The Innovation and Plights of Farmland Property Rights System Reform in Chongqing Municipality

Based on the background of national urban and rural comprehensive reform pilot area and the introduction of the profiles of research region and the data obtained by on-the-spot interview survey,the innovative models of farmland property rights system reform in Chongqing are introduced by applying participatory rural appraisal methods and examples. The innovative models cover buying shares of contract management rights,transforming from farmers to townspeople and mortgaging contract management rights. The plights exist in the reform are analyzed,among which the plights of buying shares of contract management rights are introduced from the following five aspects:the conflict with the present land contract laws,the possible new round of massive scale land loses,the confounded functions of government and enterprise caused by risk transference and the difficulties of handling assets when the contract management rights expired. Besides,the plights of the transforming from rural residents to urban residents are analyzed from four aspects,which include the particularity of reform,high financial pressure,emergence of interbedded people and difficulties of payoff of village-based companies. From the facets of limited mortgage area,risks of reimbursing the loan,legal risks of mortgage. The results show that the stock purchasing model of contractual management rights reveals the capital value of land and the model is of theoretical and practical significance in law and economics. However,the social security system is not perfect,so the stock purchasing model of contractual management rights can not be expanded. In addition,the participation of more famers and the expansion of enterprises are limited as well. The land comprehensive reform model of transforming from rural residents to urban residents is of positive significance to the comprehensive exploration of farmland property system reform,but this kind of model should be supported by strong economy. The stock purchasing model of contractual management rights is of significance to perfect the contractual management rights,but it conflicts with the existing laws and financial systems.

The Shareholders' Responsibility for Contribution of Balance of the Equity Assignee

2005年修订的《公司法》第31条规定:"有限责任公司成立后,作为发现设立公司出资的非货币财产的实际价额显著低于公司章程所定价额的应当由交付该出资的股东补足其差额;公司设立时的其他股东承担连带责任。"从该条规定可知,差额补缴责任的主体为公司成立后发现的特定的瑕疵出资人。

Stock transferability,the managerial learning effect and corporate innovation

This paper considers stock halts to study the impact of stock liquidity loss on the managerial learning effect based on stock prices.We examine stock halts’impact on corporate innovation and find that discretionary halts hinder innovation.We also find that discretionary halts reduce information quality and increase financial constraints and agent costs.Cross-sectional tests show that this negative impact is more pronounced in samples with high shareholding ratios by large shareholders,institutional investors and private firms.The results indicate that the loss of non-institutional stock trading rights,represented by discretionary stock halts,affects revelatory price efficiency in the secondary market,hinders managers’learning effect and affects enterprises’production and operation decisions.These findings have policy implications for stock circulation-right protection and Chinese capital-market reform.

On Stock Right

The Company Law of 1993 is important in protecting the interests of both companies and shareholders.But on stock right,it always arouses heated debate among scholars.Before the promulgation of New Company Law of 2006,varieties of theories of this issue have been formed.Through analyzing and refuting those theories,I try to clear the ambiguous definition by explaining the essence of right and comparing related right,so as to reach the conclusion that the stock right is only the changeable form of the ownership of shareholders.

Building the Cash Dividend Policy Identification Model for China’s Agricultural Listed Companies Based on 2007 to 2010 Data

The dual agency relation and lack of effective incentive and restraint mechanism make stock right structure of China's listed companies special.This special stock right structure will inevitably exert direct and profound influence on formulation of cash dividend policies.Based on the 2007 to 2010 data of China's agricultural listed companies and focusing on the stock right structure,this paper selected 6 indicators and the BP ANN to build the cash dividend policy identification model,in the hope of helping investors accurately predict influence of stock right structure on cash dividend policies,so as to reduce investment risk to some extent.

土地经营权入股公司:股东出资、保本投资与配套制度

土地经营权入股发展农业产业化经营是深化农村土地制度改革的重要举措,也是促进农业适度规模经营、实现小农户和现代农业发展有机衔接的重要途径。土地经营权入股公司应定性为股东出资行为,以公司法为基础,完善股东出资、法人运行与配套措施等方面的法律法规。在股东出资方面,应限定出资标的物范围,完善农村土地价值评估机制。在法人运行方面,为农民股东优先配置可转换的、可累积的及可参与嗣后分配的优先股以基本实现其“保底收益+按股分红”目的;为农民股东配置优先股赎回权、清算优先权与股份回购保险以基本实现“保本退出”目的。在配套措施方面,国家应灵活运用宏观调控措施以改善农业弱质性问题,完善农村社会保障制度以破除农民失地失业困境。

