Harmonisation of European Insolvency Law and the Need to Tackle Two Common Problems: Common Pool and Anticommons

Insolvency law has finally become a field of law for which harmonisation at a European level is considered both important and feasible. In deciding upon the content of such harmonised rules, there will need to be a common understanding about the goals of insolvency law and, therefore, a European debate on bankruptcy theory. Bankruptcy theory, and most notably the influential creditors' bargain theory, has long viewed insolvency law as a set of rules for overcoming common pool problems. Bankruptcy theory thus far has almost completely overlooked anticommons problems. Anticommons present themselves in a situation in which there are several owners or entitled parties, and each of the parties has it within its power to block the use by others. Should anticommons behaviour in insolvency procedures go unchecked, creditors as a whole will be harmed. Insolvency is a collective process, and this process may not be sabotaged by a single party. Four typical insolvency issues, each identified by INSOL Europe as a candidate for harmonisation at a European level, are discussed, analysing them in terms of common pool problems and anticommons: preferences, reorganisation/composition plans, claim validation and insolvency of a group of companies. Copyright © 2012 John Wiley & Sons, Ltd.     

促进香港人民币业务发展的思路与对策

2009年以来,香港人民币各项业务加速发展,人民币业务与人民币跨境流通的规模与层次迅速提高,如何促进香港人民币业务的良性发展,成为经济社会广泛关注的焦点。本文着眼于香港人民币业务发展的现状,对其中推动业务发展的因素进行了深入分析,并提出了稳妥推进人民币资本项下可自由兑换、拓宽人民币在香港的投资渠道、建立健全人民币投资回流机制和注重风险控制等政策建议。     

香港银行保险的发展启示

今年6月，中国农业银行香港培训中心举办了为期各一周的“财险代理业务培训班”和“寿险业务培训班”，向全国农行系统代理保险业务战线的主管及骨干全面介绍了香港银行保险业务的监管要求、发展路径、发展程度、运作模式、产品结构及未来策略等。作者有幸参加了此次培训，并将学习体会诉诸笔端，与读者们共同分享。     

Insolvency law: a comparative analysis of the preference tests in the Hong Kong Special Administrative Region (HKSAR) and Australia

This paper examines the unfair preference tests under corporate insolvency legislation in the Hong Kong Special Administrative Region (HKSAR) and Australia and undertakes a comparison of the law as it exists in relation to the tests in these jurisdictions. It suggests that the objective effects‐based test used in the Australian provisions may be more effective in terms of challenging unfair preferences than the subjective ‘desire’ test based on the actual or presumed intention of the debtor company used in HKSAR. Copyright © 2007 John Wiley & Sons, Ltd.     

《企业所得税法》对驻港中资企业的影响

《中华人民共和国企业所得税法》(以下简称《企业所得税法》)实施后,驻香港地区中资企业如果不将当年利润分配回内地母公司,将不再需要立即补税。但是,驻港中资企业如果将在香港的盈利分回内地,中间法人层级多于国家税务总局许可的抵免级数,可能面临重复课税;而返程投资内地分回的已税利润,经过多次分配最终再回到内地母公司时也将面临重复课税的问题。     

香港人民币外汇衍生品市场现状与展望

香港三类人民币外汇衍生品交易分别使用两种不同结算汇率、两种不同交割方式,目标客户及交易功能不同,市场主体对冲汇率风险的功能主要由场外工具承担。可交割本金远期市场和无本金交割远期市场主要参与者均为银行,前者有实需的参与主体更多;常态化交易下两个市场走势较为一致,对即期汇率影响不大。外部冲击下,无本金交割远期市场使用远期人民币的波动较大,即期汇率中离岸人民币波动更大,可能带动人民币同向变化。期货交易的主要参与者是非银行机构,以交易需求为主,风险对冲和套利需求为辅。香港人民币衍生品市场发展主要源自人民币国际化进程中我国对香港离岸市场建设的大力支持。未来香港市场活跃度将继续受人民币国际化、人民币汇率波幅和预期的影响。建议扩大香港离岸人民币资金池并提升流动性管理能力,促进可交割产品更贴近服务实需;不断丰富优质人民币资产,满足人民币外汇衍生品交易对抵押物的需求;不断丰富市场主体,引导其使用好人民币无本金交割远期市场和期货市场等投机性较强的市场;不断丰富配套产品,加强对新产品和新政策的解读。     

