公募型股权众筹小额发行豁免制度的构建

公募型股权众筹具有互联网、小额、公开的特征,具有融资成本低廉,融资便利等优势。然而,实践中的公募型股权众筹容易触犯《证券法》的公开发行、《刑法》的非法集资罪而面临较大的合规风险。小额发行豁免制度的要旨在于,对于小规模的通过互联网平台发行股份融资的初创企业发行人,豁免公开发行的严格的审批核准要求,降低发行人的法定信息披露义务标准,同时对股权众筹发行人、投资者的投融资限额和资格要求予以限制。从世界范围内考察,为公募型股权众筹设立小额发行豁免已成普遍趋势,因此,我国可考虑适时建立公募型股权众筹小额发行豁免制度,从豁免内容、豁免限制,发行人的信息披露义务三个维度进行制度设计,在促进中小资本形成的同时保护投资者投资权益。

风险防范视角下我国股权众筹监管探析

互联网的普及和高速发展,为股权众筹这一满足小微企业融资和大众投资的新型融资模式创造了良好的机遇。然而金融创新必然伴随着对金融安全的考量。在厘清公募股权众筹的主体法律关系基础上通过分析公募股权众筹主体法律风险,结合立法和司法层面的监管现状和域外监管成熟经验,立足于新《证券法》的实施从明确融资人的权利义务、监管股权众筹平台和保护投资人权益的角度对构建我国公募股权众筹的监管体系提出完善建议,以拓宽普惠金融的广度与深度。

最高人民检察院、公安部最新发布涉疫犯罪案例

一人隐瞒行程干扰流调致多人陷入危险境地、明知存在传播风险依然私自与境外人员接触、强行插队并粗暴殴打执勤人员……2月2日,在最高人民检察院、公安部联合发布的几起依法惩治妨害疫情防控秩序犯罪典型案例中,这些妨害疫情防控的违法行为被公之于众。

浅谈股权众筹的法律规制

众筹并非新事物,但是当众筹思维与互联网科技结合时,就产生了包括股权众筹在内的多种新型融资商业模式。在当今中国鼓励"大众创业,万众创新"的社会浪潮中,股权众筹异军突起。但由于现行法律法规限制直接向公众融资的行为,股权众筹仍在小心翼翼地蹒跚前行。在构建股权众筹的法律规制框架时,监管者可以通过设置准入机制筛选合格投资者,或通过控制投融资额度来保护普通投资者,进而对融资者融资行为给予一定的豁免,充分发挥股权众筹的优势,丰富和完善多层次资本市场。

痴迷另类“经济学”的“老虎”

2023年1月9日,已落马一年多的江苏省委原副书记张敬华再度出现在公众的视野——在当晚8点中央电视台综合频道播出的电视专题片《永远吹冲锋号》第三集《铁规矩硬杠杠》中,张敬华出镜忏悔,其通过违规违法手段倒房换房、帮亲戚承揽工程项目并获取巨大利益等违纪违法行为也随之被公之于众。

公募众筹的理论基础

解决小微企业融资困境的渴望、投资者的发财梦想、金融民主化的理想以及对技术进步的迷信,在这些因素的综合影响下,美国创设了公募众筹豁免。不过,虽然在想象中,公募众筹豁免的理论基础是群体的智慧、社交媒体和大数据可以解决信息不对称问题、及时发现欺诈行为,但实际上,这些能否发挥作用还有待实践的进一步检验。以美国为首的各国,在立法豁免公募众筹发行时,仍然采用了传统的投资者保护手段,唯一的创新就是投资额度限制。投资限额的出现,其实是私募监管为了适应现实的需求,从对投资者风险识别能力的强调逐渐转移到重视风险承担能力的结果,这一创新扩展了证券法的视野,值得研究。

Relationship of public preferences and behavior in residential outdoor spaces using analytic hierarchy process and principal component analysis—a case study of Hangzhou City, China

This study examined public attitudes concerning the value of outdoor spaces which people use daily. Two successive analyses were performed based on data from common residents and college students in the city of Hangzhou, China. First, citizens registered various items constituting desirable values of residential outdoor spaces through a preliminary questionnaire. The result proposed three general attributes (functional, aesthetic and ecological) and ten specific qualities of residential outdoor spaces. An analytic hierarchy process (AHP) was applied to an interview survey in order to clarify the weights among these attributes and qualities. Second, principal factors were extracted from the ten specific qualities with principal component analysis (PCA) for both the common case and the campus case. In addition, the variations of respondents’ groups were classified with cluster analysis (CA) using the results of the PCA. The results of the AHP application found that the public prefers the functional attribute, rather than the aesthetic attribute. The latter is always viewed as the core value of open spaces in the eyes of architects and designers. Fur-thermore, comparisons of ten specific qualities showed that the public prefers the open spaces that can be utilized conveniently and easily for group activities, because such spaces keep an active lifestyle of neighborhood communication, which is also seen to protect human-regarding residential environments. Moreover, different groups of respondents diverge largely in terms of gender, age, behavior and preference.