农村集体经济组织成员资格认定的逻辑脉络及其展开

农村集体经济组织成员资格认定是农村集体产权制度改革的基础性工作,集体所有权主体的确定是该问题研究的逻辑起点。集体所有权不具有共有和总有等所有权构造类型的特征,同时投资关系说和类比国有资本授权经营体制论都不能对农村集体经济组织的产生渊源进行合理解释。在民法规范语境下,应将农村集体经济组织确定为集体所有权主体。就成员资格和成员权利的关系而言,两者相伴而生,成员资格实质上是从权利主体角度对成员权的描述,为成员权在主体面向的表达。基于此,集体成员资格认定的法律实质是对农民所享有的集体经济组织成员权予以确权。我国农村传统经营方式决定了农户是基本经营单位,从逻辑上应当将家庭成员与以家庭为单位取得权益的关系确定为按份共有,集体经济组织成员权主体应为集体经济组织成员而非农户。城乡二元体制导致户籍这一本质上与成员权利取得不具因果关系的因素被纳入认定标准之中,其证明作用不应被忽视。在传统路径下,应构建以出生事实为核心、其他亲缘关系为辅助的主体判断路径,同时明确列举其他除外情形,形成正反双向的认定机制。在农村集体产权制度改革背景下,基于股权类型设置,集体固有成员与股份经济合作社股东在范围上并非完全一致,未来应以恢复农村集体经济组织和集体成员权的私法属性为目标,分阶段对农村集体经济组织成员权制度进行渐进性改革。

公司法修订的理论应对与实践挑战(笔谈)

本期刊发的8篇笔谈文章,紧密围绕公司法修改的核心内容,从宏观到微观、从理论到实践展开了全方位探讨。宏观方面围绕我国公司法的制度体系、立法因应、立法目的展开讨论,微观方面围绕本次修订的核心内容,对五年限期认缴制、审计委员会、董事无因解任、未届期股权转让后出资责任、异议股东回购等具体制度展开讨论。西南政法大学赵万一教授、张才华在《从公司法修订看中国式法律制度体系的构建》一文中提出,法律制度的每一次重大修订都是在时代主题与发展趋势的深刻变革下接续创新而成,本次修订是一次根本性、全局性的重大修订,同时也是在推进中国式现代化宏伟历史征途中进行的一次修订。应时代之需,本次修订以深化国有企业改革、持续优化营商环境、加强产权保护、纯化公司治理理念等作为目标,以因应中国式法律体系的建构要求。中国政法大学李建伟教授、郑浩凌在《ESG在中国公司法立法的因应》一文中提出,从现实来看,信息披露是形成ESG投资市场的前提,应区分上市公司与非上市公司,进而构建“强制披露-自愿披露”的差序化披露模式,以更好保护利益相关者;从长远来看,将公司目标范式修正为对可持续性利益的追求,并通过建立ESG委员会、细化董事会职权,进而推动公司治理稳定与可持续发展。西南政法大学汪青松教授在《新公司法立法目的扩展彰显以人为本》一文中提出,新公司法大大扩展了公司法立法目的涵摄范围,可以从“规范”“保护”“完善”“弘扬”“维护”“促进”六个关键词来加以把握,并呈现出严谨有序的逻辑结构。其中规范与保护表达了立法目的的微观层面,完善与弘扬表达了立法目的的中观层面,维护与促进表达了立法目的的宏观层面。北京大学刘凯湘教授在《五年限期认缴制的解释与适用》一文中提出,新修订的公司法对有限公司和股份公司的股东认缴期限分别在不同程度上增加了强制性规定,在适用上,公司和公司债权人才是法定最长认缴期限制度的监督人,企业信用信息公示系统可以作为其辅助制度,向公司和公司债权人等社会公众作出违反法定最长认缴期限制度的警示。中国人民大学叶林教授、张冉在《新公司法下监事会制度的变革与挑战》一文中提出,新公司法采用了“原则上应当设置监事会或监事、在法定例外情形下不设监事会或监事”的崭新立场,出现了董事会审计委员会替代监事会模式、监事和监事会任意设置模式、监事和监事会法定设置模式等多种模式。职工利益保护模式发生了转型,职工民主在形式上失去了职工监事的保护载体,却加强了公司的行为义务,从而创设了一种行为规范和组织规范相结合的新型保护模式。在审计委员会行使监事会职权上,仍需要进行精细化作业。清华大学梁上上教授、袁崇霖在《董事无因解任规则的校准与限制》一文中提出,股东会对于董事的解任权是公司权力坐标系中调节平衡的砝码,真正需要配置它的是公司及其股东,而非立法者。公司法第71条第1款规定的董事无因解任规则依本质应属任意性规范,将其作为默认规则,可以发挥提示投资者的作用,并有利于减少纠纷,维持公司经营稳定。股东通过股东会行使无因解任权,应受到来自公司正义原则的实体和程序限制。南京大学王建文教授、汪辰光在《新公司法背景下未届期股权转让后出资责任的法律适用》一文中提出,对于未届出资期限股权转让后的出资责任承担问题,新公司法第88条第1款规定对认缴制的应用漏洞作出了填补。对于股权转让后出资责任的法律适用,首先应明确保护债权人利益为首要原则,其次应兼顾公司意志与股东私权,再次要在“遵循法的溯及力”与“合理地参照适用新法”之间做好协调,最后要充分发挥股东名册、工商登记的效用。中国政法大学朱晓娟副教授、潘米在《新公司法对少数股东回购请求权的创新评述》一文中提出,2023年修订公司法在规制双控人不当行为和保护中小投资者权益方面迈出了开创性步伐。对于保护少数股东具有重要制度价值的异议股东回购规则,设置三个条文对异议股东回购规则进行了制度重塑,但也在第89条第3款控股股东滥用股东权利规制范围,第89条第1款和第161条第1款规定传统异议股东回购请求权的适用条件等方面存在着不足。

