Public or private gatekeepers in non-consensual debt restructurings in emerging jurisdictions

In advanced jurisdictions, the choice of a non-consensual debt restructuring is between a public or a private gatekeeper model where either the court or the licensed insolvency professional respectively approves a restructuring plan that binds dissenting creditors. In the United States, the only gateway is found in Chapter 11 of the Bankruptcy Code 1978, which requires court approval and gives the debtor a significant say in the outcome. In contrast, in the United Kingdom, there exist four gateways, only two of which require court approval (scheme of arrangement and restructuring plan), while the remaining two (administration and company voluntary arrangement) give significant powers to the insolvency practitioner to decide on the outcome. In emerging jurisdictions such as Mainland China and India, due to path dependency and lack of institutional capacity, the court-supervised model is chosen as the only or primary gateway to legitimise non-consensual restructurings though the insolvency practitioner has an important statutory role. Using the two jurisdictions as case studies, this article argues that such a choice has several initial benefits but also leads to several problems, including delays in the restructuring, does not necessarily improve substantive outcomes and does not adequately address the shareholder–creditor and creditor–creditor agency costs. This article proposes that for debt restructuring that involves the sale of the business as a going concern, the private gatekeeper should be able to decide on the sale and the distributions following pre-bankruptcy entitlements. Recourse to the court as a public gatekeeper should only be used for reorganisation proceedings.     

On the Reform of Rural Supply and Marketing Cooperatives in China

As a bridge between city and countryside, industry and agriculture, producer and consumer, Rural Supply and Marketing Cooperatives (RSMCs) play a key role in distributing commodities and purchasing rural products for some 800 million people in China. While overall national economic reform started in 1978, the reform of RSMCs began 4 years later in 1982 with greater emphasis on recovery rather than reform. This paper reviews the development of RSMCs, describes their operation and appraises the reform underway since 1982. It concludes with some policy suggestions relative to further reform of the RSMC system.     

试论矿业权排他的绝对性与相对性

本文从矿政管理与矿业活动的实际情况出发,论述了矿业权制度的历史沿革及现行矿业权排他制度在矿政管理实践中的具体表现;阐述了矿业权排他制度中相对排他与绝对排他的辩证关系。从而提出了应建立的相对排他与绝对排他相统一的矿业权排他的法律制度。     

从产业政策到竞争政策:东亚地区政府干预方式的转型及对中国的启示

以日本和韩国为代表的东亚国家和地区曾经通过产业政策有效地推动了产业结构升级和国民经济持续高速增长,这种以积极干预经济为特征的“发展型政府”及其推行的产业政策一度成为许多发展中国家争相效仿的典范。但东亚金融危机使人们认识到：尽管在经济发展的初期政府干预是必要的,但随着市场发育的逐渐完善,政府的职能应当从经济活动的干预者转变为竞争秩序的维护者。因此,近年来东亚国家相继进行了经济改革,政府推动产业发展的政策正在实现从产业政策向竞争政策的转型。     

解释中国农村区域间的收入不平等:一种基于回归方程的分解方法

本文提出了一个分解不平等的框架 ,在这一框架中 ,诸如收入之类的因变量的不平等可以分解为相关的回归方程中自变量或代理变量的贡献。本文所提出的分析框架可以被运用于分解任何不平等指标 ,并且对回归模型的限制条件也不多。通过将Box Cox和Box Tidwel收入决定函数结合起来的方式 ,本文定量分析了导致中国农村地区间收入不平等的根源     

大连城市水资源管理决策支持系统应用研究

以数据库、模型库、知识库、方法库为基础,以GIS为技术支撑建立的大连城市水资源管理决策支持系统,实现了对水资源空间数据、属性数据信息的实时监测、更新,为城市水资源合理配置提供了动态化、信息化、智能化管理.系统运行以大连工业用水为例,依据2010年规划期的城市工业经济发展目标,制定出规划年的城市工业耗水指标最优方案,为政府及相关职能部门对水资源合理规划、决策提供了科学依据.     

蓝色壁垒对我国企业出口的影响及对策

发达国家在劳工标准上对发展中国家出口的产品采取了多种形式的贸易管制,构成新贸易壁垒,即蓝色壁垒。文章首先对蓝色壁垒及相关标准进行了简单介绍,然后深入探讨蓝色壁垒及其相关标准,最后就它们对我国企业出口的积极和消极影响进行了分析,并对如何应对它们给我国企业出口带来的冲击提出几项措施,以期达到在面对发达国家的蓝色壁垒时,能够针对其实施相应的措施,以提高我国企业出口在国际贸易中的地位和竞争力,最终突破蓝色壁垒。     

我国城乡二元社会保障体系面临的主要问题及原因

目前,我国城镇基本形成了一套涵盖养老、医疗、失业、生育等方面的保障体系,而农村社会保障的发展则大大落后于城市。城乡二元的社会保障体系影响着整个社会保障体系的发展。     

项目投融资中的地方政府行为及角色界定

以项目为主体的分散型地方政府项目投融资模式下,行政主导的投融资决策及政企合一经管主体的法律地位和行为准则界定不清,主体间有差异乃至相互冲突的目标与需求必然造成政府项目投融资和经管主体内部的矛盾,项目投融资及经管整体效率低下,难以实现市场价值。应创建投融资和经管主体法律地位和行为目标明晰的统一投融资平台,引导市场资源参与政府投融资项目,促进公共资源的有效配置和利用,以市场化的运作模式提供公共服务。     

我国乡村旅游发展的困境与治理对策

在社会主义新农村建设的背景下,发展我国乡村旅游具有重要的意义。然而,当前我国乡村旅游发展还存在许多问题,治理这些问题,需要做到,政府主导,规划先行;建立"大管理"机制;加大对乡村旅游环境的保护;加大乡村旅游开发力度,打造乡村旅游特色产品等。