谈法定代表权滥用

在出现了大量因代表权人侵犯企业和股东利益的案件时,人们要求严惩代表权人的呼声日益高涨。但解决问题的根本方法是确立委托——代表制度,以维护委托代表权人的利益,防范其道德风险。     

股票公开发行的监管合约选择——交易费用视角下中国股票公开发行审核制度的变迁

随着股权分置改革的顺利进行,我国股票公开发行审核制度改革已被提上议程。但与实践的迫切需求不相适应的是,我国学界对于股票公开发行审核制度的研究尚处于一个不成熟的阶段,现有研究文献未能对我国股票公开发行审核制度的变迁予以有说服力的解释,因此,无法为决策者提供可资借鉴的改革方案或思路。运用交易费用理论框架,对中国股票公开发行审核制度的变迁过程进行梳理,识别出在审批制和核准制下政府为降低交易费用而选择的监管合约,剖析了这些监管合约的内容和选择的原因,并在此基础上对我国股票公开发行审核制度的改革方向及可行性予以分析。     

C股与现流通股是替代品还是互补品的金融经济学分析

我国应当按照一股两制、一股两市的方针,开设一个递进流通市场,在该市场向全体股民减持国有股。由于此市场的建立,市场化的并购将会建立起高效率的公司治理结构,将会激励经理阶层提升公司的价值,会促进现有流通股股价的上涨,因而是解决我国国有股减持问题的好方案。     

《证券法》与《股票发行与交易管理暂行条例》上市公司收购之规定比较

《证券法》与《股票发行与交易管理暂行条例》关于上市公司收购的规定有冲突 ,《证券法》的规定较《条例》更为合理和便于监管 ,因此 ,凡《证券法》已有规定的 ,应适用《证券法》 ,《证券法》未作规定或规定不完善的 ,以《条例》作补充。     

Limits of regulatory governance change in the post-developmental state: Korean telecommunications market restructurings from a comparative perspective

This study explains the limits of institutional transformation in Korea from the developmental state to a post-developmental state, in terms of regulatory institutions instead of developmental institutions. The Korean state has taken advantage of the government's discretionary policy changes and power formed by both informal state institutions and informal policy networks, while the regulatory state has placed a special emphasis on social consensus as well as political support for changes of market institutions. New market rules and laws have also been inefficient and ineffective for fair market competition. Limits of regulatory governance change have occurred due to misalignments between informal regulatory institutions in the developmental state and formal regulatory institutions in the post-developmental state. State managers have created discretionary state intervention in policy implementation, politicized the roles of regulatory agencies, and brought ministry-type regulatory state institutions back in. The establishment of effective market institutions has failed due to informal market institutions (unfair and illegal market practices) that have interfered with the policy implementation of new formal market regulations.     

The Impact of Shanghai-Hong Kong Stock Connect Program on the Volatility and Liquidity of the Stock Market

Based on the interaction between the trading mechanism and heterogeneous investors' behavior, using Shanghai stocks data, this paper studies the impact of the Shanghai-Hong Kong stock connect program on the volatility and liquidity of the stock market. The result shows that investors with long-term value investment philosophy carry international market risk to the A-share market, which causes excessive panic among medium and small investors. In the absence of derivatives for effectively avoiding risks, price volatility increases. With the increase of the investment risks, the costs of domestic institutional investors'frequent trading out of excessive speculation increase and the investors who are attracted by the international mature capital markets escape from the mainland. The medium and small investors are gradually becoming more prudent, which leads to the decrease of market liquidity.     

腐败存量特赦之证伪

我国腐败高发,特别是腐败犯罪黑数巨大,腐败存量惊人的现实情况,已严重影响我国反腐斗争的信心和进程,基于此,腐败存量特赦论浮出水面。腐败存量特赦论作为一种政治话语,以交换形式谋求政治体制改革的支持,这种观点在逻辑上有重大缺陷,在实践上对刑事法治有质的破坏力,违背国际反腐条约的基本精神,损害社会正义和国民的法情感,不具有合理性和合法性。治理腐败必须坚持宽严相济的刑事政策,坚持零容忍的司法态度。     

The Role of Management Consultation,Support, and Coping on Nurses' Health During the Stress of Restructuring

Abstract

This study examined the impact of hospital restructuring moves on a sample of Australian nurses' health. The role of organizational support, assessed via levels of consultation with staff, social support, and nurses coping were examined as further contributors or mediators of the relationship between the impact of restructuring and nurses' health. Data from 201 hospital nurses indicated that the factors in the model explained 41% of the variance in nurses' health. “Top–down” communication style by management contributed negatively to nurses' health and increased their perceptions of the impact of restructuring. Support from peers, supervisors, and family together with seeing the demands of impact of restructuring as a challenge, contributed positively to nurses' health and reduced the level of avoidance strategies used. The implications of these findings are discussed.     

股份有限公司董事“恶”之法律抑制

股份有限公司作为一个开放性的公司,不再是仅与几个股东利益相关的法人实体,而是与数以千计甚至万计的股东(投资者)息息相关,并肩负有一定的社会责任,股份有限公司的董事会及董事如何正确行使职权、对其"恶"如何抑制的问题显得日益突出。根据对董事"恶"之抑制机制的不同性质,可以分为对董事的内部抑制和外部抑制。内部抑制主要是通过公司章程对董事之"恶"进行制约,外部抑制则通过法律规定对董事之"恶"进行制约。     

股票指数期权在中国的适用性：基于期权定价模型的分析

FischerBlack、MyronScholes和RobertMerton于1973年就建立了Black—Scholes模型，该模型为股票指数期权定价提供了理论依据。本文假定了一份欧式沪深300指数期权合约，并对波动率、无风险利率等5个参数进行了估计，然后利用Black—Scholes模型对该股票指数期权进行了定价研究，并以此为基础，对股票指数期权在我国证券市场的适用性进行了分析。结果表明，股票指数期权在我国是适用的。