Political Connection, the Nature of Property Rights, and Enterprise M＆A Performance——Empirical Study based on the Panel Data of Listed Companies

Mergers and acquisitions （M＆A） are the important methods to quickly acquire external resources, achieve the economies of scale and the economies of scope, improve market share, and expand the scale of enterprise, while M＆A performance is an important index to measure if enterprise M＆A is successful. In this paper, the influence of entrepreneurs＇ political connection on the M＆A driving factors and M＆A efficiency of the enterprises with different property rights are analyzed using 357 mergers and acquisitions of China＇ s 189 listed companies in 2005-2011 as samples based on the distinction between political connection and the nature of enterprise property rights. The results show that the political connection plays a very significant positive influence on the M＆A performances of the central state-owned enterprises and private enterprises, but exerts a very significant negative influence on the local state-owned enterprises; the intensity of entrepreneurs＇ political connection also plays a certain influence on enterprise merger and acquisition, and the central political connection and the local political connection are significantly different in the influence on the enterprise M＆A performance.

From the Subjectivity of Human Rights to the Universality of Human Rights——A Preliminary Interpretation of the Theory on the Subjectivity of Human Rights

Universality is one of the essential characteristics of human rights, but there is a substantive difference between idealism and realism in understanding the concept of universality of human rights. The concepts of radical universality and strong universality based on the concept of natural human rights are too idealistic and thus have a high risk of being alienated into a tool of international re-pression in practice. On the contrary, the theory on the subjectivity of human rights can effectively defuse this risk brought about by radical universality and strong universality. Advocating a transition from the universality of human rights to the subjectivity of human rights not only keeps in line with the actual construction process of international human rights, but can also effectively interpret the practical difficul-ties in the realization process of international human rights. Therefore, it can be used as another alternative theory on human rights beyond the theory of natural human rights.

Systematic and Theoretical Unfolding of Research on Xi Jinping’s Discourses on Respecting and Protecting Human Rights

Xi Jinping’s discourses on respecting and protect-ing human rights stand as a shining example of the sinicization and modernization of Marxist human rights theory,embodying profound theoretical,political,practical,and cultural logic.Existing research has conducted comprehensive and systematic theoretical analysis and academic extractions on the following contents:the core essence in-herent in these important discourses,including the“theory of human rights concepts,”the“theory of human rights paths,”the“theory of human rights practices,”the“theory of human rights protection,”and the“theory of human rights governance,”along with their profound theoretical significance,practical significance,and global signifi-cance.In the future,researchers should emphasize efforts on studying the original texts and understanding the original principles.While focusing on the precision of concepts,the scientific nature of the prop-ositions,the maturity of theoretical systems,and the rigor of internal logic related to Xi Jinping’s discourses on respecting and protecting human rights,researchers should also pay attention to constructing a discourse system on human rights from the dimensions of discourse power,discourse cluster,and discourse field.Researchers should be adept at drawing innovative insights into human rights theory from China’s vibrant human rights practices and the vast masses of people.This approach will facilitate the systematic unfolding,academic trans-formation,and innovative development of Xi Jinping’s discourses on respecting and protecting human rights.

The Impact of Changes of Property Rights on Farmland Use:An Empirical Study of China during Transition

In China, farmland property rights characterized by the household-responsibility system (HRS) have been improved since the reform and opening-up. The rights of use, transfer and gain become more stable, authorized and complete. This paper firstly analyzes the impact on farmland productivity, which comes from the improvement of farmland property rights. Then, an economet- ric model is built to test the above analysis. It concludes that changes of property rights will affect farmland performance in China. In the end, some policy implications are explored for fur- ther reforms.

The Innovation and Plights of Farmland Property Rights System Reform in Chongqing Municipality

