新经济下的双层股权结构:理论证成、实践经验与中国有效治理路径

新世纪以来选择双层股权结构成为新经济公司的一种新趋势。坚持一股一票的传统公司治理理论主要从公司民主、最优表决权结构和代理成本三个方面反对双层股权结构,认为双层股权结构将降低上市公司价值。股东的共同目标是股东利益最大化而非公司民主;最优表决权治理结构是因公司而异多元化的,一股一票虽普遍然非最优;表决权监督机制非唯一治理成本的约束机制,双层股权结构比一股一票更有助于公司关注长期利益和科技创新。从经验研究来看,双层股权结构与上市公司价值并不存在确定的负相关关系,甚至存在正相关关系。契合新经济公司的双层股权结构有助于在“轻资产、重人力资本”的新经济公司中根据合同而非物质资本进行控制权分配,有助于激励创始股东/管理者进行专属人力资本投资,有助于满足新经济公司的特殊治理结构需要。我国科创板已经引入双层股权结构,为实现中国的有效治理,除目前科创板集中于事前治理外,还应强化事中治理和完善事后治理,最终对双层股权结构进行有效治理实现兴“利”除“弊”。     

Structural injustice and alienation: a reply to my critics

ABSTRACT

This author’s reply addresses critiques by Reinhard Wolf, Alasia Nuti, and Kimberly Hutchings of my 2017 book, Justice and Reconciliation in World Politics. First, I restate the normative and practical significance of focusing on challenges of structural injustice for resolving many serious and pressing problems in world politics, including climate change. Second, I begin to resolve some puzzles about the concept of alienation and its relationship to justice and reconciliation, by outlining two concepts of alienation, and distinguishing them from alienation as a cognitive-affective experience. Third, I clarify the limits and potential of decolonial political theory.     

African agency and global orders: the demanding case of nuclear arms control

Abstract

How much agency do African states have to shape global orders? This study puts the global nuclear order under scrutiny to answer this question. It amounts to a demanding case. Arms control is something that global great powers take very seriously, and there is no weapons category that they take more seriously than nuclear weapons. My findings provide a nuanced picture. Although often outflanked and frustrated by nuclear weapon states, the nuclear order would look different without African actors exerting their agency. They successfully shaped background and foreground institutions constituting the global nuclear order by building advocacies for new institutions upon already existing ones, reaching out to state and non-state actors outside of Africa, and channelling communication through African states with authority in global fora. This study makes three contributions: First, it underlines the key finding of recent literature on African agency that African actors are more to be reckoned with than often assumed. Second, it provides novel evidence about the diplomatic mechanisms through which they come to make a difference. Third, it adds to our grasp of the constitution of global orders as well as the processes through which they come to be made, re-made and unmade more generally.     

证券纠纷特别代表人诉讼制度完善之法律思考

2020年7月23日,最高人民法院审判委员会第1808次会议通过的《最高人民法院关于证券纠纷代表人诉讼若干问题的规定》中将"特别代表人诉讼"以专章规定列出,引发各界的广泛关注。近年来证券纠纷问题层出不穷。例如案件甄别及程序决定混乱、投资者保护机构权力扩大、"一案一立、分别审理"观念根深蒂固等等。文章建议支持扩大人民法院庭前审查的项目类型和内容;引入"投资者代表",以"双保险"模式维护投资者权益,同时允许投资者进行"二次推选"代表人;个案认定应本山取土、因地制宜,针对差异选择适用一案一立、普通代表人诉讼制度和特别代表人诉讼制度中的一种或数种。     

Addressing Corruption in Post-Soeharto Indonesia: The Role of the Corruption Eradication Commission

