公司治理问题的法学思考——对中国公司治理法律问题研究的回顾与展望

对公司治理相关问题的研究是近20年来学术界最为关注的热点问题之一，其研究范围涉及到经济学、法学、管理学、社会学等诸多领域。这一问题的研究成果直接推动了中国现代企业制度的建立和公司法的修改。以法学研究为切入点，从不同的视角，对国内多年来的公司治理相关研究成果予以条分缕析般的冷静审视和详尽评述，其内容涉及到公司治理的范畴与理念、公司治理的路径，以及公司治理研究中广受关注的公司章程、股东会决议瑕疵、董事会与董事、监事会、职工参与、中小股东利益保护等各个方面。并在此基础上，对未来公司治理研究的方法和重点进行了思考和展望。     

Corporate Volunteerism,the Experience of Self-Integrity,and Organizational Commitment: Evidence from the Field

We examined the relationship between the motives underlying employees’ participation in corporate-sponsored volunteerism and their organizational commitment. In both a pilot study and in the main study, employees’ motivation to volunteer based on the desire to express personally meaningful values (also known as the values function of volunteerism) was positively related to their organizational commitment. Additional findings from the main study helped to explain why this was so: being motivated by the values function of volunteerism was positively related to how much participants experienced self-integrity in the workplace, which in turn was positively related to their organizational commitment. That is, experiencing self-integrity in the workplace mediated the relationship between how much employees were motivated by the values function and their organizational commitment. The results of subsidiary analyses provided further evidence that corporate volunteerism was positively related to organizational commitment, and that the experience of self-integrity mediated this relationship. Implications for both the corporate volunteerism and functions of volunteerism literatures are discussed, as are practical implications and suggestions for future research.     

Upon a failure to equal entry and exit wounds: a possible case of tandem bullets in view of the literature

Forensic medicine specialists take account of the projectiles remaining in the body when determining whether there are an equal number of entry and exit wounds. The absence of projectiles should suggest blank cartridges, a single exit wound despite several firings and bullet embolization, whereas the presence of more projectiles than expected may indicate tandem projectiles and multiple projectiles entering through the same hole. Radiological examination of the whole body, follow-up of the bullet trajectories, examination of the clothes, and examination of the gun and projectiles play a key role in solving difficult cases. We review such situations based on a case of tandem bullets. Two 7.65-mm bullets created lethal wounds entering through a 32-year-old victim's neck followed the same trajectory to a certain point and diverted. We discussed the possibilities in cases that show inequalities between entry and exit wounds, in light of relevant literature.     

由偏激到中肯:公司法定资本制价值之重估

通说对公司法定资本制的定义停留在了资本形成阶段,事实上,法定资本制贯穿于整个公司设立和运行全程.法定资本制并非如某些学者所描述的那样完全昂贵且无实益,其具有多方面的重要功能.以合同法或其他手段作为法定资本制的替代性措施,根本无法独立承担债权人保护的重任.     

The Determinants of Capital Structure: Evidence from Chinese Listed Companies

This paper attempts to investigate the determinants of the capital structure of a sample of 972 listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China in 2003. Various theories, namely, the trade-off, pecking order and agency theories, are deployed to explain and predict the signs and significance of each factor identified by Ragan and Zingales (1995) and Booth et al. (2001). Furthermore, we include institutional shareholdings, including state agency shareholdings, state-owned shareholdings and privately owned shareholdings, as corporate governance variables to examine the effects of corporate structure on the debt financing behaviours. As well documented, we find that profitability is negatively related to capital structure at a highly significant level. The size and risk of the firms are positively related to the debt ratio – but only in term of market value measures of capital structure. The years of the companies being listed on stock markets are positively related to capital structure, indicating the access of the firms to debt finance is more easily judged by book value. Tax is not a factor in influencing debt ratio. Ownership structure has a negative effect on the capital structure. The firms with higher institutional shareholdings tend to avoid using debt financing, a behaviour that can be explained by entrenchment effects. A further classification of the institutional shareholders reveals that, among the three groups of institutional shareholding, the state institutions, including state agency and state-owned institutions, were more averse to debt financing, particularly for state-owned institutions. There is no strong evidence indicating debt-averse behaviour by domestic institutional shareholders.     

Observations from practice: support group membership as a process of social capital formation among female survivors of domestic violence

This article explores the authors' practice observations of female domestic violence survivors' journey from first agency contact to active participation in a support group process. The authors have witnessed female victims of domestic violence challenging the social isolation imposed by their dominant partners as they search for meaning in their lives. As practitioners, they have observed women building trustful relationships and establishing supportive networks during the group process. In this article, the authors suggest that the support group process facilitates trust and network formation indicative of social capital.     