Based on the background of national urban and rural comprehensive reform pilot area and the introduction of the profiles of research region and the data obtained by on-the-spot interview survey,the innovative models of farmland property rights system reform in Chongqing are introduced by applying participatory rural appraisal methods and examples. The innovative models cover buying shares of contract management rights,transforming from farmers to townspeople and mortgaging contract management rights. The plights exist in the reform are analyzed,among which the plights of buying shares of contract management rights are introduced from the following five aspects:the conflict with the present land contract laws,the possible new round of massive scale land loses,the confounded functions of government and enterprise caused by risk transference and the difficulties of handling assets when the contract management rights expired. Besides,the plights of the transforming from rural residents to urban residents are analyzed from four aspects,which include the particularity of reform,high financial pressure,emergence of interbedded people and difficulties of payoff of village-based companies. From the facets of limited mortgage area,risks of reimbursing the loan,legal risks of mortgage. The results show that the stock purchasing model of contractual management rights reveals the capital value of land and the model is of theoretical and practical significance in law and economics. However,the social security system is not perfect,so the stock purchasing model of contractual management rights can not be expanded. In addition,the participation of more famers and the expansion of enterprises are limited as well. The land comprehensive reform model of transforming from rural residents to urban residents is of positive significance to the comprehensive exploration of farmland property system reform,but this kind of model should be supported by strong economy. The stock purchasing model of contractual management rights is of significance to perfect the contractual management rights,but it conflicts with the existing laws and financial systems.

Justification and System Arrangement of Virtual Property Rights——Comments on Article No. 127 of General Provisions of the Civil Law

In the process of formulating the General Provisions of the Civil Law of P. R. China, the attribute of virtual property rights has changed from real rights to non-real rights. Article No. 127 thereof does not clarify the nature of virtual property rights after all, and the place where virtual property is put in the "Civil Rights" chapter of General Provisions of the Civil Law makes the concept even more complex and confusing. The "relationships paradigm" protection of virtual property does not have a definite classification criterion, nor stands opposite to the "rights paradigm." There are two different ways to justify the "theory of virtual property as a real right" under the "rights paradigm" protection, namely, essentialism and consequentialism. The former resulted from utilizing features in a demonstration and identifying disposal rights with real rights, while the latter resulted from adherence to the dichotomy system of property rights comprising real rights and creditor's rights. From the perspective of larceny in Criminal Law and virtual property insurance in The Social Insurance Law, the attribute of virtual property rights is irrelevant to creditor's rights. The attribute of virtual property rights shall be defined as virtual property rights so that it can be included in the system of civil rights. The uniqueness of virtual property is enough to become an object of emerging civil rights; intangible property rights as a superordinate theoretical concept cannot reflect the essence of virtual property rights. The legislative frame of virtual property rights shall be comprised of the subject, object, exercise, publication and change of the rights.

Non‑fungible tokens:a bubble or the end of an era of intellectual property rights

The viability of exponentially growing non-fungible token(NFT)market is evaluated by identifying potential value-generating mechanisms that can be rationalized.After identifying the value-generating mechanisms underlying the positive values of NFTs,this study establishes a pricing model for NFTs that follows a continuous-time financial framework.As NFTs are claimed to securitize“ownership rights short of use”,and as such they may potentially serve as a substitute for the need to rely replace the reliance on the legal protection provided by intellectual property rights(IPRs).Considering this issue,this study evaluates the likelihood that NFTs will replace existing mechanisms that protect producers’rightful claim to use their assets or the need to apply the legal code that governs IPRs.The financial condition for this potential shift is derived for a category of assets whose use or consumption does not reduce supply as the notion of scarcity does not apply.

Timberland Investing and Private Property Rights in the United States of America

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.

Regulation or Property Rights： The Effect of China＇s Coal Mine Shutdown Policy on Work Safety

Since 1999, shutdown policy has been one of the most important industrial policies in China ＇S coal mining industry. There have been many controversies surrounding this policy and its effect on coal mine safety. This paper summarizes, analyzes and tests two contradicting views of the effects of shutdown policy on the mortality rate of township-and-village-owned coal mines. One view, or the regulative view, believes that shutdown policy induces firms to increase safety input, thus decreasing mortality. The opposing view, or the property rights view, argues that shutdown policy disturbs property rights stability and actually increases mortality. We built a simple theoretical model to analyze these contrasting rationales. The model uses the difference-in-difference method and provincial panel data from 1995 to 2005 to empirically test the policy＇s effects. Our findings are that shutdown policy significantly decreases output while also increasing mortality in township-and-village coal mines. This result is consistent with the property rights view.

