美国证券市场监管的分析与借鉴

美国证券市场之所以能保持在世界上无与伦比的优势,除其强大的经济实力外,与其运作良好的多元化市场监管关系密切.在美国证券市场,除证监会强大的行政监管以及行业自律等配合型监管外,法律还允许投资人通过威慑力巨大的证券集团诉讼寻求司法救济.不仅如此,市场自发的多种监督力量也为公平、公开的证券市场秩序作出了有益的贡献.我国证券市场也存在多元化监管机制,但整体运作效果不佳.让证券市场中的各方主体通过广泛、有效的社会监督共同担负起证券市场健康发展的责任,这既是美国证券监管的特色,也是我国需要重点借鉴之处.     

我国生态安全的现状与法律保障

生态安全是国家安全的一项新内容。构成生态安全的内在要素包括 :充足的资源和能源、稳定与发达的生物种群、健康的环境因素和食品。当前 ,我国生态安全的状况极度不佳 ,在自然资源的可持续利用、生态环境状况、生态系统的稳定性等方面都存在严重的问题。为了维护国家的生态安全 ,给我国经济的可持续发展提供必要和良好的支撑环境 ,国家必须针对生态安全恶化的原因进行强有力的法律规制。     

证券市场内幕交易的法律规制

内幕交易在证券市场发展的初期就有,但当时法律并没有明文禁止内幕交易。随着证券市场的发展,到19世纪20年代,人们才反思到,不对证券市场的内幕交易等问题进行有效的防范和监管,不仅会损害投资者的利益,挫伤他们的投资积极性,还会破坏证券市场的秩序,难以发挥资源的优化配置作用。我国证券业起步较晚,由于一些制度和规则还不尽健全和完善,内幕交易等不法行为也有所表现。本文就内幕交易的法律规制问题作一探讨。一、对证券市场内幕交易的防范和监管证券市场应当是公平开放的市场,诚实信用是被各国广泛确认的基本原则。而内幕交易却违反了这…     

上市公司收购管理办法

第一章总 则 第一条 为规范上市公司收购活动,促进证券市场资源的优化配置,保护投资者的合法权益,维护证券市场的正常秩序,根据《中华人民共和国公司法》、《中华人民共和国证     

略论我国证券犯罪刑罚体系的缺陷与完善

在现代发达的市场经济中，证券市场是完整的金融体系的重要组成部分。证券市场以其独特的方式和活力对社会经济生活产生多方面影响，在筹集资本、引导投资，配置资源等方面有着不可替代的独特功能。证券市场同时具有高风险性和高盈亏性，在巨额利润的引诱下，证券市场也逐渐成为罪恶的温床，犯罪逐渐滋生。随着我国证券市场的不断发展壮大，证券犯罪亦有愈演愈烈之势，但由于证券领域本身具有的专业性和复杂性，我国关于证券犯罪的理论研究始终停滞不前，特别是关于证券犯罪刑罚制度的研究还有待进一步深入，因此本文将就我国证券犯罪的刑罚体系的缺陷和完善提出相关建议。     

广州市花都区危害能源资源和生态环境职务犯罪调查报告

近年来,破坏能源资源、破坏生态环境的案件时有发生,给人民群众带来极大的经济损失和无法弥补的能源资源和生态环境的破坏。更令人无奈的是,作为对保护能源和生态的执法人员责任意识淡薄,甚至在执法时玩忽职守、放任纵容,严重地影响了政府的形象和社会公信力,应引起各地政府的重视。本文对破坏能源资源和危害生态环境职务犯罪的特点、原因等作了深刻分析,同时提出了具有针对性和操作性的建议。     

案讯点击

最高检公布十大危害能源资源和生态环境典型案例2月8日,最高人民检察院公布了十大危害能源资源和生态环境典型案例,它们是:——贵州省林业厅原厅长张锦林违法发放林木采伐许可证、受贿、巨额财产来源不明案;     

西方证券犯罪立法与实务及其借鉴意义

<正> 自从素有“海上马车夫”之称的荷兰于1611年在阿姆斯特丹成立世界上第一家证券交易所之后,以此为契机,英美等国也在18世纪建立了自己的证券交易所。而非正式的证券市场则形成更早。随着产业革命的发展,生产社会化程度的提高,证券市场在西方各国先后建立起来。数百年来,尽管西方证券市场中不乏道德沦丧的投机分子,贪赃枉法的害群之马,似脱缰烈马般难以驾驭的证券行情,然而,西方证券市场却日臻完善,证券交易日益兴旺。究其原因,除了经济本身的发展外,与西方各国普遍重视对证券市场实施有效管理,包括对危     

