Analysis on Ecological Benefits of Urban Wetlands and Protection Measures with a Case of Nansha Wetland

Nansha wetland plays a crucial role in ecological balance of the Pearl River Delta or even Guangzhou. The research, based on researches available, analyzed ecological benefits of Nansha wetland and proposed protection measures in order to better protect urban wetlands and achieve sustainable development of ecological resources of Nansha wetland.

Protective benefit of folded linear HDPE board sand fences along the Golmud-Korla Railway,China:Field observation and wind tunnel study

The Milan Gobi area of the Golmud-Korla Railway in northwest China is located in the lower dispersal area of the mountain pass and has strong winds with evident double wind direction characteristics.This study introduced a novel sand fence deployment technique,termed‘folded linear deployment',designed to position the sand fence orthogonally to the two predominant wind directions for optimal protection.This study used wind tunnel and field tests to evaluate the wind and sand flow characteristics,as well as the windproof and sandresistant performance of folded linear HDPE(Highdensity polyethylene)board sand fences.The results suggest that the airflow around the fence creates clear zoning characteristics.The deceleration area on the BSF(backwind side of the sand fence)is much larger than that on the DSF(downwind side of the sand fence).Thus,sand particles are primarily deposited on the BSF.At different wind speeds,the airflow at 2 and 5 h on the DSF is not disturbed.The WSP(wind speed profile)presents a logarithmic distribution.The airflow is disturbed at 1-20 h on the BSF,and the WSP gradually deviates from the logarithmic law.However,as the airflow moves away from the fence,the WSP gradually approaches a logarithmic distribution.Meanwhile,the WPE(windproof efficiency)and SRE(sand-resistant efficiency)of the sand fence exceed 80%.In addition,the results of wind tunnel tests are compared with those of field tests.The overall dispersion is good,and the best dispersion is found at z/H=2.00,indicating good agreement between the two test results.This study provides a scientific basis for the design of sand hazard control measures,similar to the railway project in the Gobi Gale area.

Economic Analysis on Protection of Farmers' Benefits Based on Market of Agricultural Means of Production and Agricultural Products

Influenced by many factors,farmers remain very unfavorable position in market transaction and thus fail to ensure their reasonable benefits.In accordance with basic theory of microeconomics,this paper analyzes mutual relation between market of agricultural means of production and agricultural product market,compares economic decisions of agricultural means of production enterprises and agricultural product circulation service providers in monopoly condition and perfect competitive market,expounds influence of monopoly position of agricultural means of production enterprises and agricultural products service providers on economic benefits of farmers,and elaborates weak position and economic damage of farmers in transaction with various economic entities.Through analysis,it further recognizes necessity for protection of farmers'benefits and puts forward corresponding countermeasures:(1)regulating providers of agricultural means of production;(2)strengthening construction of agricultural product market circulation system;(3)improving organization of farmers;(4)setting up and improving production subsidy system of farmers.

China's New Tax System Benefits Foreign Investors

To meet the requirements of a socialist market economy and overcome the inherent sharp contradictions of the former taxation system, China began reforming the structure of its tax system this year. The structural reform has been carried out under theguidelines of unifying the tax law, creating equal treatment, simplifying the tax system, building up a rational tax revenue sharing system, redressing distribution relationships, standardizing the mode

Does investor protection affect the choice of earnings management methods through real activity manipulation and accrual manipulation？ Asian comparison

This paper examines systematic differences in earnings management through real activity manipulation and accrual manipulation across 7 Asia countries. The study proposes arguments that in economies with high investor protection, managers prefer to manage earnings through real activity manipulation rather than through accrual manipulation because accrual manipulation is more likely to draw auditors or regulators scrutiny than real decisions about pricing and production. The study findings are consistent with prediction. Despite being in economies with high investor protection, managers still have bigger discretion in managing earnings through real activities rather than accrual manipulation.