The Establishment of Intellectual Property Rights

A common act taken by every innovation-oriented country is its protection for intellectual property. The main mission for establishing intellectual property rights is to normalize the rights and laws over its entire domain of jurisdiction. This article introduces the new concept of "intellectual-property-rights-ization", and discusses about the role and importance of this concept; a country that has normalized intellectual property rights are characterized by a people that realize the importance of intellectual property rights, a presence of a rule system that protects one 's intellectual property, an administration that regulates intellectual property rights, a specialization of labor in protecting IPR, and a strong education system.

Reform Paths of Rural Land Property Rights System in the Context of Agricultural Modernization

The reform of rural land property rights system can promote large-scale and intensive agricultural production,improve the quality of laborers,improve agricultural production efficiency,increase farmers'income,and effectively promote the development of agricultural modernization.In the context of the reform of the"separation of three powers",the rural land property rights system still has problems in terms of ownership,use rights,disposal rights,and income rights,which affect the healthy development of agricultural modernization.In this situation,it is necessary to further clarify the subject of rural land ownership,thoroughly improve the right to use rural land,vigorously improve the right to dispose of rural land,effectively protect the right to benefit from rural land,and deeply promote the reform of the rural land property rights system in order to effectively promote the development of agricultural modernization.

The Conflict and Balance Between Intellectual Property Rights and Public Freedom of Information in the“Anti-circumvention Clause”

There is a long-standing conflict between intellectual property rights and public freedom of information.The continuous development of the“anti-circumvention clause”has caused the conflict to intensify.As a basic human right,freedom of information is being gradually eroded by the expansion of intellectual property rights.The existing research mainly carries on the right balance from the negative protection path,but the positive protection path is more advantageous to realizing the public freedom of information and alleviates the conflict between the two kinds of rights.In practice,there are some problems in the application of the anti-circumvention clause,such as the legality of the aim,the division of the protected part,and the determination of the circumvention.This is mainly due to the lack of restrictions on technical measures,the failure to distinguish between“copyright protection”and“contact control”,and the offside and absence of administrative bodies in practice.We should protect public freedom of information by distinguishing the two measures of copyright protection and contact control and the two torts of access and use,increasing the restrictive conditions for the use of technical protection measures,and changing the functions of administrative supervision agencies.

Strengthening Protection Of Proprietary Intellectual Property Rights and Implementation of Technology Standard Strategies

This article focuses on the current situation in technical research and development （R＆D） and proprietary intellectual property rights （IPRs） in China. Based on the situation of Far East Cable Company, it analyzes the significance of strengthening the protection of proprietary IPRs and implementing a strategy for technology standards and then discusses the actual work and future arrangement of proprietary IPRs and technology standard strategies. It points out that the enhancement of proprietary IPRs protection and implementation of technology standard strategies is the only way for enterprises to remain competitive.

On the Perfection of Legislation on Property Rights Protection of Criminal Suspects in Investigation Process

The property rights of a criminal suspect are an important component of human rights,but,unfortunately,may be restrained by factors in the investigation process like judicial stereotypes,legal regulations,and a lack of initiative on the part of the rights holder,which,from time to time,may result in infringements of such rights.Thus it is necessary for us to probe into the reasons why such infringements occur and sort out the contents about enhancing property rights protection of criminal suspects in the amendment to Criminal Procedure Law.To counter the existing disregard for property rights protection of criminal suspects and its legislative deficiency,judicial reform must be carried out as to three aspects:procedural improvement,institutional establishment,and judicial transformation property rights ideas in criminal proceedings.

Research on the Impact of Digital Transformation on the Business Performance of Commercial Banks

Nowadays,with the development of the digital economy,commercial banks are actively conducting digital transformation.Studying the impact of the digital transformation of commercial banks on their operating performance can help commercial banks form a stronger core competitiveness and promote high-quality financial development.Based on the above background,this article first describes the status and development of digital transformation and development of commercial banks,and secondly analyzes whether Chinese commercial banks’digital transformation is conducive to improving their operating performance.Thirdly,by selecting the data of the listed commercial banks in the ten years of 2012–2022,this article obtains the empirical testing of the digital transformation on different property rights.Finally,the higher the level of digitalization,the higher the digital level,the more significantly promotes the performance of commercial banks.Finally,based on the above analysis,this article puts forward feasibility opinions on commercial banks and related regulators.

