从瑞幸事件看新证券法下强化财务造假监管

证券法此次修订大幅提高了对财务造假行为的惩戒力度,并新增域外效力条款,将证券法管辖范围延伸至境外发行和交易活动。对于中概股财务造假,管辖权的主张应在遵守国际礼让原则的前提下,结合境内市场和投资者利益受影响程度审慎为之。在发行注册制改革的背景下,提高发行上市企业质量的关键还是在于强化事中事后监管,特别是要提高民事和刑事追责力度,积极推进退市市场化、常态化。     

Optimal mixed taxation,credit constraints,and the timing of income tax reporting

We study optimal income and commodity tax policy with credit‐constrained low‐income households. Workers receive an even flow of income during the tax year, but report their incomes and make tax payments (receive transfers) at the end of the year. They spend their disposable income on multiple commodities over the year. We show that differentiated subsidies on commodities can be optimal even if the Atkinson–Stiglitz Theorem conditions apply. When the optimal policy leaves low‐income households with binding credit constraints, it may be optimal to subsidize differentially the good that they consume in higher proportion. Uniform subsidies would also relax the credit constraint, but would be more costly to the government since they would equally benefit unconstrained households. Numerical examples suggest that commodity tax differentiation increases with basic needs and with the interest rate at which government borrows.     

论管理能力开发的基本模式

本文从认识论的基本观点出发,运用系统论的整合原理,提出了一种关于管理能力开发的基本模式。认为管理能力是管理者成功地完成特定管理活动所必须的一种专业能力,包括管理认识能力和管理实践能力,简称认识力和实践力。实践力由教育、决策、执行、沟通、创造与公信等六种能力构成,认识力主要取决于思维力,而思维力由创造思维力和逻辑思维力二者构成,其中逻辑思维力还可分为辩证、系统和传统三种逻辑思维力。在实践力和认识力之间,学习和智慧是两个重要的中介要素,它们的作用方式和顺序形成了一种关于发展管理能力的良性循环机制。文章还分析了该模式具有的整体功能特性。     

Passengers,consumers, and travellers: The rise of passenger rights in EC transport law and its repercussions for Community consumer law and policy

EC transport law is set to be complemented by a series of Regulations giving rights to passengers for almost every mode of transport. These Regulations not only give transport law a distinct consumer dimension but also add new elements to European private law. This paper attempts to provide a horizontal, or intermodal, survey of these Regulations, adopted and proposed. It is argued that passenger law, although originating separately and remaining a sector distinct from other fields of law, has become part of a wider, three-stranded notion of European consumer policy deserving due attention as the force most dynamically expanding the area of Community law of contracts and of torts. The paper will point to the elements of consumer contract law and the law on travel and tourism related to passenger transport and elaborate on the basics for finding a common notion of the key terms like “passenger” and “damage” for Community law. It concludes with some points for further reflection.

Kicking a crude habit: diversifying away from oil and gas in the twenty-first century

Abstract

This article investigates the correlates of diversification away from oil and natural gas dependence in the context of the twenty-first century resource boom (and bust). In a sample of 40 oil- and gas-dependent economies, the majority showed significant sectoral diversification of GDP, but exports remained highly concentrated in fuel exports. Regression analysis indicates that countries that began the boom with higher levels of oil and gas dependence, poorer countries, and those with significantly larger- or smaller-than-average populations were more successful in diversifying their GDP during the commodities boom. Governance matters – more effective, capable bureaucratic structures are associated with greater GDP diversification away from oil and gas – though the effects are not uniformly positive. For any given level of government effectiveness, stronger rule of law is associated with less GDP diversification. Education appears to affect GDP and export diversification differentially. Consistent with endogenous growth theory, countries with more educated populations saw greater growth in their nonresource sectors than countries with less educated populations, though education is associated with greater export concentration. Internal economic diversification in the twenty-first century has been less a matter of policy formation and implementation, and more a matter of factors that shape the policy-making environment.     