RULE FOR PREFERRED STOCK IN CHINA： OVERTHROW OF THE PRINCIPLE OF ＂EQUAL SHARES, EQUAL RIGHTS＂？ ——FROM A COMPARATIVE PERSPECTIVE

The principle of ＂equal shares, equal rights＂ was established by the Company Law of 1993 of the People＇s Republic of China. At the initial stage only issuance of common stocks was allowed and the issuance of preferred stocks was interpreted as prohibited. The Company Law of 2006 has changed the rigidity of provisions of the Company Law of 1993 and laid down the legal foundation for issuance of preferred stock. The Rule for Administration of the Pilot Project for Preferred Stocks released on March 21, 2014 by the China Securities Regulatory Commission started the issuance of the preferred stocks in the Chinese capital market. The establishment of the legal system for issuance of preferred stock in China is not the symbol of overthrowing the principle of ＂equal shares, equal rights,＂ but the expansion and development of the principle of＂equal shares, equal rights＂ in a new era.

A Legal Structure for Limiting the Agency Cost of Stock Rights Transfer

The unilateral disposition of stock rights＇ voting rights detracts from the welfare of the other shareholders. Contractual arrangements restricting or prohibiting the transfer of stock rights under the capital majority rule may infringe upon shareholders＇ fight of withdrawal, further weakening stock market constraints on senior management and indirectly raising the agency cost of management abuse of power for private ends. In creating a legal structure for stock rights transfer, we need to find an appropriate balance between freedom of contract, capital majority rule and reduction of agency costs. Judges should determine that the transfer of voting rights is invalid in order to ensure that voting rights match residual claim rights and maintain the constraints on senior management represented by shareholder voting rights. The general prohibition of stock fights transfer in the articles of association blocks shareholders＇ right of withdrawal; this is not conducive to restraining potential abuses of power on the part of senior management and should be made invalid. Judges must differentiate between long- and short-term contracts and the initial and revised clauses of the articles of association in order to distinguish between the efficacy of different arrangements limiting transfer of stock rights as laid down in the articles of association.

高管过度自信会影响股价崩盘风险吗?——基于并购溢价的实证研究

基于2010—2020年沪深A股上市公司进行实证研究,引入“并购溢价”这一中介变量,分析高管过度自信影响股价崩盘风险的作用机制。研究结果显示:高管过度自信程度越高,企业面临的股价崩盘风险越高;高管过度自信会显著提高企业并购溢价水平,从而加大股价崩盘风险发生的可能性。进一步分析发现,高管过度自信影响股价崩盘风险的作用机制在不同产权性质企业里的表现有所差异,相较于国有企业,这一作用机制对非国有企业的影响更为显著。基于此,提出减少高管过度自信、完善信息披露制度、抑制并购溢价、建立风险监测和预警机制等防范措施,以促进资本市场平稳健康发展。

存量建设用地再开发建设全民健身场地设施:动力来源、现实桎梏与推进路径

综合采用文献资料法、逻辑分析法等研究方法对存量建设用地再开发建设全民健身场地设施进行研究.给出存量建设用地再开发建设全民健身场地设施的概念与内涵,并分析其内在动力与外在动力.研究发现:再开发涉及土地产权转移,健身设施建设收益难分配;再开发政策法规尚不健全,健身设施建设监管难开展;再开发土地质量参差不齐,健身设施建设需求难满足;再开发模式资金来源单一,健身设施建设资金难保障.对于上述存在的现实桎梏,提出推进路径:明确土地产权归属,注重保护多方利益;完善相关政策法规,强化数字监测监管;坚持系统发展观念,满足社会多元需求;创新拓展融资渠道,保障项目资金需求.

