经济转型条件下吉林省中小企业融资的政府支持方向简

吉林省中小企业发展起步较晚,与发达省份相比差距很大,并且面临诸多问题,其中以融资难问题最为突出.本文分析了吉林省中小企业融资存在的问题和融资难的原因,并就经济转型条件下吉林省中小企业融资的政府支持方向进行探讨,提出实施中小企业转型升级与成长工程,建立科学高效的中小企业融资支持体系,构建功能齐全的中小企业信贷服务体系等建议,以期对中小企业走出融资困境有所裨益.     

The Determinants of Trade Credit in Transition Countries

The paper investigates the determinants of trade credit in transition countries. Traditional theories of trade credit extension suggest that both financial and commercial motives may induce non-financial companies to assume a role of financial intermediation. Furthermore, specific conditions of financing for companies in transition countries may reserve to trade credit an important role in financial structure. We test the determinants of accounts receivable and accounts payable on a sample of about 9300 companies from nine Central and Eastern European Countries. Results suggest that both financial and commercial motives explain the credit behaviour of firms. However, we do not find generalised patterns in the use of trade credit among all transition countries.     

对建立中小企业信用担保体系的考辩

在研究中小企业融资政策的众多文献中,"建立中小企业信用担保体系"的观点相当流行,我国的法律法规更是将其制度化.但是本文认为,目前支持建立我国中小企业信用担保体系的观点在理论上是难以成立的.同时,从实践来看,我国中小企业融资困难有着特殊的体制原因,而建立中小企业信用担保体系的做法并没有触动相应体制的改革.因此,在我国现有的制度环境下,大力发展中小企业信用担保机构的做法并不可取.对中小企业的信贷支持需从完善中小企业信用评级制度、利率市场化和银行治理机制的改革等方面着手.     

Providing credibility around the world: effective devices of the Cape Town Convention

This paper analyzes the characteristics and effects of the Cape Town Convention, which provides legal protection for investors in relation to asset-based aircraft financing. Some countries lack credibility for investors, who believe that the protection level of creditor rights in the country differs before and after investment. This time inconsistency problem results in credit rationing. Airlines in such countries cannot access the credit market, particularly the international capital market. This paper first examines why developing countries have been suffering from a lack of credibility and from credit rationing, and then explores how the Convention resolves this problem. We focus on two devices: the white list system and the system of declarations. The former gives the contracting states incentive not to break the Convention. The latter is considered to promote the ratification of the Convention by potential contracting states. These devices enable the Convention to attract a number of states.     

杠杆收购的本土化研究

杠杆收购作为公司并购的一种特殊形式,始于20世纪70年代的美国,80年代达到高峰。其特征在于收购资金主要来源于市场融资,收购的目的是以更高的价格出售公司或公司的股票。因此,杠杆收购较之传统意义上的公司收购有很大的区别。杠杆收购的发展,离不开低信用等级债券的辅助。作为杠杆收购中最有特色的融资手段之一,低信用等级债券的独特优势使其成为杠杆收购中最为最活跃的分子。在我国现实背景下,杠杆收购有其本土化发展的空间和可能性。     

信息监管:我国信贷资产证券化监管之最优选择

信贷资产证券化作为一种金融创新,将间接融资直接化,打通了银行信用与市场信用,但其系统性风险的放大功能对流行的功能性金融监管模式也提出了严重挑战,美国次贷危机即彰显了现有监管模式对于信贷资产证券化的监管缺陷和失败。反思次贷危机的根源,本质上可以归咎于金融信息披露的严重失范。比较美国新的金融监管体系改革,立足中国实践,重构金融监管体系必须以信息监管为中心,以此构建一个统合的金融信息平台,形成有效的信息共享机制,并进一步完善金融机构和监管者对金融创新产品的全程信息披露制度,强化对金融消费者的保护。     

