Alternative South–South development collaboration? The role of China in the Coega Special Economic Zone in South Africa

Aid, in the form of financial aid and investment, has become increasingly prevalent in both bilateral and multilateral partnerships in the BRICS. In Africa, the Forum on China–Africa Cooperation provides the official framings for forms of development assistance to the continent, with financial forms of aid available through the New Development Bank and the China–Africa Development Bank (CADFund). This article explores how Chinese international development assistance has influenced South Africa's economic growth and development strategies and is reshaping South Africa as “gateway” to Africa and continental leader. Special economic zones (SEZs) have become a prioritised form of BRICS development collaboration particularly in terms of Chinese trade and investment expansionism into Africa through South Africa. Chinese international development assistance and foreign direct investment in South Africa in particular are very notable and have been strengthened during the Chinese official state visit prior to the Johannesburg BRICS Summit in 2018. The article critically analyses the development policy discourse on BRICS spearheading an alternative model of South–South international cooperation by examining the Coega SEZ in South Africa, hailed as the most SEZ in Africa. The article critically examines the development alternative potential of the Coega SEZ.     

隐名出资的类型重释与规范构造——基于对契约法思维的反思

隐名出资的股权状态,不同于“出资人—股权—公司”的传统认定结构,涉及对内对外多重法律关系。现有相关规定深受契约法思维定式的影响,忽视了公司的程式地位,不仅使得股东认定标准在司法实践中存在摇摆,而且严重困扰隐名出资的制度定型。从组织法视域出发,隐名出资可分为“借名取利型”和“借名经营型”两种类型,基于此,能够在公司程式运行、股权争议状态、善意取得等环节合理划定各主体间的关系,完成隐名出资的完整应用。此二元类型的划分以“行权”作为核心要素,从公司关系角度分析“名实分离”的两个主体与公司之间的关系,通过重点识别实际出资人在组织法中的规范位置,实现对隐名出资的理论解读。     

投资条约仲裁制度改革的中国选择

投资条约仲裁制度有利于投资者保护,但其也存在易于导致东道国与投资者权益保护失衡等问题。中国应顺应国际上的改革大势和潮流,从实体规则和程序规则两个方面对投资条约仲裁制度进行改革,采取包括维护东道国的管理权、缩减仲裁庭自由解释条约的空间以及加强缔约国对条约解释的控制权等措施,以确保其能平衡保护投资者与东道国的权益。欧盟倡导的投资法院制度虽然对争端当事人的意思自治有一定的限制,但是能纠正投资条约仲裁制度的某些重要缺陷,中国可考虑在与欧盟的双边投资协定谈判中探索接受并改进这一制度的可能性。     

Does political connection influence corporate financial decisions in unstable political environment?

The aim of this study is to examine the impact of political connection on the cost of debt, the cost of equity and the investment level in an unstable political environment. We use a sample of 55 Tunisian listed firms during the post-revolution period (2011–2018) and we apply a generalized least square (GLS) approach to test our hypotheses. Findings highlight that political connections increase the corporate financial costs and reduce the investment level. Furthermore, in an additional analysis, we show on the one hand that political instability negatively affects the investment and affects positively the cost of debt and the cost of equity. On the other hand, we make evidence that the political instability level negatively affects the relation between the political connection and the cost of debt. The contribution is, to the best of our knowledge, the absence of studies conducted in Tunisia countries examining the impact of political connection on the financial cost and investment level in an unstable political environment such as Tunisia.     

Institutional Arrangements and State and Local Financial Forecasting

Abstract

The articles in this symposium present various consequences that effectively result in changes from adopted budgets during the implementation phase, which derive from institutional structure. The institutional structures referred to include such attributes as internal policy, procedural methodology, longevity in office, and reward and incentive systems related to performance outcomes

For local governments, structural influences studied include changes in leadership in the executive and legislative branches, longevity in office of budget administrators, and differences related to mayor-council vs. council-manager forms of government. Internal policies reported on cover methodology used to forecast revenues such as quantitative methods versus informed judgment, budgetary controls and spending policy related to mandated spending beyond local government control, and procedures for benchmarking within the agency as well as with peer groups and professional standards.

Consortia of governments are referenced regarding performance evaluation as is the process for gaining consensus between the executive and legislative branches, including expert outside opinion. Other influences on performance outcomes reported on are those tied to the risk-reward system built in to the institutional structure, which includes risk tolerance of the individuals who make pension fund investments.     

管窥慈善事业的资本化——以社会效益债券为视角

滥觞于英国的社会效益债券整合了受益者、政府、投资者、非营利服务提供者、中介投资机构、评估建议人、独立评估人等参与方,用社会效益的评估体系让不同道德标准的人都能方便地通过资本市场风险自担、责任自负的规则,参与到社会服务领域的投资。债券结构的设计,在保留核心的财务激励机制基础上,采用股权投资结构重新架构,更易于明确投资风险,为资本市场所接受。     

当前国际投资促进机构运行的特征与走势

后金融危机时代,各国为从金融危机中尽快复苏经济普遍加强了投资促进工作,国际投资促进机构运行呈现新特征。通过深入研究新特征,密切关注其走势及采取的积极应对措施。为进一步理顺我国投资促进体制机制、创新投资促进方式、推动扩大内需、提升投资服务质量、提高投资促进效益提供启示,深化我国投资促进工作,提升国际竞争力。     

俄罗斯的外国投资及其调节

吸引外资是俄联邦对外经济政策的主要方针。像世界上其他国家一样,俄罗斯把外资看作是提高技术水平、促进经济发展和改造生产结构并使其现代化、掌握和使用先进的生产方法、加速与世界经济一体化的重要因素。向市场经济转轨以来,俄罗斯一直对外国投资寄予很大的希望。然而,从目前的外国投资现状看,俄罗斯的比较优势并没有得到充分发挥。为了能为外资的投入创造更为有利的气候和务件,俄罗斯还需要花大力气减少外国投资风险、提高投资效率、优化投资环境、保障投资者利益。     

地方政府对高等教育投入努力程度的实证研究

利用2000-2009年各省的面板数据对地方政府高等教育投入努力程度进行实证分析,结果表明地方政府间高校经费投入的努力程度存在显著差异,地方的财政分权以及政府竞争对地方政府高等教育努力程度具有负效应。在引入交互项之后,发现财政分权和政府竞争对东部地区的负效应最大,东部地区高等教育投入努力程度最低。在解决地区间高校经费投入不均衡问题时,要完善激励机制,提升发达地区地方政府高等教育投入的努力程度。同时,加大转移支付力度,平衡地区间高等教育经费投入的差异。     

国际投资仲裁机构对涉及人权问题的投资纠纷的审理

国际投资仲裁的当事人在仲裁中提出人权方面诉求的情况在最近十几年里缓慢地增加了,仲裁庭只有在仲裁管辖条款能够覆盖人权问题,并且当事人所选择的适用法能够为人权问题的解决提供指引的情况下,才能就与投资有关的人权纠纷做出裁决。现有的国际投资仲裁机构自身存在很多缺陷,不适宜作为审理与投资有关的人权问题的理想场所。我国应该支持与投资有关的人权问题主要通过东道国的司法途径进行救济。