公司法的价值考量

作为法律的基本价值目标,安全、公平、效率等诸价值在不同的部门法中会有不同的体现.在公司法中,安全体现为交易安全,公平体现为分配正义,效率则是指制度效率.     

《萨班斯-奥克斯利法》对完善我国上市公司审计委员会制度的影响

我国上市公司的审计委员会制度无论在法律规定还是在实践中,都处于初期阶段,有待于成熟和规范.本文通过对《萨班斯-奥克斯利法案》中美国较为成熟的审计委员会制度的变革过程及变革成果的认识,在分析我国上市公司审计委员会制度实施环境和存在问题的基础上,对完善我国上市公司审计委员会制度提出合理建议.     

股权结构影响下的上市公司融资倾向研究

本文选取深沪两市的900家上市公司为样本,以2001-2004年的财务及相关数据为基础,从我国上市公司特殊的股权结构出发,运用一般描述性统计分析、偏相关分析、独立样本T检验等方法,分析我国上市公司股权结构与融资倾向之间的关系,以探究在相同市场环境中,不同的股权结构安排是否会导致其融资倾向的差异性。研究结果表明,股权结构对上市公司融资倾向具有显著的影响,不同股权结构安排下的公司有不同的融资倾向,特殊的股权结构是造成我国上市公司融资结构不合理的主要因素。     

A Note on The Cost of Capital and Investment Evaluation For Companies Under the Imputation Tax

The 25 May, 1988, Statement of the Federal Treasurer indicated that superannuation funds are to be taxed at 15% from 1 July, 1988. Also, it has become increasingly clear that the cost of tax arbitrage is not so great that it is going to inhibit or prevent those receiving franked dividends, such as offshore investors, from selling the tax credits associated with such dividends. The net result is that franked dividends have the potential for benefitting all investors irrespective of their tax status. The outcome could substantially reduce company tax for Australian companies which in turn can be expected to have an effect on their before-tax cost of capital and on the after-tax cash flows but not on their before-tax cash flows or their after-tax cost of capital. This effect will increase the value of companies paying franked dividends.     

The development of company law in India: The case of the Companies Act 1956

The influence of social and cultural context, including imperial influences, and politics on the promulgation of the Companies Act 1956 in post independence India, focusing in particular on accounting regulations incorporated in the Act, is explored using a framework based on the work of McKinnon [McKinnon JL. The historical development of the operational form of corporate reporting regulation in Japan. New York: Garland; 1986]. Within the framework, the promulgation of the Companies Act 1956 is analysed into three phases: source, diffusion and reaction with all phases being influenced by the social and cultural context of India and political processes. In particular, the importance of the role of the government and the socio-economic and cultural context of India is indicated in both the need for, and in the process of, change to the Companies Act 1956.     

萨班斯法案致使上市公司产生退市打算的原因

美国颁布实施萨班斯法案,迄今已经三年了。其中某些严苛的规定致使许多上市公司产生了退市的打算,据笔者的了解,主要表现在两个方面:一方面,美国国内的很多上市公司,尤其是中小上市公司,权衡了遵守萨班斯法案中有关公司治理规定的成本与进入资本市场的好处后,选择了退出资本市场。根据美国宾夕法尼亚大学沃顿商学院的统计,1999年美国股市中的退市公司仅有30家,2004年升至135家。而Foley&Lardner律师事务所2004年5月公布的一项调查也显示,在超过100家接受调查的上市公司中,约有20%的公司因法规负担加重而考虑退市。另一方面,相当一部分在美…     

基金公司面临的竞争环境与发展策略

在行业发展初期，基金公司具有相对稳定的市场环境和相对宽松的竞争环境，促进其在较短的时问内获得了迅猛的发展。但是随着市场的变化，原来具有扶持意味的政策环境却对基金的进一步发展起了阻碍的作用。     

Harmonisation of financial reporting before the European Company Law Directives: the case of the Nordic Companies Act

De jure harmonisation of financial reporting began early in the Nordic countries with initial discussions reported as early as the 1930s. Legislation implemented in the 1970s was based on a proposal for a common Nordic Companies Act. This article follows the history of this legislation and analyses it with a view to providing insights into voluntary harmonisation across multiple countries. The main lessons appear to be that (1) Germany had a measurable influence; (2) taxes played an important role which has persisted in some countries, with others resisting change until the 1980s and 1990s; (3) the Nordic countries were among the first to introduce a legal requirement for publication of a funds flow statement; (4) meeting the needs of diverse and dynamic stakeholders was addressed differentially by the Nordic countries; and (5) regional co-operation seems to have been overtaken by events on the broader international stage and the costs of compromise.     