浅析中国绿色税制的改革

在粗放型经济增长方式下,我国经济发展与资源、环境的矛盾越来越尖锐。生态环境资源由无限供给物品转变成为稀缺的经济资源。要遏制资源浪费和生态环境恶化,保持经济和社会的可持续发展,实现建设资源节约型、环境友好型和谐社会的目标,必须发挥税收宏观调控的经济杠杆作用。绿色税收是政府实现社会成本定价的一个主要经济工具,加强和完善我国的绿色税收体系是大势所趋。     

林业厅长帮忙毁林

最高人民检察院公布了中国十大危害能源资源和生态环境典型案例，其中，位居榜首者便是贵州省林业厅原厅长张锦林违法发放林木采伐许可证、受贿、巨额财产来源不明案。林业厅长何以成为中国危害能源资源和生态环境之罪魁祸首？年2月8日，最高人民检察院公布了中国十大危害能源资源和生     

论中国机构投资者制度构建与证券市场国际化

机构投资者是近几年来中国证券投资领域逐渐引起重视的投资主体。本文以机构投资者为中心,通过对规制机构投资者的证券市场资本流入和流出法律制度的对比,揭示了我国证券投资领域的国际化发展趋势。笔者认为:中国证券市场的国际化趋势不可避免;但是整个法律制度体系的配套建设,尤其是在针对不同投资主体、不同投资领域、不同位阶的法律制度整合方面,还有待于进一步完善。     

开放与安全:金融安全审查机制创新路径选择

我国金融业正在实行史无前例的全市场开放,金融安全成为关系国家经济安全以至国家主权安全的重要关注点。在国家安全审查机制与金融开放现实不匹配、金融安全审查机制缺位的现实中,我们必须创新性地将金融开放的政策逻辑转化为系统性立法模式,通过金融安全法律制度体系建设,增强制度竞争能力;通过紧实"防护网"与筑实"防护墙"的"靶向"定位与"点域"安全防范措施,抵御金融外部风险和系统性风险的侵蚀;通过双机制的职权定位与监管衔接,保障金融安全审查机制的有效运行,以确保金融开放背景下的国家金融安全。     

Morality, social norms and the rule of law as transaction cost-saving devices: the case of ancient Athens

The importance of the institutional framework for economic development is widely accepted today and it is duly stressed in the economic literature. The protection of property rights, the enforcement of contracts and an efficient legal system are the pillars of the contemporary rule of law. However, formal institutions cannot function without being internalized by the citizens and without the strong backing of social norms. Morality and social norms are the major elements of the informal institutional structure, the social capital, which is also critical for social welfare and economic development. In this paper we will discuss both the formal and the informal institutional framework of Ancient Athens, which was a free market society with economic problems similar to contemporary market societies. Athenians developed a highly sophisticated legal framework for the protection of private property, the enforcement of contracts and the efficient resolution of disputes. Such an institutional framework functioned effectively, cultivating trust and protecting the security of transactions. This entire system however was based on social norms such as reciprocity, the value of reputation and widely accepted business ethics. Conformity to social norms as well as moral behavior was fostered by social sanction mechanisms (such as stigma) and moral education. The Athenian example is a further proof of the importance of morality and social norms as transaction cost-saving devices even in quite sophisticated legal systems. Their absence or decline leads inevitably to the need for more regulation and litigation and to a growing preference for clear-cut rules instead of discretionary standards. Athenian law was pioneering in the development of rules and institutional mechanisms suitable for the reduction of transaction costs, many of them surviving in the most complex contemporary legal systems.     

法经济学视角的媒体监督公司治理：功能与意义

当前我国公司治理机制存在诸多不足，因而需要媒体的积极参与。相较于其他治理措施，媒体监督具有独立、客观、自力更生特征，不与企业利益追求相互扦格，监督能力独具优势。媒体监督能更好地保护投资者利益并促进市场安全。由于我国当前媒体监督公司治理存在诸多制度性障碍，有必要制度化媒体监督，保证其治理功能的充分发挥。     

The Effects of Juvenile Transfer to Criminal Court on Incarceration Decisions

The present study examined the effects of institutional pressures on homeland security preparedness among law enforcement agencies in Illinois. The data come from the Illinois Homeland Security Survey (IHSS). Specifically, the study employed three theories to explain homeland security preparedness: contingency theory, resource dependence theory, and institutional theory. We hypothesized that institutional pressures will lead to isomorphism as agencies attempt to conform to institutional expectations about appropriate activities in a homeland security era. To evaluate these theories and their impact on homeland security practices, the authors used confirmatory factor analysis. The IHSS data lend strong support to the application of organizational theory as a lens through which homeland security preparedness can be understood. Institutional pressures, such as professional and government publications, training, professional associations, and the actions of peer agencies, significantly influenced municipal and county agencies in Illinois. Funding, while often thought important to encourage preparedness, was not a significant predictor. The results of this analysis advance our understanding of homeland security preparedness via institutional theory by suggesting that the larger environment is salient.     

