中国石油公司海外经营风险管理体系建设初探

石油公司海外经营主要面临资源国法律与政策变动、地缘政治、市场与人身安全等风险。国际石油公司开展海外石油经营的历史较长,积累了丰富的应对风险的经验,大多针对特定业务单元或整个业务链条建立风险预警与管理系统,往往能够在风险发生前就采取有效措施规避或分散风险,或在风险发生后按照预案采取有效的应对措施,将影响和损失降至最低。中国石油公司在海外经营过程中,应注重培育风险管理文化,运用国际最新的内部控制和风险管理技术,构建企业风险管理体系,加快风险管理等复合型人才队伍的培养,加强海外资产组合管理。     

海外总承包项目投标报价阶段的风险管理

风险管理的效率随着时间的推移而不断降低,因此在全过程风险管理中,对项目投标报价阶段的风险管理工作应特别予以重视。针对海外项目所面临的不同风险,在工程项目投标报价阶段可以选择和应对的风险管控策略包括风险回避策略、风险自留策略、风险对冲策略、风险溢价策略等。本文结合实例,深入探讨了海外总承包项目投标报价阶段的风险分析及应对措施。     

中国独立石油公司海外发展机遇分析

2011年,中国石油公司海外油气上游并购显现新的特点,中资背景的独立石油公司海外油气业务取得突破性进展,已连续成功收购具有一定规模的海外油气上游资产并投入运营.建议中国独立石油公司的海外油气业务发展以适当规模的生产型项目起步,采取谨慎稳妥的投资战略,以边际油田开发项目为重点;关注风险较低的滚动勘探和潜力较大的前缘勘探项目,特别是政治高敏感地区的项目;适度介入以页岩气、页岩油或致密油为主的非常规资源项目.现阶段国内外经济及油气行业环境为中国独立石油公司海外上游业务发展创造了难得的机会,建议中国独立石油公司依靠专业服务团队科学合理地筛选油气项目,与中国国家石油公司在海外油气资产分布上互相补充,在项目运作上互相协同.     

海外风电项目并购风险及控制

就风电项目而言,由于投资金额比较大,投资周期长,且属于政策敏感型的能源、基础设施项目,对东道国市场的依赖程度高,决定了对风电项目海外并购进行风险识别、评估及控制十分重要.要使并购取得成功,投资者必须在投资决策和业务经营过程中,全面考量各种风险,并采取有效措施规避和控制风险. 政治风险及其防范 政治风险的内容和引发因素 所谓政治风险是指投资者因东道国政局结构与演变因素以及政府控制与管理因素的影响,而遭受经济损失的可能性.政治风险是海外投资中最大、最不可预期的风险,可划分为征收险、汇兑险、战争和内乱险,以及政府违约险和迟延支付等准政治风险.     

油气勘探开发投资风险管理问题初探

油气勘探开发投资项目的最显著特点是其高风险性,因此加强风险识别、风险分析、风险控制、风险处理等风险管理就显得尤为重要。本文首先从风险和风险的基本特征出发,提出了加强风险管理的必要性;其次归纳总结了西方大型石油公司在勘探开发投资风险管理方面的12条经验;最后结合我国陆上石油工业的实际情况,提出我国陆上油气勘探开发投资的风险管理应分阶段、有步骤地进行:(1)进一步强化市场与经济效益观念,重视制定企业的长远发展战略;(2)合理调整投资结构;(3)重视风险投资项目的评价,提高科学决策水平;(4)健全风险投资责任制。     

如何将风险降到最低点

中国企业在实施海外项目时,普遍存在风险分析与管控经验缺乏、国际化经营能力不足、项目管理层对国外法律环境和经营环境不熟悉等问题,从而导致中国企业在“走出去”的过程中面临着很大的风险,也遭受了严重的损失。因此,建立并实施全面的海外项目风险管理机制,通过对海外项目风险的识别、分析、评估和管控,     

中国企业海外并购非经济风险的凸显及防范

中国企业海外并购面临着较大的非经济风险,主要包括东道国政府政治风险、法律实施风险和文化整合风险.为了应对海外并购的非经济风险,中国企业应该通过前馈控制降低东道国政治风险;通过同步控制防范法律实施风险;并通过后馈控制化解文化整合风险.     

