风险投资中委托代理问题的研究

风险投资的成功与否，很大程度上取决于风险资金投资者－风险投资家－风险企业家之间的委托代理关系链的运行。本文从分析美国成功的风险投资运作机制中揭示出风险投资各主体之间有效的激励与约束关系，指出风险投资机构是整个投资的中心环节。     

公司验资不实的民事法律责任

公司设立实务中,验资不实的情形较为普遍,新公司法对公司验资不实的民事责任做出了规定,对于调整和规范公司验资不实的民事纠纷无疑有着积极作用。但是新公司法仍然较为粗疏,对于实务中诸多有争议的问题,新公司法仍然未给出明确答案,未来仍需进一步完善新公司法。     

Demand for the truth in principal–agent relationships

Consider the following puzzle: If earnings management is harmful to shareholders, why don’t they design contracts that induce managers to reveal the truth? To answer this question, we model the shareholders–manager relationship as a principal–agent game in which the agent (the manager) alone observes the economic outcome. We show that the limited liability (LL) of the agent, defined as the agent’s feasible minimum payment, might explain the demand for earnings management by the principal. Specifically, when the LL level is high (low), a contract that induces earnings management may be less (more) costly than a truth-revealing contract. This finding offers a new explanation of the demand for earnings management.     

论商业银行对营业场所客户的安全保障义务

商业银行经营者在营业场所内对客户的人身财产权益负有合理限度内的安全保障义务.该义务属于法定义务范畴,主要包括硬件和软件两大方面.商业银行履行安全保障义务应限定在"合理限度"之内,空间上只限于商业银行的"营业场所",时间上应限定在"全部营业时间"内,保护对象应该界定在与商业银行有较密切关系的"客户、潜在客户、其他进入营业场所的相关自然人"范围内.基于平衡社会利益的需要,商业银行违反安全保障义务应承担过错侵权责任,包括直接责任和补充责任两种形态.在第三人直接侵权、商业银行承担补充责任的情形中,应适用过错推定规则.     

浅析合伙企业在税收协定中的"缔约国居民"之身份

合伙企业是否为“缔约国居民”对税收协定的适用有重要影响。一般来说,合伙企业属于协定意义上的“人”,但并不意味着同时也属于“缔约国居民”,只有当合伙企业被视为纳税实体,对所得负有纳税义务时,才可能成为协定意义上的“缔约国居民”,此时合伙企业本身有资格享受协定优惠。如果合伙人就按份所得负有纳税义务,合伙企业被视为纳税虚体,则不是“缔约国居民”,其合伙人可以享受相关协定的优惠。     

产品责任归责理论的经济分析--"东芝风波"引起的思考

本文对“东芝风波”进行了分析，通过中美产品责任法律制度的比较，寻找“东芝风波”的法律根源。经济分析方法的引入，进一步证明了严格责任较过错责任更加有效率，更能实现对厂商行为的规制，对广大消费者合法权益的保护。在此基础上，提出在立法过程中适当采用经济分析方法的建议。     

Bankruptcy and firm finance

This paper analyzes how an enforcement mechanism that resembles a court affects firm finance. The court is described by two parameters that correspond to enforcement costs and the amount of creditor/debtor protection. We provide a theoretical and quantitative characterization of the effect of these enforcement parameters on the contract loan rate, the default probability and welfare. We analyze agents’ incentive to default and pursue bankruptcy and show that when the constraints that govern these decisions bind, the enforcement parameters can have a sharply non-linear effect on finance. We also compute the welfare losses of “poor institutions” and show that they are non-trivial. The results provide guidance on when models which abstract from enforcement provide good approximations and when they do not.      

软件外包合作关系信任演化路径和模型研究

软件外包企业间相互信任通过合作关系发展起来，而信任的发展又会促进双方谋求更多的合作，从而形成循环向上的发展过程。在伙伴关系前提下，信任演化路径由感觉、感知、感化再到系统管理阶段，由感性信任的逐步积累，进而上升到对理性信任的科学项目化管理。最终合作双方的信任管理能根据不同项目变成不断的良性循环，信任变成了外包企业中的一种文化。     

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.     

The dilemma of exchange rate arrangements in East Asia

This paper analyzes exchange rate flexibility in East Asia and explores what has changed since the Asian financial crisis. Our focus is not on the choice of an appropriate exchange rate regime in East Asia, but rather on exchange rate flexibility and management in the region. We find that exchange rate management in East Asia differs based on the country and the time period. We identify major concerns about current exchange rate arrangements in East Asia, including asymmetric responses to external shocks, competitive devaluation, and the dilemma of choosing between asset dollarization and liability dollarization. The paper concludes with some policy implications for an exchange rate arrangement in East Asia.