关于社会成本问题的评述

本文通过对科斯的《社会成本问题》和《社会成本问题的注释》,以及盛洪的《〈社会成本问题〉的问题》等文章的评论,指出“科斯定理”的核心是认识到社会成本问题的交互性以及权力转移的重要性,并且在交易费用为正的条件下,不同制度安排的选择会影响资源配置的效率,所以制度安排至关重要;另外,本文认为在盛洪的《〈社会成本问题〉的问题》一文中有几个问题值得商榷,即需要根据交易费用是否为零来讨论产权界定不同对收入分配的影响。以及最佳产权的存在性问题。     

A comparison of citizen and “expert” preferences using an attribute-based approach to choice

This paper explores whether expert judgements can be taken as a proxy for citizen preferences for determining investment strategies for public goods. As an illustration, we focus on the provision of Public Rights Of Way (PROW) by Local Government Authorities in England. These provide rights of passage over property to those other than the owners, and little information is available on the welfare effects of changes in the provision and use of PROW. Given limited funds, reliance on expert judgement could be a cost effective alternative for decision-making compared with stated preference surveys of citizens. Two methods are compared. The Analytic Hierarchy Process (AHP) is used to elicit expert judgement to proxy citizen preferences for different attributes of PROW. The Choice Experiment (CE) technique is then used to derive preferences directly through personal interviews with citizens. Overall it was found that judicious use of AHP by experts can, in this instance, be used to represent citizen views. However, this result may not be easily generalisable to other settings.     

金融契约理论:基于控制权视角的最新研究

如何构建有效的金融契约是经济转型过程中提升我国企业公司治理效率、保护投资者利益的关键.最近兴起的金融契约理论突破传统的现金流思路.从控制权视角考察企业内部控制权配置机制及时各利益主体行动策略的影响.论文从控制权视角出发,系统回顾了金融契约理论的相关成果,并指出了目前该领域研究存在的主要局限.本文研究将对我国企业融资决策、内部公司治理和外部资本市场金融创新等具有一定的实践启示.     

个人信用与个人破产制度法律关系的分析——兼论我国建立个人破产制度的现实意义

目前,我国个人信用市场存在大量支付不能的债务无法通过现行法律妥善清理,导致个人信用风险难以得到有效控制和化解.本文从分析个人信用的法律保护入手,重点从内在逻辑联系以及个人破产制度的规则安排与个人信用的动态维护两方面,对个人信用和个人破产的法律关系进行了深入探讨,进而论证当前我国建立个人破产制度、推动个人信用风险管理的现实意义.     

Are Intellectual Property Rights Detrimental to Innovation?

Intellectual property rights are legal constraints that limit conditions of entry in industries where incumbents are innovators. The set of legal constraints is the same for all industries, and there is no consideration of the possibility that the externalities created by entry in a given industry may not necessarily be negative for the incumbent, or that the incumbent's R&D expenditures might actually be detrimental to new entrants. We show that one unique set of legal rules can foster innovation in some industries and be detrimental in others. Our model is illustrated by case studies from the Information and Communication Technologies industry.     

Firm value and its relation to equity retention levels, forecast earnings disclosures and underpricing in initial public offerings in Hong Kong

This study helps extend our understanding of the factors underlying the valuation of initial public offering (IPO) firms within the Hong Kong market context. The issues investigated are all the more important given Hong Kong's unique position in China, where free and unfettered capital markets entice global institutions wishing to partake in the ‘China investment story’. We find support for three signals of initial firm value: the fraction of equity retained by pre-listing stakeholders [Leland, H., & Pyle, D. (1977). Information asymmetries, financial structure and financial intermediation. Journal of Finance, 32, 371–387], the voluntary disclosure of a prospectus earnings forecast [Trueman, B. (1986). Why do managers voluntarily release earnings forecasts. Journal of Accounting and Economics, 53–71] and the amount of funds ‘given-up’ through IPO underpricing [see Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23, 303–323; Grinblatt, M., & Hwang, C. Y. (1989). Signalling and the pricing of new issues. Journal of Finance, 44, 393–420; Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings. Journal of Finance, 44, 421–449]. Moreover, the signals appear robust to different firm valuation measures (i.e., market-to-book and Tobin's Q) and to the inclusion/exclusion of PRC state-owned H-share issuers.A number of other important contributions also emerge. First, we develop a new measurement form for the pre-listing shareholders’ equity retention level (α) by decomposing it to reflect differential effects from primary and (‘voluntary’ and ‘involuntary’) secondary offers. We further show that after accounting for listing rule effects—which partially drive the choice of the retained equity level in the Hong Kong setting—the equity retention-firm value relation is seen with much greater clarity.In a later stage of analysis we deepen the signal-firm value findings by relating the three signals to post-IPO earnings. We note a positive association between the fraction of equity retained by pre-listing owners and earnings growth. However, this association weakens somewhat beyond the first two accounting year-ends post-listing. Significantly, earnings appreciation appears markedly weaker for issuers going to market with a secondary offer component within their overall IPO. Finally, consistent with Jain and Kini's [1994. The post-operating performance of IPO firms. Journal of Finance, 49(5), 1699–1726] US evidence, IPO underpricing appears to have little or no association with post-listing earnings.     

论中小股东权益之法律保护

中小投资者是证券市场发展的根本。但由于大股东在公司中的地位,使得中小股东权益一直没有得到充分的尊重和保护。文章从中小股东权益保护必要性分析入手,立足我国中小股东权益保护的现状分析,着重论述完善中小股东权益保护机制的建议和意见。     

技术竞争对企业专利许可行为的影响

知识经济时代，知识产权的重要性愈加凸显。基于海量的中国企业专利许可数据，就多种竞争情境对企业对外许可行为的影响进行研究。实证分析发现，随着竞争密度增大，技术市场扩张厚度增加，企业倾向于对外许可其技术，但技术提供数量与专利许可率之间存在倒U型关系，中国仍远未达到拐点；许可过程中科研实力起到决定性作用，实力较强的竞争者对许可行为具有显著的抑制作用，反之，则具有促进作用。当被许可人是同行竞争者时，并没有拒绝或者延迟对外许可。另外，在对外许可中，国有企业的竞争反应较弱，私营企业较敏感。最后，结合中国市场情况提出相应对策建议。     

论知识产权保护与公共利益目标的实现

知识产权保护一直是人们关注的热点。由于知识产品的无形性,知识产权人可多次、重复地获得利益。如果对知识产权人保护过度,则会违背知识产权保护的终极目标,即人类的公共利益,同时也会违背其“公共理性”的特点而走上一条偏袒权利人的非理性扩张之路。事实上,知识产权保护作为一种制度设计,其目标不仅仅在于保护知识产权人的权利,更重要的是为了更好地实现公共利益,在知识产权创作者与社会公众之间寻求利益平衡。     

Whither IPOs? Toward an Ecosystem Perspective on Corporate Financing: A Commentary

This commentary reviews the Canadian initial public offering (IPO) market and positions it within global capital market trends. Our views and comments reflect discussions with several market participants whom we have met over the years. Essentially, the falling number of IPOs in Canada during the last decade mimics trends in other developed countries such as the United States. In our view, five underlying factors underlie that decline. The picture that emerges is that capital markets are now widely viewed as a global integrated ecosystem where all actors are interconnected and an IPO represents but one way to raise capital.