论证券内幕交易的法律规制

本文对现行《证券法》有关内幕交易构成要件及法律责任的规定进行评析,并提出了完善建议。     

Emission Trading Restrictions with Endogenous Technological Change

In this paper we use a simple climate model for endogenous environmental technical change in order to analyse the effects on equity and efficiency of placing different degrees of restrictions on trade in the market of pollution permits. The model is obtained by incorporating in Nordhaus and Yang (1996)'s RICE model a notion of induced technical change close to the one proposed in Goulder and Mathai (2000). With the help of such a model, we assess the pros and cons of introducing ceilings on emission trading. In particular, we analyse both the cost effectiveness and the distributional effects of placing restrictions of trading emissions. The analysis takes into account the role of environmental technical change that could be enhanced by emission trade limitations. However, this effect is shown to be offset by the increased abatement cost induced by the larger than optimal adoption of domestic policy measures when ceilings are made binding. Hence, our analysis provides little support for quantitative restrictions of emission trading, even when these restrictions actually have a positive impact of technical change. Even in terms of equity, ceilings find no justification within our theoretical and modelling framework. Indeed, we find that flexibility mechanisms in the presence of endogenous technical change increase equity and that the highest equity levels are achieved without ceilings, both in the short and in the long run.     

How to Liberalize the RMB Exchange Rate

正Sharp depreciation of the renminbi against the U.S.dollar will soon end.An official of the U.S. Department of the Treasury said the recent depreciation of the Chinese currency could raise "serious concerns"if it signaled a policy shift away from allowing market-determined exchange rates.A meeting was held between G20 finance ministers and central bank governors on April 10 in Washington, and the International     

Bridge Opens Markets Soar

正New stock connect rises to open China’s capital market and push the yuan global After waiting for more than half a year,the Shanghai-Hong Kong Stock Connect program,which allows mainland and Hong Kong investors to trade shares on each other’s bourses,was eventually launched on November 17,boding well for the reform on China’s capital market.     

Connecting the Capital Markets

正As trade between Shanghai and Hong Kong bourses expands,China will align with global markets By Lan Xinzhen LU XIA O WEINEW TRADE:Chow Chung Kong(second right),Chairman of Hong Kong Exchanges and Clearing Ltd.,is present at a press conference on April 10 for the inauguration of Shanghai-Hong Kong Stock Connect     

论《食品安全法》中的新型民事责任

为降低消费者的维权成本与经营者的违法收益、提高消费者的维权收益与经营者的违法成本,《食品安全法》创设了集中交易市场开办者对消费者的连带责任、虚假代言人对消费者的连带责任以及10倍惩罚性赔偿责任。三类民事责任都有充分的法理依据,特定的构成要件,在司法实践中有可能引起相关争议。     

“老鼠仓”问题法律应对探析

在狭义上界定“老鼠仓”的范围,将导致无法依据《证券法》第43条及第199条的规定对其予以处罚,证监会对两起“老鼠仓”的处罚根据存在瑕疵。《刑法修正案（七）》将“老鼠仓”类犯罪与内幕交易罪加以区分是没有根据的,“老鼠仓”现象本来应属于内幕交易罪的范畴,因此,当下应对“老鼠仓”问题的最佳法律对策应为增设普通背信罪,以规制“老鼠仓”及类似违法现象。在条件允许后,通过扩充《证券法》中内幕信息的范围,最终将“老鼠仓”类犯罪纳入内幕交易罪中。     

推进中国碳排放交易的原则和思路

该文在广泛调研的基础上,提出在现有的经济发展水平和体制机制条件下,切实有效地推进中国的碳排放交易的主要原则和思路：价值引领,政府推动,市场运作和金融支持。     

我国证券市场内幕交易的新趋势及其对策

近年来,我国证券市场内幕交易案件频发,呈现出内幕交易地域场所扩大化、内幕信息窃取手段科技化、内幕交易行为方式复杂化等新趋势。究其原因,实为证券法条文过于笼统,期货内幕交易规定尚属立法空白所致。对此,应建立证券法上的惩罚性赔偿制度,构建多主体间的连带法律责任制度,尽快出台具体可行的内幕交易司法解释,由内幕交易行为人设置专项赔偿基金。     

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。