The new institutionalist approaches to health care reform: lessons from reform experiences in Central Europe

This article discusses the applicability of the new institutionalism to the politics of health care reform in postcommunist Central Europe. The transition to a market economy and democracy after the fall of communism has apparently strengthened the institutional approaches. The differences in performance of transition economies have been critical to the growing understanding of the importance of institutions that foster democracy, provide security of property rights, help enforce contracts, and stimulate entrepreneurship. From a theoretical perspective, however, applying the new institutionalist approaches has been problematic. The transitional health care reform exposes very well some inherent weaknesses of existing analytic frameworks for explaining the nature and mechanisms of institutional change. The postcommunist era in Central Europe has been marked by spectacular and unprecedented radical changes, in which the capitalist system was rebuilt in a short span of time and the institutions of democracy became consolidated. Broad changes to welfare state programs were instituted as well. However, the actual results of the reform processes represent a mix of change and continuity, which is a challenge for the theories of institutional change.     

Fuzzy Legality and National Styles of Regulation: Government Intervention in the Israel Downstream Oil Market

This article examines the role of statute law in regulation and government intervention through a detailed historical case study of a crucial retail market. The history of state intervention in the Israeli oil supply market is dominated by "fuzzy legality," a concept expounded in a former article. Legal fuzziness allowed the industry, acting in concert with the government regulator, to retain a lucrative, practically non–accountable arrangement in changing politico–economic climates. Three central forces encouraged continuing fuzziness: a "cloud" of state security, institutional stickiness that preserved colonial mandatory legal structures, and a prevalent national culture of nonlegalism. The article ends with a careful suggestion regarding the Israeli national style of regulation. Compared to American "adversarial legalism," and its opposite, "consensual nonlegalism" the Israeli style may be termed "adversarial nonlegalism," and holds less promise for balancing market and public interests.     

Delivering security through networks: Surveying the relational landscape of security managers in an urban setting

The concept of network is fast becoming ubiquitous. Its broad appeal lies in its ability to account for the present multiplicity of institutional, organizational, and social morphologies. Networks promise to absorb, recombine, and merge the two dominant and competing forms of social organization (the bureaucratic hierarchy and the market) into a third one that would transcend the proclaimed obsolescence of bureaucracies (see for example Osborne and Gaebler, 1992) or the excesses of the market. Crime or dark networks (Raab and Milward, 2003) and their real level of (dis)organization have been studied for a number of years (Naylor, 2002; Morselli, 2005 and in this issue), but the 9/11 events and the failures of the verticalhierarchical bureaucratic forms of security delivery they highlighted provided an audience to those advocating flatter and more flexible law enforcement assemblages (Williams, 1994; Arquilla and Ronfeld, 2001).     

The injustice and reconstruction of procedures in eminent domain and land acquisition

Eminent domain should be regulated, the key to which is procedural restraints. Initiating procedure can organize, adjust, and setup a system of due process for claiming land acquisition, which serves to facilitate bargaining for an objective price. Since the exclusivity of property rights is affected by eminent domain power, applying transaction rules in the market to assess the fairness of the compensation is difficult. Currently, the procedural injustice is the key to the abuse of eminent domain powers, and the procedural deviation reflecting in laws and guarantees are either too vague or absent. Thus it is proposed that an institutional +reform should include procedural openness, liability for procedural errors and disposition of judicial review in advance, with the aim to guarantee the legitimacy, effect, and security of land acquisition.     

我国农村金融市场均衡分析——基于新制度经济学的视角

农村金融市场尤其是信贷供需市场,对于农村经济发展具有特殊意义,其均衡水平和运行效率倍受政府和学者的关注。本文总结中国农村金融市场微观参与主体的特点,并给出需求曲线和供给曲线的形状,在此基础上,立足于新制度经济学交易费用理论和制度变迁理论,分析交易成本和制度变迁对供给曲线的影响,进而认为政府的制度安排落脚点在于降低交易成本和刺激供给。