环境保护信托--环保资本运营的新亮点

环保信托是环保资本运营的新亮点。将环保与信托两者有机地结合起来,环保市场可以得到信托业的大力支持和严格规范,从而保证其良性发展。这主要因为信托具有提高环保资本运营效率的功能。环保信托的创设主要是利用信托的增值功能、保全功能、融资功能和避税功能。     

公司资本制度的立法评判

公司资本制度的价值目标主要有两个,即安全和效率。世界各国公司法对它的不同规定,体现了不同的价值目标。我国公司法规定的公司资本制度,注重资本的担保功能,追求交易安全,但从公司资本运行的结果来看,不但没有很好地维护交易安全,反而影响了交易效率。我国公司法应顺应世界各国公司法发展的趋势,拓宽股东出资方式。     

俄国石油业的发展与外国石油资本

19世纪后期到20世纪初,俄国石油业在先发性与相对滞后性的矛盾中发展。先发性指俄国是世界石油工业发展较早的地区之一;相对滞后性指与美国相比,俄国石油业在组织方面存在着差距。俄国因其石油资源丰富、利润丰厚成为国际石油资本角逐的场所。俄国外有美国石油资本的竞争,对内则引进欧洲石油资本。以诺贝尔公司为代表的欧洲石油资本不仅资金雄厚、技术先进,还得到俄国政府的支持。欧洲石油资本既推动了俄国石油业的发展,但又并非总能与俄国保持利益上的一致。     

英语教育的劳动市场回报及英语教育政策调整 —— 基于 2016年问卷调查数据

中国的英语教育近年来受到越来越多的重视。无论是国家还是个人都投入了大量资源用于英语教育,如此巨额的投入所带来的劳动市场回报值得关注。英语教育的劳动市场回报可以分为人力资本投入回报和信号作用回报。研究发现,英语在实际工作中使用越多,工资收入越高,是为英语教育作为人力资本投入回报的证据。但在工作中很少用到英语的人,通过英语四六级考试对其工资也有显著影响,反映了英语教育具有信号作用的功能。调查显示,英语教育的信号作用是英语教育劳动市场回报的主要方面。因此,中国的英语教育有过度教育从而导致资源配置低效率之嫌,建议及时调整国家的英语教育政策。     

“对赌协议”的裁判路径及政策选择——基于PE/VC与公司对赌场景的分析

PE/VC与目标公司对赌的司法裁判要点从合同效力转入合同可履行性后,需要面对两个层次的追问:一是以什么样的实体标准来判断履行障碍,二是由谁来判断是否存在履行障碍。华工案和“九民纪要”仅处理了第一个层次的问题,且主要以资本维持原则作为实体判断标准。然而,我国现行公司法资本维持原则过于粗疏,且缺乏“大分配”概念和底线规制的思路,导致“对赌协议”下的回购只能通过减资的途径,徒增成本。域外以清偿能力标准替代资本维持原则,体现了另一种以债权人利益为导向限制公司资产单向流出至股东的规制思路,但其商业逻辑上的合理性却无法掩盖更大的操作成本。就第二层次的判断主体而言,以美国特拉华州为代表,法官的商业判断逐渐让位于公司董事会的商业判断,却进一步凸显了公司、不同类别股东、债权人之间利益冲突的复杂状态。立法层面的价值判断与政策选择将最终决定司法裁判的走向,未来我国公司法的修订需要回应商业实践的诉求,同时PE/VC投资者也需要直面投资失败的风险承担。     

Recruitment and selection practices among non-governmental organizations (NGOs) in Ghana

Taking into consideration the eugenic nature and perspective of high-performance human resource management functions on organizational effectiveness, the authors examined managerial and employee level of recruitment and selection on operational performance with emphasis on human capital and three indicators of organizational commitment (affective, normative, and continuous) as mediators. Questionnaires totaling 282, 122 for managerial level and 160 for employee level, were administered. A multilevel analysis of data were conducted on a selected number of Ghanaian NGOs using Statistical Package for Social Sciences (SPSS). The study revealed that recruitment and selection ideally leads to improved operational performance, however, this affiliation can be enhanced through the inescapable role of human capital and the three commitment indicators (affective, normative, and continuous). It was also exposed that effective recruitment and selection leads to a desirable employee’s level of affective, normative and continuous commitment, which also have greater influence on the operational performance. The study is thus considered very significant contextual support to existing literature and practitioners since not much of such work has been done in the Ghanaian context. Therefore, the current study implicates recruitment and selection, human capital, and the three commitment levels as a core value-creating ability that drives non-governmental organizations performance.     

Does the Feldstein–Horioka puzzle exist among South Asian countries? A regime‐switching approach

A plethora of literature has been undertaken to study the validity of the Feldstein–Horioka (FH) puzzle. However, divergent views continue to persist in the FH puzzle literature. This study explores the empirical validity of the FH puzzle in the case of South Asian countries using annual data from 1960 to 2017. Both panel data approach and Markov‐switching regression approach are used to empirically analyze the FH puzzle. The results of the cointegration test confirm the long‐run relationships between saving and investment in the selected South Asian countries. The results of Markov‐switching regression confirm that the saving‐retention coefficient has shifted from high to low values and also from low to high values. Thus, the FH puzzle exists for a particular time period and mostly depends on the regime shifts in the South Asian countries. The results of panel fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods also confirm that FH puzzle holds for the South Asian countries. Therefore, the study suggests that any saving promotion policies are desirable for enhancing investment among the South Asian regions.     

Global poverty and inequality: are the revised estimates open to an alternative interpretation?

The level of, and trends in, global inequality and global poverty are indicative assessments of who has benefited from economic growth. The revision of price data has led to a reassessment of those estimates. Through an extensive overview of the implications, we argue that the data can be read in different ways. Official estimates show global extreme poverty and global inequality are considerably lower than previously thought. We argue that these changes are much less significant than they at first appear, and we present a more nuanced alternative interpretation by exploring changes across the entire global distribution.     

国企改制过程中及国有控股参股公司中职务犯罪的法律适用问题

从2000年起到现在,我国国企改制工作不断加快,随着国企改制后经济效益的显著提升,一些国企改制过程中或国有控股、参股公司中的职务犯罪便成了高发区。本文通过对这一问题的法律适用问题研究,旨在加强国有资产保护,维护公平正义,促进社会和谐稳定。     

企业最优资本结构及其良性循环的实现

资本结构对企业的经营至关重要,随着我国社会主义市场经济的发展和现代化企业制度的建立,企业资本结构的优化已成为现代企业筹资决策中的核心问题。