香港人民币离岸中心发展的机遇与挑战

香港人民币离岸中心建设已成为高层共识,前景光明,并已取得初步成果。它与内地的金融改革是协同推进的,有助于巩固香港金融中心地位,促进东亚经贸繁荣。来自其他国际金融中心的竞争,以及与大陆金融市场在利率、汇率等核心金融指标上的差异,是香港人民币离岸中心发展的重要挑战。展望其发展,有如下建议:采取适当的财政货币手段化解离岸与在岸市场的利率和汇率差异;循序渐进、逐步完善香港人民币离岸市场的货币功能;打通人民币"回流"和"外循环"的通道,支持香港成为全球人民币资产的交易、清算和定价中心。     

粤港金融合作与发展的战略思考

粤港已开展的金融合作，对于推动粤港两地贸易和经济发展，促进两地共同繁荣发挥了重要作用。在当今区域经济金融合作已经成为世界发展和竞争的强劲潮流以及在中国加入世贸组织的背景下，粤港合作前景广阔，意义深远。     

The UNCITRAL Model Law on Cross‐border Insolvency and the Rule of Law

The rule of law is a concept that was often considered in the context of national legal systems. However, it is now commonly being promoted as significant in the transnational context. This paper addresses its importance within the transnational economic and commercial context, in particular in response to cross‐border insolvencies. It examines how the UNCITRAL Model Law on Cross‐border Insolvency and its Guide to Enactment and Interpretation promote key tenets of the rule of law in transnational disputes arising out of businesses in financial distress. In particular, some examples are provided of cases from the Asia‐Pacific region in which the Model Law has been applied to demonstrate how the rule of law may be promoted in an insolvency context. Finally, the paper concludes that the adoption of the UNCITRAL Model Law on Cross‐border Insolvency promotes transparency, accountability and predictability, which in turn support stability in financial systems and credit relationships and thus trade within a global market. This is a direct result of adherence to elements of the rule of law principle. Copyright © 2016 INSOL International and John Wiley & Sons, Ltd. Copyright © 2016 INSOL International and John Wiley & Sons, Ltd     

The Inherent Power of Common Law Courts to Provide Assistance in Cross‐Border Insolvencies: From Comity to Complexity

The weighty and difficult issues associated with cross‐border insolvency have generated considerable debate over the last two decades. Legislative reform has typically proven slow and fragmented. This article analyses the inherent power of common law courts to grant assistance in cross‐border insolvency proceedings and the basis on which the inherent power is exercised. In doing so, it seeks to explore how the inherent power may continue to be of utility to common law courts. In particular, it considers the position in jurisdictions that are yet to adopt the United Nations Commission on International Trade Law Model Law on Cross‐Border Insolvency or enact a substantial statutory regime for recognising and cooperating with foreign courts or representatives in insolvency proceedings. The article considers the benefits and disadvantages of continuing to recognise – and extend – the inherent power. It suggests that although there are fundamental differences concerning the exercise of the inherent power, it may be possible to agree on a number of principles that inform the application of the inherent power and its future development. Copyright © 2017 INSOL International and John Wiley & Sons, Ltd.     

Political considerations in the decision of Chinese SOEs to list in Hong Kong

This paper investigates why Chinese state-owned enterprises (SOEs) with strong political connections (i.e., politically connected firms) are more likely to list overseas than non-politically connected firms. We find that connected firms' post-overseas listing performance is worse than that of non-connected firms. This evidence suggests that connected firms' managers list their firms overseas for private (political) benefits. Consistent with this private benefits explanation, we further find that connected firms' managers are more likely to receive political media coverage or a promotion to a senior government position subsequent to overseas listing than domestic listing.     

