变更,其结果是受让人取得股权本身的财产价值及其带来的收益.股东资格是相对于公司而言的,股东资格的取得意味着公司对股权转让事实和受让人股东身份的确认.受让人基于对股权权属的享有,有权要求公司向其签发出资证明书,变更股东名册和申请股东变更登记.为了解决受让人股东资格取得的时点问题,应该将股东名册作为唯一记载股东情况的文件并提交工商备案,同时在立法上确立登记备案的股东名册对公司和对第三人的对抗效力.     

关于设立股权公司双重股权制度的思考

我国的股权公司一直奉行一股一权制度,在保障股权相统一的前提下,侧重于保护股东的利益,在这种制度下,公司为了发展而对外发行股票进行融资,但随着股票的发行,融资过程带来的却是股权的稀释,融资次数越多,股权稀释的也就越严重,最终导致管理层无法拥有公司绝对的控制权。而基于这种情况,双重股权制度在世界很多国家盛行,它将股权分为表决权和财产权两种进行管理,在流通自由的股票市场上,股东在去的股票财产权权的同时并没有取得与之原本相对应的表决权,所以不能稀释管理层的表决权,进而维护了管理层绝对的控制权。但是股份公司的双重股权制度因为违背了我们国家一直以来的一股一权但以股权制度,所以受到一些学者的质疑,本文通过对双重股权制度基础理论的介绍,并结合我国资本市场的现状,对在我国设立股权公司双重股权制度问题进行研究。     

华某某的受贿数额应如何认定

正基本案情华某某,男,中共党员,A省某厅副厅长。梁某某,A省光明公司董事长。2007年至2012年,在华某某的关照和支持下,光明公司先后获得项目扶持资金3000万元。为感谢并希望继续得到华某某的关照,2007年10月,梁某某提出将其持有的光明公司0.3%的股权转让给华某某,华某某表示同意并以其亲戚薄某的名义与梁某某签订了股权转让协议,约定股价款为150万元。但华某某和薄某均未支付股价款,由梁某某代付了150万元股价款。后光明公司由有限责任公司变更为股份有限公司,华某某所持光明公司0.3%股权明确为50万股,并获得每10股送10股的配股优惠,增长为100万股。2011年11月,光明公司股票上市交易。2012年11月,华某某通过薄某将持有的100万股光明公司股票卖出,获取     

股权转让合同显失公平的认定

正股权转让有别于一般商品买卖。司法实践中,认定股权转让合同是否显失公平,暂无统一、具体的标准。从我国《合同法》关于显失公平的构成要件看,在主观上,一方要有利用优势地位或对方轻率、没有经验的故意;在客观上,当事人在给付与对待给付之间利益失衡。因股权交易属于商事行为,许多商业因素影响股价的评估,在认定股权转让合同的显失公平时,既要考察出让人和受让人的主体身份、交易地位与行业经验等主观因     

The impact of vendorship legislation and interprofessional competition in the market for social workers' services.

The results of this article suggest that, in the short run, vendorship legislation will not result in a large shift of social workers from organized settings into private practice. However, vendorship legislation appears to increase the number of social workers in private practice in areas that have not attracted as many psychiatrists. Thus, vendorship may have a favorable impact on the geographic distribution of mental health providers. Vendorship legislation may result in increases in private practice social workers in underserved areas. The results also suggest that social workers and psychiatrists compete in the market for mental health services. In counties with higher psychiatrist-to-population ratios, fees for social workers' services are lower. Further, in counties with higher psychiatrist-to-population ratios, the number of social workers in private practice decreased after vendorship. Finally, there is a large range of optimal practice size for social workers. Social workers with 20 or more clients per month can provide mental health services at the lowest average cost per client. Thus social workers operating either full-time or part-time practices with more than 20 clients per month can provide mental health services efficiently.     