Investor Protection, Deviation of Local Accounting Standards From IFRS, and the Effectiveness of the IFRS Adoption

The objective of this study is to examine the effect of accounting standards and investor protection on value relevance of earnings and book value of equity among European Union countries during the years 1999-2007. The results indicate that the adoption of International Financial Reporting Standards [IFRS] leads to improvement in value relevance, particularly on earnings. We also examine the impact of investor protection and the deviation of local accounting standards from IFRS on the effectiveness of the IFRS adoption. The results show supporting evidence for investor protection but inconclusive evidence for accounting standard deviation. However, additional analysis indicates that the countries which apparently benefit from adopting IFRS are those with high deviation of local accounting standards from IFRS and high investor protection. The findings imply that adopting IFRS alone cannot improve value relevance of accounting information, but standard setters and regulators need to strengthen their investor protection mechanisms in order to improve the quality of accounting information.

Investor Protection,Ownership Structure and Corporate Valuation

The purpose of this paper is to investigate the relationship between investor protection, ownership structure and corporate valuation. La Porta showed that there existed a simple linear relationship between corporate valuation and the holding percentage of controlling shareholders. But recent empirical evidence does not support it. A nonlinear relationship is proved between ownership structure and corporate valuaton by relaxing the assumption of La Porta＇s model in this paper. There exists a positive relation between investor protection and corporate valuation. Our empirical research shows that this relation is significantly positive indeed.

Tunneling, overlapping owner and investor protection： Evidence from merger and acquisition in Asia

Tunneling is to describe transfer resource out of the firm for benefit of their controlling shareholders. Better legal protection and stronger social norms improve minority shareholders＇ protection from expropriation. They consequently reduce the private benefits of controlling shareholders （La Porta, 1999）. This study aims to investigate tunneling in the context merger and acquisition （M＆A） and to examine whether tunneling occurs only in emerging markets with poor law enforcement or whether it also occurs in developed countries. This study documents that managers are more likely to overpay target in merger and acquisition with high overlapped owner which have stakes in bidder and target firm. That overpayment, a transfer of wealth from owners of bidder＇s firm to overlapping owners, is a type of tunneling. This study concludes that tunneling occurs in nations not only with low investor protection, but also with high investor protection.

Feasibility of Protection Zones for Water Resources in Arid Areas: Case Study;Duyuk Nueimah Shosa Springs, Jericho, Palestine

Urbanization and different human-economic activities put increasing pressure on the ground water quality, which is considered as the main drinking water resources in Palestine. Protecting the spring water resources in Palestine is one major issue for the continuity of the availability of the water resources. An economic feasibility study was conducted for the Nuewimah-Shosha-Dyuk spring system in order to assess the economical factor for the induced methodology of the protection zones. The spring system has multiple users from different sectors (i.e., domestic, agriculture, commercial and public use) and multi-year cost benefit analysis technique used to show the feasibility of water protection zones on the long run. The study shows that even in arid areas in Palestine, small quantities are derived from springs-implementation of water protection zones is still feasible;the results of this study emphasize on importance and feasibility of water resources protection zones.

全面注册制下投资者保护的制度逻辑与发展方向

证券法无论采用发行核准制抑或注册制,都以保护投资者为立法宗旨。不同于核准制下的父爱主义保护元素,注册制表达的是“卖者尽责”下的“买者自负”理念,提高了资本形成效率,弱化了前端行政审核。全面实行注册制下投资者保护的制度逻辑发生转变,需要根据证券发行市场化的特点,结合证券发行、交易和责任的逻辑关系,重新梳理投资者保护的制度体系,明确投资者保护制度的发展方向:在前端,应当以证券发行信息披露为核心,强化发行人在信息披露中的第一责任人地位,避免证券监管机关过度介入证券发行,督促保荐人等中介机构切实履行“看门人”职责;在中端,应当引入“证券市场透明度”目标,形成“身份透明”“交易前透明”和“交易后透明”的交易机制,夯实证券市场公平交易的基础;在后端,则应完善证券执法结构,提升证券执法效率,提升民事救济措施的有效性。

