中国创业风险资本来源法律问题探析

资本运作已成为全球经济发展与科技成果转化的重要原动力,而创业风险投资更是国际资本运作中极为重要的一环。中国面临着如何建立适合国情的创业风险投资法律环境架构,通过调整风险资本来源加速中国创投产业发展的问题。文章从分析风险资本的来源出发,指出中国及美国创业风险资本来源及结构的差异,探讨了中国现有的法律法规导致社会资金进入创业风险投资产业的困难,从而造成资本来源受限并在结构上形成以政府或外资为主导的状况。因此,适度修改相关法律法规以调整中国现有风险资本来源与结构问题,就成为加速完善中国创业风险投资产业发展的重要课题。     

“对赌协议”的裁判路径及政策选择——基于PE/VC与公司对赌场景的分析

PE/VC与目标公司对赌的司法裁判要点从合同效力转入合同可履行性后,需要面对两个层次的追问:一是以什么样的实体标准来判断履行障碍,二是由谁来判断是否存在履行障碍。华工案和“九民纪要”仅处理了第一个层次的问题,且主要以资本维持原则作为实体判断标准。然而,我国现行公司法资本维持原则过于粗疏,且缺乏“大分配”概念和底线规制的思路,导致“对赌协议”下的回购只能通过减资的途径,徒增成本。域外以清偿能力标准替代资本维持原则,体现了另一种以债权人利益为导向限制公司资产单向流出至股东的规制思路,但其商业逻辑上的合理性却无法掩盖更大的操作成本。就第二层次的判断主体而言,以美国特拉华州为代表,法官的商业判断逐渐让位于公司董事会的商业判断,却进一步凸显了公司、不同类别股东、债权人之间利益冲突的复杂状态。立法层面的价值判断与政策选择将最终决定司法裁判的走向,未来我国公司法的修订需要回应商业实践的诉求,同时PE/VC投资者也需要直面投资失败的风险承担。     

Relational Embeddedness and Socially Motivated Case Screening in the Practice of Law in Rural China

Based on an ethnographic study conducted in rural China, this article demonstrates that relational embeddedness—that is, concrete and durable relationships among law practitioners, clients, adversaries, and the surrounding communities—holds the key to our understandings of the legal profession's case screening. Over the past decade, legal services in rural China have been commodified significantly. Despite that, relationships with extended families, community members, and local political elites have continued to shape law practitioners’ professional decision‐making. By carefully scrutinizing multiplex relationships involved in legal services, law practitioners seek to meet the practical needs of their personal life, and more importantly, to uphold moral obligations derived from communal life. Seen in this light, the practice of law is an integral part of a moral economy in the countryside. Rather than giving rise to a more progressive form of services, the legal profession's participation in this moral economy often reinforces existing power structures in Chinese society. By introducing the concept of relational embeddedness into sociolegal research, this study unpacks the complex consequences of the recent legal reforms in China; it also enriches our theoretical understandings of related concepts, such as social capital, networking, and guanxi in the practice of law.     

Entrepreneurship ecosystems: an agent-based simulation approach

Knowledge acquisition and development of capabilities constitutes a key perspective in studies regarding the formation of new ventures. When examining entrepreneurship ecosystems, we find that the composition of a region influences the new knowledge acquired by the venture. The main aim of this study is to examine the influence of the new venture, the entrepreneur’s social capital, and the firm performance on the new venture’s knowledge acquisition activities. In particular, the study examines how the institutional context of a region influences new ventures’ knowledge acquisition actions during its growth, and in turn the level of sustained entrepreneurial activity within the region. The paper focuses on the formation of alliances by new ventures, one particular form of knowledge acquisition process that has been established as critical to new venture success in the high technology sector. The mechanisms for acquiring and transforming knowledge have the greatest impact on new venture formation, and in this context, the concepts of strategic knowledge arbitrage and strategic knowledge serendipity (SKARSE?) are validated through an agent-based simulation model. The main results focus on the effects of interactions between entrepreneurs and institutions in the process of new venture formation from a knowledge creation, dissemination, and absorption perspective.     

