Against the backdrop of the sizable economic growth of China in recent years, this paper uses the most recent data gathering of the Globalization and World Cities(Ga WC) research network to update and supplement earli...Against the backdrop of the sizable economic growth of China in recent years, this paper uses the most recent data gathering of the Globalization and World Cities(Ga WC) research network to update and supplement earlier research on the shifting global connectivity of Chinese cities. The update consists of an evaluation of the connectivity of Chinese cities in 2016, the supplement of an analysis of the changing position of Chinese cities in the world city network between 2010 and 2016. To this end, we build on a specification of the world city network as an ‘interlocking network' in which producer services firms play the crucial role in city network formation. Information about the presence of leading producer services firms in cities in 2010 and 2016 is used as the input to a bipartite network projection algorithm in order to measure cities' network connectivity. The first set of results discusses the geographies of urban connectivity in the world city network in 2016. The second set of results discusses standardized measures of change to reveal the major dimensions of the transformations between 2010 and 2016. We find that, with the exception of Hong Kong, Macao and Kaohsiung of Taiwan, all Chinese cities record connectivity gains. This wholesale rise in connectivity is nonetheless geographically uneven, with above all Beijing, Chengdu/Chongqing and Changsha/Wuhan becoming more connected. We conclude that the wholesale rise of Chinese cities in the world city network and their changing trajectories in the post-crisis era are embedded in shifting external and internal political economies.展开更多
This paper is a preliminary and illustrative case study of Beijing's emergingmobile communication industrial (MCI) cluster, which helps understand the cluster by qualitativeanalysis and description. Beijing's ...This paper is a preliminary and illustrative case study of Beijing's emergingmobile communication industrial (MCI) cluster, which helps understand the cluster by qualitativeanalysis and description. Beijing's MCI cluster is emerging as far as the competence of the industryand its spatial concentration are concerned, although it is not the type of the cluster describedby PORTER due to the low competence of indigenous firms. The formation of the cluster can beexplained by means of the factor and demand conditions of Beijing. However, it is mostly determinedby the multinationals that promote the growth of the industry and the formation of the cluster, andby the government that also plays a key role in many ways. As a matter of fact, the interactionbetween the multinationals and the local government is the key to understanding the formation of thecluster. All in all, Beijing's emerging MCI cluster is a value-chain, geographically concentratedbut non-localized cluster, which is highly dominated by the multinationals and the local government.Its special characteristics bear some policy implications as to the change of the roles of thelocal government and the localization of multinationals, etc.展开更多
When the relationship between the government and the citizens is taken into consideration, at the times when the government is misusing its power, the citizens may express themselves about the injustice in various way...When the relationship between the government and the citizens is taken into consideration, at the times when the government is misusing its power, the citizens may express themselves about the injustice in various ways and civil disobedience is one of them. If the injustice still exists after all the judicial proceedings are taken, then, this act that has nonviolence as its fundamental philosophy is seen to take place. The most important representatives of civil disobedience in the world are Socrates, Henry David Thoreau, M. Luther King and Mahatma Gandhi. These thinkers with their discourses and actions put forth what constitutes as civil disobedience and set an example to other societies. In this study, firstly, the aforementioned notion of civil disobedience is explained. Then, some demonstrations that took place in Turkey are evaluated in the framework of civil disobedience. The aim is to determine whether or not these demonstrations can be considered as examples of "civil disobedience". Also, the reasons why some of these demonstrations are not in the scope of civil disobedience are discussed. In this study, depiction and historical methods are used.展开更多
In coping with the global financial crisis, all levels of the Chinese government and foreign trade firms have not only created new practices but have also changed their goal from transforming the growth pattern of for...In coping with the global financial crisis, all levels of the Chinese government and foreign trade firms have not only created new practices but have also changed their goal from transforming the growth pattern of foreign trade to transforming the development pattern of joreign trade. China's experience shows that economic instruments such as Net Barter Terms of Trade (NBTT) and the smile curve theory have limitations when it comes to interpreting foreign trade. If used improperly, scientific theories often lead to.fallacies. Transjbrming the development pattern of China's .foreign trade requires the following changes: national income distribution, foreign trade competition, market exploration, and resource utilization. We advise that competent authorities create a reasonable and operational system of assessment indicators.展开更多