煤炭企业并购项目风险评价

一、引言 煤炭工业经营运行的好坏直接影响我国能源安全状况,煤炭行业作为资源开采型行业,由于其属于高危行业,自身的安全风险很高,建设周期长,投资大,不确定因素多,具有项目的特点。目前,我国对煤炭企业并购风险方面的研究尚处起步阶段,煤炭企业并购过程中对风险的控制缺少理论支持。     

国有煤炭企业开发海外煤炭资源的战略分析

大型国有煤炭企业面临开发海外煤炭资源、实现国际化快速跨越发展的良好机遇,同时,开发海外煤炭资源也存在很大风险,应选择煤炭资源丰富、政治经济形势稳定、政策法律环境良好、有稳定下游市场的国家和地区作为主要目标市场,把煤炭资源勘探、煤矿建设、煤炭生产、煤电项目作为主要投资方向,从资源和技术条件,政治、经济、法律和文化环境,合作、开发模式,组织构架、资源配置、制度建设和发展环境等各个方面,加强风险控制,循序渐进,稳步推进,确保健康发展。     

法律风险：电力集团“走出去”需补“短板”

随着电力集团“走出去”步伐加快，境外承揽工程项目、上市并购、投资开发等活动全面展开，涉外法律纠纷案件呈现上升趋势，面临的法律风险随之增加，不利于电力集团境外业务的发展。如何切实有效加强境外业务的法律事务管理、有效规避跨国经营的法律风险、尽可能保护企业的合法权益，成为电力集团提高国际化经营能力和管理水平的内在要求。     

技术标准战略的构建策略研究

被设为法定技术标准的技术方案，技术性能未必是最优的。因此，在技术竞争中处于劣势的企业可以通过构建技术标准战略，通过先期获得广泛应用，以市场手段获得法定标准的地位，构建竞争壁垒，营造持续竞争优势。本文认为，企业只有实施以技术结盟、技术开放、合力创新的策略，建立在下一代技术上的优势，才能获得和巩固法定技术标准地位，进而在新兴市场上，以先发优势建立在更大地域上的优势。     

Legal unbundling can be a golden mean between vertical integration and ownership separation

We study an industry in which an upstream monopolist supplies an essential input at a regulated price to several downstream firms. Legal unbundling means in our model that a downstream firm owns the upstream firm, but this upstream firm is legally independent and maximizes its own upstream profits. We allow for non-tariff discrimination by the upstream firm and show that under quite general conditions legal unbundling never yields lower quantities in the downstream market than ownership separation and integration. Therefore, typically, consumer surplus will be largest under legal unbundling. Outcomes under legal unbundling are still advantageous when we allow for discriminatory capacity investments, investments into marginal cost reduction and investments into network reliability. If access prices are unregulated, however, legal unbundling may be quite undesirable.     

Artificial intelligence: From ethics to law

AI is the subject of a wide-ranging debate in which there is a growing concern about its ethical and legal aspects. Frequently, the two are mixed and confused despite being different issues and areas of knowledge. The ethical debate raises two main problems: the first, conceptual, relates to the idea and content of ethics; the second, functional, concerns its relationship with law. Both establish models of social behaviour, but they are different in scope and nature. The juridical analysis is based on a non-formalistic scientific methodology. This means that it is necessary to consider the nature and characteristics of the AI as a preliminary step to the definition of its legal paradigm. In this regard, there are two main issues: the relationship between artificial and human intelligence and the question of the unitary or diverse nature of the AI. From that theoretical and practical basis, the study of the legal system is carried out by examining its foundations, the governance model and the regulatory bases. According to this analysis, throughout the work and in the conclusions, International Law is identified as the principal legal framework for the regulation of AI.     

法律治理、投资者保护与财务舞弊:一项基于上市公司的经验证据

本文以我国2002—2004年受处理的137家上市公司及配对公司为研究对象,通过对投资者法律保护与财务舞弊之间关系的实证研究发现,投资者法律保护程度与上市公司财务舞弊负相关,投资者法律保护程度的改善能有效降低财务舞弊概率。此结论的政策意义在于:在我国,完善法律制度是加强投资者保护从而抑制公司财务舞弊行为的一项重要制度安排。     

New Wine into Old Wineskins: Recent Developments in China’s Competition Policy Against Monopolistic/Collusive Agreements

China??s anti-monopoly law contains comprehensive legal rules against monopolistic/collusive agreements. However, the legal standards for defining monopolistic agreements and the applicability of exemption and leniency programs need to be further clarified. Moreover, several coordination problems caused by the special organizational features of China??s antitrust institutions need to be addressed carefully. The Chinese antitrust authorities therefore face tremendous challenges in enforcement given both the intrinsic complications of monopolistic conduct and the existence of some inadequacies in the existing competition policy regime.     