Domestic violence and criminal justice training needs of social services workers

Domestic violence is a multifaceted problem that requires various agencies to work together to serve victims. Among other agencies that are involved in this collaborative effort, criminal justice officials must work with social services workers to ensure that cases are handled effectively. At the root of this collaborative effort, it is natural to question whether various parties have the knowledge needed to effectively respond to specific cases of domestic violence. In this study, attention was given to whether social workers possessed enough knowledge about various aspects of domestic violence, including information required to process domestic violence cases in the criminal justice system. In all, 186 social services worker supervisors in the Commonwealth of Virginia were asked to rate the level of knowledge they believed social services workers had regarding specific domestic violence topics with the level of knowledge workers they believed social workers needed regarding each domestic violence topic. Findings suggested that social services workers might have more problems dealing with the interpersonal nature of domestic violence cases than they do with the legal issues. At the same time, the supervisors suggested the workers knew less about specific legal options than they needed to know. Based on this, the authors suggest changes in training for all human services workers, including criminal justice officials and social workers.     

The future role of the "bona fide plan" exemption in ADEA benefits discrimination litigation.

For more than twenty years, administrative agencies have concluded that the ADEA prohibited employers from reducing the level of fringe benefits provided to older employees without proving that the cost of funding the reduced benefits was essentially the same as the cost of the benefits provided to younger workers. In Public Employees Retirement System v. Betts, 109 S.Ct. 2854 (1989), the Supreme Court invalidated this "cost-justification" requirement. Almost immediately, Senator John Heinz (R-Pa.) introduced legislation to overturn the Betts ruling. This article addresses the question of whether, as suggested by Senator Heinz, Betts sanctions "baseless" benefits discrimination, or whether employers should be somewhat more cautious before deciding to eliminate or reduce the fringe benefits provided to their older employees.     

Client violence and its negative impacts on work attitudes of child protection workers compared to community service workers

This study investigated the prevalence of client violence toward child protection workers and its negative impacts on the work attitudes of those workers compared with community service workers in South Korea. This study is based on the assumption that child protection workers are more vulnerable to violence than are community service workers because of the unique characteristics of the roles they play. Results of the data, drawn from a sample of 413 child protection workers and community service workers, found that client violence was more prevalent against child protection workers and that the negative impacts of this violence on work attitudes were more clearly highlighted for child protection workers. Based on the results of this study, implications for preventing client violence and lessening its negative impacts on work attitudes of child protection workers were identified.     

论我国公司法立法结构的变革

公司法立法结构关乎公司法的立法质量、成本以及公司运行效率。我国采用统一公司法的立法模式,以有限责任公司为目标公司,并以股份有限公司为有限责任公司的衍生品。这种立法结构扭曲了股份有限公司和有限责任公司的相互关系,造成了在法律解释和适用上的诸多困难。在未来修改公司法时,我国应以股份有限公司为目标公司,以有限责任公司为其例外,重新构建公司法的结构。     

Who Has to Pay for Periods of Insolvent Insurance in Long-Tail Coverage Claims? New Jersey High Court Changes the Game in Favor of Policyholders

Two new cases have changed the game in New Jersey for allocating defense and indemnity costs in long-tail environmental or toxic tort claims. The high court has established that solvent insurers must absorb insolvent insurers’ share of costs in long-tail claims until all solvent insurance is exhausted, at which time insolvent shares will be borne by the Property-Liability Guaranty Association. In addition, the high court has established that insurers have a right of contribution against other insurers when they pay more than their allocated share of defense or indemnity.     

平台用工劳动权益保护的立法进路

我国互联网平台工人数量多达数千万,且增长迅速。平台工人面临身份不明确、工作时间长、收入不稳定、职业伤害保障缺失、算法运行不合理等突出问题。由于平台用工的特殊性,现有劳动法及其司法实践难以为平台工人提供有效保护。近年来,越来越多的国家,包括美国、法国、意大利等对平台工人进行了专门立法。我国有必要出台平台工人权益保护专门立法。平台工人权益保护立法的基本思路是确保符合"劳动者"标准的工人得到劳动法保护,并为一般平台工人提供基本劳动权益保障。立法应通过劳动关系举证责任转移规则,使平台工人身份得到正确归类。平台工人的基本权益内容应根据所有工人应享有的基本权益、平台用工的灵活性以及平台主要依靠算法运行的特点而设计,应赋予平台工人平等就业、职业安全卫生、工资、工时、加入工会和集体协商等方面的权利,以及与算法相关的权利。     