Multinational firms such as Apple Inc. have accomplished environmental colonialism in China through the transfer of ecological costs to the local environment. This paper discusses ambiguities in China's environmental...Multinational firms such as Apple Inc. have accomplished environmental colonialism in China through the transfer of ecological costs to the local environment. This paper discusses ambiguities in China's environmental legislation and supervision, Apple's business model, and "green washing. " Further, we have identified countermeasures such as the encouraging Environmental Non-Governmental Organizations (ENGOs), streamlining litigation procedures, increasing fines, and the development of nonprofit media organizations.展开更多
After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic syste...After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic system of government in which civil societies will play a more prominent role. Democratization process is also accompanied by the rise of a strong civil society, which would together result in more efficient and transparent governments at local levels. This article aims to show the dynamic of democratization process in Indonesia, in which civil societies such as business actors, NGOs (non-government organizations), journalists, scientists, business associations, consumer organizations, etc., play a more apparent role. Focused on the establishment of Private Sector Ombudsman (Lembaga Ombudsman Swasta--LOS) and also its role and responsibility, the author examines how LOS has become an alternative option for consumers to strengthen access to justice. In the last three years, LOS has succeeded in handling more than 200 cases and some of them have been the hottest issues. On the one hand, the emergence of LOS shows that civil society in Yogyakarta has played a significant role in implementing business ethics and good governance principles, and on the other hand, LOS has been proven to be the answer for consumers' needs in which consumers' complaints settled quickly, informal, and free of charge.展开更多
On June 24th, 2018, President Tayyip Erdogan, along with his pro-Islamic party, the Justice and Development Pazty, AKP, won the general election in Turkey, which will enable Mr. Erdogan to be a one-man ruler of the Re...On June 24th, 2018, President Tayyip Erdogan, along with his pro-Islamic party, the Justice and Development Pazty, AKP, won the general election in Turkey, which will enable Mr. Erdogan to be a one-man ruler of the Republic of Turkey in the foreseeable future. Now, invested with infinite executive-presidential power, coupled with having complete control of the military, cabinet, judiciary and legislative branches, enables Mr. Erdogan to pursue his ambition to be a “nuclea3: power leader” in the Sunni Islamic world. The scientific denialism in general and environmental science, in particular, will reach a whole new level of insanity in Turkey where any conceivable environmental democracy will be abolished. The new government will further change the education establishment in every level and implement its anti-science political doctrines in which logic is an enemy and scientific truth is a menace. The last fifteen years of experience show that the AKP's politicians have become anti-science zealots who preach a dangerously new political cultism that is devoid of actual facts, if it does not fit their religious aberration narrative, Thus, virtually every aspect of the nuclear power program in Turkey will be a state secret under the control of one religiously motivated and driven ruler and this, should certainly sound alarm bells across the globe.展开更多
China surpassed the United States (US) in 2006 to become the largest greenhouse gas emitter. CCS- EOR technology, which meets the dual needs of reducing carbon emissions and enhancing oil recovery, has had much impo...China surpassed the United States (US) in 2006 to become the largest greenhouse gas emitter. CCS- EOR technology, which meets the dual needs of reducing carbon emissions and enhancing oil recovery, has had much importance attached to it. For the latest decade, the Chinese government has provided support for CCS- EOR technology through policy, funding and research projects. Under the vigorous guidance of the government, oil companies represented by China National Petroleum Corporation (CNPC) competed to carry out research, demonstration, popularization and operation in major oil fields centering on the CCS-EOR technology and achieved remarkable results. Its scientific and technological achievements are reflected in various sub-projects under the 863 Program, 973 Program and National Science and Technology Major Project. However, while shifting from trial promotion of the current stage to large-scale commercialization, CCS-EOR technology will not only face many opportunities but also quite a few challenges.展开更多
This study is to explore a suitable method to classify landform, in order to support the decision making for community siting in mountainous areas.It first proposes the landform classification for community siting(LCC...This study is to explore a suitable method to classify landform, in order to support the decision making for community siting in mountainous areas.It first proposes the landform classification for community siting(LCCS) method with detailed discussions on its rationality and the chosen parameters.This method is then tested and verified in Quxian county.The LCCS method entails twograde parameters, which uses relative relief as the first grading parameter, slope as the second, followed by a synthesis process to form a suitable landform classification system.By applying the LCCS method in Quxian county, the result shows that its use of watershed to identify geomorphometric units, and its use of the altitude datum concept, can effectively classify landform according to the local cultural traditions, and the economic and environmental conditions.The verification result shows that comparing to the conventional methods, the LCCS method respects to people's daily experience due to its bottom-up approach.It not only help to minimize the disturbance to the nature when choosing locations for community development, but also helps to prepare more precise land management policies,which maximizes agricultural production and minimizes terrain transformation.展开更多
