我国证券发行审核制度选择的法经济学分析

核准制与注册制是世界证券发行的两种制度,二者区别的关键在于审核机关是否对公司的价值作出实质性判断。从经济学的视角看,我国证券发行选择核准制是因为国家干预取得的收益远远大于其干预的成本。我国证券发行审核制度应进行改革创新,从实质性审核向合规性审核转变,采用市场化的证券发行监管手段,以实现发行制度下的国家收益最大化和持续化。     

证券发行制度的革命性变革——从行政审批制到保荐人制度

证券发行的审核制度,世界范围内主要有三种:审批制、注册制和核准制。采用哪一种制度与一国的证券市场发育水平和监管体制有关,在发达国家占主导地位的是注册制,我国作为一个新兴的证券市场,其证券发行审核制度随着证券市场的发展和证券管理体制的改革,也一直在进行着变革。2003年末中国证监会发布的《证券发行上市保荐制度暂行办法》和2004年5月第一批保荐机构和保荐代表人的公布,拉开了我国证券发行审核制度革命性变革的序幕。一、我国证券发行审核制度变革回顾我国证券发行审核制度经过了由行政审批制、核准通道制、保荐人制度的历史过程…     

论证券发行的信息公开制度

证券发行信息公开制度是公开发行有价证券者 ,以维护公司股东或债权人合法权益为宗旨 ,将公司信息完全、准确、及时地公开 ,以供证券投资者进行价值判断的法律制度。证券发行公开制度是公司信息公开制度的组成部分。一为了确保信息公开 ,各国均以法律强制保证信息公开。可以说 ,强制信息公开制度是信息公开制度生命力之所在。强制信息公开制度意义如下 :1 利于投资判断。从投资者角度看 ,投资获利是唯一的目的。要从种类繁多的有价证券中选择最有利的投资机会 ,投资人应当对发行公司的资信财力及运营状况有充分了解。从证券价格形成角度看 ,…     

国资委信息公开监管职能的理论证成

从现有制度框架上看，现行法并未明确规定国资委的信息公开监管职能。但在实践中，国资委已开始以督导和指导的名义投入到国有企业信息公开相关工作中，并取得了良好的效果。从法律性质上看，国资委“督导”工作的性质为“准监管属性”，蕴含着“实践先行”和“试点推广”的政治智慧。国资委信息公开监管职能的法定化具有理论必要性和现实可行性，不仅能够匹配国资委以管资本为主的改革方向、契合党中央反腐倡廉的顶层设计，同时有助于吸纳既有国资委信息公开监管的实践成果、消弭国有企业信息公开难于监管的制度困境。在具体制度构建层面，国资委应当在“管”与“不管”间寻求平衡，在推动信息公开的同时，充分尊重国有企业的自主决策权。     

推行股票期权完善企业激励机制

党的十五届四中全会通过的《中共中央关于国有企业改革和发展若干重大问题的决定》明确提出,要建立与现代企业制度相适应的收入分配制度,完善对经营人员的激励和约束机制,进一步调动经营人员的积极性。在改革企业分配制度中,如何按国际惯例,建立股票期权制度,将是形成企业内部有效激励机制的一条重要途径。股票期权制度是美国等西方国家近二、三十年以来出现的一种制度创新,在国外已经比较成熟,但对于我国大多数企业来讲还比较陌生。本文对美国的股票期权的基本情况作一简要介绍,并结合我国的市场环境和企业的具体情况,就如何借鉴西方股票期…     

股票期权:一种新的激励机制

《中共中央、国务院关于加强技术创新，发展高科技，实现产业化的决定》中提出：“允许民营科技企业采用股份期权等形式，调动有创新能力的科技人才和经营管理人才的积极性。”这是我国激励政策的重大突破，这一政策的实施，将对我国科技创新和管理创新产生巨大的推动作用。股票期权分两种，一种是股票期权合约，另一种是股票期权计划。所谓股票期权合约是指买卖双方按约定的价格和时间买进或卖出一定数量的某种股票权利。如果该股票在约定的买卖时间，其市场价高于约定的买卖价，买方就会获利，反之，卖方则会获利。这实际上是股票的期货交…     