保付代理及其涉及的有关债权转让的法律问题及立法比较

国际保理,概括而言,是为国际贸易赊销方式提供的一种集账务管理、应收账款收取、信用风险担保和贸易资金融通为一体的综合性金融服务。随着国际市场竞争的愈演愈烈,国际保付代理业务得到了迅猛发展,成为各国出口商加强国际市场竞争力的有效手段。对国际保理的债权转让问题进行了分析,并就如何完善保理业务立法提出了建议。     

无担保国际融资基本法律问题研究——兼评我国策略选择

无担保国际融资因缺乏担保而具有特殊性。投资者保护、信用控制、风险管理是无担保国际融资法律调整中的重要法律问题,其中对欧洲债券尚有一些误解需要澄清。针对立法明显滞后的现状,我国宜从市场与监管两方面着手,多角度防范风险,充分肯定无担保国际融资积极作用、谨慎而适度地借鉴国外经验以完善法制、提高监管者素质,从而分步骤、有侧重地推进无担保国际融资在我国的健康发展,避免中航油事件等类似情况发生。     

中小企业融资信用担保制度的法律思考

中小企业信用担保制度的价值在于补充和完善银行获得信息的完整性和准确性,鉴于中小企业发展具有正外部性,中小企业发展这个事实本身即为社会和政府的一种收益,所以信用担保作为政府扶持中小企业的一项重要公共产品,出资者大都为政府,政策性担保机构成为补充中小企业信用的有效途径.中小企业信用担保机构从法律性质上属于不以营利为目的的事业法人,它应当以扶持促进中小企业的发展、改善其融资环境为宗旨.从根本上来看,信用担保机构应当更多地承担政策性职能,而非商业性职能.     

从信用基础看我国公司资本制度的变革

在市场经济背景下,公司资本制度是公司信用基础的集中体现。主要发达国家或地区的公司资本制度改革趋势是放松资本管制,便利公司筹资。尽管我国公司资本制度的历史演进顺应了这一国际趋势,但法定资本制仍然阻碍了公司运行效率的提高。借鉴主要发达国家或地区的先进经验,结合我国国情,基于股份有限公司资合性和有限责任与人和性的公司信用基础差异,变革我国公司资本制度的基本路径是:前者实施折衷资本制,后者实施法定资本制。     

社会诚信危机的治理:行政法视角的分析

诚信是社会正常运转所必不可少的基本品质。我国当前面临着严重的诚信危机,无论国家机关诚信还是社会诚信均需重塑。我国当前的诚信信息供给模式属于公共信息机构占据主导地位的混合模式,市场化的诚信信息供给主体作用较小。因此,对社会诚信危机的治理,应当在完善公共诚信信息系统的基础上,进一步完善公共诚信信息的行政运用机制,通过行政机关的协同配合和社会公众的参与来达成目标。     

船舶融资租赁的风险及防范

金融危机为中国船舶融资租赁业提供了发展机遇。一是在金融危机情况下,银行惜贷和企业融资难度加大扩大了航运企业与金融租赁公司合作的机遇;二是中国政府推出的四万亿经济刺激计划为金融租赁业带来了历史性的发展机遇。可见,巨大的市场潜力和潜在需求为船舶融资租赁业发展带来了良好机遇,但与此同时,也应清楚认识船舶融资租赁中的种种风险。首先简单介绍船舶融资租赁的概念,通过一个图标详细列举船舶融资租赁涉及的各方当事人;其次对船舶融资租赁中的可能遇到的种种风险逐一分析,然后在此基础上提出防范上述风险的具体对策,并对中国立法提出相关建议。     

跟单信用证司法保全问题刍议

跟单信用证在实践中,存在一种为保护本地或本国当事人利益,动辄止付信用证的做法。这极大地损害了信用证的运作机制,增大了社会成本。因此,要尊重信用证的独立性原则,只有在欺诈而且信用证没有承兑或议付时才能采取保全措施。同时,也要注意保护善意第三人的利益。     

A legal approach to real estate crowdfunding platforms

In the context of a financial and housing crisis, accompanied by credit constraints, a new alternative has recently emerged for those wanting to invest in real estate markets: real estate crowdfunding. Crowdfunding, which was originally intended to fund social projects through donations or loans from a large pool of individuals via Internet platforms, has developed into a more sophisticated method of financing. This is the case of real estate crowdfunding, a type of equity crowdfunding that aims to make housing investment available to retail investors, although several hazards have been detected that make these investments less secure. This paper addresses these hazards, analyses the information provided by five Spanish crowdfunding platforms to retail investors and determines whether or not real estate crowdfunding platforms in Spain, as a sharing economy mechanism, are making a contribution to the development of the housing market.     

