Recent developments in German corporate governance

This paper provides an overview of the German corporate governance system. We review the governance role of large shareholders, creditors, the product market and the supervisory board. We also discuss the importance of mergers and acquisitions, the market in block trades, and the lack of a hostile takeover market. Given that Germany is often referred to as a bank-based economy, we pay particular attention to the role of the universal banks (Hausbanken). We show that the German system is characterised by a market for partial corporate control, large shareholders and bank/creditor monitoring, a two-tier (management and supervisory) board with co-determination between shareholders and employees on the supervisory board, a disciplinary product–market, and corporate governance regulation largely based on EU directives but with deep roots in the German codes and legal doctrine. Another important feature of the German system is its corporate governance efficiency criterion which is focused on the maximisation of stakeholder value rather than shareholder value. However, the German corporate governance system has experienced many important changes over the last decade. First, the relationship between ownership or control concentration and profitability has changed over time. Second, the pay-for-performance relation is influenced by large shareholder control: in firms with controlling blockholders and when a universal bank is simultaneously an equity- and debtholder, the pay-for-performance relation is lower than in widely held firms or blockholder-controlled firms. Third, since 1995 several major regulatory initiatives (including voluntary codes) have increased transparency and accountability.     

农村基础设施多中心治理：理论基础与现实路径

建设资金短缺、物品属性多样和治理主体多元,使农村基础设施的多中心治理成为可能和必要;其治理效果受行政体制因素、经济因素、社会因素和相关激励机制等方面的影响。在当前制度背景下,要改善农村基础设施多中心治理,不但需要明确各主体的职责、建立多元的筹资模式,还要改善农村基础设施治理的表达和供给机制。     

试论中国传统文化现代化的基本方法

中国传统文化要实现科学而又合理的、代表先进文化和和谐文化方向的现代化转化，就必须遵循行之有效的方法论。为此，必须在继承和发展前人所提出来的方法论基础上，选择以下方法论原则，这就是既要坚持两点论与重点论的统一、区分文化的不同层次，又要坚持正确对待文化有机论、科学区分并处理传统文化和文化传统、中外文化的整合以及文化的综合创新。     

浅论党依法执政的实践意义和价值意义

依法执政是我们党治国理政的基本方式，依法执政的实践意义在于保障了党的领导、人民当家作主和依法治国三者的同步实现和有机统一；依法执政的价值意义在于提升党执政的合法性，张扬社会成员的平等性，保证社会秩序性，抵御党的变异性。     

给付不能的基本问题及体系建构

给付不能在传统给付障碍法的三叠纪体系中占据着十分重要的地位;然而现代债法学理表明,不仅给付不能所具有的这种重要地位应当受到质疑,而且规制给付不能的法律体系也应当一并受到质疑。现代债法给付障碍体系的规制应当采取以法律效果为核心的救济进路;科学、逻辑且先进的中国民法典也应当采取这样的体系。     

法律职业化与司法现代化关系的若干理论问题

法律职业化与司法现代化的共同理论语境是现代性理论 ,共同实践背景是法制现代化运动。法律职业化意味着一个经过法学理论熏陶和法律知识传授之法律职业家共同体的形成 ,这个职业家共同体共享法律价值并娴熟于法律技能。司法现代化作为法制现代化的一个重要组成部分 ,倡导并通过现代司法制度确认司法独立、程序正义、程序效率等基本价值准则。法律职业化与司法现代化之间的理论关联可以从法律与经济关系、司法独立与程序正义、司法制度资源供给与分享、法律作为科学学科和知识体系、司法效率实现等多种维度进行分析和把握。     

Company Law and Corporate Governance Renewal in Transition Economies: The Bulgarian Dilemma

The main objective of company law and corporate governance structures is to provide rules and secure efficient functioning of decision-making mechanisms that maximise the value of enterprises and safeguard interests of various stakeholders. Company laws and corporate governance models in different countries have evolved in specific historical, cultural, market and legal conditions that prevent their direct transplantation elsewhere. Assessing available experiences, former centrally planned European economies, engaged in sweeping transformations, are challenged by the need to recreate a delicate balance between investor protection and business discretion of managers to work for corporate value maximisation and social welfare. This essay undertakes an explorative discussion on the possible choices and the costs and benefits related to principalagent problem resolution in economies in transition, with special emphasis on institutions and the case of Bulgaria.     

理性:迈向现代化的灵魂

现代化建设离不开作为生产力第一要素的人 ,离不开市场经济体制 ,而提高人的素质和建立市场经济体制都要以理性为前提。在我国 ,为加快现代化建设的步伐 ,必须实施科教兴国、以德治国、依法治国的战略 ,实施这三个战略同样必须高扬理性。     

潜力保护、要素培育和制度构建:俄罗斯反危机政策评析

俄罗斯反危机政策是一个短期和长期目标相结合、静态的应急和动态的发展相平衡的综合性政策工具组合。根据俄罗斯经济面对的外部冲击和内在约束条件,俄罗斯政府在保护发展潜力、培育要素基础和构建发展的制度保障体系三个方面采取了相应的对策,根本目的在于鼓励创新,实现国民经济的现代化。     

论公司治理与公司控制人侵权责任的追究

完善的资本市场是影响公司治理的一个非常重要的外部因素,同时,健全的公司治理又是健康的资本市场不可或缺的组成部分。良好的公司治理机制需要多方面因素的合理组合。从公司法的角度看,追究大股东、董事、经理等公司控制人的侵权责任是我国当前完善公司治理机制的核心内容之一。