Political Connection, the Nature of Property Rights, and Enterprise M＆A Performance——Empirical Study based on the Panel Data of Listed Companies

Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, while M＆A performance is an important index to measure if enterprise M＆A is successful. In this paper, the influence of entrepreneurs＇ political connection on the M＆A driving factors and M＆A efficiency of the enterprises with different property rights are analyzed using 357 mergers and acquisitions of China＇ s 189 listed companies in 2005-2011 as samples based on the distinction between political connection and the nature of enterprise property rights. The results show that the political connection plays a very significant positive influence on the M＆A performances of the central state-owned enterprises and private enterprises, but exerts a very significant negative influence on the local state-owned enterprises; the intensity of entrepreneurs＇ political connection also plays a certain influence on enterprise merger and acquisition, and the central political connection and the local political connection are significantly different in the influence on the enterprise M＆A performance.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Brief Analysis on the Right of Privacy in a Perspective of Law and Economic

The development of the technology of network had been of great convenience to get access to information. However, it was undeniable that a bad phenomenon had become even more and more serious that others＇ information would be obtained by illegal means, and the research on the protection of privacy had increasingly aroused people＇s concern. The right of privacy not only had the usually outside personality characteristics, but also had a certain characteristics of property. This paper had attempted to study the right of privacy from the perspective of law and economics by interpreting the property in the right of privacy, in order to perfect the protection system of privacy in our country.

A National Governance Perspective on the Transformation of Rural Property Rights： The Chinese Experience

Property rights have multiple attributes, and these are correlated with national governance. In the West, property rights have the economic function of maximizing efficiency and the political function of rights protection, but in China, they also have a strong social character. With the modernization of national governance, these functions interact with and transform each other. When the state＇s ability to supply public goods is relatively weak, property rights take on more of a social character, meeting public demand for welfare at the grassroots level. When the state is better able to provide public goods, the social function of property rights lessens as their economic function grows. The social character of property rights was the institutional foundation for China, as a huge agrarian state, to realize ＂governance through inaction,＂ and at the same time was the secret key that could break the code to the millennial continuity of Chinese agrarian civilization. Reforms including the collectivization of rural property rights after 1949, the ＂separation of two rights＂ （to collective ownership and household contracted land, with a focus on the latter）, and the ＂separation of three rights,＂ （to collective ownership, household contracts and revitalized land management）. These changes constitute a process in which the economic function of property rights has been growing while their social character has lessened under conditions of national governance modernization.

构建中国航天器物权法律制度的功能考察与立法研究

A legal regime for property rights of spacecraft in China is of great significance for expanding new-types of international collaboration and promoting commercial space development in China.China has so far yet to establish the relevant legal regime that governs the property rights of spacecraft,this has therefore resulted in the lack of rule and fundamental law with respect to domestic commercial space development and international space collaboration.In contrast,under legislation,the legal regime of property right registration for commercial spacecraft was introduced by Congress in the United States of America(the U.S.A.)in 1984.This effectively promoted the commercial space development in the U.S.A.Similarly,the Civil Code of the People’s Republic of China(effective as from January 1,2021)has specified a legal regime of property right registration for aircraft and ships thereby having effectuated the flourishing development of China’s aviation and maritime industries.Constructing a legal regime for the property rights of spacecraft in China is meant to include but not be limited to the establishment of registration regime of property rights,a distinct regime of ownership,and a registration regime for mortgage and financial leasing in connection with spacecraft.It is recommended that establishment of the registration and exchange centers for property rights of spacecraft be considered in the cities of Beijing and Shanghai.These would operate as centers managing the property right registration and transaction settlement associated with spacecraft along with their effective payloads so as to create the formation of a transaction mechanism for domestic spacecraft and their effective payload applications,thus providing a legal basis for activities such as financing,investment and transfer of ownership,involving spacecraft developed in China.This would drive China’s aerospace industry to be better integrated with the global aerospace market.Formation of a registration regime for property rights of spacecraft in China is advised to take into account a variety of legislation modus such as mandatory registration,optional registration,a mechanism taking effect as a result of registration or against a third party as a result of registration or with a coverage of certain crucial legislative aspects specifically the registration body,registration subject,registration type,validity of registration,types of right,etc.

