Although it is not the main duty for the People's Procuratorate to institute environmental public interest litigation proceedings, the existence of "reserve" prosecution right of plaintiff not only is be...Although it is not the main duty for the People's Procuratorate to institute environmental public interest litigation proceedings, the existence of "reserve" prosecution right of plaintiff not only is beneficial to timely prevention and cure of environmental damage, but also contributes indispensable judicial supervision force to the environmental legality construction. In order to safeguard environmental public interests, many local prosecutorial organizations have practiced environmental public interests litigation. Since Chinese law has not made explicit stipulation on the function of the People's Procuratorate instituting environmental public interest litigation, the plaintiff's subject qualification for environmental public interest litigation instituted by the People's Procuratorate is still in question. In order to propel the People's Procuratorate to completely and fully exercise their power of supervision and prosecution, there shall be corresponding legislation that provides powerful guarantee for the People's Procuratorate instituting environmental public interest litigation.展开更多
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
基金Research program of Ministry of Justice on national constitutionality and juristic theory "Research on the Function and Legislative Support of the People's Procuratorates Instituting Environmental Public Interest Litigation"(Grant No.:09SFB3040)supported by the people's procuratorate of Shandong in 2009 "The Legislative Research on the People's Procuratorates Instituting Environmental Public Interest Litigation"
文摘Although it is not the main duty for the People's Procuratorate to institute environmental public interest litigation proceedings, the existence of "reserve" prosecution right of plaintiff not only is beneficial to timely prevention and cure of environmental damage, but also contributes indispensable judicial supervision force to the environmental legality construction. In order to safeguard environmental public interests, many local prosecutorial organizations have practiced environmental public interests litigation. Since Chinese law has not made explicit stipulation on the function of the People's Procuratorate instituting environmental public interest litigation, the plaintiff's subject qualification for environmental public interest litigation instituted by the People's Procuratorate is still in question. In order to propel the People's Procuratorate to completely and fully exercise their power of supervision and prosecution, there shall be corresponding legislation that provides powerful guarantee for the People's Procuratorate instituting environmental public interest litigation.
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.
