This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corp...This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.展开更多
This study accentuates the differences in the ways in which Ottoman women, Muslim and non-Muslim, used the Islamic courts. In some regions Ottoman women went to the courts on their own while in others they relied on m...This study accentuates the differences in the ways in which Ottoman women, Muslim and non-Muslim, used the Islamic courts. In some regions Ottoman women went to the courts on their own while in others they relied on male representatives to enter into transactions or litigate on their behalf. Studies treating Islamic court records as uniform in shape and content have offered conflicting conclusions about the status of women in Ottoman society. This study demonstrates that a number of geographic and temporal variations affected women＇s access the courts, significantly affecting their legal status in the period of 1550-1650.展开更多
The 4th Session of the Twelfth National People＇s Congress of the People＇s Republic of China held a plenary meeting on March 16,2016,and adopted the Charity Law of the People＇s Republic of China,as the first charity...The 4th Session of the Twelfth National People＇s Congress of the People＇s Republic of China held a plenary meeting on March 16,2016,and adopted the Charity Law of the People＇s Republic of China,as the first charity law in China,it shall come into force on September 1,2016,展开更多
In October 25, 2013, the Standing Committee of the National People＇s Congress made a decision on revising the ＂consumer rights protection law＂ of PRC. The new revised ＂Chinese Consumer Protection Law＂ China consu...In October 25, 2013, the Standing Committee of the National People＇s Congress made a decision on revising the ＂consumer rights protection law＂ of PRC. The new revised ＂Chinese Consumer Protection Law＂ China consumers will take consumer cooling-off period system as an important consumer right.2 Because it is a new system different from traditional civil law ＂principle of obeying compacts＂ , and the theoretical research on the calm period by scholars is still not mature enough. This paper discusses the consumer cooling off period from the theoretical perspective, and its legal origin, and puts forward and demonstrates legal principles and the legal basis the cooling off period system should follow.展开更多
The nineteenth session of the Standing Committee of the Eleventh National People＇s Congress in February 25, 2011 approved the ＂PRC Criminal Law Amendment （eight）＂, which for the first time added the provision of ...The nineteenth session of the Standing Committee of the Eleventh National People＇s Congress in February 25, 2011 approved the ＂PRC Criminal Law Amendment （eight）＂, which for the first time added the provision of the lenient punishment for the elderly crimes. The provision filled the legislative blank of the criminal responsibility of this special group of the old people in the criminal law of our country. But at the same time, we should also clearly see the deficiencies of the amendment （eight）. This paper attempts to sort out the rationality of the lenient application of the punishment on the older people from the aspect of the criminal policy oftemperingjustice with mercy and other aspects, and to construct and perfect the specific legislative proposals that the amendment （eight） puts forward.展开更多
The rule of law in China should be advanced under a systems framework. The systems framework on which the Chinese rule of law relies is shaped by the socialist democratic system. Socialist consultative democracy, whic...The rule of law in China should be advanced under a systems framework. The systems framework on which the Chinese rule of law relies is shaped by the socialist democratic system. Socialist consultative democracy, which responds to the core themes of the determinant of socialism, Party leadership, the democratic tradition of New China and native resources for constructing the rule of law, is an important resource for constructing the rule of law in China. In a constitutional system of＂ruling Party--political power--the people＂ that takes the sovereignty of the people as the logic of its starting point, consultative democracy plays the role of functional coupling. Popular sovereignty gains political legitimacy on the basis of multi- party cooperation and political consultation under the leadership of the CPC, thus translating the will of the ruling Party into the will of the state. Consultative democracy constitutes an essential process in national decision-making, affording a basis for the construction of the inherent logical sequence of ＂ruling Party--Consultative Conference--People＇s Congress.＂ The democratic supervision exercised by the Consultative Conference is an extension of political consultation; from it unfolds the systems framework of the rule of law in China.展开更多
The logical sequence of China＇s state governance is ＂governing party--consultative conferences--people＇s congresses--the people.＂ The ＂governing party--consultative conferences＂ link in the chain involves politi...The logical sequence of China＇s state governance is ＂governing party--consultative conferences--people＇s congresses--the people.＂ The ＂governing party--consultative conferences＂ link in the chain involves political consultation through people＇s consultative conferences. The ＂governing party--consultative conferences--people＇s congresses＂ link involves a process of obtaining legitimacy for the Party＇s views based on political consultations which are then translated into the national will by the system of people＇s congresses. The ＂people＇s congresses--the people＂ link involves the two-pronged logic of elections and governing the country according to law. The ＂governing party--the people＂ link is an illustration of the party＇s mass line, which essentially involves social consultation. Consultative democracy usually includes the political consultation in the ＂governing party---consultative conferences＂ link and the social consultation in the ＂governing party-- the people＂ link in the chain, both of which are connected through the system of people＇s congresses. This logically determines the inner relations between the Party＇s leadership, consultative democracy and the people＇s congress form of representative democracy and shapes the institutionalization of consultative democracy. That is, in the process of democratic decision-making, a circular system consisting of ＂political consultation-- legislative consultation--social consultation＂ is created to guide development of the actual system.展开更多
文摘This paper studies incentive effect and entrenchment effect of the largest shareholder. Author investigates 763 listed companies in SHSE, explores the statistical relationship between the largest shareholding and corporate performance. Author observes that the largest shareholder has the incentive effect and entrenchment effect on corporate valuation. Empirical relationship between the largest shareholding and corporate valuation shows that the firm value decreases with the equity ownership of the largest shareholders, consistent with a negative entrenchment effect, when the largest equity ownership is below 40.28% of the whole share. Then firm value rises when the proportion of the largest shareholder＇s rights was increased to 69.29%, being consistent with a positive incentive effect. But with the increase of the share of the largest shareholding, firm value falls again.