1927—1937年中共革命根据地股份制企业股票研究

1927—1937年中共革命根据地实行过合作化,创立过股份银行,发行了各类股票。中共采用股份制这种资本组织形式与其他政权下的股份制并不完全相同,股金较低、"强调自愿"、"可以退股"、标明"成份(成分)"等特点体现了中共政权性质和特色。中央和各地苏维埃政府颁布与股份制企业股票管理制度相关的决议、决定、方针、指示都是发行各类股票的制度框架,用以支撑票据体系的正常运行。股份制企业作为股票的发行管理机构,依据一定的制度,对股票的发行实行动态的管理。股份制的出现对中共政权和各根据地的存在和发展在一定程度上起到了正面而积极的作用。     

论经理股票期权制度实施的十大障碍

经理股票期权制度是西方国家企业激励机制的主要手段之一,近几年在我国引起广泛的重视,部分企业正在试行.但是,由于我国经济体制改革以及经济发展还不完全具备这种激励机制实施的体制与市场等方面的条件,使得目前我国实施股票期权制度遇到了十个方面的障碍.只有在我国企业分配制度实施改革中及时地采取有效措施尽快解决这些障碍,才能使股票期权制度得以推广,发挥股票期权制度的激励作用.     

对新股发行过程中公平与合理市场定位的思考——论取消新股发行审核制

我国现行新股发行审核制存在诸多弊端,造成资本市场长期低迷。为了给新股一个公平与合理的市场定位,必须取消审核制而以注册制代之,同时加强信息披露制度,这样才能建立一个良性的自由市场,最终与国际资本市场接轨。     

借鉴美国股票期权制 构建新型企业激励约束机制

党的十五届四中全会通过的《中共中央关于国有企业改革和发展若干重大问题的决定》明确提出，要建立对经营者的激励和约束机制，进一步调动经营人员的积极性。笔者认为，从改革企业分配制度入手，建立企业内部有效的激励约束机制，是搞好国有企业的重要方面，而按国际惯例，建立股票期权制度，将是其中一条重要途径，对于加快改革和发展，具有十分重要而深远的意义。本文对美国的股票期权的基本特征作一简要介绍，并结合我国的市场环境和企业的具体情况，就如何借鉴西方股票期权制度谈谈自己的观点和思路。一、美国股票期权制度的特点股票期…     

公共物品供给的交易费用多维度分析

制度分析学派通过不同制度的交易费用状况的比较,对各种制度的特征进行了较充分的分析.但是,对于公共物品的供给制度来说,由于公共物品的公共性价值特征导致的交易费用的复杂性,不能在单一维度的视角下笼统地仅考虑费用的数量大小,由此来评判制度安排和公共决策的好坏.因为除了信息不对称因素所产生的交易费用以外,有相当一部分被视为诱发交易费用的行为实际上是在体现和保证物品的公共性,这些费用表现为公共协商的成本和对损失方补偿的费用.试图从多种维度对公共物品供给中的交易费用进行分析,不仅对信息不对称如何产生交易费用进行了描述,还对公共协商和对损失方补偿产生的费用所表现出的公共性价值进行了解析;并借用了公共选择学派的广义宪政经济学理论,探讨了交易费用的最优解;最后倡导建立具有公共性特征的公共物品供给的交易费用现.     

Delegation without Agency Loss? The Use of Performance Contracts in Danish Central Government

Performance contracts entered between ministerial departments and their agencies are used throughout the Danish central government. The article analyzes the use of performance contracting in 2005. The analysis draws on transaction cost theory and actor-centered institutionalism, stressing the bargaining aspect of hierarchy and the importance of economic and political transaction costs. The analysis shows considerable variation in the content of performance demands. Ministries with different organizational designs use contracts in markedly different ways and agencies with a strong interface to individual citizens and businesses are more likely to meet demands regulating policy delivery and service levels. Further, contracts contain substantive clauses, the terms of which are largely assessable. It also shows that performance contracts only rarely specify demands related to cost efficiency within agencies. Many of these results are statistically significant, even though a general point is the wide variation in the implementation of performance contracts between individual ministries.     

Reforming China's Stock Market: Institutional Change Chinese Style

In this article we examine the dual-track pricing system in China's stock market since its inauguration, a legacy of its economic transition and a major source of institutional predation in the market. We then examine the share structure reform initiated in 2005 that sought to eliminate the distortion this predation had elicited. We interpret the reform push as a process of institutional change and focus on the drivers and theoretical explanations of such changes in China's stock market. We thus advance a model for understanding institutional change, Chinese style. We argue that, initially, the institutional arrangement was constructed by the dynamics of transition – the juxtaposition of the Leninist state and the emerging stock market. This provided huge incentives for state corruption in the emerging market. As the market transition proceeded, the societal and political costs of corruption and market distortion also grew, which produced a crisis that eventually attracted the attention of powerful leaders of the party state. We argue from this case that the broader political context in which specific examples of institutional change occur needs to be examined. Specifically, we argue that powerful agents who are external to given institutional environments can play an important role in institutional change, thus highlighting the political dynamics of an authoritarian state amid systemic transition and global integration.     

