记名提单之争

背景国际商会银行委员会意见TA675强调,信用证不接受提单表面上标明不出具一份正本提单而进行交货的做法。     

电放提单审核原则探讨

虽然电放提单并不是正本提单,但其所显示的信息与正本提单看似并无不同,因此审核时可参照副本提单的审核原则。货物运输中的电放产生于20世纪90年代初,主要是为了解决近洋运输中货先到目的港而提单未到的问题。其具体做法是:在托运人出具保函,承诺承担因电放导致的一切风险责任的前提下,承运人在货物装船后不再签发正本提单,或悉数收回已经签发的全套正本提单,并授权目的港代理人(以电报、传真、电子邮件等方式),凭承运人通知和适当的身份证明交付货物,无须提交正本提单。     

提单法律性质研究

提单在国内外贸易中被广泛应用,但是对于其法律性质,各国理论界及司法实践中未能取得一致认识。伴随我国经济进一步与国际市场接轨,国际和国内的货运代理和货运企业的提单纠纷不断增加。而从我国《海商法》中对提单的规定来看,提单或为债权凭证或为物权凭证,这种状况,不但导致了在理解上的分歧,也造成了司法实践中的矛盾。对提单法律性质的准确厘定,是顺利实现提单权利的前途,也是提单案件管辖权及法律适用问题得以解决的关键。     

提单法律性质研究

提单在国内外贸易中被广泛应用,但是对于其法律性质,各国理论界及司法实践中未能取得一致认识。伴随我国经济进一步与国际市场接轨,国际和国内的货运代理和货运企业的提单纠纷不断增加。而从我国《海商法》中对提单的规定来看,提单或为债权凭证或为物权凭证,这种状况,不但导致了在理解上的分歧,也造成了司法实践中的矛盾。对提单法律性质的准确厘定,是顺利实现提单权利的前提,也是提单案件管辖权及法律适用问题得以解决的关键。     

电子提单中承运人的法律责任

一、电子提单的概述 电子提单含义:按照事先选定的电子数据交换协议,把约定的具有一定结构的有关提单的信息,经过电子数据网络在当事人的计算机之闻进行电子信忠交换和自动处理,用以证明货物运输合同、货物己经由承运人接收或者装船的事实以及最后的密码持有人对承运人的交货请求权的电子文件.     

海上运输中要正确地认识和使用提单——一起海事侵权损害赔偿案的启示

近期,××海事法院审理了一起海事侵权损害赔偿案,造成侵权责任的主要原因是承运人对提单的处理不当,对提单的法律性质和地位认识不够,签发提单后没有负起相应的责任.现将案情分解如下,以期引起对正确认识和使用提单的充分重视.     

出口企业缘何钱货两空

企业按离岸价进行的出口交易,在没有收款保障的情况下,千万不能做记名提单,否则可能钱货两空。2010年2月,南方某家具公司与注册在香港的某家居公司(以下称E)签订采购合同,约定由家具公司供应24000件储物方凳,按FOB(离岸价)进行交易。FOB是Free On Board的首字母缩写,是国际贸易中常用的贸易术语之一。按离岸价进行的交易,买方负责派船接运货物,卖方应在合同规定的     

指示提单的“背书”之惑

提单是承运人签发给托运人的货物收据,也是代表货物所有权的凭证。提单根据收货人的抬头划分为记名提单、不记名提单以及指示提单。其中的指示提单在一定条件下可以背书转让,具有可流通转让的功能,在信用证结算中被广泛使用。但由于在信用证项下条款的设置和单据的流转存在各种复杂的情况,因而提单如何指示、如何背书以及如何判定不符点,在实操中会因理解不同而发生争议。     

审慎对待LOI单据

现实中LOI单据会越来越频繁地被使用,其蕴涵的风险不容小觑。我们应审慎地对待LOI单据,尽量将其弊端最小化。LOI(Letter of Indemnity),即海上运输担保函,又称索赔保证书。其是在国际贸易中为达到特定目的,由托运人或收货人或第三方(通常是银行)或其中的多方,向承运人出具的、使其在一定条件下具有索赔权利的协议书。LOI单据能有效避免货物压船滞港,加快货物提货和结汇的时间,推进贸易的顺利进行,是国际贸易海洋运输中     

货代提单风险防控

货代提单风险很大,涉及到价格术语、保险、货代、承运人、进口商等方方面面,需要全方位综合防范风险。典型案例案例一:进口商与货代勾结欺诈。宁波出口商A公司与美国进口商B公司签订了一笔外销合同,采用FOB贸易术语,双方约定订立合同后B公司先支付货款50%,等A公司发货后再支付余款。A公司通过B公司安排的境外货代发货后,取得货代提单,并等待B公司支付余款再寄提单,但是B公司迟迟不支付余款,A公司联系货代决定退运货物。     

