市场中介组织经济法主体地位的定性分析

本文通过对传统经济法主体概念与分类的阐述,明确了传统概念中存在的问题,从市场中介组织作为经济法主体的必要性角度去证成它的主体地位。     

日本规制证券犯罪的刑法理论探析

由于刑法谦抑性原则的要求,刑事处罚乃是作为保护社会的最后手段,当民事赔偿与行政处罚等其他法律责任可以抑制扰乱证券市场秩序的行为时,则较为严厉的刑事制裁手段就无须动用。在证券市场交易中,维持市场交易秩序以及保护投资人权益都是证券交易发展上的重要工作。由于投资者属于不特定的多数人,因此日本在刑法上采用了危险犯的立法方式,提早保护投资人利益。     

市场化政策工具视阈下农村公共服务体系创新探析

由于长期受城乡二元经济结构战略的影响,我国农村公共服务持续性的供给不足一直是农村建设和发展的掣肘。当前农村公共服务主要由政府来提供,这种单一体制导致了农村公共服务供给效率低下、种类单一及结构失衡等问题。运用民营化、用者付费和特许经营等市场化政策工具可有效破解公共服务有效供给的难题,创新农村公共服务供给体系。     

股权分置改革有效改善了公司绩效吗？——基于双重差分模型的估计

本文基于2004年到2008年上市公司样本数据,研究股权分置改革的政策有效性。考虑到股权分置改革的分批逐步推进特性,本文运用双重差分方法进行分析。研究结果发现,股权分置改革显著改善了公司绩效,总资产收益率提高了2．19％,并且股改具有一定的持续效应,股改当年总资产收益率提高了1．14％,股改后第一年进一步提高1．69％,但第二年开始股改政策效应减弱,在第三年甚至变为显著为负的影响。本文的研究对于认识股权分置改革的有效性及其长期影响有重要意义。     

(Non‐)Enforcement of Directors’ Duties in Corporate Groups: Goh Chan Peng v Beyonics Technology Ltd

Corporate groups, a ubiquitous feature of modern business, pose formidable challenges for common law courts relying on traditional corporate law doctrine. Arising out of a corporate group's recent bid to recover millions of dollars in lost profits from a former director and CEO who had diverted a core business, Goh Chan Peng v Beyonics Technology Ltd raised thorny issues of separate legal entity doctrine, single economic unit theory, and reflective loss shared by common law legal systems. Despite finding that the defendant had breached his duties to the ultimate holding company, the Singapore Court of Appeal absolved the faithless director from most of his liabilities, relying on limited domestic precedent to the exclusion of a rich body of Commonwealth jurisprudence – including the House of Lords’ landmark Johnson v Gore Wood decision. This note explores the paths not taken by the court, and highlights the pitfalls of a narrow, autochthonous approach to problems of common law doctrine.     

大数据，认知与计划经济——与何大安教授商榷

数据是明晰的,客观的,而信息本质上是主观的,隐含的和实践的,数据被个体理解之后才会转化成“他的”信息。人们在使用数据之前先会判断该数据的重要性,这种判断因人因时因地而异,而大数据本身并不能替个人做出这样的判断。信息分散在无数人的头脑中,不能被某个头脑或超级计算机集中掌握。个体确定目标后,才能决定把什么样的数据作为手段来实现自己的目标,否则他会在海量的数据面前不知所措。数据是人们行动的产物。作为“历史”,数据本身不能告诉人们未来他们应该做什么。另外,没有市场的运行,甚至数据本身都不可能产生。正确的进路应该是“让个体的知识得以充分利用”,而不是何大安教授提出的“改善个体的认知”。何大安教授预设的“智慧大脑”类似于计划经济中的“中央计划委员会”,他对“普通大脑”的认知和“智慧大脑”的认知趋同的欲求,也正如中央计划委员会试图让普通大众服从于它的指令。正是市场对分散信息的分散利用使个体在固有的认知局限的情况下也有可能实现自己的目标,而大数据不能扮演同样的角色。何大安教授有关认知与大数据的讨论仍属于新古典经济学的“最大化”范式,他没意识到市场是一个互动（交换）过程,最大化范式并不适用。     

Economics of State-Owned Enterprises

State-owned enterprises (SOEs) account for a substantial proportion of gross domestic product, employment, and assets in many countries. Based on a review of the theory and empirical evidence, we develop a novel five-step framework that can guide policymakers and economic advisors in making decisions about maintaining and/or creating SOEs. The framework suggests that the use of SOEs should be limited to circumstances in which a market failure exists, less invasive forms of intervention such as regulation/taxes/subsidies and private-sector contracting are ineffective or not possible, and the welfare loss of the market failure exceeds the costs, distortions, and inefficiencies of SOEs.     

影响我国碳金融发展的原因分析

与西方发达国家较为完善的碳金融发展相比,我国碳金融发展相对比较滞后,造成这种状况的原因主要有：一是对碳金融的认识有待深化;二是碳金融的综合配套政策不完备;三是碳金融市场分割现象严重;四是中介服务机构发育不完善。对这些原因进行深入分析,有利于排除碳金融发展的障碍,开创我国碳金融发展的光明前景。     

俄罗斯金融服务市场监管法律制度评介

俄罗斯金融服务市场监管法律制度承继了前苏联的部分理念和框架,随着自由化和私有化进程的加速,逐渐形成了自己的特色。监管主体以中央银行为核心,联邦金融市场管理局为辅助,同时推动行业自律和社会监督的发展。在法律体系方面以《银行法》、《保险法》和《证券市场法》作为主要规范金融服务市场的依据,其他单行法规和个别部门法中的特殊规定也发挥着调控作用。金融危机之后,俄罗斯金融服务市场的监管法律逐步完善,法律规定比较全面,更加重视消费者权益的保护,但还应继续转变立法理念,加强部门法的协调统一,平衡好国家利益和个人权利的关系。     

Single-Family Housing Market Segmentation,Post-Foreclosure Resale Duration,and Neighborhood Attributes

During the recent economic recession, the foreclosure crisis drew vast attention from scholars and policymakers. Numerous studies focused on factors resulting in foreclosures, the impact of foreclosures, and the relationship between neighborhood attributes and foreclosures. Fewer studies investigated the foreclosure resale mechanism by focusing on buyer characteristics and the market duration of foreclosed properties. This research uses foreclosed residential properties in Broward County, Florida, between 2007 and 2011 to explore how market segmentation by assessed value relates to time on market of foreclosed properties. This research finds that extremely low-value properties and very high-value properties generally take longer to sell. Mid-value properties take a shorter time to sell. After controlling for housing attributes and market segmentation, certain neighborhood characteristics, such as lower percentage black population, lower percentage Hispanic population, lower educational attainment, and higher homeownership rate, are associated with increased likelihood of a real estate owned property being sold. These results will help policymakers determine better strategies for the foreclosure resale process. Special attention should focus on properties taking longer to sell or not able to sell during certain time frames to alleviate the negative effects of these properties on neighborhoods.