The Deserving Worker: Decisions about Workplace Accommodation by Judges and Laypeople

Employment civil rights laws require employers to make reasonable accommodations for certain workers so that they can perform their jobs. The “reasonableness” of an accommodation request should be based largely on the cost of the accommodation relative to the company's resources, but how do people really evaluate such requests? This study examines determinations of the reasonableness of workplace accommodation requests made by trial judges and ordinary people. Using a 2 × 3 × 3 between‐subjects factorial design, we test the effect of worker identity (nursing‐mother worker, transgender worker, and Muslim worker) and cost on determinations of reasonableness. We find that (1) the identity category of the requesting worker impacts determinations of reasonableness by both judges and laypeople, (2) the cost of the accommodation impacts determinations of reasonableness, (3) judges are more likely to think that accommodation requests are reasonable than are laypeople, (4) there is a complicated relationship between accommodation cost and employee identity, and (5) the cost of the requested accommodation mitigates the effect of identity significantly for judges but less so for ordinary citizens. While judges are less influenced by the identity category of the employee‐requestor than are their lay‐counterparts, social status plays a role in determining what constitutes “reasonable accommodation.”     

Medical interpreting and the law in the European Union

In 2011, the Danish government announced that from June that year it would no longer cover the costs of medical interpreters for patients who had been living in Denmark for more than seven years. The Dutch Ministry of Health followed with an even more draconian approach; from 1 January 2012, the cost of translation and interpreting would no longer be covered by the state. These two announcements led to widespread concern about whether or not there is a legal foundation for interpreter provision in healthcare. This article considers United Nations treaties, conventions from the Council of Europe and European Union law. European Union member states have been slow to sign up to international agreements to protect the rights of migrant workers. The European Union itself has only recently moved into the area of discrimination and it is unclear if the Race Directive covers language. As a result, access to interpreters in healthcare, where it exists, is dependent on national anti-discrimination legislation or on positive action taken at national or local level rather than on European or international law.     

Reversed Solidarity in Pension Plans

There is a unexpected phenomenon in the majority of complementary pension plans in the Netherlands. Unlike other arrangements that are the result of collective bargaining and decision making, these pension plans increase the inequality in the distribution of (lifetime) income. In those plans, persons without a career contribute to the payment of pension provisions of those with a career. Generally speaking, this implies that blue-collar workers and women pay for the pensions of white-collar workers, who are mostly men. For some of the contracting parties, the terms of the pension contract seem to be disadvantageous and suboptimal. The question arises as to why these contracts are being concluded and how they can survive in a competitive environment. Moreover, since the pension plans are the result of collective bargaining between the organisation of employers and the labour unions, the question arises as to how reversed solidarity fits the alleged redistributive goal of the labour unions. The analysis leads to the following conclusions. Firstly, that information and transaction cost, collective agreements, legal barriers and market failures on substitute arrangements prevent the conclusion of optimal contracts. Secondly, employers would find the pension plan attractive because it discourages shirking, enhances productivity and the process of job matching and reduces labour turnover. Thirdly, a pension plan based on final salary is in the interest of the median voter in the labour union, who is older and earns a higher seniority wage than junior workers. Furthermore, in the given circumstances the pension plan enlarges union membership and the dues income of the union and endows the union leadership with more prestige and influence. Individual union members would not oppose such a pension plan for reasons of informational asymmetry, transaction cost and the inability to capture the full benefits of their actions.A comparison of the pension schemes of Belgium, Germany, France and the UK shows that there are large differences in the structure and content of retirement provisions. Reversed solidarity may also be part of the pension plans in Belgium and the UK.