论债权的证券化

债权作为财产权利的一种,去人格化的过程就是产生可让与性的过程。我国债权让与制度的确立经历了循序渐进的过程。债权与证券的结合形成了证券化的债权。为了使债权具有更强的可让与性,需要采取一些证券化的制度设计。债权让与通知的替代、无因性原则的采用、公开市场的形成和交易场所的建立以及交易规则的确立,都促进了债权的证券化。债权的证券化促进了财产权利价值的流通,实现了财产权利价值的充分利用。     

论一人公司债权人利益的法律保护

一人公司作为有限责任公司的一种特殊形式,在我国社会主义市场经济中扮演着十分重要的角色。近年来,随着经济社会的不断发展,一人公司所暴露出来的问题也愈发严重,股东的唯一性,治理结构的欠缺以及公司的人格混同都给一人公司的债权人利益保护带来了诸多潜在风险。借鉴国外关于一人公司债权人利益保护的相关规定,从完善注册资本金制度、严格信息披露制度以及健全一人公司人格否认制度三个方面来强化我国对一人公司债权人利益的保护。     

Do shareholder protection and creditor rights have distinct effects on the association between debt maturity and ownership structure?

This study examines the effects of the firm's ownership concentration and its institutional environment on corporate debt maturity choices. As ownership concentration and debt maturity are alternative governance mechanisms, we theorize and investigate whether their association is influenced by country-level governance factors that enhance outside monitoring by minority shareholders and debtholders. Our investigation is based on a dataset of 50,599 firm-year observations from 38 countries. We use a propensity-score matching approach and find that the effect of ownership concentration on debt maturity is conditional to country-level governance attributes. Ownership concentration has a negative effect on debt maturity in countries where both shareholder protection and creditor rights are weak. Ownership concentration, however, tends to lengthen debt maturity as protection increases, and this positive effect on the length of debt maturity is stronger in countries enhancing protection towards debtholders (instead of shareholders). We also explore other characteristics of ownership structure, such as the identity and presence of controlling shareholders. These results corroborate the view that entrenched shareholders may use debt maturity opportunistically. Our study provides new insights into the interplay between firm- and country-level governance mechanisms and a deeper understanding of cross-country differences in the association between ownership structure and debt financing.     

知识产权证券化中知识产权资产转让的法律问题探析

知识产权证券化提升了知识资本与金融资本的融合效率,推动了科技进步。在知识产权证券化中,资产转让的方式通常有债务更新、让与、从属参与、信托四种。知识产权资产转让后,为了判断资产所有权是否真实地发生转移,必须引入一个重要概念——“真实销售”,以防范知识产权证券化下所涉及的发起人违约破产风险。目前,知识产权资产的可转让性规定需进一步明晰,对未来债权的转让应做出明确规定．我国资产转让的通知制度也有待突破。     

Short‐Term Corporate Debt around the World

Short‐term corporate debt as a proportion of total debt issued by public firms varies greatly across countries, between 28% in the United States and 78% in China. This paper argues that the interaction between information asymmetry and legal protection of creditors is an important determinant of debt maturity. When short‐term debt plays a dual role as signaling and commitment devices, a reduction in information asymmetry has a larger impact on debt maturity when creditor rights are weaker. We find empirical support for this prediction using firm‐level data from 45 countries around the world.     

Law and Finance in Transition Economies

This paper offers the first comprehensive analysis of legal change in the protection of shareholder and creditor rights in transition economies and its impact on the propensity of firms to raise external finance. Following La Porta et al. (1998), the paper constructs an expanded set of legal indices to capture a range of potential conflicts between different stakeholders of the firm. It supplements the analysis of the law on the books with an analysis of the effectiveness of legal institutions. Our main finding is that the effectiveness of legal institutions has a much stronger impact on external finance than does the law on the books, despite legal change that has substantially improved shareholder and creditor rights. This finding supports the proposition that legal transplants and extensive legal reforms are not sufficient for the evolution of effective legal and market institutions.     

债权人参与公司治理探析

现代公司治理的一个发展趋势就是公司的利益相关者共同参与公司治理。在公司的众多利益相关者中,公司债权人是其中很重要的利益主体,债权人在公司治理中的作用也日益受到重视。和国外相比,我国在债权人参与公司治理上还有很大差距,因此加强我国债权人参与公司治理问题的研究就显得非常迫切。     

论中小企业财务会计目标

由于中小企业的投资者决策需求与经营者的经营需求重合,致使其财务会计目标应定位于企业的债权 人。中小企业财务会计目标以会计目标主体、客体和实现方式三者有机构成。