中国企业赴美国上市的法律风险和对策

随着大量中国企业赴美国上市,与之相关的法律风险问题也逐渐暴露。当前,中国企业在美国上市的法律风险主要包括集团诉讼风险、证券违法违规处罚风险、退市风险、做空风险和中介机构欺诈风险。因此,中国企业赴美上市应充分了解、熟悉和掌握美国资本市场的相关法律和监管要求,并完善公司治理结构、内部控制和信息披露制度,以及提高应对集团诉讼的能力。     

Interjurisdictional Competition and Regulatory Advantage

As formal trade and investment barriers fall, government regulations– what once were domestic policy matters – becomeissues of international concern. International commerce createsthe potential for competition among regulatory jurisdictions.This article explains why there is variation in these regulatorytrends. Three general ‘trajectories’ are: (a) convergenceamong countries toward less stringent regulations in some cases,(b) convergence toward more stringent regulations in others,while in still other cases (c) differences persist among countries.I offer three (related) propositions which explain the differentregulatory trajectories: #1) Regulations on production processestend toward laxity; whereas product market-access regulationstend toward stringency. #2) Industrial structure affects thestrength of the process/market-access distinction. Powerfulfirms in concentrated markets facilitate collective action andregulatory capture. Dominant producers push for process andmarket-access regulations which reflect their interests, givingthem a competitive regulatory advantage in world markets. #3)The asset specificity of investments affects regulatory convergence.Low asset specificity leads to a competition-in-laxity; highmultinational asset specificity leads to convergence among jurisdictions(as firms seek to lower their transaction costs); and domesticasset specificity leads to differences among jurisdictions.Detailed case studies (on offshore banking, capital requirements,and infant formula) suggest the propositions are necessary tounderstand general outcomes, although not sufficient to fullyexplain individual cases.     

论限售股司法拍卖的法律效果——以“公开承诺承继”为视角

资本市场不少股东在取得限售股份的同时作出公开承诺,如期限锁定承诺、业绩保障承诺、不占用资金承诺等。在限售股被质押融资的情况下,一旦债务逾期可能会被法院强制执行,强制执行后新取得股东是否需要承继这些公开承诺所附的权利负担,现行法律与监管规则不一致,各证券交易所的监管规则也有差异,导致实践中呈现"混乱"局面。从公开承诺的性质以及现行法律关于法院强制执行的权利负担承继原则来看,强制执行后公开承诺义务不应被新股东承继,但可能会造成法院强制执行成为原股东逃废债务的渠道,进而损害上市公司及其他投资者的合法权益,不利于建立健康的证券市场秩序环境。参考"买卖不破租赁"等案例,将公开承诺义务物权化,赋予其追溯效力,可能是解决这一问题的有效方案。     

Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law

This article examines the case for rules of company law which regulate the raising and maintenance of share capital by companies. The enquiry has practical relevance because the content of company law is currently under review, and the rules relating to share capital have been singled out for particular attention. The existing rules, which apply generally, are commonly rationalised as a means of protecting corporate creditors. The analysis considers whether such rules can be understood as responses to failures in the markets for corporate credit. It suggests that whilst the current rules are unlikely, on the whole, to be justified in terms of efficiency, a case may be made for a framework within which companies may 'opt in' to customised restrictions on dealings in their share capital.     

Regulating Global Financial Markets

This paper discusses the role of regulation in the emergence of a global system of linked financial markets. It traces the origins of the internationalization of financial markets to the emergence of new competitive pressures, rooted in changes in the social structures of savings and investment, breaking down both national systems of financial control and international arrangements for monetary and financial co-ordination. These changes have been accompanied and facilitated by a process of international re-regulation, through informal specialist networks. Although these have facilitated the international diffusion of regulatory standards and practices, and attempted to co-ordinate them, they are greatly hampered by espousing the perspectives of the various markets and firms which it is their task to supervise. Together with their minimalist view of the aims of public legitimation and oversight of financial markets, they have proved inadequate to prevent the destabilizing effects of the new global finance on the world economy.     

Beyond the Gaze and Well Beyond Wolfenden: The Practices and Rationalities of Regulating and Policing Sex Work in the Digital Age

Drawing on the largest study of the United Kingdom online market in sexual labour to date, this article examines the legal and regulatory consequences as aspects of sex work increasingly take place within an online environment. Our research shows that while governmental policy has not kept abreast of these changes, the application of current laws (which have, since the 1950s, focused on public nuisance and, more recently, trafficking and modern slavery) are pernicious to sex workers and unsuited to recognizing and responding to the abuses and exploitation in online markets in sexual labour. These injustices are likely to be exacerbated if policies and policing do not better align with the realities of these markets in the twenty‐first century. This demands a more nuanced regulatory approach which recognizes that people may engage in sex work of their own volition, but which also addresses conditions of labour and criminal exploitation.     