A taxonomy of collaborative governance: a guide to understanding the diversity of international and domestic conservation accords

Partially in response to the increasing complexity of governance structures in the international environmental arena, international scholars have adopted a distinction between “Type 1” and “Type 2” international agreements. The former refer to agreements between governments, whereas the latter refer to agreements between governments and nonstate actors. While useful, this distinction offers only a partial taxonomy of the diversity of collaborative governance, and fails to incorporate “Type 3” dynamics among nonstate actors. As an initial attempt at sorting out the wide array of collaborative governance structures both domestically and across international borders, we propose a 3 × 3 matrix based on two typologies, one institutional (governmental, collaborative, nonstate), the other geopolitical (domestic, transborder, interstate/transnational). The result is a classification system of nine types of both domestic and international governance. In addition to identifying fundamental differences among the myriad forms of governance, the matrix reveals how the “softening of sovereignty” occurs in practice.

分析师跟进行为对上市公司资本成本的影响——来自中国证券市场的经验证据

证券分析师通过传递信息、降低分析信息的成本来增进整个市场的有效性.基于中国上市公司样本的研究发现,分析师跟进与股权融资成本具有负相关关系,分析师作为信息中介能够对资本成本产生影响,这也印证了Easle和O'hara提出的信息是经典三因素模型外影响资本成本另一重要因素的理论假说.对这一作用可能的解释是,分析师跟进能够扩大投资者基础,进而降低融资资本成本,实证结果证实了Merton提出的投资者认知假说.     

公司治理的司法保障——司法介入公司治理的法理分析

司法权力通过诉讼程序介入公司内部治理是公司顺畅运作的外部保障。在本质上,司法介入公司治理就是司法对公司自治进行调节的一种机制。司法介入公司治理应遵循国家干预与公司自治相平衡原则。在放松政府管制潮流下,强化司法介入应是必然选择。     

我国上市公司社会责任与企业绩效的实证研究——来自上证180指数的经验证据

本文以上证180指数上市公司为样本,以企业对国家、员工、投资者和公益事业的社会责任贡献作为企业社会责任的评价指标,采用统计性描述和混合截面回归分析的实证研究方法来探究社会责任与企业绩效之间的关系.研究发现:我国上市公司对国家、投资者和公益事业的社会责任贡献与企业绩效正相关,而对员工的社会责任贡献与企业绩效则是负相关的关系.因此,要求企业更加重视对国家贡献的社会责任,完善社会保障机制和企业内部激励机制,推进股权分置和金融体制改革,并完善对企业履行公益事业贡献的激励机制.     

Hiring Teams,Firms, and Lawyers: Evidence of the Evolving Relationships in the Corporate Legal Market

How are relationships between corporate clients and law firms evolving? Drawing on interview and survey data from 166 chief legal officers of S&P 500 companies from 2006–2007, we find that—contrary to standard depictions of corporate client‐provider relationships—(1) large companies have relationships with ten to twenty preferred providers; (2) these relationships continue to be enduring; and (3) clients focus not only on law firm platforms and lead partners, but also on teams and departments within preferred providers, allocating work to these subunits at rival firms over time and following “star” lawyers, especially if they move as part of a team. The combination of long‐term relationships and subunit rivalry provides law firms with steady work flows and allows companies to keep cost pressure on firms while preserving relationship‐specific capital, quality assurance, and soft forms of legal capacity insurance. Our findings have implications for law firms, corporate departments, and law schools.     

The Effectiveness of Insider Trading Regulation in Italy. Evidence from Stock-Price Run-Ups Around Announcements of Corporate Control Transactions

