Bankruptcy and firm finance

This paper analyzes how an enforcement mechanism that resembles a court affects firm finance. The court is described by two parameters that correspond to enforcement costs and the amount of creditor/debtor protection. We provide a theoretical and quantitative characterization of the effect of these enforcement parameters on the contract loan rate, the default probability and welfare. We analyze agents’ incentive to default and pursue bankruptcy and show that when the constraints that govern these decisions bind, the enforcement parameters can have a sharply non-linear effect on finance. We also compute the welfare losses of “poor institutions” and show that they are non-trivial. The results provide guidance on when models which abstract from enforcement provide good approximations and when they do not.      

民间融资的法律分析

在我国民间融资已有近千年历史,进入建立社会主义市场经济后,民间融资的作用和功能更是得到了创新性的发挥。随着市场经济的发展,民间融资作为一种有效的资金资源配置手段,在优化资源配置、优化社会融资结构、弥补市场资金需求和促进民营经济发展中发挥着显著功效。但由于我国现有法律法规对民间融资的保护、规范和引导等问题上都存在诸多缺陷,严重制约着民间融资的发展,对市场经济的发展也产生了不利的影响。本文从法理的角度论证其合法性,分析我国民间融资的法律制度的弊端。并在此基础上提出了规范和完善民间融资法律制度的建议。     

论长株潭“两型”社会建设视野下生态道德意识的培养

长株潭＂两型＂社会建设的本质就是实现生态化发展,而实现生态化发展最根本最有效地手段是提高全体社会成员生态道德意识。为此,要从政府决策宏观层次、企业中观层次和社会公众微观层次三方面来提高生态道德意识,同时,还应发挥学校教育在环境道德意识培养中的特殊作用以及加强环保部门组织协调作用。     

Eighteenth-Century Evolutionary Thought and its Relevance in the Age of Legislation

This essay revisits the evolutionist writingsof the eighteenth century to clarify their key ideas concerninglegal and social evolution and to assess their relevance in thepresent era of pervasive legislation. The discovery of the principleof the accumulation of design is traced to these writings andthe continuity of twentieth century spontaneous-order theoryand new institutional economics with this tradition is noted.While highlighting the contributions of other institutional theoriststo the elucidation of the role of purposive action in legal evolution,the author argues that input designing does not alter the fundamentalnature of legal emergence as postulated by the eighteenth centuryscholars. The essay supports the ideal of legal generality, freespeech, property and contractual freedom as normative implicationsof the evolutionary viewpoint.     

Do the English Legal Origin Countries have More Dispersed Share Ownership and More Developed Financial Systems?

The essence of the legal origin hypothesis is that a country with an English legal origin provides better investor and creditor protection and experiences greater financial development; financial institutions and stock markets flourish, the general public participate more in financing investment projects of companies and so shareholding is less concentrated. The present paper examines this hypothesis on the basis of a cross‐country study of 85 countries. We find no evidence of more dispersed share ownership in the English law countries than in other countries with different legal origins irrespective of whether we adjust for the existence of transitional economies and less developed countries in the sample. Using three indicators of development of banking and other credit institutions and four indicators of stock market developments, we also find no evidence of more developed financial systems in the English law countries. As expected, there is some evidence of lower financial development in the less developed countries and transitional countries. It is not the English law heritage but the security of persons and goods that appears to explain the cross‐country variations in financial development.     

日本学者太宰春台《诗》学研究

中日两国一衣带水,文化同祖。反观日本汉学家的经学研究,从国际视角重新认识我国的经典体系,具有重要的现实意义。太宰春台是日本江户时代重要的汉学家,他的《诗》学观,代表着十八世纪的日本《诗》学研究的走向。     

论公司发起人的法律地位

发起人的法律地位是指在设立股份有限公司或有限责任公司的过程中发起人与发起人之间的关系,以及发起人之合伙与成立之公司之间的关系。在公司设立过程中发起人与发起人之间是一种合伙关系,当公司不能成立时,发起人对设立公司所产生的债务和费用承担连带责任;当公司成立时,发起人在公司设立过程中所设定的权利义务均转归成立之公司。     

对完善我国商业秘密法律保护的构想

目前,我国商业秘密法律保护的地位不够明确,保护商业秘密的法律规定过于分散,操作性不强;在调整范围上,相关法律、法规存在着一定的局限性。完善我国商业秘密的法律保护,应借鉴国外在民法典中、在侵权行为法中、在反不正当竞争法中的商业秘密保护以及商业秘密的专门立法方面的立法例,制订专门商业秘密保护法;进一步加强我国工商行政管理机关对商业秘密的保护;加大我国法院和仲裁机构对商业秘密侵权的救济。企业必须树立和加强商业秘密这种无形财产权的权利意识,健全商业秘密保护机制,明确保密内容,确立完善的防范措施。     

论仲裁条款对提单受让人的法律效力——以仲裁协议效力扩张理论为视角

仲裁条款对提单受让人的法律效力问题一直备受争议,长期以来都未有定论。提单转让的单方性,阻碍了提单仲裁条款根据传统的当事人意思自治原则取得法律效力。随着现代仲裁法学的不断发展,新的仲裁协议效力扩张理论为该问题的解决,提供了新的法理基础。根据该理论,提单受让人同意仲裁的,仲裁条款对其产生法律效力;提单受让人不同意仲裁的,仲裁条款对其不产生法律效力;而承运人却始终受到仲裁条款的约束,无权拒绝仲裁。     

The ten commandments of legal risk management

Effective legal risk management is not a separate field of endeavor. Rather, it is inextricably linked with good management and with ethical management; managers who behave professionally and according to ethically defensible principles of action are quite unlikely to find themselves and their organizations stuck in a legal and/or ethical quagmire. Behavioral decision theory offers some explanations for why those managers who go astray do so, but explaining how basic human tendencies, uncorrected, may incline us to questionable decisions is not to justify such decisions. Managers who follow the guidelines set forth in this article may nonetheless find themselves or their companies under assault in the law courts or the court of public opinion, but should such an unlikely event occur, they will be far more likely to be able to successfully defend themselves.