分业体制下金融控股公司的监管策略

随着我国金融市场对外开放程度的日益提高,我国的金融机构将面临日趋激烈的国际竞争,分业经营、分业监管模式也将面临重大压力。在我国现有监管能力的基础上,金融控股公司是我国金融业由分业经营向混业经营过渡的最佳模式。众多金融控股公司不断涌现,对我国的金融监管提出了新的要求。金融控股公司所带来的风险与对监管制度的突破,要求我们在分业体制下尽快完善目前的监管体制。     

Bringing It Home: A Study of the Incentives Surrounding the Repatriation of Foreign Earnings Under the American Jobs Creation Act of 2004

The American Jobs Creation Act of 2004 (the Act) creates a temporary tax holiday that effectively reduces the U.S. tax rate on repatriations from foreign subsidiaries from 35% to 5.25%. Firms receive the reduced tax rate by electing to take an 85% dividends received deduction on repatriations in 2004 or 2005. This paper investigates the characteristics of firms that repatriate under the Act and how they use the repatriated funds. We find that firms that repatriate under the Act have lower investment opportunities and higher free cash flows than nonrepatriating firms. Further, we find that repatriating firms increase share repurchases during 2005 by approximately $60 billion more than nonrepatriating firms, an amount that cannot be explained by differences in earnings between the two groups of firms. This increase represents about 20% of the $291.6 billion repatriated by our sample firms under the Act.     

充分发挥评估行业重要作用提高上市公司质量

我国证券市场尽管只有十余年的发展历程,但发展速度十分迅猛,截至2005年10月,境内上市公司数量达到了1381家,股本总额7574亿股,其中流通股本2800亿股,市价总值33368亿元,流通市值10693亿元.境内上市公司累计筹资12784亿元.根据2004年报统计,上市公司累计实现利润10887亿元,净利润7714亿元.在规模增长的同时,我国证券市场还形成了比较完善的法规体系及监管体系.这样一个规模日益扩大、监管日益完善的证券市场,不仅可以促进企业在微观层面的优胜劣汰,为优质企业做大做强提供宽松的资本环境,而且在宏观层面对国民经济产业结构调整升级、社会资源优化配置都有很大的贡献.     

上市公司财务报告粉饰法律责任研究

上市公司财务报告粉饰日益成为证券市场各方面关注的热点问题 ,鉴于界定有关各方法律责任对治理这一问题的重要性 ,本文拟分别公司及管理当局 ,会计师事务所及注册会计师 ,以及其他法律主体 ,剖析应如何认定其法律责任以及应由何者来认定 ,并分析了行政责任、刑事责任与民事责任的优劣 ,提出了有关的政策建议。最后简要探讨了对财务报告粉饰可能采取的法律制裁措施     

新兴市场环境下我国寿险公司真实偿付能力的实证研究

本文研究了新兴市场环境下影响寿险公司偿付能力的潜在因素,并在此基础上抽取了三家中型寿险公司1998-2004年的数据,就寿险潜在需求、偿付压力期、产品结构、资本金等影响因素与偿付能力分别作了回归分析,试图给出整体因素对偿付能力的影响效果,并在已有结论的基础上对偿付能力的监管提出一些建议.     

中国企业境外融资回顾与展望

8年来，中国企业或在海外注册的中资控股公司通过海外证券市场募集了大量资金。仅红筹股、H股筹资总计达5500亿港币，海外融资与深沪两交易所被誉为国企融资的“三驾马车”，为国企改革和中国经济建设作出了较大贡献。     

关于外国企业取得劳务费征税问题的探讨

在国内企业走向国际市场的同时，外国企业在中国境内、境外为国内企业提供各种劳务的现象日益增多，特别是中国加入WTO以后，在“市场准入原则”前提下，外国企业与国内企业的往来会更加频繁，为国内企业提供劳务的数量也会日益……     

Analyst Coverage,Market Liquidity and Disclosure Quality: A Study of Fair-value Disclosures by European Real Estate Companies Under IAS 40 and IFRS 13

Disclosures in notes have been criticized by practitioners for being unwieldy and contributing little to the quality of the financial information. This study presents evidence on the association between disclosure quality, analyst following and liquidity in the real estate sector. More specifically, we study the disclosure of the methods and significant assumptions applied in determining fair values of investment properties under IAS 40 and IFRS 13. We find that disclosure quality is significantly higher under IFRS 13. Furthermore, we show that the quality is associated with analyst following and bid-ask spreads. However, the improved disclosures following the adoption of IFRS 13 are not associated with any significant positive economic consequences. This result indicates that the revised disclosure requirements in IFRS 13 did not solve any market imperfections.     

充分利用上市公司资源 促进国有企业改革

控股母公司对上市公司的不断注资扩股，在壮大上市公司实力的同时，实现自身整体股份化的过程，这为有母公司背景的上市公司的发展和控股母公司股份制改革提供了一种全新的发展模式。对这种模式探讨具有一定的代表性，对于这类公司来说，通过这种模式实现资本扩张，将是一条低成本、高效益、规范化、确实值得探索的国企改革之路。     

全流通市场下上市公司反收购的市场环境及策略

随着股权分置改革工作的全面完成,证券市场的全流通时代已经来临,上市公司收购与反收购活动将呈现大幅上升的趋势。面对新的市场环境,上市公司反收购应采取不同的策略。     

论我国不动产物权登记制度之完善

由于计划经济体制的原因,我国不动产物权登记主要是为管理目的而设,只能满足对土地、房屋进行行政管理的需要.市场经济的发展需要确立统一的不动产物权登记制度,我国的不动产物权登记制度远远不能满足现实经济生活的要求.比较世界各国不动产物权登记制度,我国宜采用要件主义的立法例建立中国特色的不动产物权登记制度.