ABSTRACT

Anti-corruption became one of the top priorities in post-Soeharto Indonesia, with democratisation, market liberalisation and institutional anti-corruption frameworks pursued as means to enhance transparency and accountability in public governance. A core component of these efforts was the establishment of a powerful anti-corruption agency, the Corruption Eradication Commission (KPK). This article assesses the effectiveness of the KPK, using evidence from two contrasting cases to identify factors that facilitated or impeded its ability to successfully investigate, prosecute and thus contain high-level corruption. The analysis highlights the threats to the KPK posed by resilient networks that were able to reconsolidate and resist anti-corruption efforts in post-Soeharto Indonesia. However, it also identifies countervailing social forces that emerged in the context of democratisation – in particular, an active civil society and a largely free press. While these supportive pressures from civil society could not fully counter the attacks on the KPK, they were able to prevent its marginalisation in the two major cases examined. Overall the KPK’s success in addressing high-level corruption is shown to be dependent on the interaction of political dynamics, interests and power relations, with no guarantee that anti-corruption forces will prevail in future cases.     

Torn in translation: An ethnographic study of regulatory decision‐making in Turkey

There is much literature on the diffusion and translation of regulatory agencies from the perspective of formal political models. Ethnographic research of regulation process is, however, much less common. This is even more evident with regards to the study of regulatory agencies established outside the “West.” This article analyzes the translation process of the Turkish tobacco regulatory agency, which was established in 2002, under commitments made to the International Monetary Fund and the World Bank. Based on an ethnographic analysis of two controversial cases, the study shows that tobacco regulation was being shaped and pursued in an environment of ambivalence and uncertainty. The study concludes that the decision‐making process of the agency is context‐specific and constructed within the perpetual struggles and interactions among the actors involved in this process.     

Food Safety Warrior

正A graduate student becomes the latest online phenomenon with his Internet database of problematic food Wu Heng,a 27-year-old postgraduate student in historical geography at Fudan University in Shanghai,never expected the food safety informationsharing website he created a year ago would go viral as it did in May.On May 11 alone the site received 404,000 visits,compared     

辩护人、诉讼代理人毁灭证据、伪造证据、妨害作证罪的认定和适用

辩护人、诉讼代理人毁灭证据、伪造证据、妨害作证罪的客体是复杂客体,既侵犯了司法机关刑事诉讼活动的正常进行,又破坏了我国的刑事辩护制度;本罪客观方面是实施了帮助当事人毁灭、伪造证据,威胁、引诱证人违背事实改变证言或作伪证的行为,＂威胁＂和＂引诱＂的认定一定要慎之又慎;本罪犯罪主体是辩护人、诉讼代理人,实践中多数是律师构成;犯罪主观方面只能由直接故意构成。辩护人、诉讼代理人毁灭证据、伪造证据、妨害作证罪是行为犯,因而必然存在未遂形态。要关注本罪的刑罚适用,免于处罚的情形亦不可忽视。     

论我国保安服务业的历史和发展

《保安服务管理条例》的正式颁布实施,是保安服务业发展历程上极具意义的法律文件,明确了保安服务业的业务范围、成立条件、职权职责等重大问题。从保安服务业的历史进程和现代保安服务业的发展情况来看,安全成为一种商品,同时是对"警察无法充分保护公民"的补充,警察的公共安全服务和保安专职局部安全领域并行不悖。保安服务业遵循市场经济的规律,引进并培养优秀的人才,提高服务管理水平,塑造保安员新形象,促进保安服务业健康稳定发展。     

信用评级机构独立性研究——以上海国际金融中心建设为背景

信用评级机构是上海国际金融中心建设的一个重要内容,但是目前信用评级机构独立性不强是最主要的问题,原因来自三个方面：信用评级机构的形成和发展受制于行政力量、信用评级市场受控于美资以及发行人付费的模式存在不合理之处。因此,在构建信用评级机构独立性框架时,建议中央政府以上海为试点,整合国内信用评级市场、改变监管模式、遏制外国资本对中国市场的渗透,同时完善以中国人民银行为主体的信用数据库,强化信用评级机构的内部管理和自身竞争力的建设。