中国市场经济中过度竞争形成的影响因素分析——从行政垄断、自然垄断、企业兼并障碍的视角

改革开放后,尽管许多领域的生产活动由政府直接插手的现象已不多见了。但由于路径依赖的关系,在一些行业中由行政力量进行垄断经营方式的成本仍不高。事实上,在存在行政垄断的情况下,由于非行政垄断性的行业只能面对份额相对较小的市场需求,同时,其他企业因政策性进入壁垒的影响又不能进入高利润的行政垄断性的行业中,结果,不仅价格的“负反馈机制”不能有效地发挥作用,而且还必然会在非行政垄断性的行业中形成相对的投资过剩、供给过剩与劳动力过剩等方面的现象。此外,国有企业的兼并障碍也使得以低效率为特征的过度竞争现象难以得至13多少真正有效的改善。     

论商标权的原始取得

就商标权原始取得而言,商标注册和使用都具有重要意义。绝对的使用取得模式符合商标权的产生机理,但有违效率原则;纯粹的注册制度满足效率上的要求,却可能导致注册权利与市场实际相脱节,并引发商标抢注。只有兼顾注册与使用效力的商标确权制度才能确保效率与公正,这也正是各国商标法孜孜以求的目标。就此而言,我国商标法应在完善商标注册制度的同时,进一步强化对未注册商标的保护。     

How do US investors perceive the risk of local political corruption? Evidence from acquisition announcement

This study examines the impact of local political corruption on investors’ evaluation of firms’ mergers and acquisitions (M&As) in the US. Using the number of corruption convictions of government officials reported by the US Department of Justice, we find that acquirers in more corrupt court districts experience lower acquirer announcement returns, lower combined acquirer and target announcement returns, and are less likely to complete acquisitions. We further find that the relation between local political corruption and acquirer announcement returns is worsened when acquirers operate primarily in the headquarters state. Overall, the results suggest that local political corruption has an adverse impact on investors’ evaluation of a firm’s M&A profitability.     

资源还是负担？国有资本参股对跨境并购的影响分析

跨境并购是中国企业获取海外市场与战略性资产的重要方式,已有研究表明国有资本直接参与跨境并购过程中遭遇了不少阻碍,但少有学者关注国有资本发挥的资源作用。文章则探讨了非国有制企业引入国有股东在跨境并购中获得的资源优势。以2009-2018年中国非国有上市公司跨境并购交易作为样本,研究发现：非国有制企业中国有资本持股的比例更高会带来更多的资源,有助于跨境并购的完成。而当被并购目标是上市企业、属于高科技行业以及位于制度完善度较好的东道国时,东道国合法性门槛提高,导致国有资本参股的非国有制企业仍然会遭遇到来自东道国的歧视与制度压力,削弱国有资本的资源优势。在进一步分析中验证了主效应的机制,发现国有资本能够帮助解决非国有制企业的融资困难问题,进而促进跨境并购的完成。除此之外,文章也利用工具变量法解决了潜在的内生性问题。     

Financial distress,survival network design strategies,and airline pricing: An event study of a merger between a bankrupt FSC and an LCC in Brazil

This paper develops an event study to investigate the airfare effects of the bankruptcy of a financially distressed full-service carrier (FSC) and its subsequent acquisition by a low-cost carrier (LCC) in Brazil. We account for the distressed carrier's survival network design strategies (SNDS) pursued during its reorganization—a suspected source of sample selection bias. Additionally, as rivals' pricing could be aimed at driving the distressed/bankrupt carrier out of the market, we treat the carrier's distress as endogenously determined with it. Our results do not uncover any survival pricing behavior stemming from SNDS, but reveal fiercer price competition from rivals in periods preceding both the distressed carrier's bankruptcy filing and acquisition. We also find evidence of enduring price competitiveness in the long run of the acquisition event, shedding light on the potential facilitating role played by bankruptcy protection regulations in keeping and sustaining market contestability after the bankruptcy-filing period.     

福建省非公有制生态公益林收购的初探

指出了福建省生态公益林建设存在补偿标准偏低、管护压力大、投入对政府的依赖性大、重点区位内生态公益林重新界定工作难度较大等问题,从国家收购非公有制生态公益林对实现"保障国土生态安全"与"维护投资造林者合法权益"双赢具有战略意义、对加强生态公益林的建设保护和调动投资者造林积极性具有重要意义、对创新森林经营管理方式和林业投资体制具有积极的意义、对开展森林资源战略储备工作和用材安全具有保障意义4个方面分析了其必要性,从国家收购受到投资造林者的普遍赞同、国民经济持续增长的国家财力的保障支撑、国家相关政策为收购工作提供依据、国内外有成功的生态收购经验可借鉴4个方面探讨了实施集体林区生态公益林国家收购的可行性。     

Retaining customers in traditional retail financial services: interviewing 'les responsables'

This paper explores organizational concerns with retaining customers in traditional retailing of financial services. Managers, charged with retaining customers ('les responsables') in banks and building societies, are interviewed seeking their views on how their organizations retain customers. The study finds that there are a number of shared themes in the sample of informants, which are evolution/flux, customer information systems, a product/sales orientation, delivering financial services, staff and relationships with customers. Underlying these themes, however, appears some equivocation as these organizations try to retain customers when customer acquisition seems to be the thrust of their marketing.     

无权处分场合买卖合同的效力与权利瑕疵担保

《民法典》第597条第1款的主要规范目的是,无权处分不影响买卖合同的效力。只要承认权利人的追认会产生所有权变动的效果,就适宜承认存在效力未定的处分行为。区分负担行为和处分行为,在解释论上具有可取之处。在传统债法上,无权处分致使给付不能的,存在适用债务不履行责任抑或权利瑕疵担保责任的争论,两方面规定在构成要件上有实质区别。我国《民法典》合同编实行救济进路,第三人享有所有权、抵押权等权利致使所有权不能转移的,当事人可以选择适用《民法典》第597条第1款或第612条,两者在违约责任的构成要件和效果上并无实质区别。《民法典》第612条中规定的第三人“享有权利”文义范围较窄,应当对其进行目的论扩张,将第三人“过去享有权利”且主张权利的一些情形纳入其中;即使买受人构成善意取得,仍可认定出卖人违反权利瑕疵担保义务。     

工矿企业电能采集系统实施方案研究

本文阐述了如何通过有效的电能采集方式,对大型的生产型企业进行电能数据的实时采集,该采集方式具备高效、稳定、精细等特性,采用分布式的技术进行数据采集,并通过RS485总线进行数据传输,通过oracle数据库进行数据存储,完全满足现代工业的需求。     

浅谈降低铁路物资采购成本的措施和方法

从物资的采购原则、强化内部管理、强化供应商管理、强化计划管理、强化储存管理等方面提出了降低铁路物资采购成本的措施和方法。