我国创业资本筹集的法律对策探讨

充足的创业资本是发展创业投资的首要条件,但我国目前却面临创业资本有效供给不足、来源渠道单一等问题。现行法律制度有关规定的缺陷和促进创业资本筹集配套法律的不完善是阻碍创业资本供给的主要原因,因此,修订现行法律法规,填补促进创业资本筹集的法律空白,是拓展创业资本来源、增加创业资本供给的有效法律对策。     

Morality, Law and the Fair Distribution of Freedom

Hart’s criticism of Devlin’s stance on the legal enforcement of morality has been highly influential in shaping a new liberal sensibility and in paving the way to many important legal reforms in the UK. After 50 years it is perhaps time to go back to Law, Liberty and Morality to see it in the perspective of the general evolution of Hart’s thought since the early 50s. This is a period of extraordinary creativity for the Oxford philosopher, in which he writes many important contributions to legal, moral and political philosophy. Prominent among these is ‘Are There Any Natural Rights?’, an article that sets the agenda for Hart’s subsequent work on liberty, fairness and rights, and provides the philosophical background for the liberal understanding of the relations between law and morality defended in Law, Liberty and Morality.     

网络文化市场的法治化监管

我国网络文化市场发展体量大、速度快,对其监管具有经济管理和意识形态管理双重属性。随着国家全面依法治国和治理现代化的深入推进,我国网络文化市场法治化监管的基本框架得以形塑,并释放着建构价值。然而,网络文化市场法治化监管在实践中还面临法律依据不完善、监管理念转型难、政府监管待优化、监管生态建设不足等问题,因此需要以法治思维和法治方式构建缜密完善的法律体系,持续推进监管理念转型,着力强化政府监管,构建良好的监管生态。     

公司法资本制度改革的逻辑与路径——基于商业实践视角的观察

从商业实践的视角观察公司法资本制度的逻辑与演进,有助于理解全球性公司资本制度改革的不同路径以及我国2013年改革的争议。法律对公司资本的约束起源于描述股东出资设立公司的过程,揭示资合公司的起点与治理架构的基点。公司实体的持续存在催生了"资本维持"的初始观念,"有限责任"的外部性则最终塑造出法定资本制的核心规则。但法定资本制简单而朴素的逻辑难以适应变化多端的商业实践,由此见证了会计、估值、债务契约、证券监管等辅佐、分担或替代了法定资本制的部分功能。法定资本制改革具有内在动力。改革抛弃了传统而僵化的"法定资本"概念,将资本制度的重心从债权人利益保护转移到股东权益的合理配置。我国公司法在规则层面实现了资本制度的现代化,但与之对应的商业理性与行为模式不可能一蹴而就,需要相关配套制度和商业实践来弥补认缴登记制立法的疏漏。     

中国创投产业法律环境探析及建议

中国创业风险投资产业的发展正处于转型时期.<劳动合同法>、<合伙企业法>等一系列法律法规的颁布及修订,加强并改善了创投产业发展的法律环境.而发展及架构多层次资本市场的政策导向也对创业风险投资产业的发展起到积极的作用,然而对于仍处于发展阶段的中国创业风险投资产业而言,完善法律法规与建构整体资本市场的环境与机制乃是现阶段发展中的重中之重.     

The growth of China’s technology transfer industry over the next decade: implications for global markets

China has moved mightily over the last 30 years to increase its capacity to develop indigenous technology to invigorate its industrial base and shift it from the world’s factory to the world’s developer and manufacturer of products. To achieve this requires buttressing an emerging intellectual property system, increasing university research while encouraging scientists to patent and commercialize their discoveries. Additionally, the development of a functioning and agile venture capital system to invest in these new technologies, coupled with liquid equity markets for consummating IPO’s have been developed in record time. Will these remarkable efforts be sufficient to allow China to dominate the technology transfer market domestically or internationally over the next 10 years? The conclusions are twofold: on one hand, China undoubtedly will become the world’s largest customer for technology transfers both domestically and internationally, but global leadership in new technology development and licensing from research institutions is unlikely to be achieved over the next 10 years. Foreign firms, especially those within the US or with strong ties to the US are most likely to dominate this sector due to the US’s comprehensive university network coupled with its well established IP technology transfer industry.     

