在规制中选择——对公司转投资的思考

公司转投资实现资本效率,公司自由决策公司事务应合乎法律规制。公司转投资决策以有限责任和公司章程为规制,但立法和实务中都有突破。公司与转投资企业之间关联关系的运作是转投资的重要问题,有必要建立关系运作规制体系。程序规制是公司转投资关系公正救济的保障。本文构建对公司转投资的规制,引导公司正确选择。     

A ‘Legislation-Check’ based on ‘3-D Sustainability’ - Addressing global precautionary land governance

This paper aims to provide a new and practical approach called ‘Legislation-Check’ to identifying shortcomings in national legislation in terms of how well it implements sustainable development, and ways of improving the legislation. National legislation was chosen as it represents a sort of ‘skeleton of society’ and defines the status quo, as well as setting the main environmental, societal and economic directions of the population covered.The approach presented is based on a new concept called ‘3-D Sustainability’, which focuses on the precautionary principle. 3-D Sustainability provides criteria in a flexible hierarchy for solving conflicts of interest between economic, social and environmental dimensions of sustainability. In this paper, these criteria and dimensions are applied to various sectors of Austrian national environmental legislation to identify the shortcomings of the legislation and ways of addressing these shortcomings.This paper shows, by way of quantitative data, a significant increase in the use of sustainability related terms in generally applicable legal instruments (both federal and provincial) in Austria since 2003. In qualitative terms the results of the paper further indicate, using national environmental legislation, several hierarchical disorders between different legal acts and opportunities for improving them. Furthermore, inadequacies in the way that the legislation handles sustainable development and a total lack of overall objectives and targets in terms of sustainability are highlighted, which can jeopardise sustainable development.The concept of ‘3-D Sustainability’ has not previously focused on national legislation, despite the practical importance of the legal implementation and enforcement on this geographic level. Hence, this paper contributes, through scientifically-based decision support, to practical pathways for the innovation of institutional, procedural and substantive arrangements in existing legislation.The approach presented in this paper is not restricted to environmental issues, but is applicable to all thematic areas. It is also not geographically limited, but could be implemented in any country and also beyond national borders. Furthermore, the approach can be easily replicated and provides systematically gained results for global governance change towards sustainable development.     

关于碳排放权交易立法的若干思考

目前国家层面尚无规范碳排放交易的法律法规,推动地方碳排放交易试点需要立法先行。首先需要解决碳排放总量控制、减排义务设置、配额交易法定化等问题。应该大胆借鉴吸收国外经验,结合国情和本地区特点,针对额度分配、碳排放量评价、市场中介和买卖等行为,制定行之有效的制度和交易规则。     

低碳时代中国经济发展的思考

《京都议定书》的制定迎来了经济发展的低碳时代。文章分析了中国低碳经济发展的现状,提出了中国应当确立低碳经济发展的能效目标,推进能源供应保障体系建设,提高低碳技术的自主研发能力,将有效降低碳排放作为中国社会经济发展的主要模式,最终建立环境友好、人居和谐的低碳社会。     

Policy coordination among the ASEAN-5: A global VAR analysis

This paper aims to analyse the feasibility of policy coordination among the ASEAN-5 economies. This is done by determining whether they experience symmetric responses to common shocks. Given that the problem of dimensionality plagues large-scale macroeconomic modelling, a Global VAR model by Pesaran, Schuermann, and Weiner (2004) and Dees, Mauro, Pesaran, and Smith (2007) is used. The results in this paper provide some weak evidence of symmetric responses to the common (global) shocks of interest: a US monetary policy shock, a US output shock, a Chinese output shock; an oil price shock. Shocks from the US produced the most symmetric responses. The lack of symmetry in some cases has implications for further policy coordination. Since migrant remittances could provide an adjustment mechanism, further labour market integration is needed as it currently lags behind trade and financial integration in the region.     

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein–Horioka Paradox Revisited*

In this paper, we find that home bias is still present in all economies and regions, especially in the case of short‐term debt securities, but that there are substantial variations among economies and regions in the strength of home bias, with the eurozone economies, the USA and developing Asia showing relatively weak home bias and advanced Asia, especially Japan, showing relatively strong home bias. We then examine trends over time in foreign holdings of debt securities and find that capital has been flowing from the USA and the eurozone economies to both advanced Asia (especially Japan) and developing Asia, and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher risk‐adjusted returns, whereas the main reason in the case of developing Asia appears to be the growth of debt securities markets combined with relatively weak home bias and (in the case of short‐term securities) lower exchange rate volatility. Finally, we find that since the global financial crisis, foreign holdings of debt securities have declined (i.e. that home bias has strengthened) in all economies and regions except developing Asia, where they have increased (except for a temporary decline in 2008) but where their share is still much lower than the optimal share warranted by the capital asset pricing market model.     

The Role of the Global Reporting Initiative's Sustainability Reporting Guidelines in the Social Screening of Investments

Social screening of investments calls not only for investment policy and criteria, but also for information about companies, their policies, practices and performance. The Global Reporting Initiative (GRI) and its June 2000 Sustainability Reporting Guidelines have the potential to significantly improve the usefulness and quality of information reported by companies about their environmental, social and economic impacts and performance. The GRI aims to develop a voluntary reporting framework that will elevate sustainability reporting practices to a level equivalent to that of financial reporting in rigour, comparability, auditability and general acceptance. This will be a welcome and efficient supplement to the questionnaires, interviews, press releases, media reports and other sources of information traditionally used for screening in investment decision making – social/ethical and mainstream. The Dow Jones Sustainability Group Index, the Jantzi Social Index and the Innovest EcoValue'21 analytical platform, together with the SRI community, are all likely to benefit from GRI-style sustainability reports. One of the GRI's key challenges is to accommodate the broad variety of disclosure needs and expectations of a wide range of report users and company stakeholders. To maximize the usefulness of the GRI Guidelines, report users, including the SRI community, need to be engaged in the process of developing and refining the Guidelines over time. The GRI Guidelines are emerging as an important instrument in enabling companies to communicate with their stakeholders about performance and accountability beyond just the financial bottom line.     

跨国公司理论前沿进展:全球战略-地理空间内生互动视角

跨国公司全球战略新的变化趋势与跨国公司战略—地理空间互动关系密切相关,但传统的跨国公司理论体系无法深入刻画这一内生互动关系。为了完善现有的理论体系,近年来跨国公司理论研究领域出现的一些前沿进展,丰富和深化了人们对全球化进程中跨国公司战略行为与地理空间内在互动关系的理解。     

花旗银行的国际营销战略及其对我国商业银行跨国经营的启示

本文从市场进入策略、STP策略、6P策略三个方面对花旗银行的国际化营销战略进行了详细分析和评价,剖析其成功之处,并得出了其对我国商业银行跨国经营营销战略有所启示。     

构建“三个代表”重要思想“三进”的运作体系

党的十六大把“三个代表”重要思想写进党章,作为党必须长期坚持的指导思想。把“三个代表”重要思想与邓小平理论同时“进教材、进课堂、进学生头脑”,是新的形势向高校提出的战略任务。