财政支出比较视角下公务员退休金制度设计

公务员退休金和企业职工养老保险金的待遇差是社会热点问题,并波及事业单位养老金制度改革,助长了提前退休浪潮。机关公务员与企业人员退休后收入的待遇差来自人员身份和计算方法的制度隔墙,本文审视了针对公务员养老金的政府责任和财政负担,探讨了中国公务员退休金制度的新路径,即三元组合的公务员养老金制度。养老金制度目标有两个,一是通过国民基础养老金避免老年贫困;二是通过职业养老金个人账户实现老年体面生活。公务员作为公民应享有国民基础养老金,作为政府雇员应享有职业养老金并附之以廉政奖励养老金,政府应当分别承担相应责任。通过模型计算和实际数据模拟计算表明,新制度初期财政支出超过原有制度,但若干年后低于原有制度,本文提出的模型和政策建议具有不降低公务员养老金待遇的同时减轻未来政府财政负担的效应。     

论政府公共服务机制创新

本文在考察分析国外政府公共服务机制变革的主要趋势的基础上,结合我国改革服务机制的进展,分析了我国政府目前公共服务机制存在的问题,并提出了公共服务机制创新的方向.     

Municipal Bond New Issue Transaction Costs

As with any market, there are transaction costs associated with the sale of municipal bonds. Only a small number of studies have examined this topic, and therefore we have only a limited understanding of the magnitude and determinants of new issue municipal bond transaction costs. We use data on California municipal bond transaction costs from 2007 to 2009 to test whether scale economies exist. We find that there are considerable transaction cost scale economies for California municipal bonds and that pooling bond sales would likely save substantial amounts of money.     

Public employees and public sector reform implementation

Conventional wisdom says that reforms that aim at improving the productivity of the public sector face opposition from public sector employees, and for this reason, tend to be poorly implemented. These claims are not backed by much hard evidence. This paper seeks to fill some of that gap by investigating why an educational reform containing explicit accountability elements is poorly implemented across Norwegian municipalities about four years after the reform has passed the parliament. The empirical analyses provide evidence that municipalities with a large share of public employees are less likely to implement the reform. The relationship seems to be causal. A reduced-form approach is applied, which prevents conclusions about the mechanisms through which the public employees exercise their influence. However, some preliminary analyses indicate that school leaders hold more negative attitudes towards the reform in municipalities with a large share of public employees, potentially indicating that regulatory capture is an issue: school leaders tend to sympathize more strongly with teachers in such environments.     

公共事业民营化改革的认识误区及观念重构

公共事业民营化改革是我国公共部门改革中最为引人注意的一项变革,但是,实践表明部分公共事业民营化改革是不成功的,究其原因当然是多方面的,但其主要原因是人们对民营化改革存在认识误区——秉持民营化改革的成效取决于产权的变更,民营化改革的价值取向是效率至上,民营化是包治百病的灵丹妙药,民营化就是私有化等错误观念.公共事业民营化改革欲取得更好的成效,必须走出传统的认识误区,进行观念重构,要深刻地认识到:公共事业民营化改革成功的关键在于引入竞争;公共事业民营化改革不但蕴涵着公共价值危机,而且面临着严峻的风险;公共事业民营化改革需要一个强有力的政府来实施有效的监管.     

Managing Markets for Public Service: The Role of Mixed Public–Private Delivery of City Services

The privatization experience of U.S. municipalities shows declining use of complete contracts and a dramatic rise in mixed public–private delivery (joint contracting) of city services. The analysis here shows that city managers have recognized the need to move beyond a simple dichotomy between market delivery and public planning to an approach that balances concerns with efficiency, market management, and citizen satisfaction. The New Public Management stresses the importance of competition and efficiency, transaction costs economics emphasizes the challenges of contract management, and New Public Service assigns primary concern to citizen engagement. Nonetheless, city managers see the need to balance all three. The analysis shows the evolution of a middle position where city managers integrate markets with public delivery and give greater attention to citizen satisfaction in the service delivery process.