All developed countries and most emerging countries restrict insider trading in the belief that it may undermine investors' confidence and the integrity of financial markets.Such regulation, however, has proved to be relatively ineffective almost everywhere, as shown by the records on convictions in the last few decades and by the pervasiveness of insider trading signalled by stock-price run-ups around announcements of private information.Identifying illegal insider transactions may be difficult: the private information must be material, i.e. price-sensitive, and in some countries prosecutors have to prove the use of such information by corporate insiders. Moreover, the investigative powers of the enforcing Authority may be weak and the deterrence of criminal sanctions may be diminished by lengthy proceedings, especially when alternatives, such as administrative fines and civil actions, do not exist.To date, the Italian legal system has experienced great difficulty in detecting and punishing illegal insider trading. Since they were first enacted in 1991, the insider trading rules have led to two convictions and to a very low ratio of prosecutions to allegations of illegal trading. Moreover, leakage of private information appears to be widespread, given that news about firm-specific events seems to be incorporated in stock prices long before it is disclosed in public announcements.This paper examines the effectiveness of Italian insider trading legislation by focusing, among other things, on the stock-price run-up around announcements of corporate events. In particular, after a brief survey of earlier research on legal and illegal insider trading and on the most important weaknesses in the Italian legal framework, standard event-study methodology is used to analyse stock-price run-ups around 29 announcements of corporate control transactions in the period 1998–2000. Indicators of the leakage of non-public material information are then constructed, showing that securities prices follow similar patterns regardless of whether insider trading is likely to have occurred. This evidence raises questions as to the efficacy of Italian insider trading regulation and the paper concludes with some suggestions as to how it could be improved.     

惩防家庭暴力建构和谐家庭——多维视角下的家庭暴力问题

家庭是社会的细胞,在构建社会主义和谐社会的历史背景下,认真反思并全面破解家庭暴力问题,其理论意义和现实意义均格外重大。文章从经济、社会、文化、历史、法律等角度对家庭暴力问题作出了解读,希冀全面准确地揭示家庭暴力的内涵、根源与防治对策。     

企业合规制度的三个维度——比较法视野下的分析

建立一种有效的合规计划,已经成为西方企业进行内部治理的重要方式。我们可以将合规管理与业务管理、财务管理视为当代公司治理的三大组成部分。但是,西方企业之所以在建立合规计划方面具有强大的动力,是因为合规在刑法上具有多重激励机制,也就是,建立有效的合规计划可以成为涉嫌犯罪的企业寻求不起诉、作出无罪抗辩、获得减免刑罚乃至与监管机构签署暂缓起诉协议的重要依据,企业由此可以最大限度地减少损失。也正是在这种刑法激励机制的作用下,西方律师业逐渐发展出来一种重要的合规业务,将独立的合规调查、对监管起诉的应对以及合规计划的打造作为这种业务的基本内容。只有将企业合规同时视为公司治理的手段、刑法上的激励机制以及律师协助企业防范法律风险的业务,才能对其形成一种完整的理解。     

中国商业银行利润效率实证分析:1996-2007

通过利用随机前沿模型对1996—2007年我国商业银行利润效率指数进行测量,并分析了商业银行外部竞争和所有权结构的影响,结果表明:我国商业银行利润效率整体呈上升趋势,但除少数银行外,整体仍偏低;股份制商业银行在效率指数上优于国有银行,而由于国有银行的股份制改革,在2003—2005年间两者差距缩小,但近年又有扩大的趋势;伴随国有银行改革与非国有银行发展带来的银行业竞争,对效率有显著的促进作用。     

举证时限制度的冷思考

在价值目标上,举证时限制度不仅偏离实体公正,而且不可能真正提高诉讼效率,同时也不能真正体现和实现程序正义。大陆法系国家几乎找不到类似中国举证时限的立法体例,英美法系国家有举证时限,但其是以陪审制和漫长、充分的证据开示为依托的,且设立举证时限、证据开示的真正目的不是在于提高效率,而是发现真实,破除“竞技论”的弊端。如果说我国的举证时限制度是属于外国制度的大胆引入,那么,忽视了其制度背景和功能实质的移植是难以达到立法目的的。     

北京市社会治理效能评价研究:基于主客观的视角

本文综合运用客观评价方法和主观问卷调查研究方法相结合的优点,构建了北京市社会治理效能评估的六个维度,即社会保障与就业、社会服务、社会参与、社会公正、公共安全、公众满意度。主观评价数据通过实地调研有效问卷获得,客观评价数据通过统计年鉴和各类网站获得。通过主客观指标的数据收集和实地调研,最终测算出北京市社会治理的整体水平以及北京市16个区县社会治理的排名情况,并从治理手段、治理体制、治理机制以及透明化等方面提出了进一步完善的相关建议。     

我国公司重整制度的检讨与建议——以债权人利益保护为视角

公司重整制度的目的是促进债务人复兴从而维护社会利益,是现代社会公力干预经济的体现,但这种公力干预必须限定在一定范围之内,即必须以不损害债权人的利益为前提。我国目前尚无现代意义上的公司重整制度①,已有的所谓“整顿”制度也被束之高阁。新《破产法草案》确立了重整制度,但从债权人利益保护着眼,仍有许多地方需要完善。