析反洗钱法临时冻结权适用的矛盾悖论

临时冻结权是《中华人民共和国反洗钱法》赋予国务院反洗钱行政主管部门的一项重要权力，这项权力的行使，必将对金融机构、法人、经济组织、公民和全社会产生重大的影响，但它在理论设计上的不完善以及文字表达方面的不准确完整，导致了这项权力行使的理论可行性和实践操作性不强，存在冻结与解冻的矛盾悖论，并产生某些负面作用，其关于临时冻结权的规定应及时予以修改完善。     

对我国规制控制股东滥权的法律思考

控制股东权力的滥用与控制利益有关,与权力本身的特点有关,与不完善的法律规制导致滥权成本过低更是密不可分。从比较法的角度,国外立法在尊重控制股东控制公司这一公司内部治理方式的前提下,采用直接规定权力的正确行使方式、课以权力行使者相应义务和责任、以权利制约权力、给予遭受权力侵害方以相应救济等途径对控制权的行使进行了限制。这些做法为我们如何完善相关制度提供了思路,我国应在结合自身情况的基础上对这一商业社会自身锻造出的运行方式给以正确引导和法律规制,使其在正确的轨道上发挥最大效用。     

完善监督机制 预防贪污犯罪

贪污腐败现象的产生从根本上讲，是权力行使者的私欲膨胀与权力行使过程中缺乏有效的监督制约机制，形成了贪污犯罪产生的土壤，贪污犯罪滋生和发展根源在于缺乏抑制其产生的思想教育机制和割断权钱联系的社会制约机制。     

建立以权力机关为基础的财政控权体系

财政权力的行使和运行机制是构建财政体制的核心问题，对财政权力进行监督、规范、分配和控制．必然影响我国财政体制的完善和发挥财政在社会经济生活中的制导作用。政府财政权应通过立法．建立政府间责、权、利关系准则．把财政权的行使建立在权力机关的监督之下。     

完善股东大会相关法律规定

<正>股东大会作为公司的权力机构，在公司治理中具有极其重要的地位。《公司法（修订草案）》尽管对现行《公司法》中公司权力机构所涉及的相关条文进行修订，完善了相关规定，但其中有关公司权力机构的相关问题仍有待进一步修订和完善。笔者认为，《公司法（修订草案）》在公司权力机构的名称、提请召开临时股东大会持股标准、股东临时提案、股东大会最低出席表决权比例等方面仍需修订和完善。     

论行政法对行政权的控制形式

政府在行使行政权力进行干预经济时,应注意行政权力行使的方式、范围.只强调行政权力对市场的介入,而不对行政权力实施有效的控制必然会造成行政权力的失控,影响到社会经济的发展.     

论经济法的核心范畴:国家经济调节权

国家经济调节权是随着国家经济调节职能的产生而产生、区别于行政权的一种国家权力形态.该权力的行使应遵守调节法定、调节民主、经济效益、社会效益、服从国际经济调节原则,其具体的行使方式将随着市场缺陷具体类型的变化而不断变化.社会民众经济权力对该权力的制约是一种根本性的制约.要通过法律制度的构建,维护社会民众的基本经济权利和建立相应的社会民众参与机制、监督机制.     

浅论我国宪法监督制度的完善——以权力制约为视角

宪法颁行后,怎样将宪法付之于实践是个重要的问题,宪法监督是其中重要一环。宪法作为根本大法,它维护和捍卫公民基本尊严和权利,授予国家权力并严格界定各种权力行使的范围界限。立足国情,围绕如何监督公共权力行使来完善我国的宪法监督,以此保障宪法实现,维护宪法权威,笔者将对此进行阐述。     

依法行政，通力合作 加强政府采购监督体系建设

党的"十七"大报告指出:完善制约和监督机制,保证人民赋予的权力始终用来为人民谋利益,确保权力正确行使,必须让权力在阳光下运行,要坚持用制度来约束我们的行为,建立既相互制约又相互协调的权力结构和运行机制。     

刑事自由裁量权行使相关问题研究——以刑事自由裁量权行使的存在样态、评价标准、控制模式为中心

刑事自由裁量权是人民法院享有的一种国家权力。刑事自由裁量权是一把双刃剑，其在我国刑法的定罪、量刑、刑罚适用方面均有存在。刑事自由裁量权的行使在司法实践中因受一些内在消极因素与外在消极因素的影响，导致了刑事自由裁量权行使的异化与滥用。因此，我国应改革与完善刑法和刑事诉讼法，并应进一步建立和完善刑事自由裁量权行使的评价标准与控制模式，促使法院合法行使刑事自由裁量权。     

Excess of the PBO over the ABO and hard pension freezes

This paper examines the role of the excess of the projected benefit obligation (PBO) over the accumulated benefit obligation (ABO) in hard pension freezes. Using a sample of 109 firms that announced hard freezes during the period 2003–2008, I find that firms with a larger excess of the PBO over the ABO are more likely to hard freeze their pension plans. Furthermore, I document an average abnormal return of more than 1.2 % on the announcement day for the freeze firms. More importantly, the cumulative abnormal returns around pension freeze announcements are positively associated with the excess of the PBO over the ABO, and this positive association is more pronounced for firms with a higher level of institutional ownership, suggesting that institutional investors are more likely to understand the impact of hard pension freezes on firm value by incorporating pension information disclosed in the footnotes. Overall, this study provides evidence that firms shift away from defined benefit plans through pension freezes, and also highlights the importance of considering the excess of the PBO over the ABO in research on hard pension freezes.     

