股东共益权平等:公司法的基础权利--兼论股权分置与公司治理

源于所有制的差异,中国的资本市场形成了一种制度安排的股权二元结构.这种安排与资本市场固有的属性是不相容的,它背离了同股同权的基本原则,亦与公司法关于股东共益权的平等理念相去甚远.由此引起中国上市公司为解决股权分置而采取相应的措施.股权分置的局面对公司治理有很大的消极影响,尤其是对治理中的控制权市场的形成,对股权平等原则的滥用等.解决股权分置,则能较好地达到公司治理的目的.在解决股权分置过程中仍应关注包括国有经济战略调整及二级市场的操纵等问题.     

The subordination of shareholder loans in bankruptcy

Bankruptcy and corporate laws in several countries allow or require courts to subordinate loans by shareholders to corporations. Examples include the German Eigenkapitalersatzrecht and the equitable subordination and recharacterization doctrines in the US. I use a model to show the incentive effects of subordination when a controlling shareholder attempts to rescue a closely held corporation by extending a loan. Even though subordination has some beneficial effects, it deters some desirable rescue attempts and is an insufficient deterrent for some undesirable ones. Legal reform should thus focus on narrowing down the scope of application to undesirable shareholder loans, where more severe penalties than subordination should apply.     

公司交互持股要论--写在新订《公司法》颁行之际

诸多方面的原因催生出了公司交互持股现象,其自身价值及其多重影响随即给现行法律制度提出了全方位的挑战。新修订的《公司法》忽略了针对交互持股的相关规范。我国公司法应借鉴各国的立法经验,分别对公司间的横向交互持股和母子公司交互持股在持股比例、表决权限制、通知和公告义务等方面做出法律规制,以期发挥交互持股的积极作用,抑制其消极后果。     

The Croatian Diaspora in North America: Identity, Ethnic Solidarity, and the Formation of a “Transnational National Community”

As I attempt to reveal in this article, Croatian Diaspora's press in North America plays a crucial role in ethnic mobilization and formation of attitudes among members of Croatian Diaspora community toward their home society—Croatia and construction of transnational national community. Discourse analysis employed when examining writings published between 1980–1995 in the most influential Croatian Diaspora's journal—the Fraternalist—builds on the idea that not only news from both the host and home countries are provided, but they are also used to constantly reproduce elements of group identity among Diaspora's community. This study explores the main trends in different stages of ethnic homogenization and mobilization of Croatian Diaspora in North America, which progressed in response to political changes in the home country, reaching its peak with the commencement of the war in Croatia in 1991.     

美国对跨国并购融资中滥用税收协定的管制措施及评析

针对跨国并购融资中滥用税收协定行为,在美国,可适用国内法层面的反导管原则与国际法层面的管制措施——双边税收协定中透视法、渠道法条款来管制。国内法层面的反导管原则从规范具体交易的角度,而国际法层面的管制措施则从规范可获得税收协定利益的适格主体角度,两者形成一股强大的合力,可对跨国并购中导管融资安排施加有效管制。中国目前尚未在国内税法中制定反导管规则,美国立法例值得中国借鉴。     

挑战与回应--跨国公司与国家主权

跨国公司是“利害双面体” ,在给世界各国带来利益的同时 ,也对主权国家的政治、经济、文化和科技主权构成了威胁和挑战。主权国家为了维护国家主权和国家利益 ,应积极地应对 ,进行技术创新 ,巩固信息主权 ;主动地“限制”政府管理权限 ,转变政府职能 ,增强本国企业和国家的竞争力 ;建构文化的主体意识 ,实现民族文化的现代化 ,从而编扎起一道防护跨国公司消解国家主权的“防火墙”。     

经济全球化背景下跨国公司制度创新的特点及分析

上世纪90年代以后 ,全球各大跨国公司所处的经济环境发生了质的变化 ,对企业而言交易成本不再是衡量其效率高低的关键因素 ,以隐性形式存在的机会成本反而更具有说服力 ,它直接反映了企业潜在收益向现实收益转化的能力。经济全球化在促进世界经济增长的同时引发了一系列的社会动荡和不安。外部的压力和社会的期望促使跨国公司承担起更大的社会责任 ,使得企业必须进行一些相应制度安排的调整。     

论跨国公司技术创新中国本地化的原因及我国的对策

跨国公司技术刨新本地化已成为了当今跨国公司全球战略的一项重要内容。近年来跨国公司纷纷在我国设立研究开发机构，呈现出跨国公司在华投资的新趋势。本文分析了跨国公司投资我国研究开发和技术创新的原因，对我国技术进步的作用，并据此提出了我国应采取的措施。     

Balancing inside and outside lobbying: The political strategies of lobbyists at global diplomatic conferences

This article seeks to explain the use of inside and outside lobbying by organised interests at global diplomatic conferences. At first sight, the lobbying at these venues is puzzling as it does not seem to be a very fruitful way to acquire influence. The use of outside strategies especially is perplexing because most aspects of international negotiations fall outside of the purview of national constituencies. It is argued in this article, however, that the presence of outside lobbying is not so puzzling if lobbying is seen both as a way to attain influence and as a way to pursue organisational maintenance goals. Empirically, the article draws on interview data with 232 interest group representatives that participated at either the 2012 session of the World Trade Organization (WTO) Ministerial Conference in Geneva, or the 2011 (Durban) and 2012 (Doha) United Nations Climate Conferences. The analysis demonstrates that organisational needs, and especially the competition actors face in obtaining resources, significantly affects the relative focus of organised interests on inside and outside lobbying.     

Innovation for a steady state: a case for responsible stagnation

The proponents of responsible innovation (RI) have often opened their discussions with the reassurance that while they are against irresponsible innovation, they are not advocating irresponsible stagnation. In the two-by-two matrix generally used to illustrate this model of innovation, the quadrant for responsible stagnation has so far gone largely unmentioned, let alone explored. This paper draws on existing real-world cases to examine what arguments drawn from ecological economics might contribute to the discussion of RI. It questions the present growth-driven paradigm and asks whether opening the black box of ‘responsible stagnation' might also open the door for a reasoned discussion about resource consumption and pace of development in over-productive or too-risky sectors and technologies, as an intrinsic part of responsible innovation, rather than its opposite.