投服中心行权会影响企业劳动投资效率吗?——来自中国上市公司的经验证据

中证中小投资者服务中心(以下简称“投服中心”)推出的持股行权政策是资本市场的重要制度创新,为解决中小投资者保护难题提供了政策思路。基于2014—2020年中国A股上市公司数据,构建多期双重差分模型检验了投服中心行权对企业劳动投资效率的影响。研究发现,投服中心行权能够显著提升企业劳动投资效率。机制检验结果显示,投服中心行权通过降低信息不对称和缓解代理问题进而提升企业劳动投资效率。异质性分析结果表明,在劳动投资不足、治理水平较低的企业中,以及行权方式为专项行动、股东大会和网上行权时,投服中心行权对企业劳动投资效率的提升效应显著。进一步研究发现,投服中心行权通过提升劳动投资效率,提高了企业业绩和企业价值。因此,应充分发挥投服中心行权对企业劳动投资效率的提升作用,提高公司治理水平,以保护中小投资者合法权益。

交易所问询监管与股权融资成本--基于投资者风险感知视角

本文以2013—2021年中国沪深A股上市公司为样本,从投资者风险感知视角实证检验交易所问询监管对股权融资成本的影响。结果显示:公司收到定期报告问询函后股权融资成本显著上升,并且同年收到定期报告问询函数量越多、同一份定期报告被问询次数越多、定期报告问询函中的问题总数量越多,股权融资成本上升幅度越大,说明交易所问询监管会增加投资者的风险感知,进而导致股权融资成本升高。异质性检验结果显示,当投资者专业能力较强、交易风险较大、市场化程度较低和审计质量较低时,投资者对定期报告问询函所披露风险的感知能力更强,交易所问询监管对股权融资成本的正向影响更大。进一步研究发现,作为一种非处罚性监管,交易所问询监管是处罚性监管的有力补充,二者都具有良好的市场监管效果。本文的研究结论为证券监管部门依法保护投资者合法权益和防范市场风险提供了政策参考。

数智审计法律责任的适用困境与纾解展望

审计行业积极推动审计数智化转型,将以数字化和智能化为特征的人工智能系统应用于审计活动。人工智能系统的复杂性、自主性和不透明性,可能使现行审计侵权责任制度面临责任主体界定、归责原则适用以及过失认定三方面的困境。破解困境的逻辑起点应是明确人工智能系统的法律客体地位,在对人工智能系统审计造成损害进行归责时,将侵权责任压实至会计师事务所,并沿用过错推定原则以减轻受损投资者的举证负担。数智审计新形势下,对审计人员的过失判断标准应有所变革,适度提升其注意义务标准,以与审计准则预期变动相协调,以审计人员所能提供的仍是一种合理保证为前提,构建以整体审计人员共有的一般理性为基准的新判定标准。

监管型小股东对股价同步性的影响研究

基于2016年2月中证中小投资者服务中心(简称投服中心)持股行权试点的研究场景,采用双重差分法考察投服中心对公司股价同步性的影响。研究发现:作为监管型小股东,投服中心持股行权降低了公司的股价同步性。进一步地,投服中心对股价同步性的影响在分析师关注度较低、媒体报道较少时更显著。机制检验显示,投服中心成立后上市公司的信息披露质量提高,管理层业绩预告质量改善,产生了信息效应;投服中心行权引起媒体和监管部门的关注,可减少大股东的利益侵占行为,提高中小股东参与股东大会的积极性,发挥出治理效应。

Private Benefits of Control,Growth Opportunities and Investor Protection

We develop a model to illustrate that controlling shareholders choose the level of investor protection that maximizes their own interests. Controlling shareholders in companies with complicated control structures can easily extract private benefits and are thus reluctant to enhance investor protection which would necessitate increased transparency. In contrast, controlling shareholders in companies with valuable growth opportunities are willing to improve investor protection so that they can benefit from the increased value resulting from the lower cost of capital. We test this prediction using firm-level data in China. The results show that the level of investor protection increases with decreases in control structure opacity and increases in growth opportunities. The correlation is more significant for enforcement than for the mechanisms of investor protection.

