Investments in rural land for agriculture, timber, and other natural resource purposes occur frequently and globally. Fundamental principles of liberty and property found in the United States of America’s (“US”) le...Investments in rural land for agriculture, timber, and other natural resource purposes occur frequently and globally. Fundamental principles of liberty and property found in the United States of America’s (“US”) legal system, from its origins to recent US Supreme Court decisions, continue to positively benefit holders of real estate in the Southern US, through a deep-rooted public policy of supporting private property rights and rural economic development. This stable rule of law enhances the long-term adaptability and sustainability of timberland as an asset class. This article is a commentary. It combines legal research methodology with the observations and conclusions of the authors. Its purpose is to demonstrate that the existence of alienable, documentable ownership, and related property rights create inherent stability and security. These principles form the basis of a culture that is defined by the rule of law and is “open for business.” This business mindset is particularly prevalent in the Southern US.展开更多
On the basis of analyzing cases of existing rural collectively owned profit-oriented construction land entering into trading market,this paper put forward several thoughts,introduced methods and paths for rural collec...On the basis of analyzing cases of existing rural collectively owned profit-oriented construction land entering into trading market,this paper put forward several thoughts,introduced methods and paths for rural collectively owned profit-oriented construction land entering into trading market,including reforming rural collective land property right system,cultivating new rural collective economy organizations,helping them to become market entities; improving various legal systems,making clear range of construction land entering into trading market; formulating scientific benefit allocation mechanism; establishing fair and transparent decision making mechanism.展开更多
This paper,taking the John Locke’theory of property as example,tries to prove that it is important to balance the pri ority between social significance and individual interest of property throughout the development o...This paper,taking the John Locke’theory of property as example,tries to prove that it is important to balance the pri ority between social significance and individual interest of property throughout the development of the western idea of property.展开更多
China ＂s state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evalua...China ＂s state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evaluates the effects of these changes by analyzing the efficiency of Chinese banks over the period 1998-2012 using two frontier techniques and comparative analysis. The findings suggest that the performance and technical efficiency of the Big Four banks improved considerably after property rights reform, but this improvement is not sufficient to keep the banks at the production frontier. Tobit regressions confirm that static ownership effects are negative but that the property rights reform has had significant and positive effects on the technical efficiency of state-owned commercial banks. GDP growth and the financial crisis have had positive effects on the efficiency of Chinese banks, which is more significant for joint stock commercial banks than state-owned commercial banks. The results indicate the value of ownership reforms of state-owned asset management companies and insurance companies and the establishment of a countercyclical capital buffer.展开更多
This paper is a case study based on the privatization of Guoguang Ceramics.It is found that,contrary to the thoughts of some scholars, corporation performance actually deteriorated,rather than improved under privatiza...This paper is a case study based on the privatization of Guoguang Ceramics.It is found that,contrary to the thoughts of some scholars, corporation performance actually deteriorated,rather than improved under privatization.We analyze ownership arrangements before and after privatization and find that private ownership arrangements still have deficiencies and are not necessarily better than state ownership arrangements.The existence of private benefits of control is the essential reason why performance had been deteriorating.Private benefits of control under state ownership come from the government’s multiple objectives of corporation control,whereas the benefits with private ownership lie on resources transferred from the corporation.Ta succeed in privatizing SOEs,it is essential that legal systems be strengthened to effectively oversee private benefits of control.展开更多
Editorial Note I Reform of state-owned enterprises (SOEs) has always been an important issue in economic and state policy circles.Through 30 years of reform,beginning in1978,China’s SOEs have achieved remarkable succ...Editorial Note I Reform of state-owned enterprises (SOEs) has always been an important issue in economic and state policy circles.Through 30 years of reform,beginning in1978,China’s SOEs have achieved remarkable success.展开更多
文摘Investments in rural land for agriculture, timber, and other natural resource purposes occur frequently and globally. Fundamental principles of liberty and property found in the United States of America’s (“US”) legal system, from its origins to recent US Supreme Court decisions, continue to positively benefit holders of real estate in the Southern US, through a deep-rooted public policy of supporting private property rights and rural economic development. This stable rule of law enhances the long-term adaptability and sustainability of timberland as an asset class. This article is a commentary. It combines legal research methodology with the observations and conclusions of the authors. Its purpose is to demonstrate that the existence of alienable, documentable ownership, and related property rights create inherent stability and security. These principles form the basis of a culture that is defined by the rule of law and is “open for business.” This business mindset is particularly prevalent in the Southern US.
文摘On the basis of analyzing cases of existing rural collectively owned profit-oriented construction land entering into trading market,this paper put forward several thoughts,introduced methods and paths for rural collectively owned profit-oriented construction land entering into trading market,including reforming rural collective land property right system,cultivating new rural collective economy organizations,helping them to become market entities; improving various legal systems,making clear range of construction land entering into trading market; formulating scientific benefit allocation mechanism; establishing fair and transparent decision making mechanism.
文摘This paper,taking the John Locke’theory of property as example,tries to prove that it is important to balance the pri ority between social significance and individual interest of property throughout the development of the western idea of property.
基金the Fulbright program and "985" project for financial support
文摘China ＂s state-owned banks have undergone radical changes over the past two decades, including partial privatization and listing in both the Hong Kong Stock Exchange and the Shanghai Stock Exchange. This paper evaluates the effects of these changes by analyzing the efficiency of Chinese banks over the period 1998-2012 using two frontier techniques and comparative analysis. The findings suggest that the performance and technical efficiency of the Big Four banks improved considerably after property rights reform, but this improvement is not sufficient to keep the banks at the production frontier. Tobit regressions confirm that static ownership effects are negative but that the property rights reform has had significant and positive effects on the technical efficiency of state-owned commercial banks. GDP growth and the financial crisis have had positive effects on the efficiency of Chinese banks, which is more significant for joint stock commercial banks than state-owned commercial banks. The results indicate the value of ownership reforms of state-owned asset management companies and insurance companies and the establishment of a countercyclical capital buffer.
文摘This paper is a case study based on the privatization of Guoguang Ceramics.It is found that,contrary to the thoughts of some scholars, corporation performance actually deteriorated,rather than improved under privatization.We analyze ownership arrangements before and after privatization and find that private ownership arrangements still have deficiencies and are not necessarily better than state ownership arrangements.The existence of private benefits of control is the essential reason why performance had been deteriorating.Private benefits of control under state ownership come from the government’s multiple objectives of corporation control,whereas the benefits with private ownership lie on resources transferred from the corporation.Ta succeed in privatizing SOEs,it is essential that legal systems be strengthened to effectively oversee private benefits of control.
文摘Editorial Note I Reform of state-owned enterprises (SOEs) has always been an important issue in economic and state policy circles.Through 30 years of reform,beginning in1978,China’s SOEs have achieved remarkable success.