发展权视域下农业知识产权融资探析

发展权是农业知识产权融资的理论基础。长期以来我国立法重视生存权而不重视发展权,造成了农村金融的诸多问题,农业知识产权融资发展举步维艰。农业知识产权融资应当以融资主体的利益正当性为基点,构建科技创新机制、风险防控机制、惠益分享机制和私权自治保障机制,在策略选择上完成从重视生存权向重视发展权的理念嬗变,培育农业知识产权融资专业评估机构,并强调农业科技创新与农业知识产权融资的双轨并行。     

The relationship between corporate governance characteristics and credit risk exposure in banks: implications for financial regulation

This article analyses board structures in listed Danish banks in the years prior to the financial crisis by exploring the relationship between corporate governance characteristics and credit risk exposure. The article presents a novel approach as it relies on a newly developed risk metric entitled the “Supervision Diamond” introduced by the Danish FSA, which “external” board directors must address. It contains five thresholds for measuring a bank’s exposure to credit risks i.e. the proportion of large customers, lending growth, the ratio of lending/deposits, liquidity buffer and the proportion of real estate loans. By employing quantitative governance variables the article finds that increased executive director remuneration is associated with increased credit risk posed by the bank’s borrowers. On the other hand, increasing the number of executive/“inside” directors is associated with a lower credit risk exposure. It is argued that more “inside” directors on the executive board constitutes a stronger “checks and balance” system. The article also documents that the probability of obtaining state capital from the Danish credit bailout package is negatively related to larger boards as well as higher executive director remuneration. The policy implication is that financial authorities should be increasingly aware of insufficient corporate governance characteristics in order to prevent excessive credit risk exposure. Moreover, the article provides important insights on which corporate governance variables have a significant impact on a bank’s credit risk exposure. This knowledge is valuable for financial authorities/policy makers considering future regulatory initiatives and how they should administer bank monitoring.     

BOT投融资中的债权担保

BOT 作为近年来十分重要的投融资形式,越来越受到大多数国家的青睐和关注。由于 BOT 投融资各方分处于不同的国度,各所属国有关债权担保的法律规范迥异,涉及问题众多。     

论社会信用体系中的市场机制与政府职能

完善社会信用体系,需要发挥市场配置资源的基础性作用和政府在市场中的宏观调控功能,以节约交易费用,提高交易效率。在我国信用体系建设中,政府职能发挥具有必要性,政府在加强信用立法、发挥示范激励作用和社会信用体系发展的整体规划等方面应该是可以有所作为的。当然,政府的职能是提供市场信用规则,而不是直接的参与。     

排污权抵押贷款法律问题探析

排污权抵押贷款是一项主要面向中小企业的绿色信贷措施,旨在解决企业的融资难、发展难等问题。但要在我国现阶段法律体系框架下推行这项措施还存在诸多障碍,如：排污权的用益物权属性存在争议;用益物权作为抵押权的客体没有法律的明确规定;作为排污权客体的环境容量资源的权属不明;排污权交易存在立法空白;绿色信贷缺乏必要的法律支撑等等。然若对我国现有的相关法律进行必要的完善,则排污权用以抵押贷款是完全可行的。     

信用国际化——人民币国际化法制建设的理据与重心

人民币国际化只有具备能够满足其需要的法律制度才能实现.识别和建构这样的法律制度,需要建立应有的法理依据及由此确立法制建设的重心.由于人民币国际化所需法制是人民币国际化的本质需要在法上的体现,故人民币国际化法制建设的理论指引及重心需从人民币国际化本质中寻求.在当今货币采用信用本位的时代,人民币在本质上是国家信用,人民币国...