Chronic disease and the link to physical activity

Chronic diseases have become a focal point of public health worldwide with estimates of trillions of dollars in annual health care cost and causing more than 36 million deaths a year. Lifestyle factors such as physical inactivity are heavily correlated with the development of many chronic diseases. New strategies for primary and secondary disease prevention are desperately needed to aid in blunting the negative economic and social impact of these diseases. Physical activity （PA） and exercise are now considered principal interventions for use in primary and secondary prevention of chronic diseases. Currently, more emphasis in primary prevention of disease is necessary to reduce disease risk in youth and adults; however with chronic disease prevalence so high, similar emphasis is also necessary for secondary prevention in those children and adults already inflicted with chronic diseases. Conditions such as cardiovascular disease, type 2 diabetes, obesity, and cancer are drastically improved when PA and exercise are part of a medical management plan. In addition, the national PA guidelines in conjunction with PA promotion tools like Exercise is MedicineTM are needed to promote increased PA and exercise levels worldwide.

Laboratory Detection and Diagnosis of Filoviruses

Ebola virus(EBOV) and Marburg virus(MARV),belonging to the Filoviridae family,emerged four decades ago and caused severe viral hemorrhagic fever in human and other primates.As high as 50-90% mortality,filoviruses can cause significant threats to public health.However,so far no specific and efficient vaccine has been available,nor have other treatment methods proved to be effective.It is of great importance to detect these pathogens specific,rapidly and sensitively in order to control future filovirus outbreaks.Here,recent progresses in the development of detection and diagnosis methods for EBOV and MARV are summarized.

公募股权众筹投资协议的国际比较研究

公募股权众筹的本质是风险投资,囿于投资者经验不足、投资人数众多及多轮次融资等特征,故需要有别于传统的新型投资协议安排"公司法规则差异导致美国和德国分别衍生出股权和债权两套不同的协议规则体系。美国实践中创制的未来股权简单协议(Simple Agreement for Future Equity)和可转换债券简单协议(Keep It Simple Security),具有推迟股东权利生效时间之功能,可以降低企业发展初期因小额投资者众多而产生的髙治理成本。相比之下,由于德国股东登记和公司治理制度僵化,只能通过债权性质的次级利润分红贷款协议(Subordinated Profit-participating Loans)开展融资。尽管两国投资协议使用的融资工具性质有所差异,但二者条款内容均体现出对发行人控制权的保障,以及对投资者收益权的维护。我国市场上已有的股权收益权转让协议与德国次级利润分红贷款协议十分相似,但其合法性尚存质疑。因此,借鉴德国经验,未来通过修改公司法规则来培育股权类投资协议的生长土壤,也是我国公募股权众筹发展的必然选择。

NECESSITY AND METHOD OF PUBLIC PARTICIPATION IN STRATEGIC ENVIRONMENTAL ASSESSMENT OF CHINA

Public participation has been one of important problems in the strategic environmental assessment (SEA). In this paper, the origin and the present research-conditions of public participation in SEA were analyzed. And the necessity of public participation was illuminated from following three aspects: 1) the public participation in China′s SEA is a key method of gaining the public support; 2) the public participation is one important source of gaining information; 3) the public participation is a good way to overcome the obstruction in the traditional mechanism of making strategy decision. Effective public participation should be involved in the whole process of SEA, and the public participators should include the public representatives of the groups affected by environmental change, the specialists in SEA and relevant fields, persons who are interested in the strategy and media, and so on. Various methods of public participation in SEA, including the methods of obtaining information and information feedback or consultation, were discussed. Further, the function, the advantages and the disadvantages of each method were discussed in detail, too.

Public choice on coordinated development of border regions and its empirical research:a case study of Wuling mountain area

Due to the difficult segmentation of land destiny, popularity destiny, industry destiny on the platform of common interests demand, the regional governance of production and living for the needs of the people in cross-regional areas, such as in the aspects of security, education, assignment and management of water resources, transportation, energy, environment protection and public health, the administrative border regional cooperation is relatively easy. These aspects are equivalent to public products. Just because of this, it leads to problems that nobody will not control. The governments, in order to realize regional economic coordinated development and to eliminate the regional interests parties of administrative regions economy in microcosmic, were adapting various self-protection measures, even including that "you may have your policy but I have my countermeasures" that is derived from inter-regional economic relations. The action of market segmentation has limited the flow of various economic development elements, especially the condition of "dead end highway", resource exploitation and use, difficult social security work in social living of the administrative boundary zone. This paper studies the typical economical district of Wuling mountain area in the obvious strategic position at the junction of Chongqing, Guizhou, Hunan, Hubei provinces from the angle of regional public management and public choice to present issue awareness and academic purpose.