Over two decades have passed by since Poland took the course of democratic changes. In the early 1990s the press sector was re-established as a consequence of de-monopolization and has been taken over by foreigners. T...Over two decades have passed by since Poland took the course of democratic changes. In the early 1990s the press sector was re-established as a consequence of de-monopolization and has been taken over by foreigners. The electronle media sector has been restricted for 15 years and foreign companies could only have one third of the ownership. The complexity of Polish media system reflects the long way from communism and governmental media towards free democratized market with some remnants of the previous era. It is hard to predict when it will be shaped in a brand new way and if it is generally possible.展开更多
The paper aims to examine the effect of political influence on corporate transparency, and performance of Indonesian listed companies, Seventy-three large public firms from hundred of the largest companies in Indonesi...The paper aims to examine the effect of political influence on corporate transparency, and performance of Indonesian listed companies, Seventy-three large public firms from hundred of the largest companies in Indonesia were selected as the sample. Data for corporate transparency are collected from annual reports for the years 2005-2007. Corporate transparency is indexed by the amount of information disclosed in company's annual report. The disclosure index reporting model developed in the current research is based on the Annual Report Award (ARA, an award given annually to Indonesian listed and non-listed companies), and firm performance is measured using two indicators: ROA (return on assets) and Tobin-Q. The political influence variable is proxied by two indicators: government ownership and the existence of politicians in Board of Directors (BOD). Results demonstrate that contrary to the hypothesis, government ownership (political influence) has positive relation to corporate transparency, as well as to ROA (firm performance). Results also support the hypothesis that transparency act as a mediating variable for the relationship between political influence and firm performance. However, when political influence is pmxied by existence of politicians in BOD and fm'n performance proxied by Tobin-Q, data seems to give support to the hypotheses proposed. The discussion and implications of the findings and suggestions for future research arc discussed.展开更多
Following reform and opening up, China witnessed a rapid increase in legal cases, but the rate of increase has undergone a marked decline since 1997. The reasons this has occurred in a period of social transformation ...Following reform and opening up, China witnessed a rapid increase in legal cases, but the rate of increase has undergone a marked decline since 1997. The reasons this has occurred in a period of social transformation are threefold: a non-litigious dispute-settling mechanism, judicial policy and the credibility of the courts. A data analysis of the average annual rate of growth, the correlation coefficient and the respective proportions of solutions under the litigious and the non-litigious dispute-settling mechanisms indicates that the slowing of the rate of growth of litigation has been accompanied by a decrease in the role of the people's mediation system and the economic arbitration system. However, it is the strengthening of administrative dispute-settling mechanisms, a judicial policy of not accepting cases, the reform of litigation fees and a series of institutional cbnstructs aimed at judicial corruption that has curbed the rapid increase of legal cases.展开更多
The new provisions on judicial interpretation work issued by the Supreme People's Court (SPC) explicitly establish two procedural institutions: "Citizen motion for project initiation of judicial interpretation" ...The new provisions on judicial interpretation work issued by the Supreme People's Court (SPC) explicitly establish two procedural institutions: "Citizen motion for project initiation of judicial interpretation" and "Seeking public comment." Under the rubric of democratization, these create "primafacie democratic legitimacy" for it to carry out the political function of developing law through judicial interpretation, and also enable it to broadly absorb information or knowledge in the course of Chinese-style judicial interpretation, especially abstract interpretation. However, the "democratization" trend gives also the impression that the SPC hews so close to public opinion that it will find itself in a quandary if it becomes necessary for it to make an independent and wise judgment. The SPC must find an appropriate balance between following behind and standing aloof from public opinion. Therefore, we should not take any further steps in "democratization." An acceptable strategy for the present would be for the SPC to retain abstract interpretation in a limited sphere while working on reforming the content, form and system of concrete interpretation and extending its scope of application, letting the two models of judicial interpretation coexist and compete for future development and choices.展开更多
With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share...With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate: (1) the financially constrained firms display significantly positive cash- cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. (2) The cash-cash flow sensitivity is significantly negatively correlated with firms' earning profit ability and repaying debt ability, and the degree of the financial constraint changes in opposite directions with firms' earning profit ability and repaying debt ability, thus the cash-cash flow sensitivity and the degree of the financial constraint changes in the same direction.展开更多
