Modem enterprise theory defines onterprise's ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be ar...Modem enterprise theory defines onterprise's ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise (SEE) goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise's residual risks (when the residual income is negative). When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks' bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.展开更多
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
The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appear...The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appears after the class, the state and the equity title. The contents that are involved in the research on the theory and the practice of property fight of market are extensive, including a lot of aspects such as its key theory, the relation between market economy and international competitiveness, etc. Therefore, the research on the property right of market has very important theoretic and practical significance.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
In recent years,experiments on land trusts(xin tuo)have been made in the rural areas of China.To better understand such practice,this research identifies four case studies based on their operational structures and div...In recent years,experiments on land trusts(xin tuo)have been made in the rural areas of China.To better understand such practice,this research identifies four case studies based on their operational structures and divides them into government-led models and market-led models.The government-led models include the Yiyang Model in Hunan Province,and the Longgang Model in Hubei Province.The market-led models include the Suzhou Model in Anhui Province,and the Golden Field Series Model in Jiangsu Province.This paper compares their profit-sharing mechanisms with specific attention given to the incentives for the villagers.Findings suggest that the villagers’profits are limited in both models.The government-led models concern less about profits but more on reusing the desolated agricultural land.The market-led models are profit-driven therefore tend to exclude the villagers from the profit-sharing process.展开更多
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,...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.展开更多
As shown in the many disputes occurring in reforms to collective forest tenure, reforms aimed at clarifying property rights that follow the contract responsibility system for arable land are not wholly compatible with...As shown in the many disputes occurring in reforms to collective forest tenure, reforms aimed at clarifying property rights that follow the contract responsibility system for arable land are not wholly compatible with the informal system of property rights followed in village communities up to the present. This highlights the fact that the existing theory of collective property rights no longer provides a sufficient or effective interpretation of the property rights game in the practice of collective forest tenure. Further, the existing institutional arrangements for collective property rights are conducive neither to the resolution of disputes over forest tenure nor to the sustainable management and utilization of forest land. Therefore, it is necessary to develop a more inclusive analytical framework for rural property rights: village communal ownership. This highlights the village community as the main force in the practice of property fights and integrates the communal ownership values accumulated and inherited in the course of village transition. The introduction of a rational mechanism developed through the practice of village communal ownership may be able to further improve and encourage the reform of rural property fights in China, leading to the construction of a modem system of rural property rights involving clear title to the land.展开更多
文摘Modem enterprise theory defines onterprise's ownership through the concepts of residual rights of control and claim to residue. It also believes that when they are in homologous, the ownership of enterprise can be arranged in the best place. When the enterprise is under normal run, shareholders are its owner, but when it goes into bankruptcy, claimers should take place of shareholders becoming the owner of the enterprise. But in China, the ownership of state-owned enterprise (SEE) goes into double misplaces. Management controls the enterprise under the normal run, which leads salaries to seize the earnings and share equities. The state who acts as the shareholder not only lessens investments but also fixes its earnings as much as possible. It gives up the claim to residue, which leads claimers to bear the enterprise's residual risks (when the residual income is negative). When the enterprise goes into bankruptcy, as the shareholder, the state determines whether it can exist or not in order to maximize its own utility. Rights of claimer are being seriously damaged as they can be manipulated freely in the enterprise. Banks' bad debts are also in an extremely high level. In this article, the author will establish a model and use the relative data to do technical analysis.
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The property fight of market is a foundation, on which various kinds of micro tangible property rights and intangible property rights exist and realize, and as an economic category, the property right of market appears after the class, the state and the equity title. The contents that are involved in the research on the theory and the practice of property fight of market are extensive, including a lot of aspects such as its key theory, the relation between market economy and international competitiveness, etc. Therefore, the research on the property right of market has very important theoretic and practical significance.
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.
文摘In recent years,experiments on land trusts(xin tuo)have been made in the rural areas of China.To better understand such practice,this research identifies four case studies based on their operational structures and divides them into government-led models and market-led models.The government-led models include the Yiyang Model in Hunan Province,and the Longgang Model in Hubei Province.The market-led models include the Suzhou Model in Anhui Province,and the Golden Field Series Model in Jiangsu Province.This paper compares their profit-sharing mechanisms with specific attention given to the incentives for the villagers.Findings suggest that the villagers’profits are limited in both models.The government-led models concern less about profits but more on reusing the desolated agricultural land.The market-led models are profit-driven therefore tend to exclude the villagers from the profit-sharing process.
文摘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.
基金an interim achievement of the Humanities and Social Sciences Research Program of the Ministry of Education entitled"Research into the Forest Land Transfer Model and Performance Estimate for the New Collective Forest Tenure System Reform"(Licensed No.09YJA840027)a key project funded by the National Social Science Fund entitled"Research into China’s Collective Forest Tenure System Reform"(Licensed No.09&ZD045)
文摘As shown in the many disputes occurring in reforms to collective forest tenure, reforms aimed at clarifying property rights that follow the contract responsibility system for arable land are not wholly compatible with the informal system of property rights followed in village communities up to the present. This highlights the fact that the existing theory of collective property rights no longer provides a sufficient or effective interpretation of the property rights game in the practice of collective forest tenure. Further, the existing institutional arrangements for collective property rights are conducive neither to the resolution of disputes over forest tenure nor to the sustainable management and utilization of forest land. Therefore, it is necessary to develop a more inclusive analytical framework for rural property rights: village communal ownership. This highlights the village community as the main force in the practice of property fights and integrates the communal ownership values accumulated and inherited in the course of village transition. The introduction of a rational mechanism developed through the practice of village communal ownership may be able to further improve and encourage the reform of rural property fights in China, leading to the construction of a modem system of rural property rights involving clear title to the land.