论侵害作品发表权及其民事赔偿责任 以钱钟书书信手稿拍卖案为切入点

发表与发表权既密切联系又相互区别:发表是一种行为方式或者事实状态,而发表权是权利人是否进行发表行为及如何进行发表行为的自主决定权。违背权利人的意愿,将作品公之于众将构成对权利人发表权的侵犯。作为著作人身权的发表权被侵犯,一定情况下将会给权利人造成财产损失或精神损失,其不但可以请求侵权人承担停止侵害、赔礼道歉等民事责任,遭受严重精神损害的权利人还有权请求并获得相应的精神损害赔偿。

读《逸周书·谥法解》旧校旧注札记

称善简曰圣”，缺处当补“副”字，“简”是实情的意思。“立制及众曰公”，“制”字当作“志”，是指的“无私”之志。“刑民克服曰”，“武”字当是“成”之误，“成”与“武”形近，易致误。“博闻多能曰献”，作“献”当不误，“献”是才能多的意思。“不隐无克曰贞”，“克”有作“屈”、“屏”、“藏”者，当以作“藏”是。“贞”当为“真”字之误，“贞”、“真’二字形近，易误。

Quantum Dots for Cancer Research:Current Status,Remaining Issues,and Future Perspectives

Cancer is a major threat to public health in the 21st century because it is one of the leading causes of death worldwide.The mechanisms of carcinogenesis,cancer invasion,and metastasis remain unclear.Thus,the development of a novel approach for cancer detection is urgent,and real-time monitoring is crucial in revealing its underlying biological mechanisms.With the optical and chemical advantages of quantum dots(QDs),QD-based nanotechnology is helpful in constructing a biomedical imaging platform for cancer behavior study.This review mainly focuses on the application of QD-based nanotechnology in cancer cell imaging and tumor microenvironment studies both in vivo and in vitro,as well as the remaining issues and future perspectives.

Human Behavior in Downtown Public Spaces during Cooling Periods in Winter Cities

There is an urban design problem that outdoor public spaces are not used for long periods of time within a year due to coldness and snow cover in cities with severe winter climates （winter cities）. Therefore, an urban design that promotes activities in these spaces is required for winter cities. The purpose of this paper is to clarify the relationship between outdoor environmental conditions and the behaviors of people in outdoor public spaces. This six-month study conducted a field survey in six kinds of public spaces in downtown Sapporo and analyzed the changes of microclimates and sitting behaviors in these spaces. The analysis revealed that sitting behaviors decreased with temperature drops during the cooling period （20 ~C-8 ~C）, that sunlight could suppress the reduction in the number of sitting behaviors, and that wind speed could suppress the reduction in the duration of sitting behaviors.

Air Quality Legislation and Standards in the European Union: Background, Status and Public Participation

In order to improve air quality, the European Union introduced the New Air Quality Directive in 2008 and set its Member States strict targets on air pollution concentrations for the most harmful and challenging substances, such as fine particles. The law enforcement relies on a monitoring and reporting system to inform the European Commission and the public, for it is the citizens' right to be informed about harmful air quality. With sectoral measures, air quality could be improved in the past 20 years, but some emissions concentrations have stagnated in recent years and emissions temporarily exceed thresholds in nearly half of the Member States. The European Emission Inventory allows the commission to identify the substances, areas, and times of exceedances, and to implement sectoral measures leading to air quality improvements, all of which have to be made available publicly. This manuscript introduces the air quality legislation and reviews the quality of European air for recent years.

Resource and Environmental Issues in Transitional China:A Perspective from the Interaction Among Market,Government and Society

Along with the rapid growth of economy in the postreform period after 1979,China has faced severe problems of resource overusing and environmental degradation which would threaten the sustainable development of economy and society.This article explores an effective mechanism of managing resource and environment in China.It examines some major resource and environmental issues,and constructs a framework of institution innovation to cover three sectors(government,market and society) . In addition,the article analyzes their experience and evaluation in resource management and environmental conservation during the transitional period.We argue that the combination of market regulation,government intervention and public participation is an effective way of allocating resource and protecting environment. Some suggestions are put forward to balance the relationship between them,including coordinating role of government and market,building platform for market operation and creating an atmosphere of public participation.