Construction of China Osmanthus City and Intellectual Property Right Protection in Xianning City in the Context of Three New Developments

Xianning City of Hubei Province is one of the five major traditional osmanthus producing areas in the world and the hometown of osmanthus in China. Xianning is constructing China Osmanthus City in the whole city. This paper first introduces the main characteristics of the osmanthus industry in Xianning City, and analyzes the characteristics of traditional knowledge, biological genetic resources, new plant varieties, patents, geographical indications, and trademarks. Then, it studies the intellectual property resources of the osmanthus industry, and analyzes the main problems existing in the construction of China Osmanthus City and intellectual property right protection. Finally, it comes up with constructive recommendations including applying for China and Globally Important Agricultural Heritage Systems, developing colored-leaf osmanthus varieties, creating a regional public brand of osmanthus specialty products, and building a new development pattern of osmanthus industry.

Inheritance,Innovation and High-quality Development of Herbaceous Edible Oils in Hubei Province under the Strategy of Strengthening the Country with Intellectual Property

Only by improving the production capacity of domestic herbal edible oil can China ensure the safety of the supply chain of the important industrial chain of vegetable edible oil in China and practice the big food concept.In addition to rice,maize,and soybean for using as grain and oil,there are eight kinds of herbaceous edible oil crops in Hubei Province,including rape,peanut,sesame,sunflower,perilla(perilla seed),cotton,linen and tiger nut(Cyperus esculentus).This paper studies the main industries of herbaceous edible oil crops and their intellectual property resources in Hubei Province,and analyzes the main problems of its inheritance,innovation and high-quality development under the strategy of strengthening the country with intellectual property.Finally,it proposes the countermeasures of carrying forward and inheriting traditional knowledge and traditional culture,maintaining the biodiversity of crops,strengthening the creation of new plant varieties and breeding patents,and opening up the whole chain of intellectual property rights.

Influence of Non-Natural Ageing Temperature on the Microstructural Characteristics and Mechanical Properties of Cast Aluminum 6063 Alloy

This research considered the effect of non-natural aging on the microstructural characteristics and mechanical properties of as-cast aluminum 6063 alloys. The samples were developed through a sand casting process and machined into tensile and impact test samples before carrying out solution heat treatment at 550?C (0.83 Tm) on two parts of the samples while retaining one part as the control. The two parts were further divided into sets denoted A and B and were aged at 180?C (0.27 Tm) and 160?C (0.24 Tm), respectively, for 12 hours. The results showed that sample A has the optimal yield strength and ultimate tensile strength of 192 and 206 MPa, respectively. Likewise, the sample gave the highest impact strength value of about 9.63 J/mm2. The observed results were supported by the optical micrograph, which revealed that the sample has evenly dispersed precipitates in its microstructure. This is deemed responsible for the observed increase in strength of the sample.

Synthesis,Structure,Fluorescent Property and Natural Bond Orbital(NBO) Analysis of a One-dimensional Cobalt(III) Complex Containing 1,3-Benzenedicarboxylate and 2-Methyldipyrido[3,2-f:2',3'-h]quinoxaline Ligand

A novel metal-organic coordination polymer [Co（m-BDC）（Medpq）·2H2O]n（m-H2BDC = benzene-1,3-dicarboxyalic acid,Medpq = 2-methyldipyrido[3,2-f：2＇,3＇-h]quinoxaline） has been hydrothermally synthesized and structurally characterized by elemental analysis,IR spectrum and single-crystal X-ray diffraction.The title compound crystallizes in monoclinic,space group C2/c with a = 19.986（4）,b = 15.789（3）,c = 16.292（3）（A°）,β = 126.54（3）°,V = 4130.3（14）（A°）^3,C23H18N4O6Co,Mr = 505.34,Dc = 1.625 g·cm^-3,Z = 8,μ = 0.883 mm^-1,F（000） = 2072,the final R = 0.0772 and wR = 0.1428.The crystal structure of complex 1 is an infinite zigzag-like chain of hexacoordinate Co^3＋ ions,in which the Co^3＋ ions are bridged in two coordination modes by m-BDC^2＋ ligands and decorated by Medpq ligands,showing a slightly distorted octahedral geometry.Additionally,the compound shows strong fluorescence in the solid state at room temperature.Natural bond orbital（NBO） analysis is performed by using the NBO method built in Gaussian 03 Program.The calculation results show a covalent interaction between the coordinated atoms and Co^3＋ ions.