代位清偿中债务人保护的困境与优化路径

代位清偿涉及多方利益平衡,从法理和价值角度可以论证债务人保护的正当性。虽然《民法典》第524条规定了代位清偿的规则,但是涉及债务人保护的规范并不明确,存在如何适用相关规范的现实困境。代位清偿限制包括法定限制和约定限制,结合法定限制的目的区分公共利益和私人利益进而决定对债务人的保护程度;考虑到多方利益之间的平衡,约定限制只能采取明示形式。通知规则作为保护债务人的方式,明确通知规则在代位清偿中对债务人的保护为对抗主义的模式;通知的主体不仅包括债权人,第三人满足一定条件也可以发出通知。抗辩和抵销规则的适用可以有效保护债务人利益,抗辩分为实体抗辩和程序抗辩,债务人主张抗辩的时间点以通知时间为准;抵销的法律效果并不具有溯及力,而是采纳通知生效的规则,迟延利息和违约金仍应计算。

权益区分理论下数据法益保护模式

大数据时代各种数据权益保护学说值得进一步反思与检讨。数据权益保护问题在我国既有规则体系内完全能够得到妥善解决。因数据的非排他性与权利的排他效力间的根本冲突,数据权益难以被纳入绝对权或相对权中进行保护,而各类新型数据权利混淆了权利在民法体系中的定位,忽视了体系功能,甚至阻遏数据的共享与流通。从体系逻辑、制度调适成本与数据治理全球发展方向来看,数据权益应当被纳入法益保护模式中。数据法益保护应以事实控制状态为基础,将数据权益直接归属于事实控制人,保护范围以各个主体享有的事实利益范围为限。数据产权分置政策应经法律解释还原为数据法益归属确认的基础前提与数据主体行为规范的设计方向。

基于共生理论的农业文化遗产社区性保护研究

农业文化遗产的社区性保护是促进农业可持续发展、实现乡村振兴战略目标的关键路径之一,对于提升农业价值、促进农村可持续发展和增强农民福祉具有重要意义。以共生理论为分析框架,从农业文化遗产社区性保护的共生单元、共生界面、共生模式及共生环境四个维度探讨农业文化遗产社区性保护面临的挑战和困境,构建农业文化遗产社区性保护的共生体系,阐释农业文化遗产社区性保护的内在机制,进而提出农业文化遗产社区性保护的策略与路径。研究发现,正确处理保护与开发的关系、构建有效的参与机制来激发社区的创新活力、合理促进产业融合以及创造支持性的外部条件,是推动农业文化遗产社区性保护向前发展的关键所在。

中小投资者法律保护与资本市场稳定——来自投服中心持股行权试点的经验证据

本文基于中证中小投资者服务中心持股行权试点政策的实施,实证检验中小投资者法律保护如何防范公司的股价崩盘风险。研究发现,试点政策实施后试点省份上市公司的股价崩盘风险平均下降15.997%~21.833%,并证实结论是稳健可靠的。异质性分析显示,企业控股股东和中小股东之间的代理冲突越大、企业诉讼风险越高以及所在地区的市场和法治环境越好时,试点政策降低企业股价崩盘风险的作用越明显。进一步的机制检验表明,试点政策通过公司信息披露质量和治理水平两个渠道作用于股价崩盘风险。本研究为完善我国中小投资者法律保护制度,促进资本市场高质量发展,防范系统性金融风险以及维护金融稳定具有一定的实证参考价值。