State policies exert a great influence over Chinese civil justice. Article 6 of the General Principles of Civil Law stipulates that state policies are a source of civil law, but the path by which they enter civil just...State policies exert a great influence over Chinese civil justice. Article 6 of the General Principles of Civil Law stipulates that state policies are a source of civil law, but the path by which they enter civil justice is not a rational one and may lead to adjudication difficulties with state policies. State policies are integrated with state law, and the laws and legal interpretations formulated by the National People's Congress and its Standing Committee, judicial interpretations, administrative regulations, autonomous regulations and special regulations, administrative rules and other regulatory documents are forms of expression of state policies. Different rules for adjudication apply depending on the different vehicles of state policy. The Supreme People's Court can play a role in making public policy and guiding state policy into civil adjudication through "open" and "unseen" channels.展开更多
文摘Against the backdrop of the sizable economic growth of China in recent years, this paper uses the most recent data gathering of the Globalization and World Cities(Ga WC) research network to update and supplement earlier research on the shifting global connectivity of Chinese cities. The update consists of an evaluation of the connectivity of Chinese cities in 2016, the supplement of an analysis of the changing position of Chinese cities in the world city network between 2010 and 2016. To this end, we build on a specification of the world city network as an ‘interlocking network' in which producer services firms play the crucial role in city network formation. Information about the presence of leading producer services firms in cities in 2010 and 2016 is used as the input to a bipartite network projection algorithm in order to measure cities' network connectivity. The first set of results discusses the geographies of urban connectivity in the world city network in 2016. The second set of results discusses standardized measures of change to reveal the major dimensions of the transformations between 2010 and 2016. We find that, with the exception of Hong Kong, Macao and Kaohsiung of Taiwan, all Chinese cities record connectivity gains. This wholesale rise in connectivity is nonetheless geographically uneven, with above all Beijing, Chengdu/Chongqing and Changsha/Wuhan becoming more connected. We conclude that the wholesale rise of Chinese cities in the world city network and their changing trajectories in the post-crisis era are embedded in shifting external and internal political economies.
文摘This paper is a preliminary and illustrative case study of Beijing's emergingmobile communication industrial (MCI) cluster, which helps understand the cluster by qualitativeanalysis and description. Beijing's MCI cluster is emerging as far as the competence of the industryand its spatial concentration are concerned, although it is not the type of the cluster describedby PORTER due to the low competence of indigenous firms. The formation of the cluster can beexplained by means of the factor and demand conditions of Beijing. However, it is mostly determinedby the multinationals that promote the growth of the industry and the formation of the cluster, andby the government that also plays a key role in many ways. As a matter of fact, the interactionbetween the multinationals and the local government is the key to understanding the formation of thecluster. All in all, Beijing's emerging MCI cluster is a value-chain, geographically concentratedbut non-localized cluster, which is highly dominated by the multinationals and the local government.Its special characteristics bear some policy implications as to the change of the roles of thelocal government and the localization of multinationals, etc.
文摘When the relationship between the government and the citizens is taken into consideration, at the times when the government is misusing its power, the citizens may express themselves about the injustice in various ways and civil disobedience is one of them. If the injustice still exists after all the judicial proceedings are taken, then, this act that has nonviolence as its fundamental philosophy is seen to take place. The most important representatives of civil disobedience in the world are Socrates, Henry David Thoreau, M. Luther King and Mahatma Gandhi. These thinkers with their discourses and actions put forth what constitutes as civil disobedience and set an example to other societies. In this study, firstly, the aforementioned notion of civil disobedience is explained. Then, some demonstrations that took place in Turkey are evaluated in the framework of civil disobedience. The aim is to determine whether or not these demonstrations can be considered as examples of "civil disobedience". Also, the reasons why some of these demonstrations are not in the scope of civil disobedience are discussed. In this study, depiction and historical methods are used.
文摘In coping with the global financial crisis, all levels of the Chinese government and foreign trade firms have not only created new practices but have also changed their goal from transforming the growth pattern of foreign trade to transforming the development pattern of joreign trade. China's experience shows that economic instruments such as Net Barter Terms of Trade (NBTT) and the smile curve theory have limitations when it comes to interpreting foreign trade. If used improperly, scientific theories often lead to.fallacies. Transjbrming the development pattern of China's .foreign trade requires the following changes: national income distribution, foreign trade competition, market exploration, and resource utilization. We advise that competent authorities create a reasonable and operational system of assessment indicators.