文摘This study accentuates the differences in the ways in which Ottoman women, Muslim and non-Muslim, used the Islamic courts. In some regions Ottoman women went to the courts on their own while in others they relied on male representatives to enter into transactions or litigate on their behalf. Studies treating Islamic court records as uniform in shape and content have offered conflicting conclusions about the status of women in Ottoman society. This study demonstrates that a number of geographic and temporal variations affected women＇s access the courts, significantly affecting their legal status in the period of 1550-1650.
文摘The 4th Session of the Twelfth National People＇s Congress of the People＇s Republic of China held a plenary meeting on March 16,2016,and adopted the Charity Law of the People＇s Republic of China,as the first charity law in China,it shall come into force on September 1,2016,
文摘In October 25, 2013, the Standing Committee of the National People＇s Congress made a decision on revising the ＂consumer rights protection law＂ of PRC. The new revised ＂Chinese Consumer Protection Law＂ China consumers will take consumer cooling-off period system as an important consumer right.2 Because it is a new system different from traditional civil law ＂principle of obeying compacts＂ , and the theoretical research on the calm period by scholars is still not mature enough. This paper discusses the consumer cooling off period from the theoretical perspective, and its legal origin, and puts forward and demonstrates legal principles and the legal basis the cooling off period system should follow.
文摘The nineteenth session of the Standing Committee of the Eleventh National People＇s Congress in February 25, 2011 approved the ＂PRC Criminal Law Amendment （eight）＂, which for the first time added the provision of the lenient punishment for the elderly crimes. The provision filled the legislative blank of the criminal responsibility of this special group of the old people in the criminal law of our country. But at the same time, we should also clearly see the deficiencies of the amendment （eight）. This paper attempts to sort out the rationality of the lenient application of the punishment on the older people from the aspect of the criminal policy oftemperingjustice with mercy and other aspects, and to construct and perfect the specific legislative proposals that the amendment （eight） puts forward.
文摘The rule of law in China should be advanced under a systems framework. The systems framework on which the Chinese rule of law relies is shaped by the socialist democratic system. Socialist consultative democracy, which responds to the core themes of the determinant of socialism, Party leadership, the democratic tradition of New China and native resources for constructing the rule of law, is an important resource for constructing the rule of law in China. In a constitutional system of＂ruling Party--political power--the people＂ that takes the sovereignty of the people as the logic of its starting point, consultative democracy plays the role of functional coupling. Popular sovereignty gains political legitimacy on the basis of multi- party cooperation and political consultation under the leadership of the CPC, thus translating the will of the ruling Party into the will of the state. Consultative democracy constitutes an essential process in national decision-making, affording a basis for the construction of the inherent logical sequence of ＂ruling Party--Consultative Conference--People＇s Congress.＂ The democratic supervision exercised by the Consultative Conference is an extension of political consultation; from it unfolds the systems framework of the rule of law in China.
基金This paper is the result of a major project of the Central Marxist Theoretical Research and Development Project and the National Social Science Foundation, ＂Comprehensively Promote Governance of the Country in Accordance with the Law＂ （2015MZD042） and a major project of the National Social Science Foundation （14DC027）. Thanks to Prof. Zhang Hong, Prof. Qin Xiaojian and Prof.Li Dong for their help revising this paper as well as to the anonymous reviewers for their valuable suggestions.
文摘The logical sequence of China＇s state governance is ＂governing party--consultative conferences--people＇s congresses--the people.＂ The ＂governing party--consultative conferences＂ link in the chain involves political consultation through people＇s consultative conferences. The ＂governing party--consultative conferences--people＇s congresses＂ link involves a process of obtaining legitimacy for the Party＇s views based on political consultations which are then translated into the national will by the system of people＇s congresses. The ＂people＇s congresses--the people＂ link involves the two-pronged logic of elections and governing the country according to law. The ＂governing party--the people＂ link is an illustration of the party＇s mass line, which essentially involves social consultation. Consultative democracy usually includes the political consultation in the ＂governing party---consultative conferences＂ link and the social consultation in the ＂governing party-- the people＂ link in the chain, both of which are connected through the system of people＇s congresses. This logically determines the inner relations between the Party＇s leadership, consultative democracy and the people＇s congress form of representative democracy and shapes the institutionalization of consultative democracy. That is, in the process of democratic decision-making, a circular system consisting of ＂political consultation-- legislative consultation--social consultation＂ is created to guide development of the actual system.
