对贷款损失准备监管新规的研究

本次金融危机后,国际监管部门开始研究具有前瞻性和逆周期性的动态贷款拨备计提方法。顺应巴塞尔协议III,我国监管部门推出了四大监管工具,对贷款损失准备的指标即贷款拨备率和拨备覆盖率做了具体规定。本文分析了我国上市银行拨备现状,重点分析了这两个监管指标对上市银行的影响,最后提出相关的政策建议。     

Are stricter investment rules contagious? Host country competition for foreign direct investment through international agreements

We argue that competitive diffusion is a driver of the trend toward international investment agreements with stricter investment rules, namely defensive moves of developing countries concerned about foreign direct investment (FDI) diversion in favor of competing host countries. Accounting for spatial dependence in the formation of bilateral investment treaties and preferential trade agreements that contain investment provisions, we find that the increase in agreements with stricter provisions on investor-to-state dispute settlement and pre-establishment national treatment is a contagious process. Specifically, a developing country is more likely to sign an agreement with weak investment provisions if other developing countries that compete for FDI from the same developed country have previously signed agreements with similarly weak provisions. Conversely, contagion in agreements with strong provisions exclusively derives from agreements with strong provisions that other FDI-competing developing countries have previously signed with a specific developed source country of FDI.     

反不正当竞争法及其他

我国现行反不正当竞争法对不正当竞争行为的规定缺少一般性条款,在具体条款的规定上也存在着不完善之处。修改本法可以借鉴建立世界知识产权组织公约以及欧洲国家和美国的先进做法。     

谈有限责任公司股东出资的转让--兼评我国<公司法>的有关规定

出资转让是有限责任公司股东在公司存续期间退出公司的唯一方式,而我国《公司法》对这一问题仅作了简单一般性规定,很难满足实际操作的需要。本文对股东之间相互转让出资、股东对外转让出资的限制及其程序等问题进行了探讨,指出我国《公司法》在这方面的不足及其在具体操作中存在的问题,并提出了作者的一些建议。     

共同侵权中的“共同性”初探

出资转让是有限责任公司股东在公司存续期间退出公司的唯一方式 ,而我国《公司法》对这一问题仅作了简单的一般性规定 ,很难满足实际操作的需要。本文对股东之间相互转让出资、股东对外转让出资的限制及其程序等问题进行了探讨 ,指出我国《公司法》在这方面的不足及其在具体操     

汉代西北边郡军粮财务支出诸问题考略

汉代西北边郡军粮支出账簿登记详细,有各种发放粮食的簿籍.军粮发放有严格的制度规定,从简文来看,只有隧卒家属才享用谷物的配给权,隧长家属不享有谷物配给权.     

External Corporate Governance and Misreporting

This study investigates how external corporate governance provisions, specifically statutory and corporate charter provisions that limit direct shareholder participation in the governance process, affect the likelihood of an accounting restatement. The analysis indicates that strong external governance (fewer restrictions on shareholder participation) is associated with a relatively low incidence of accounting restatements. The effect of external governance is incremental to that of internal governance, which is considered as provisions that foster effective board oversight of management. Such evidence supports the premise that shareholder participation improves financial reporting quality.     

我国上市公司发行可转债的动机与条款设计——以“歌华转债”为例

作为一种快速发展的衍生融资工具,可转债发行动机和条款设计受到理论和实践的普遍关注。从代理问题的视角,文章对歌华有线公司发行可转债主要条款,包括利率条款、转股条款及触发条款进行比较分析,发现“歌华转债”股性较强,条款设计倾向于变相发行股票,而不是降低代理成本。这一发现与经典融资理论矛盾。论文从逃避市场规则和证券发行制度缺陷两方面进行了解释。研究对公司设计转债条款和有关部门制定政策具有借鉴意义。     

A Lobbying Approach to Evaluating the Whistleblower Provisions of the Dodd‐Frank Reform Act of 2010

We evaluate the net costs and benefits of the whistleblower (WB) provisions adopted under the Dodd‐Frank Reform Act of 2010 by examining investor responses to events related to the proposed regulations. We focus our main analysis on a sample of firms that lobbied against implementation of the WB provisions by submitting a comment letter to the SEC. Lobbying firms are characterized by weaker existing WB programs and greater degrees of managerial entrenchment than a matched control sample of similar non‐lobbying firms. Short‐window excess stock returns around events related to implementation of the WB rules are significantly more positive for the portfolio of lobbying firms than for their matched controls; this effect is also more pronounced for lobbying firms with weaker existing WB programs. These results suggest that investors expect the new WB provisions to provide net benefits by improving shareholder protection.     

跨境数据流动规则对服务贸易成本的影响

数据流动已成为贸易规则谈判的重要议题。通过构建RTA（区域贸易协定）跨境数据流动规则深度指数和测算双边服务贸易成本，实证分析跨境数据流动规则对服务贸易成本的影响。研究发现，在理论机制上，跨境数据流动规则通过减少监管分歧和促进服务贸易数字化降低服务贸易成本。实证结果表明，缔结跨境数据流动规则和跨境数据流动规则深度的增加均会显著降低服务贸易成本。分规则类型来看，数据便利类条款、数据保护类条款、数据流动类条款和数据例外类条款深度的增加均能降低服务贸易成本；从不同经济发展水平匹配的国家对来看，发展中国家之间、发达国家与发展中国家之间跨境数据流动规则的缔结和规则深度的增加均能降低服务贸易成本。     

自然人独资公司单位犯罪主体资格辨析

自然人独资公司不能等同于一人公司。在认定自然人独资公司犯罪主体时,应根据刑法条文及有关司法解释所规定的有关条件来加以认定,视自然人独资公司在设立、经营过程中的不同表现而区别对待。     

Stabilization and Association Agreements (SAAs), Europe Agreements,and Public Procurement

This paper initially presents Stabilization and Association Agreements (SAAs) provisions in terms of trade openness to the EC competition. It also makes reference to Europe Agreements (EUs) provision in this matter. It aims more precisely at specifying the impact of public procurement provisions of those Agreements to five Western Balkan public procurement markets. Combining the extent of “Buy National” policies within these countries, with information on the current international competitiveness, the paper identifies those industries that are likely to be particularly sensitive to the abolition of “Buy National” practices due to the provisions of the SAAs. These results can help national authorities overcome part of the negative impacts due to the EU competition.     