文摘Multinational firms such as Apple Inc. have accomplished environmental colonialism in China through the transfer of ecological costs to the local environment. This paper discusses ambiguities in China's environmental legislation and supervision, Apple's business model, and "green washing. " Further, we have identified countermeasures such as the encouraging Environmental Non-Governmental Organizations (ENGOs), streamlining litigation procedures, increasing fines, and the development of nonprofit media organizations.
文摘After the monetary and political crisis of 1997 and 1998, Indonesia has been viewed by some observers as having entered into a transitional phase from authoritarian rule by a strong state toward a new democratic system of government in which civil societies will play a more prominent role. Democratization process is also accompanied by the rise of a strong civil society, which would together result in more efficient and transparent governments at local levels. This article aims to show the dynamic of democratization process in Indonesia, in which civil societies such as business actors, NGOs (non-government organizations), journalists, scientists, business associations, consumer organizations, etc., play a more apparent role. Focused on the establishment of Private Sector Ombudsman (Lembaga Ombudsman Swasta--LOS) and also its role and responsibility, the author examines how LOS has become an alternative option for consumers to strengthen access to justice. In the last three years, LOS has succeeded in handling more than 200 cases and some of them have been the hottest issues. On the one hand, the emergence of LOS shows that civil society in Yogyakarta has played a significant role in implementing business ethics and good governance principles, and on the other hand, LOS has been proven to be the answer for consumers' needs in which consumers' complaints settled quickly, informal, and free of charge.
文摘On June 24th, 2018, President Tayyip Erdogan, along with his pro-Islamic party, the Justice and Development Pazty, AKP, won the general election in Turkey, which will enable Mr. Erdogan to be a one-man ruler of the Republic of Turkey in the foreseeable future. Now, invested with infinite executive-presidential power, coupled with having complete control of the military, cabinet, judiciary and legislative branches, enables Mr. Erdogan to pursue his ambition to be a “nuclea3: power leader” in the Sunni Islamic world. The scientific denialism in general and environmental science, in particular, will reach a whole new level of insanity in Turkey where any conceivable environmental democracy will be abolished. The new government will further change the education establishment in every level and implement its anti-science political doctrines in which logic is an enemy and scientific truth is a menace. The last fifteen years of experience show that the AKP's politicians have become anti-science zealots who preach a dangerously new political cultism that is devoid of actual facts, if it does not fit their religious aberration narrative, Thus, virtually every aspect of the nuclear power program in Turkey will be a state secret under the control of one religiously motivated and driven ruler and this, should certainly sound alarm bells across the globe.
文摘China surpassed the United States (US) in 2006 to become the largest greenhouse gas emitter. CCS- EOR technology, which meets the dual needs of reducing carbon emissions and enhancing oil recovery, has had much importance attached to it. For the latest decade, the Chinese government has provided support for CCS- EOR technology through policy, funding and research projects. Under the vigorous guidance of the government, oil companies represented by China National Petroleum Corporation (CNPC) competed to carry out research, demonstration, popularization and operation in major oil fields centering on the CCS-EOR technology and achieved remarkable results. Its scientific and technological achievements are reflected in various sub-projects under the 863 Program, 973 Program and National Science and Technology Major Project. However, while shifting from trial promotion of the current stage to large-scale commercialization, CCS-EOR technology will not only face many opportunities but also quite a few challenges.
基金supported by the National Natural Science Foundation of China(Grant Nos.51478056 and 51208202)
文摘This study is to explore a suitable method to classify landform, in order to support the decision making for community siting in mountainous areas.It first proposes the landform classification for community siting(LCCS) method with detailed discussions on its rationality and the chosen parameters.This method is then tested and verified in Quxian county.The LCCS method entails twograde parameters, which uses relative relief as the first grading parameter, slope as the second, followed by a synthesis process to form a suitable landform classification system.By applying the LCCS method in Quxian county, the result shows that its use of watershed to identify geomorphometric units, and its use of the altitude datum concept, can effectively classify landform according to the local cultural traditions, and the economic and environmental conditions.The verification result shows that comparing to the conventional methods, the LCCS method respects to people's daily experience due to its bottom-up approach.It not only help to minimize the disturbance to the nature when choosing locations for community development, but also helps to prepare more precise land management policies,which maximizes agricultural production and minimizes terrain transformation.