银行改革争论的关键问题

外资蜂拥抢滩看中什么? 我们并不否认外资参股国有商业银行能提供技术支持以及先进管理文化的可能。但所谓“天下熙熙,皆为利来；天下攘攘,皆为利往”,中国的国有商业银行什么最具有价值,采取何种方式的合作最符合外资全球战略,我想这是更为有意义的思考问题的视角。笔者认为原人民银行研究员陆磊的三重价值判断是比较中肯的。其一是垄断价值。四大国有商业银行     

你知道提单的运输合同的重要性吗？

轻视提单的运输合同属性,会使合同当事人轻视甚至是忽视提单合同中所规定的各自责任、权利义务而导致违约的发生,或者是无意地放弃了合同权利,造成不应有的损失     

The Hard Argument for China''s Soft Landing

The world has at last embraced the Chinese growth miracle. But in doing so it may be missing an important reality check. Two problems have recently emerged in the Chinese economy: a credit bubble and inflation. The good news is that China is already coping with these issues. The bad news is that the world may be unprepared for the impact of a Chinese slowdown.     

信用证项下进出口押汇和提单质押--法律问题和银行风险分析

笔者从各银行的实务出发，分析了信用证项下进出口押汇的法律性质，认为提单是进出口押汇的核心和关键。通过对提单质押各种学说的分析，明确了银行对提单的质押权是不容置疑的。笔者还提出了一些实务中可能出现的法律问题和银行风险，建议司法界早日对相关问题进行指导和解释。     

The over/underpricing of initial public offerings

This article shows that lawsuit avoidance motivation can lead entrepreneurs to overprice, as well as underprice, initial public offerings of equity. The article simplifies the lawsuit avoidance argument by addressing the entrepreneur's acceptable probability of lawsuit predicated on the loss of reputation capital, in lieu of the explicit offering revenue/litigation cost trade-off previously treated in the literature. The model yields offering price regimes which include rational cases of overpricing and correct pricing, as well as underpricing, and comparative statics results for the relationship of the optimal offering price with project size, project risk, investors' litigiousness, and the entrepreneur's acceptable probability of lawsuit. The article argues that existing empirical evidence previously used to refute the lawsuit avoidance hypothesis supports the hypothesis in the context of the model.     

The Pricing of Initial Public Offers of Corporate Straight Debt

This study examines the initial-day and aftermarket price performance of corporate straight debt IPOs. We find that IPOs of speculative grade debt are underpriced like equity IPOs, while those rated investment grade are overpriced. IPOs of investment grade debt are typically issued by firms listed on the major exchanges and underwritten by prestigious underwriters. In contrast, junk bond IPOs are more likely to be handled by less prestigious underwriters and are typically issued by OTC firms. Our analysis also reveals that bond rating, market listing of the firm, and investment banker quality are significant determinants of bond IPO returns.     

The Extreme Future Stock Returns Following I/B/E/S Earnings Surprises

We investigate the stock returns subsequent to quarterly earnings surprises, where the benchmark for an earnings surprise is the consensus analyst forecast. By defining the surprise relative to an analyst forecast rather than a time‐series model of expected earnings, we document returns subsequent to earnings announcements that are much larger, persist for much longer, and are more heavily concentrated in the long portion of the hedge portfolio than shown in previous studies. We show that our results hold after controlling for risk and previously documented anomalies, and are positive for every quarter between 1988 and 2000. Finally, we explore the financial results and information environment of firms with extreme earnings surprises and find that they tend to be “neglected” stocks with relatively high book‐to‐market ratios, low analyst coverage, and high analyst forecast dispersion. In the three subsequent years, firms with extreme positive earnings surprises tend to have persistent earnings surprises in the same direction, strong growth in cash flows and earnings, and large increases in analyst coverage, relative to firms with extreme negative earnings surprises. We also show that the returns to the earnings surprise strategy are highest in the quartile of firms where transaction costs are highest and institutional investor interest is lowest, consistent with the idea that market inefficiencies are more prevalent when frictions make it difficult for large, sophisticated investors to exploit the inefficiencies.     

信用证欺诈成因及控制对策

信用证交易中的现行规则与程式给信用证欺诈行为提供了可利用的间隙,因此。需要对信用证制度的基石与支柱的独立抽象性原则规定一些合理例外,以堵塞现有信用证交易制度中的漏洞,防止信用证诈骗势头的蔓延。     

对银行存折废存的思考

银行卡及银行存折是主要的储蓄存取款工具。针对某些银行储蓄机构以银行卡完全取代银行存折这一现象,本文通过对银行等储蓄机构及储户进行的调查分析,得出结论:目前银行卡不能完全取代银行存折。     

论战GPA

5月26日财政部部长助理王保安在全国GPA谈判应对工作及政府采购工作会议上发表了题为《立足国内改革和对外开放推动政府采购工作再上新台阶》的讲话,其中主要对财政部门在GPA谈判过程中所做工作进行了总结,并给予了肯定。