Hedge Funds, the Deutsche Börse Affair and Predatory Anglo-American Capitalism

Boardroom trouble at Deutsche Börse, the company that operates Germany's main stock market, has recently provoked an important debate about competing capitalist models. Werner Seifert, Deutsche Börse's ousted Chief Executive, was eager to portray himself as the innocent victim of aggressive Anglo-American investors who had bought into his company but failed to understand its traditional operating ethos. In this, he was ably supported by key figures within the ruling Social Democratic Party, who, in order to shore up the party's core support, had increasingly come to blame overseas hedge funds for the development of German corporate governance models which prioritised profits over jobs. I review the SPD's structural reading of the Deutsche Börse affair, whilst comparing it to an alternative interest-based reading. The latter allows me to focus more closely on the issue which, more than any other, led to Seifert's downfall: his refusal to bow to the expressed interests of his own shareholders by pressing ahead, against their wishes, with a hostile bid for the London Stock Exchange. Seifert's eventual removal foreclosed the possibility of an integrated London-Frankfurt stock market and, somewhat ironically given the SPD's response to the affair, as a consequence it also prevented the entry of London's highly capitalised institutional investors into the German market for corporate control. The actions of Deutsche Börse's overseas shareholders might still be seen as evidence of a predatory Anglo-American capitalism. However, their successful removal of Werner Seifert may well have been responsible for temporarily keeping other financial predators at bay.     

区域协同对我国企业创新和经济发展影响及完善路径探讨--以沪港通为例的研究

区域协同是新时代具有标志性意义的重大国家战略,加快推进区域协同创新发展,不但关系到我国经济能否平稳发展,而且对于实现区域充分平衡发展以及构建新常态语境下具有可持续发展动能的区域"增长极"大有裨益,并影响着我国创新型国家建设进程以及经济增长方式转变的有效探索。基于区域协同创新和"增长极"的理论视角,在阐释区域协同发展对企业创新和国家经济发展的影响基础上,以沪港通为例进行回顾和总结,分析了大力发展沪港通对于推动我国企业创新和经济发展产生了哪些积极影响,未来又面临哪些挑战,并提出有针对性的对策建议。     

有限公司股权善意取得规则的司法适用

2011年最高法院发布的《公司法司法解释三》第26条、第28条正式为股权善意取得确立了规范基础,但在适用情形、构成要件及法律效果方面均不清晰,给司法适用带来很多困难。结合现有规范及实务经验,股权的善意取得规则在司法适用上应以最类似的不动产所有权作为参照对象,通过对股权善意取得的具体适用情形、构成要件及法律效果进行细致分析,可以得出股权善意取得制度具有现实可操作性的结论。     

试论我国股份公司监事会制度的缺陷及其完善

我国股份公司监事会在运行中存在诸多问题。本文从监事会的组织制度、职权制度和责任制度等三个方面分别指出其存在的缺陷并提出相应的完善措施。     

中国上市公司信息披露制度之检讨

目前我国上市公司在信息披露中存在着许多问题,这些问题的存在直接影响到上市公司的声誉,影响到我国证券市场的健康发展,更影响到投资者的利益。因此,如何完善我国上市公司信息披露制度,这是摆在我们面前的一个非常紧迫的问题,这一问题不解决,证券市场就难以健康发展。作者基于这一使命,从实证的角度分析了目前我国上市公司信息披露制度中存在的问题及原因,并指出完善我国信息披露制度的建议。     

对做好股份制企业女工工作的实践与探讨

工会应成为维护女职工特殊利益,构筑和谐劳动关系的主体。不断提高女职工的素质,帮助女职工解决具体问题。     

国有企业经营者激励机制分析

随着中国经济的飞速发展和现代企业制度的建立,职业经理人的地位也日益重要,企业必须建立有效的经理人激励机制,激励经理人努力工作,使企业价值最大化。     

省际竞争、制度改进与江苏民营经济发展

江苏省民营经济发展的轨迹具有强烈的路径依赖特征。其中,省际竞争的外力驱动和存量改制的内生驱动,是决定江苏民营经济发展特征的两大重要因素。在1997年之前,江苏民营经济发展因受制于宏观政策因素,走过了一条完全有别于浙江和广东的道路。1997—2004年的政策创新,则主要是模仿性的制度改进型发展。     

Economic voting in Britain, 1857–1914

Despite limited government control over the pre-1914 economy, opposition politicians were enthusiastic in blaming bad economic news on the incumbent. In a study of 458 by-elections between 1857 and 1914, we find that voters typically gave new governments a 'honeymoon' but thereafter held them responsible for high unemployment and high prices. Each 1% rise in the price level, on average, brought about a 0.21% swing against the government of the day, while each one-point rise in the percentage unemployed had double this effect. However, when we split the electorate into borough and county constituencies, economic voting appears to be confined to the former.     

中国股票型开放式基金业绩的实证分析——基于信息比率与单因素模型评价方法的对比分析

采用信息比率与单因素评价模型,使用沪深300指数构建基准投资组合,对我国2005-2007年中10只股票型开放式基金经风险调整后的业绩进行实证研究。基于信息比率的基金业绩评价指标相对于单因素模型有较明显的应用优势,同时采用沪深300指数作为市场基准的评价结果更具有可靠性。