This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of informatio...This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of information disclosure bylisted state-owned enterprises.We report several findings.(1)The likelihoodthat listed state-owned enterprises would issue financial restatements and participate in financial fraud decreased significantly in areas selected for pilotimplementation.(2)The governance effect is stronger in regulated industriesthan in unregulated industries.After the pilot implementation,the agencycosts decreased,and the increase in legal litigation risks related to false statements faced by enterprises played a deterrent effect.(3)The significance of theabove results is stronger when a company’s external and internal governanceare weaker.This study provides both new evidence of the effectiveness of theintegrated governance mechanism and inspiration for future efforts to widelyimplement this mechanism in the capital market.展开更多
Internet courts in the 1.0 era achieved initial success in"online trial"and facilitation of the people's access to judicial services,yet lacked the particularity that special courts should have in terms ...Internet courts in the 1.0 era achieved initial success in"online trial"and facilitation of the people's access to judicial services,yet lacked the particularity that special courts should have in terms of organization,cases and procedures,making them difficult to fulfill the function of governance of network society.Compared with rule and management,governance has the features of decentralization,broad scope,and co-construction of rules.Features of network society are in line with the structure of social governance theory.To fulfill their function of governance of network society,internet courts in the 2.0 era,as the integrator of multiple centers and cyberspace as well as the analyzer of internet rules,need to improve in terms of organization,cases and procedures:In terms of organization,consider upgrading internet courts to be intermediate courts and identifying them as cross-region courts in cyberspace;in terms of cases,redefine the essence and extension of"online cases"with elements including wholly cyberspacerelated civil and commercial dispute resolution,new business format management on internet platforms,and governance of data-related rights;and in terms of procedures,improve Internet courts'case selection procedures,judgement effect extension procedures,investigation procedures for independent evidence collection of internet cases,and automatic enforcement procedures ensuring the instant enforcement of judgment,so as to promote a mature and complete legal framework for cyberspace governance.展开更多
It isn’t often that officialdom helps fi-nance a businessperson’s court fees in a lawsuit where it is the accused.But that is exactly what happened in Chenghua District Chengdu,capital of Sichuan Province,where the ...It isn’t often that officialdom helps fi-nance a businessperson’s court fees in a lawsuit where it is the accused.But that is exactly what happened in Chenghua District Chengdu,capital of Sichuan Province,where the local government recently took the sur-prising action of assisting plaintiff and auto parts manufacturer Gu Kui in fighting a court battle to sue itself.展开更多
基金We appreciate the comments from seminar participants at the Deloitte Touche Tohmatsu-Fudan Accounting Forum(2022).We are also grateful for the helpful comments and suggestions from Zhifeng Tong.The authors acknowledge financial support from the National Natural Science Foundation of China(grant numbers:72272132,71872048)the Natural Science Foundation of Guangdong Province(grant number:2024A1515011061)the Funding by Science and Technology Projects in Guangzhou(project number:2024A04J3765).Professional English language editing support provided by AsiaEdit(asiaedit.com).
文摘This paper explores the positive governance effects of the Procuratorate’s Public Interest Litigation System in China,which combines the powers of litigationand administrative supervision,on the quality of information disclosure bylisted state-owned enterprises.We report several findings.(1)The likelihoodthat listed state-owned enterprises would issue financial restatements and participate in financial fraud decreased significantly in areas selected for pilotimplementation.(2)The governance effect is stronger in regulated industriesthan in unregulated industries.After the pilot implementation,the agencycosts decreased,and the increase in legal litigation risks related to false statements faced by enterprises played a deterrent effect.(3)The significance of theabove results is stronger when a company’s external and internal governanceare weaker.This study provides both new evidence of the effectiveness of theintegrated governance mechanism and inspiration for future efforts to widelyimplement this mechanism in the capital market.
基金This article is the mid-term research result of the project"Systematic Research on Types of Litigation"of the National Social Science Fund of China(No.20BFX085).
文摘Internet courts in the 1.0 era achieved initial success in"online trial"and facilitation of the people's access to judicial services,yet lacked the particularity that special courts should have in terms of organization,cases and procedures,making them difficult to fulfill the function of governance of network society.Compared with rule and management,governance has the features of decentralization,broad scope,and co-construction of rules.Features of network society are in line with the structure of social governance theory.To fulfill their function of governance of network society,internet courts in the 2.0 era,as the integrator of multiple centers and cyberspace as well as the analyzer of internet rules,need to improve in terms of organization,cases and procedures:In terms of organization,consider upgrading internet courts to be intermediate courts and identifying them as cross-region courts in cyberspace;in terms of cases,redefine the essence and extension of"online cases"with elements including wholly cyberspacerelated civil and commercial dispute resolution,new business format management on internet platforms,and governance of data-related rights;and in terms of procedures,improve Internet courts'case selection procedures,judgement effect extension procedures,investigation procedures for independent evidence collection of internet cases,and automatic enforcement procedures ensuring the instant enforcement of judgment,so as to promote a mature and complete legal framework for cyberspace governance.
文摘It isn’t often that officialdom helps fi-nance a businessperson’s court fees in a lawsuit where it is the accused.But that is exactly what happened in Chenghua District Chengdu,capital of Sichuan Province,where the local government recently took the sur-prising action of assisting plaintiff and auto parts manufacturer Gu Kui in fighting a court battle to sue itself.