股东失权的制度定位与规则适用——以新《公司法》第52条为中心

为确保公司资本真实充足,保障债权人合法权益,并解决股东违反出资义务所导致的公司僵局,新修订的《中华人民共和国公司法》第52条对《公司法司法解释三》的股东资格解除制度进行了深入改革。该条款正式引入了股东失权制度,作为股东违反出资义务的惩戒手段,与股东除名制度相比,股东失权制度更强调维护公司的资合性。但当前规则在适用条件、程序以及法律后果上仍存在争议及模糊之处。该文认为,股东失权制度在适用范围上应当包括货币与非货币的瑕疵出资;在适用程序上应由董事会作为发出催告通知与作出失权决议的主体,失权通知采用发出即生效的规则;失权股东有权通过提起股东异议之诉来寻求救济。对于失权股份的处理,则应首先考虑对失权的股份进行转让处理,无法转让的再进行减资处理。

产业政策会影响股价崩盘风险吗?——来自"五年规划"变更的经验证据

本文以2006-2015年我国A股上市公司为对象,采用PSM-DID双重差分实证分析的方法,对产业政策和股价崩盘风险的关系进行了分析,并辅以探究产权性质与市场化程度等因素在影响机制中扮演的角色。结果显示,在考虑控制组公司的情况下,产业政策实施后,处理组公司的股价崩盘风险显著增加;相比非国有企业,国有企业更容易受到产业政策的影响,增加股价崩盘的风险;产业政策对高市场化程度地区的股价崩盘风险影响更大。进一步分析表明,产业政策主要通过降低企业所得税税率来减少股价崩盘风险,企业所得税税率越高,股价崩盘风险越低。本研究不仅丰富了对股价崩盘风险形成机理的认识,也为产业政策对我国资本配置效率的影响提供了有力证据。

城市存量工业用地现状特征及更新优化策略——以土地发展权为视角

城市存量工业用地是推动城市工业经济发展的基础,土地发展权作为推进城市工业用地更新、解决城市工业用地更新困境的重要手段,为城市工业用地更新优化提供了新的观察视角与思考路径。文章以苏州市为研究范围,通过主体、空间和权益三个角度梳理苏州存量工业用地的现状特征,分析其问题所在,最后以土地发展权为视角提出城市工业用地更新优化策略,以期为城市存量工业用地更新提供新思考,促进更新工作的有效落实,推进城市工业用地的转型与发展。

农业上市公司大股东股权质押对盈余持续性的影响——基于内部控制质量中介效应

利用2010—2019年我国A股农业上市公司数据,构建中介效应模型进行回归,考察农业上市公司大股东股权质押和盈余持续性作用机制,研究表明:大股东股权质押行为对盈余持续性有显著抑制作用;大股东股权质押行为对内部控制质量有显著抑制作用;内部控制质量在大股东股权质押行为抑制盈余持续性过程中发挥部分中介作用。研究结果丰富了农业上市公司大股东股权质押的负面经济后果的研究理论,为增强投资者的决策能力和提高管理层的治理水平提供了理论依据,进一步补充内部控制质量的治理作用研究。

Differences of language learning beliefs of postg raduates and undergraduates

The Company Law of 1993 is important in protecting the interests of both companies and shareholders.But on stock right,it always arouses heated debate among scholars.Before the promulgation of New Company Law of 2006,varieties of theories of this issue have been formed.Through analyzing and refuting those theories,I try to clear the ambiguous definition by explaining the essence of right and comparing related right,so as to reach the conclusion that the stock right is only the changeable form of the ownership of shareholders.

塔里木油田矿权保护理念转变与管理转型升级

矿权是油气田企业的“生命线”,国家持续加大矿权管理力度,实行更加严格的区块退出机制,推行竞争性出让,国有油气企业面临更大的竞争压力和改革压力。深入了解油气矿权管理改革动向,深刻剖析存在的问题与挑战,对于国有油气企业改革管理、发挥自身优势、实现企业高质量发展意义重大。在系统梳理塔里木油田的勘探历程及矿权演变历程的基础上,分析油田公司矿权管理面临的挑战与形势,详细论述了塔里木油田主动适应矿权改革,创新管理实践,通过建章立制、矿权与勘探开发联动、精细盆地评价、加大信息化建设等方式,支撑矿权到期延续退减的方案编制及竞争性出让矿权的策略研究,有效激活存量矿权、积极拓展新矿权,形成了“进有据、退有序、管规范”的矿权管理新秩序。并基于企业矿权管理实践,研究提出探矿权到期政策要突出鼓励勘探发现、对探明储量集中区给与政策支持、完善矿权与用地政策的协调管理等3点建议,助力国内油气业务发展,保障国家能源安全。