Theory of property rights： comparing Marx with Coase

Marx used a completely new proletarian world outlook to construct the main body of the theoretical edifice of property rights. Property rights are the legal form of ownership. As a relationship of legal rights of the property form, property rights are not only a relationship between two wills which reflects economic relationships but also a product of history, belonging to the category of history and assuming the form of history. Marx made a special effort to study capitalist property relations, that is, on the basis of revealing the opposition between capital and wage labor in the economic field, he sought to describe the value-added process as ownership relations and a process of appropriation in terms of the law and the theory of property rights, involving the integration and separation of various powers such as ownership, right of possession, right of use, right of disposal, right of operation, right of demand and right of inheritance. In this way he proved the class opposition in capitalist property relations and the system of property rights. The changing direction from ＂passive sublation＂ to ＂active sublation＂ revealed by Marx clearly shows the historical inevitability and long-term developmental trend of the substitution of public economic and judicial relations for the capitalist relations of production and system of property rights.

Study on Water Pollution and Control in China

In recent years, water pollution has become increasingly serious in China. Meanwhile, decrease of water bodies in quality, frequent pollution incidents, safety of drinking water and water shortage have become prominent day by day. However, water pollution can not be controlled effectively. To clear underlying reasons for increasingly worsening water environment, the external effects of pollution behavior and fictitious property right of pollution control bodies were analyzed using property right theory, and then internal reasons for serious water pollution were discussed. Fi- nally, control measures of water pollution were put forward.

Customer Concentration and Corporate Social Responsibility——An Empirical Study Based on Chinese Agricultural Listed Companies

Taking the agricultural companies listed in the A-share markets in Shanghai and Shenzhen as samples,the relationship between customer concentration and corporate social responsibility was studied. In addition,the regulatory role of property rights and regional factors was examined. The results showed that the degree of customer concentration is negatively related to the degree of fulfillment of corporate social responsibility; for companies with different property rights and regions,there are significant differences in the influence of customer concentration on corporate social responsibility. In non-state-owned enterprises and mid-western areas,customer concentration has a greater impact on corporate social responsibility.

Top Executive Turnover and Finn Performance Evidence From China

By using the data of the listed companies in Shanghai and Shenzhen stock market---a share market as a sample from 2003 to 2007 to analyze the relationship between corporation performance and top executive alteration, different succession modes get different efficiency. The result shows that： The decline of company performance will cause the top executive turnover, and that the possibility of top executive turnover in non-state-owned listed companies is higher than that of the state-owned companies. In the routine turnover sample, the performance level of the internal succession is better than that of the external succession. In the non-routine turnover sample, the results are reversed. For further analysis, the main sources of the improvement for performance are items of below-the-line and non-recurring profit and loss, rather than the company＇s operating revenue.

An Empirical Study on CEO’s Academic Experience and Financing Constraints-Taking Shanghai and Shenzhen A-Share Listed Companies as Samples

Taking A-share listed companies in Shanghai and Shenzhen from 2007 to 2018 as samples,this paper analyzes the influence of CEO’s academic experience on corporate financing constraints.The empirical results show that there is a negative correlation between CEO’s academic experience and enterprise financing constraint level.Compared with state-owned enterprises,the academic experience of CEO in private enterprises is significantly negatively correlated with the level of corporate financing constraints.It also suggests that CEO’s academic experience can significantly reduce the level of financing constraints in the company samples audited by accounting firms(not Big 4).The conclusion of this paper is helpful to enrich the research of manager characteristics and corporate governance.At the same time,the research in this paper has reference significance for enterprises to ease the level of financing constraints.

Monetary policy,government control and capital investment:Evidence from China

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different institutional environments. Second, we investigate the impact of monetary policies on stateowned enterprises(SOEs) with different property rights structures. Third, we examine how political connections can influence the action-propagating mechanism of monetary policies. We conclude that in China monetary policies have different effects on SOEs and on private enterprises with or without political connections. Specifically, local government interventions can significantly weaken and distort the effects of monetary policies, such that the intended reduction in investment is noticeably alleviated for SOEs and private enterprises with close links to local governments.