Determinants and consequences of voluntary switches to Chinese auditors in Hong Kong

Hong Kong market regulators have permitted 12 large Chinese accounting firms to audit the financial statements of Chinese firms that cross list in Hong Kong (i.e., H-share firms) since 2010. This paper examines the characteristics of H-share firms that voluntarily replaced their Hong Kong (HK) auditors with Chinese auditors, and the market reaction to auditor switches following this policy. We find that 38 out of 147 H-share firms voluntarily switched to Chinese auditors during 2011–2013. Switching firms are larger in size and are less likely to use Big4; they also have less need for external financing, a longer cross listing history, and a lower percentage of foreign revenue. We also find that investors negatively react to the auditor switches from HK non-Big4 to China non-Big4, but do not react to the auditor switches from HK Big4 to China Big4. This suggests that investors perceived lower audit quality for China non-Big4.     

两岸四地会计师业务发展问题探讨

当前,会计师事务所经营重心及发展将随经济环境变动及全球化、社会需求及政府法令规范有所变动及业务趋向多元化。会计师因业务多元化,对各种业务核心、专业的要求更趋深度化,由此触动会计师行业服务团队必须集合不同专长的合伙人强化服务专业,甚至要选择异业策略结盟;事务所因专业深度化及签证风险及责任加大,其组织型态也会由个人执业变成联合执业,或采取公司(法人)、有限责任合伙(LLP)等形式,而国际化环境下跨国企业林立,为延伸服务,也有加盟成为国际性会计师事务所结盟所或与不同国度或地域之事务所联合成为合作所或成员所。两岸四地…     

香港银行业成功运作的经验及对中国农业发展银行的启示

香港作为亚太地区的国际金融中心,其银行业的发展有很多值得学习和借鉴之处。本文通过研究香港银行业的联系汇率制度以及企业文化、客户营销机制、人力资源管理和风险管理等方面的先进经验,联系农发行现行的经营管理机制进行了有益的思考。     

香港离岸金融发展对大陆金融深化的效应——基于离岸金融中心的实证研究

通过构建离岸金融中心对周边国家(地区)的金融效应模型,并经推导发现,离岸金融中心发展短期内会引发离岸金融中心和周边国家(地区)金融机构之间的竞争,长期内则会强化周边国家(地区)的金融深化。本文综合香港和大陆相关样本数据的实证研究证明,短期内香港离岸金融中心发展不会促进中国大陆的金融深化,只会推动中国大陆的资本开放;长期内香港离岸金融中心发展则对中国大陆金融深化却存在正面效应,香港离岸金融中心发展与中国大陆金融深化之间具有兼容性。本文最后提出对策性建议。     

跨境贸易人民币结算试点与港澳人民币业务发展

随着香港、澳门与内地间的经贸往来和人员流动日趋紧密,在有关政策推动下,香港和澳门的人民币业务不断拓展.但由于人民币在港澳与内地之间的单向交易性等原因,近几年港澳地区的人民币业务发展速度不断放缓.跨境贸易人民币结算试点是中国经济金融改革开放的重大战略决策,它将有利于推进人民币国际化进程,香港和澳门将一如既往在其中发挥重要的窗口作用;同时它也将进一步促进香港、澳门经济金融的发展,尤其是进一步加快港澳人民币业务的发展.     

The underperformance of the growth enterprise market in Hong Kong

This paper examines the stock return performance of the IPO stocks which are listed on the Growth Enterprise Market (GEM) in Hong Kong. By using several benchmarks, over 3 years, this paper finds that the results produced are sensitive to the benchmark employed. The two factors causing the underperformance of GEM stocks are the ‘technology boom’ and ‘IPO effects’. This suggests that appropriate benchmarks are very important for assessing the performance of newly issued stocks. The results of the cross-sectional analyses suggest that the Hong Kong GEM is a unique market. Since at least 70 percent of the IPO stocks listed on the GEM are technology stocks, the ‘technology’ factor outweighs the various hypotheses advocated by previous researchers to explain the poor performance of newly listed stocks.     

与香港个人所得税的比较及启示

香港的“入息税”采用分类税制 ,与大陆的个人所得税相类似。若我们能结合国情 ,研究和借鉴发达国家或地区个人所得税制度的有益经验 ,相信对改革现行的个人所得税制、充分发挥其在收入再分配方面的作用定会有所裨益