Regulating smart contracts: Legal revolution or simply evolution?

Blockchain-based smart contracts have triggered polarised discussions. They have been applauded as a significant technological achievement, but also criticised as a dumb idea. Their application is rapidly expanding in the financial sector, public sector, supply chain management, and the automobile, real estate, insurance, and health care industries. With the growing use of smart contracts and an increasing variety of smart contracts applications, the debate over the legal implications of this phenomenon has intensified and many legal issues related to smart contracts are being examined. Legal scholars have highlighted potential legal pitfalls, controversies and incompatibilities with existing legal frameworks. Blockchain technology and smart contracts have also been fuelling an interest of legislators, who have begun to recognise regulatory uncertainties and are making the first attempts to introduce legislative solutions to address them. This paper aims to highlight the fervour of the scholarly debate surrounding smart contracts and contrast it with a rather modest response from the legislators thus far. The paper reiterates that smart contracts represent the future. Even though they challenge practitioners, scholars, and legislators, current legislative initiatives indicate that under most legal systems there are no major obstacles for smart contracts and to accommodate smart contracts within the existing legal frameworks we should expect legal evolution rather than revolution.     

Regulatory decision errors,Legal Uncertainty and welfare: A general treatment

We provide a general treatment of the implications for welfare of various sources of legal uncertainty facing agents about the decisions made by a regulatory authority. We distinguish the legal uncertainty from the decision errors made by the authority. While an increase in decision errors will always reduce welfare, for any given level of decision errors, information structures involving more legal uncertainty can improve welfare. This holds always when sanctions are set at their optimal level. This transforms radically one's perception about the “costs” of legal uncertainty. We also provide general proofs for two results, previously established under restrictive assumptions.     

Food safety and product liability

This paper focuses on the U.S. product liability system for food poisoning cases and makes six key points. First, current legal incentives to produce safer food are weak, though slightly stronger in outbreak situations and in markets where foodborne illness can be more easily traced to individual firms. Far less than 0.01% of cases are litigated and even fewer are paid compensation. Second, even if potential plaintiffs can overcome the high information and transaction costs necessary to file lawsuits, monetary compensation provides only weak incentives to pursue litigation. Firms paid compensation in 56% of the 294 cases examined in this study and the median compensation was only $2,000 before legal fees. Third, indirect incentives for firms may be important and deserve more research. For example, firms may be influenced by costly settlements and decisions against other firms in the same industry. Fourth, confidential settlements, health insurance, and product liability insurance distort legal incentives to produce safer food. Fifth, the ambiguity about whether microbial contamination is “natural” or an “adulterant” hinders the legal system from effectively dealing with food safety issues. Sixth, a brief comparison of the incentives from U.S. and English legal systems suggests that more research is needed to understand the strengths, weaknesses, and relative impact of each country's legal system on the incentives to produce safer food.     

金融信用法律规制的理论探讨

金融信用交易随着金融业的勃兴而迅速发展，金融信用的发展要求有健全的法律制度，这已成为金融业持续发展的共识。作为规制金融信用的法律制度，其基本价值取向是保障金融信用行为的秩序与安全，这是制度的逻辑起点也是制度建构的基本目标。要实现这个价值目标，就要建立以金融产权法律制度和信用风险控制法律制度为核心的金融信用法律体系，同时还要从司法实践出发以整体主义的思维来推进金融信用的法治化。     

The ‘Railroad Problem’ and the Interstate Commerce Act

The emergence of railroads presented a problem for the developing economic profession. Railroads, by their very nature, often had a localized monopoly. The check that competition was expected to impose on firm behavior was singularly lacking. At the same time, railroads in the United States were national in scope and thus affected interstate commerce. The Interstate Commerce Act and the Commission spawned by the Act represented the first halting steps towards coping with the monopoly power that was a consequence of the Second Industrial revolution. In this paper, the views of prominent economic and legal thinkers regarding the proper legal framework for railroads are reviewed.