Does freezing a defined benefit pension plan affect firm risk?

This paper examines the impact of a defined benefit (DB) pension plan freeze on the sponsoring firm's risk and risk-taking activities. Using a sample of firms declaring a hard freeze on their DB plans between 2002 and 2007, we observe an increase in total risk (proxied by the standard deviation of EBITDA and asset beta), equity risk (standard deviation of returns), and credit risk following a DB-plan freeze. The increase in credit risk is reflected in a decline in credit ratings and an increase in bond yields for freezing firms. When we examine investment strategies, we observe a shift in investment from capital expenditures before the freeze to more-risky R&D projects after the freeze, and an increase in leverage. These strategies (increased focus on R&D and higher leverage) increase the operating and financial risk the firm faces. Overall, we observe an increase in risk-taking following DB plan freezes, consistent with theories that DB plans act as “inside debt” that aligns managers’ interests with bondholders’.     

Pension Contributions and Firm Performance: Evidence from Frozen Defined Benefit Plans

We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001‐2008. We find evidence that the pension freeze tends to attenuate the drain on corporate liquidity and relieve the pressure to borrow to pay for mandatory contributions (MCs) associated with underfunded DB plans. Although investors seem to favor the pension freeze as evidenced by positive announcement abnormal stock returns, there is little reliable evidence that the freeze increases investment efficiency and long‐term stock performance.     

Re Metcalfe: A matter of fraud,fairness, and reasonableness. The restructuring of the third-party asset-backed commercial paper market in Canada

The recent market freeze in third-party asset-backed commercial paper in Canada has given rise to a restructuring proceeding of unprecedented size and complexity in Canada. It has led the Courts to refine and perhaps define the interpretative principles underpinning the determination of the scope of under-inclusive commercial legislation. This paper is a commentary on this unusual proceeding and the judicial analysis employed in the proceeding. Copyright © 2008 John Wiley & Sons, Ltd.     

Did the securitization market freeze affect bank lending during the financial crisis? Evidence from a credit register

Using data from the Italian Credit Register we identify the adverse effect of the freeze of the securitization market on bank lending during the crisis of 2007–2008. Applying a differences-in-differences estimation to data on firms that borrow from multiple banks, we single out credit supply by including firm fixed effects. Our results show that the degree to which banks tightened credit supply to nonfinancial firms is positively related to the share of loans they securitized before the crisis. The tightening translated into lower credit growth, higher interest rates, lower probability of accepting loan applications and higher probability of relationship termination. Firms were unable to fully compensate the negative credit supply shock, which suggests that the securitization freeze played a role in reducing aggregate credit availability.     

How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007

We investigate how banks scrambled for liquidity following the asset-backed commercial paper (ABCP) market freeze of August 2007 and its implications for corporate borrowing. Commercial banks in the United States raised dollar deposits and took advances from Federal Home Loan Banks (FHLBs), while foreign banks had limited access to such alternative dollar funding. Relative to before the ABCP freeze and relative to their non-dollar lending, foreign banks with ABCP exposure charged higher interest rates to corporations for dollar-denominated syndicated loans. The results point to a funding risk manifesting as currency shortages for banks engaged in maturity transformation in foreign countries.     

产权价值运动:基于会计对象视角的分析

本文从会计对象的角度探讨了产权与会计的关系。本文认为,会计的对象就是产权价值运动,具体而言就是产权价值运动的过程和结果以及所体现的产权经济关系。在此基础上,本文从纵向的角度具体地分析了产权价值运动的层次与结构,从横向的角度具体分析了产权价值运动的形式与种类。     

地方政府债务正解

合理性分析一切存在的事物都有它存在的理由。从基本的常识来看,政府借钱最根本的原因是钱不够花。这里面有三种情况:一是政策因素导致的收支缺口,二是发展因素形成的收支缺口,三是代际因素产生的收支缺口。     

试论人格权的本质

在我国民法典制定过程中,人格权的立法体例是一个有争议的问题。人格权采取何种立法体例,关键在于如何对待人格权即人格权的本质问题。本文认为人格权是一种自然权利,是内在于人格的;人格权不仅是宪法上的权利,同时也是民事权利;人格权的本质属性不是支配权。     

股票发行制度内在机理的产权解释

本文主要以产权理论为工具探讨了股票发行制度的内在机理.与一般的产权解释不同,笔者认为股票发行决定权是产权在发行制度中的集中体现,不同的股票发行决定权归属使得股票发行制度有不同的效率.在此基础上,从股票发行权的视角来检验中国股票发行制度变迁,可以看出中国股票发行制度的演变过程是一个股票发行决定权逐步市场化的过程.