土地使用权转让法律规制的困境与出路

研究目的:分析当前土地使用权转让法律规制的困境,并探索其解决办法。研究方法:文义解释、目的解释与原理论证。研究结果:(1)刑法在规制土地使用权转让行为时需援引行政法的规定,在行政法规制密度过大的情况下容易导致非法转让、倒卖土地使用权罪的滥用,与民商法在违法性认定问题上也存在一定冲突;(2)基于文义解释、合宪分析和原理论证方法,不仅能准确界定刑法中土地使用权非法转让的具体范围,而且能消解不同部门法在违法性认定上的冲突。研究结论:《土地管理法》第七十四条和《刑法》第二百二十八条应作相应修改。     

Distributive cycles and endogenous technical change in a BoPC growth model

Our purpose in this paper is to expand Goodwin's (1967) distributive cycle model to an open economy framework in a way that incorporates the balance-of-payments constraint on growth. We do so by allowing technical change to be endogenous to the cyclical dynamics of the system and by adopting an independent investment function. We show that a Hopf-Bifurcation analysis establishes the possibility of persistent and bounded cyclical paths both for a 3D and a 4D extension of the model. Some numerical simulations are performed based on the analytical models developed. Motivational empirical evidence is also provided for Thirlwall's law using a sample of 16 OECD countries.     

川渝黔一体化发展的战略目标和基本内容

作为长江上游的核心区域，川渝黔一体化发展的本质就是长江上游区域的一体化发展。战略目标有两个方面：在成渝城市群基础上形成世界级城市群、形成世界级主导产业和企业集团。其战略意义有五个方面：极大缓解我国不平衡不充分发展与人民追求美好生活愿望之间的矛盾、率先促进长江上游区域一体化发展、有助于加快实现“一带一路”和长江经济带等发展目标、有利于保护水资源和建成上游生态屏障、使我国有一个长远和稳固的战略后方基地。一体化发展的基本内容包含五个方面：交通通信设施一体化、产业发展一体化、监管和生产要素一体化、生态环境一体化、人口流动时身份规定一体化。     

论流转语境下土地经营权的性质及内涵 ——以物债区分为视角

研究目的：确定土地经营权的权利性质及内涵，并以物债区分为视角对其流转关系进行研究。研究方法：规范分析法。研究结果：《民法典》在用益物权部分引入的土地经营权却呈现诸多债权化的法律特征，其根源在于立法者将其租赁关系一并纳入了物权法的规范视角，导致流转语境下的“土地经营权”并非严格意义上的一种权利类型，而是包含租赁权在内的集合性概念。研究结论：在承认流转语境下土地经营权包含租赁权的前提下，仍应坚持将狭义的土地经营权定性为用益物权，赋予农民专业合作社等入股企业用益物权人的法律地位。同时在法无明文规定时，坚持区分土地经营权的物权式流转和债权式流转，按照“物权优先于债权”的基本法理处理土地经营权之多重流转关系。     

Legal framework of private afforestation: The case of Turkey

In Turkey, 99.9 % of the forest land belongs to the state, and according to the Turkish Constitution, the ownership of the state forests cannot be transferred to private parties or other non-state organizations. However, some permits have been granted to use and benefit from the state forests without transferring the ownership. One such is the private afforestation permit. Private afforestation aims to increase forest lands and the growing stock, to re-establish the deteriorating balance between soil, water, and plants, to improve the environmental value, and to provide income to natural entities. This study aims to identify the legal and administrative regulation dimensions of the land use policy on private afforestation in Turkey and to compare them with other successful international afforestation policies.The second part of this paper is a case study on the impact of the legal changes over time in private afforestation in the sample area. Interviews were conducted with participants in the program using questions addressing the socio-economic and cultural benefits of private afforestation along with their afforestation practices and problems. The overall conclusion of this survey was that private afforestation practice had contributed to the income level of the participants. Further, to increase the participation in the program, more public awareness was necessary and incentives to participate must be increased.