An inmate’s right to die: legal and ethical considerations in death row volunteering

There is a considerable body of literature about the death penalty across a variety of disciplines. However, a newer body of literature has emerged examining the phenomenon of elected executions, also known as death row volunteering. To date, 138 (nearly 11%) of the 1300 death row executions have come from volunteers. This issue has been particularly controversial due to a number of legal and ethical considerations that have been raised by the scholarly, legal, and public communities. Such issues include a capital defendant’s competency to volunteer; ethical and moral dilemmas for capital defense attorneys, the states, and medical and mental health professionals; whether death row volunteering equates to ‘state-assisted suicide’; and finally, how these considerations impact the public’s support for capital punishment. This paper reviews the existing literature pertaining to death row volunteering through the lenses of these various considerations. Recommendations for future research in this area are also offered.     

中国船舶碰撞之法律概念研究

《中华人民共和国海商法》明确规定了船舶碰撞的法律概念。然而,在司法实践和理论研究中,却存在着船舶"直接碰撞"和"间接碰撞"的争论,并由此导致了对同种事故的不同裁决。从文义解释、法律概念的生成及特征、立法技术等角度,运用比较、分析的方法对船舶碰撞的法律概念进行比较全面和深入的研究,以期能够明确船舶碰撞的法律概念,对统一船舶碰撞法律适用、维护司法法律权威有所裨益。     

我国证券市场国际化法律监管问题探讨——以信息监管为视角

证券市场的国际化是风险与利益并存的矛盾体,我们在享受国际化带来利益的同时应该加强防范风险意识。金融危机的爆发表明了资本市场的脆弱性,这需要我们加强对资本市场的监管,证券市场做为资本市场最主要的组成部分当然是监管的核心。本文以证券信息监管为视角,分析金融危机的爆发在信息监管方面的缺位,比较金融危机爆发后世界各主要国家采取的信息法律监管措施,结合我国证券信息监管的现状,分析证券市场的国际化必须加强证券信息的监管,提出完善我国证券信息法律监管的对策,为我国证券市场的国际化进程保驾护航。     

Creative Death Penalty Reform in China: The Case of Drug Transportation

China's criminal justice system has, for decades, been consistently notorious as one of the world's most punitive. Recent reform of the nation's decades‐long harsh criminal justice policy to instead balance severity with greater leniency has given reformist‐minded judges and legal experts some cause for optimism. However, it has also created a judicial dilemma in determining how to apply this more lenient ethos in sentencing some capital crimes. This is particularly the case for the capital crime of transporting drugs, which is the focus of this article. This article reveals how reform can be achieved through skillful legal maneuvering for a crime category that is caught between two contesting views of the social benefits of punishment.     

《中德税收协定》的现状与发展趋势

中德两国互为重要的经济贸易伙伴国。《中德税收协定》自1985年签订以来,成为两国解决双重征税和防止逃漏税问题的法律准则。然而,《中德税收协定》实施后,中国不断地推进税制改革,两国间经贸往来出现了新的形式,与此同时,国际税法理论也有了新的发展。因此,适时修改《中德税收协定》是必要的。尽管中国在德国的投资已有所发展,但是应当清醒地看到,中国仍是资本输入国,在修订《中德税收协定》时,应当坚持来源地管辖权为主和适当兼顾居民管辖权的原则。     

民法上“法益”概念的探源与本土化

《民法总则》第126条中的"利益",与我国民法学界持者甚众的狭义法益说中的"法益"含义大致相同,指的是权利之外应当受到法律保护的客体,是立法者为解决其预见性不足的弹性规范设计。上述界定与"法益"概念的原意不符,和刑法学界的惯常用法存在明显差别,属于概念移植过程中的本土化改造。"民事权利和利益"的二分法和狭义法益说在法理、逻辑上都不能成立,也不具备法益理论应当具备的分类、区分保护和评价功能,必然会造成立法表述与司法裁判说理中的冲突。"法益"概念的本土化界定,应当建立在共识的基础上,寻求统一的、适用于包括刑法、民法等在内的各个部门法的"法益"概念。"法益"是应当受到法保护的利益,此处的法既包括实然意义上的法律,也包括应然意义上的法。法益是权利的上位而非平行概念,《民法总则》第126条中的"利益"实质上是未被立法明文规定的未上升为权利的法益,未来修法时应将该条修改为"民事主体享有其他民事权利和未上升为权利的法益"。     