保险单现金价值条款纠纷案的相关分析

现金价值条款引发的保险合同纠纷很多。究其原因,在于选词不准、说明不当、投保人疏忽等方面。对现金价值条款理解有争议,人民法院或者仲裁机关应当作有利于被保险人和受益人的解释。未履行现金价值条款说明义务,合同可撤销；保险人要承担缔约过失责任。因此,保险实务中要注意：现金价值条款应尽量通俗化；保险人及其代理人应如实准确履行现金价值条款说明义务；投保人应充分行使知情权,科学确定是否退保及退保时机等。     

Do trade and investment agreements lead to more FDI? Accounting for key provisions inside the black box

The previous literature provides a highly ambiguous picture on the impact of trade and investment agreements on FDI. Most empirical studies ignore the actual content of BITs and RTAs, treating them as “black boxes”, despite the diversity of investment provisions constituting the essence of these agreements. We overcome this serious limitation by analyzing the impact of modalities on the admission of FDI and dispute settlement mechanisms in both RTAs and BITs on bilateral FDI flows between 1978 and 2004. We find that FDI reacts positively to RTAs only if they offer liberal admission rules. Dispute settlement provisions play a minor role. While RTAs without strong investment provisions may even discourage FDI, the reactions to BITs are less discriminate with foreign investors responding favourably to the mere existence of BITs.     

论股东质询权的行使与法律救济

股东通过行使质询权直接参与和监督公司治理,以限制董事会权利,保护公司和股东的利益。论文从公司法现有关规定出发,比较分析德国、日本等国家质询权相关规定,探讨我国股东质询权的行使规则,被质询人说明义务,分析我国股东质询权的三种法律救济方式。     

论国际投资协议中的投资促进条款及我国之应对

投资促进条款日益广泛地融入国际投资协议中。较之于投资保护条款,其具有其独特的内涵和特点,亦存在丰富的表现形式。我国签订的国际投资协议中包含了诸多投资促进条款,其影响具有双重性。对投资促进条款进行全面考察,并相应地调整我国在签订国际投资协议过程中的策略,具有重大的理论价值和现实意义。     

Do regional trade agreements really boost trade? Evidence from agricultural products

We evaluate the impact on trade of regional trade agreements (RTAs) using a panel data approach at the detailed product level which exploits exports to third destinations and imports from third origins as benchmarks. This method is robust to both endogeneity and heterogeneity across agreements and across products, and allows differentiation between the impacts of tariff provisions and non-tariff provisions. The analysis covers agricultural and food products for 74 country pairs linked by an agreement entered into force during the period 1998–2009. Our estimate of the mean elasticity of substitution across imports at product level is slightly below four. Counterfactual simulations suggest that RTAs have increased partners’ bilateral agricultural and food exports by 30–40 % on average, with marked heterogeneity across agreements. Also, RTAs are found to increase the probability of exporting a given product to a partner country although this impact is small. Finally, we found non-tariff provisions have no measurable trade impact.     

涉外婚姻缔结之法律适用问题研究

涉外婚姻的缔结涉及到至少两个以上国家有关婚姻的法律规定,并关系到婚姻当事人的切身利益。基于我国现行《民法通则》对此规定不详细,《中华人民共和国民法(草案)》第9编第61条做出了一定的改进,但亦有其考虑不周之处。有鉴于此,本文就涉外婚姻缔结法律适用的规定,包括实质要件、形式要件、领事婚姻以及涉外婚姻的效力等问题,提出自己的看法。     

Joint Tests of Signaling and Income Smoothing through Bank Loan Loss Provisions*

We examine whether and how managers use loan loss provisions to smooth income and to signal their private information about their banks' future prospects. Our paper highlights that the use of the loan loss provision to accomplish more than one objective gives rise to situation‐specific costs and benefits of manipulating the provision up or down. We hypothesize that relatively undervalued banks have greater incentives to signal their future prospects than fairly valued banks and that banks' incentives to smooth intensify as premanaged earnings deviate from norms. On the basis of these conjectures, we categorize sample banks into subgroups that are predicted to use loan loss provisions consistent with their situation‐specific incentives. This allows us to refine the research methods used in prior research to examine heterogeneous incentives. While we find evidence consistent with the use of loan loss provisions to smooth earnings, particularly when premanaged earnings are extreme, our evidence on signaling is less consistent. In particular, our signaling results depend on the introduction of an interaction term that has not been used in prior research. We also document that the intensity of smoothing (signaling) is not uniform across the sample. In addition to being a function of the incentive to smooth (signal), it also is a function of the incentive to signal (smooth).     

试论消费者权益保护中的惩罚性赔偿

《消费者权益保护法》第49条规定的惩罚性赔偿制度,突破了我国民事法律补偿性赔偿制度的规定,对保护消费者合法权益发挥了积极作用。但这一制度在司法实践中仍存在一些缺陷,根本原因在于这一制度本身规定的不完善。在明确惩罚性赔偿制度的性质和功能的基础上,针对我国现行立法之不足,必须对此规定做相应的修改,以适应保护消费者合法权益的需要。