论外商证券投资法律制度

外商对华证券投资包括投资于境外证券市场与境内证券市场的外资股与债券,其主流则为境内上市外资股(B股)与QFII投资普通股(A股)。外商证券投资的法律制度由投资者本国的法律监管与东道国法律监管两部分构成。前者监管主要针对证券发行数量、税收和利率的限制,后者监管主要集中在证券入市审批和证券交易管理,两者中应以东道国法律监管为主。我国对外商证券投资实行较为严格的监管制度,集中体现为证券市场开放中实行的QFII制度。法律监管的范围涉及市场准入审批、证券发行、证券交易、资产管理和外汇管理等方面。     

Structural Reform Policy: Privatisation and Beyond—The Case of Greece

Privatisation, coupled with liberalisation and competition, constitutes one of the most popular policy options to improve the performance of state-owned enterprises. However, in Greece, it was only after 1991 that privatisation started to gain ground in the political and economic agendas of governments. Drawing upon the theoretical underpinnings of privatisation, the paper overviews and critically analyses the new legal framework on denationalisation in Greece. The paper argues that, though the modernisation of the legal regime is welcomed, the Greek government has failed to treat privatisation as part of wider structural reforms aiming at enhancing competition and foreign investment. The paper concludes that wider structural reforms, including regulatory reform and liberalisation, as well as combating corruption and bureaucracy and promoting transparent capital markets, are absolutely necessary in order to create a competitive environment, which would both complement and support privatisation efforts.     

试论新形势下中国资本市场的监管

中国资本市场历经20多年的建设，如今已经成为世界资本市场的重要力量，并已经深刻影响着中国市场经济的发展与深化。随着中国资本市场和国内外发展形势的不断变化，对于资本市场的监管显得越来越重要，必须与时俱进，创新我国的监管体制。     

资本市场开放对公司治理的影响

本文从融资和并购两个方面分析了资本市场开放对公司治理的影响。中国资本市场的开放将会给我国公司治理带来积极的影响,包括:股权的多元化,信息披露制度的完善和监管制度的完善。     

资本市场开放对公司治理的影响

本文从融资和并购两个方面分析了资本市场开放对公司治理的影响。文中认为中国资本市场的开放将会给我国公司治理带来积极的影响,包括:股权的多元化,信息披露制度的完善和监管制度的完善。     

论资本市场中的企业社会责任

长时间来,资本市场的虚假与欺诈已经让人感到触目惊心,法律的不断健全与政府监管力度的不断加大并没有使事情变得好转,人们开始重新审视法律规范与政府监管的效力,终于认识到“监管和法律并非万能的,都有其作用的边界。”[1]那么,如何才能从真正意义上规范资本市场,笔者认为在资本市场中强调企业的社会责任尤其重要,建立以企业社会责任为基础的自律性监管是规范资本市场的关键。     

回应性监管视域下虚假陈述的自我规制路径建构

由于资本市场的特殊性,传统的公共执行与私人执行在虚假陈述监管上有着难以突破的局限性。一方面,面对上市公司海量的信息披露,公共执行的监督能力受监管资源限制;另一方面,利益驱动的私人执行机制难以在追责效率与公平之间实现平衡。立法者与既有研究虽不懈对传统监管手段加以制度改善,却面临着顾此失彼难以修正传统监管短板的尴尬局面。与此相对,强调公私结合的回应性监管提倡引导监管对象自我规制以构建预防违法行为的内生机制,与注册制资本市场的虚假陈述监管有着天然的契合性。因此,应重新整合既有的虚假陈述监管工具,构建一座以交易所自律监管为基础,以证监会劝服引导为原则,以民刑责任为顶端威慑的虚假陈述监管金字塔,加强上市公司自我规制的动机与能力,以实现节省监管资源,提升信息披露质量,帮助上市公司提高公司治理能力的长远效果。     

货币政策的资本市场传导机制

随着资本市场的迅速发展,传统的货币政策传导渠道有所削弱,资本市场在货币政策的传导过程中发挥着越来越重要的作用.货币政策的资本市场传导机制主要体现在托宾的q效应、非对称信息效应、流动性效应、财富效应和资源配置效应等,应该对经典的IS-LM模型进行修正,从而准确反映资本市场传导机制在均衡产出水平决定过程中的作用.从目前中国的现实来看,货币政策的资本市场传导机制还存在着不少问题,严重影响了货币政策的实际效果,应该采取积极措施,逐步完善我国资本市场的货币政策传导功能,以提高货币政策的有效性.     

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。     

我国产权交易市场的基本原理与规则进路

产权交易市场建设是我国多层次资本市场建设的重要组成部分。现阶段我国产权交易市场呈现出一种以行政管制为主导的发展模式,我国产权交易监管制度也将遵循这种立法与行政监管为主、市场自律为辅助的监管模式。     

我国资本市场规范运行再探讨——兼论完善公司治理的重要性

伴随着我国资本市场的深入发展,证券类违法违规现象也越来越呈现出专业性、复杂性、隐蔽性等特点。在这种大背景下,资本市场的运行秩序作为这个市场必不可少的"软件",越来越受到大家的重视,对其认识随着监管实践的推进逐步向纵深发展,重视程度更是随着资本市场主体的参与而逐步提升。一、资本市场内涵剖析资本市场、证券市场、股票市场在诸多论著中常被混淆适用,笔者首先对其基本发展轨迹进行归纳分析。     

论证券交易所新股首发自律监管及完善

证券发行和上市行为从本质上看都是市场配置资源的行为,证券交易所是证券市场的组织者和自律监管者.当前核准制下的权力配置存在着证券发行决定权集中于监管机关、上市核准权虚化的问题,这使得监管机关直接垄断了发行资源和间接垄断了上市资源,不利于自律监管的发挥.要实现新股发行体制向注册制的过渡,就是要在明确证券交易所独立性的基础上,强化上市审核职能,将实质条件纳入上市标准中,以破除行政权力对资源的垄断,形成市场为导向的价值发现机制,完善多层次的资本市场格局.