文摘Over two decades have passed by since Poland took the course of democratic changes. In the early 1990s the press sector was re-established as a consequence of de-monopolization and has been taken over by foreigners. The electronle media sector has been restricted for 15 years and foreign companies could only have one third of the ownership. The complexity of Polish media system reflects the long way from communism and governmental media towards free democratized market with some remnants of the previous era. It is hard to predict when it will be shaped in a brand new way and if it is generally possible.
文摘The paper aims to examine the effect of political influence on corporate transparency, and performance of Indonesian listed companies, Seventy-three large public firms from hundred of the largest companies in Indonesia were selected as the sample. Data for corporate transparency are collected from annual reports for the years 2005-2007. Corporate transparency is indexed by the amount of information disclosed in company's annual report. The disclosure index reporting model developed in the current research is based on the Annual Report Award (ARA, an award given annually to Indonesian listed and non-listed companies), and firm performance is measured using two indicators: ROA (return on assets) and Tobin-Q. The political influence variable is proxied by two indicators: government ownership and the existence of politicians in Board of Directors (BOD). Results demonstrate that contrary to the hypothesis, government ownership (political influence) has positive relation to corporate transparency, as well as to ROA (firm performance). Results also support the hypothesis that transparency act as a mediating variable for the relationship between political influence and firm performance. However, when political influence is pmxied by existence of politicians in BOD and fm'n performance proxied by Tobin-Q, data seems to give support to the hypotheses proposed. The discussion and implications of the findings and suggestions for future research arc discussed.
文摘Following reform and opening up, China witnessed a rapid increase in legal cases, but the rate of increase has undergone a marked decline since 1997. The reasons this has occurred in a period of social transformation are threefold: a non-litigious dispute-settling mechanism, judicial policy and the credibility of the courts. A data analysis of the average annual rate of growth, the correlation coefficient and the respective proportions of solutions under the litigious and the non-litigious dispute-settling mechanisms indicates that the slowing of the rate of growth of litigation has been accompanied by a decrease in the role of the people's mediation system and the economic arbitration system. However, it is the strengthening of administrative dispute-settling mechanisms, a judicial policy of not accepting cases, the reform of litigation fees and a series of institutional cbnstructs aimed at judicial corruption that has curbed the rapid increase of legal cases.
文摘The new provisions on judicial interpretation work issued by the Supreme People's Court (SPC) explicitly establish two procedural institutions: "Citizen motion for project initiation of judicial interpretation" and "Seeking public comment." Under the rubric of democratization, these create "primafacie democratic legitimacy" for it to carry out the political function of developing law through judicial interpretation, and also enable it to broadly absorb information or knowledge in the course of Chinese-style judicial interpretation, especially abstract interpretation. However, the "democratization" trend gives also the impression that the SPC hews so close to public opinion that it will find itself in a quandary if it becomes necessary for it to make an independent and wise judgment. The SPC must find an appropriate balance between following behind and standing aloof from public opinion. Therefore, we should not take any further steps in "democratization." An acceptable strategy for the present would be for the SPC to retain abstract interpretation in a limited sphere while working on reforming the content, form and system of concrete interpretation and extending its scope of application, letting the two models of judicial interpretation coexist and compete for future development and choices.
文摘With the cash-cash flow sensitivity theory originally proposed by Heitor et al, this paper conducts an empirical study on the relationship between the cash-cash flow sensitivity and the financial constraint of A-share listed companies in China. The results indicate: (1) the financially constrained firms display significantly positive cash- cash flow sensitivities, while financially unconstrained firms show insignificant cash-cash flow sensitivities. (2) The cash-cash flow sensitivity is significantly negatively correlated with firms' earning profit ability and repaying debt ability, and the degree of the financial constraint changes in opposite directions with firms' earning profit ability and repaying debt ability, thus the cash-cash flow sensitivity and the degree of the financial constraint changes in the same direction.
文摘State policies exert a great influence over Chinese civil justice. Article 6 of the General Principles of Civil Law stipulates that state policies are a source of civil law, but the path by which they enter civil justice is not a rational one and may lead to adjudication difficulties with state policies. State policies are integrated with state law, and the laws and legal interpretations formulated by the National People's Congress and its Standing Committee, judicial interpretations, administrative regulations, autonomous regulations and special regulations, administrative rules and other regulatory documents are forms of expression of state policies. Different rules for adjudication apply depending on the different vehicles of state policy. The Supreme People's Court can play a role in making public policy and guiding state policy into civil adjudication through "open" and "unseen" channels.