‘Wrong’ cases and ‘wrong’ plaintiffs: intergenerational relationships and legal consciousness in China

Legal consciousness is not a monolithic concept even in the minds of individual actors. Invoking the law is sometimes viewed positively and at other times not. My study reveals that ordinary people in China consider lawsuits seeking divorce to be acceptable but strongly disapprove of lawsuits seeking intergenerational support. My detailed analysis of this sharp contrast suggests that people consider legal mobilization favourably when claims are brought by the ‘right’ people in the ‘right’ cases, but that they bitterly oppose it when the ‘wrong’ people bring the ‘wrong’ kinds of cases. In this article, I explain how these categories of ‘right’ and ‘wrong’ legal claims and plaintiffs come into being and how they shape the legal consciousness of potential litigants in China.     

医疗纠纷民事案件处理的发展——从“事故论”向“侵权论”的转变

在我国现代历史上。“医疗事故”这一词汇经历了从新闻语言向卫生管理语言、卫生立法语言以及民事、刑事立法语言演变的过程。由于国情和社会制度的特点．卫生行政部门长时间强势主导“医疗事故”事件的处理．也使“医疗事故”概念深深地植入于我国法官的思维之中．对法院民事审判理念产生了深刻地影响作用。因我国医学界、法学界和审判实务界等对于医疗纠纷的法律处理制度和观点分歧之大，超越了其他各国和我国台湾、香港地区的法学认识．以致形成了独特的医学法律观点——即“事故论”和“侵权论”。近年来随着民事法律思想的深入研究以及对侵权法律概念的进一步认识．具有浓厚卫生行政色彩的“医疗事故”概念逐渐退出民事审判的舞台．侵权思想已经逐步回归，充分体现了我国民事法律和民事审判的进步。     

当代中国语境下的法治思维

法治思维作为一个时兴概念在当下中国被不断提及,并成为社会治理领域的正当性话语,因此需立足于法治的基本要求,结合法治实践的个案场景,在发现当代中国法治建设薄弱环节的同时探讨法治思维的运用问题。而法治思维内涵的既有界定往往抽象而不具可操作性。因此,法治思维是以规则为中心,合法性判断为优先,限制权力保障权利,坚持正当程序的思维方式。要注意反思当代中国社会治理中与法治思维相左的四类主要问题:领导意志对法律执行的扭曲,法外利益与纠纷解决的乱象,公权力过于强势的现状,重结果轻程序的思维传统。     

State Power,the Politics of Debt and Confronting Neoliberal Authoritarianism

As an intellectual, economic, political and legal project, neoliberalism is not directed towards the rolling back of the state as an aim in itself. While its deregulatory tendencies, its commodification of public services and the undermining of systems of social welfare superficially suggest a generalised reduction in state power, it has been clear from the early 1980s that one of neoliberalism’s primary concerns has been the authoritarian reshaping of state power to engineer particular social outcomes, whether in criminal justice, the disciplining of organised labour, the militarisation of national territory and migration, or the extension and deepening of regimes of austerity. This article introduces the recent work of Maurizio Lazzarato, who has argued that the asymmetrical creditor-debtor relationship is now the archetype of contemporary, neoliberal social relations. Ultimately, Lazzarato’s perspective tends to exaggerate the totalising powers of finance capital and leads him to endorse a form of political voluntarism, which fails to address the role of the neoliberal state as a site for forms of authoritarianism which are not solely generated by the debt relation. As a response, it will be suggested that aspects of Nicos Poulantzas’s concept of ‘authoritarian statism’ can be used to both strengthen our understanding of the authoritarian characteristics of the neoliberal state, and to imagine possibilities for resisting its expressions of power.