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Hostile takeovers in China: comparative corporate governance and institutional changes 中国的敌意收购:比较公司治理和制度变迁
Q4 Social Sciences Pub Date : 2013-10-01 DOI: 10.1504/IJPL.2013.056804
Lin Zhang
Hostile takeovers are yet to be a common practice for Chinese listed companies. As empirical evidence shows, the existence of hostile takeovers, which is an external governance mechanism, is vital for the remedy of the inefficient conglomerate strategy of Chinese listed companies. Along with the end of equity-division reform, the media has started to pay attention to the emergence of hostile takeovers in China. Through exploring the changes of ownership concentration of Chinese listed companies, it is concluded that hostile takeovers will be likely to spring up in the not-so-far future in China. However, in order to turn the emergence of hostile takeovers from a possibility to a reality and further to achieve their implications for the corporate governance of Chinese listed companies, Chinese legislators must impose limitations on the application of pre-tender-offer anti-takeover measures.
敌意收购尚未成为中国上市公司的普遍做法。实证研究表明,敌意收购作为一种外部治理机制,其存在对我国上市公司整合战略低效的补救作用至关重要。随着股权分置改革的结束,媒体开始关注中国敌意收购的出现。通过对中国上市公司股权集中度变化的探讨,认为在不久的将来,中国可能会出现敌意收购。然而,为了使敌意收购的出现从一种可能性变为现实,并进一步实现其对中国上市公司公司治理的影响,中国立法者必须对要约收购前反收购措施的适用加以限制。
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引用次数: 2
White-collar crime lawyers: the case of Transocean in court 白领犯罪律师:越洋公司案在法庭上
Q4 Social Sciences Pub Date : 2013-10-01 DOI: 10.1504/IJPL.2013.056807
Petter Gottschalk
White-collar criminals are persons of respectability and high social status, who commit financial crime in the course of their occupation. In a national sample of 305 convicted criminals, the average age was 48 years old, and the average sentence was 2.2 years in prison. White-collar crime lawyers defend criminals in court. The case of Transocean is presented in this article, where the company and their prosecuted advisors will probably spend about $10 million on lawyers in the first round in a district court. This emphasises a distinguishing feature of white-collar criminals from street criminals, where white-collar criminals can pay for a knowledgeable defence. Some criminals may have quite famous lawyers, who are well-known for getting their probably guilty clients off. A knowledge level perspective is applied in this paper, where the relative knowledge between defence and prosecution has an influence on how the case is handled and possibly even on the court verdict.
白领犯罪是指在职业生涯中从事金融犯罪的有名望、有较高社会地位的人。在305名被定罪罪犯的全国样本中,平均年龄为48岁,平均刑期为2.2年。白领犯罪律师在法庭上为罪犯辩护。本文介绍了Transocean的案例,该公司及其被起诉的顾问可能会在地区法院的第一轮诉讼中花费约1000万美元聘请律师。这强调了白领罪犯与街头罪犯的一个显著特征,白领罪犯可以花钱请一位知识渊博的辩护律师。一些罪犯可能有非常有名的律师,他们以帮助可能有罪的客户脱罪而闻名。本文采用知识水平视角,辩方和控方之间的相对知识对案件的处理方式,甚至可能对法院判决产生影响。
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引用次数: 0
The way forward to tort recovery of pure economic loss for defective premises in the UK 英国瑕疵房屋纯经济损失侵权赔偿之路
Q4 Social Sciences Pub Date : 2013-06-24 DOI: 10.1504/IJPL.2013.054771
Sandy Sabapathy
The current tort law in the UK is averse to the recovery of pure economic loss for defective dwellings for reasons which are unconvincing and unsustainable, especially in relation to a subsequent purchaser of a house which has dangerous structural defects. Thus, a legitimate claimant is deprived of a remedy in tort without valid justifications. This paper aims to evaluate and analyse the relevant legislation namely the Defective Premises Act 1972 (the DPA) and the Latent Damage Act 1986 (the LDA) in the light of the decision of the House of Lords in Murphy v Brentwood DistrictCouncil [1999] 1 AC 398. As a solution, the paper will stress on the need to amend the DPA and the LDA as a positive way forward to change this arena of tort law which is unduly stringent and restrictive.
英国现行的侵权法反对对有缺陷住房的纯经济损失进行赔偿,理由是不令人信服和不可持续的,特别是在涉及到随后购买具有危险结构缺陷的房屋的情况下。因此,一个合法的索赔人在没有正当理由的情况下被剥夺了侵权救济。本文旨在根据上议院在Murphy v Brentwood DistrictCouncil [1999] 1 AC 398中的决定,评估和分析相关立法,即1972年的《瑕疵房屋法》(DPA)和1986年的《潜在损害法》(LDA)。作为解决方案,本文将强调有必要修改DPA和LDA,作为改变这一侵权法领域过度严格和限制的积极途径。
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引用次数: 0
Chinese take-aways: what can China learn from the English experience of derivative actions? 中国的收获:中国可以从英国衍生行为的经验中学到什么?
Q4 Social Sciences Pub Date : 2013-06-24 DOI: 10.1504/IJPL.2013.054768
Fangyuan Ma
This article evaluates the derivative actions in England and China from a comparative perspective. The statutory derivative actions are introduced by the Companies Act 2006 in England to replace the rules at common law; whilst derivative actions are introduced for the first time in China by the Chinese Company Law 2005. It is argued that some pertinent and important lessons can be learnt from the English experience for future law reforms in China, taking into account their distinct constitutional-political, socio-economic, legal and cultural backgrounds. In particular, a more sophisticated set of procedural rules should be established in China to minimise the number of malicious suits and the courts should play a substantially more active role in determining whether derivative actions can proceed. At the same time, the unfair prejudice remedy should also be considered for adoption in future Chinese company law reform.
本文从比较的角度对英国和中国的衍生诉讼进行了评价。法定派生诉讼是由英国《2006年公司法》引入的,以取代普通法中的规则;而衍生诉讼则是在2005年《中国公司法》中首次引入的。本文认为,考虑到中国不同的宪政、社会经济、法律和文化背景,英国的经验可以为中国未来的法律改革提供一些相关和重要的经验教训。特别是,中国应该建立一套更复杂的程序规则,以尽量减少恶意诉讼的数量,法院应该在决定衍生诉讼是否可以进行方面发挥更积极的作用。同时,不公平损害救济也应在今后的公司法改革中加以考虑。
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引用次数: 0
Unconscionability and Performance Bonds 不负责任和履约保证金
Q4 Social Sciences Pub Date : 2013-06-24 DOI: 10.1504/IJPL.2013.054769
J. Yap
This article considers the question of whether, as a matter of legal policy, unconscionability should be adopted by English courts as a ground upon which the court can grant an injunction to restrain a beneficiary of a performance bond from calling on the bond. The May 2012 decision of the Singapore Court of Appeal in BS Mount Sophia Pte Ltd v Join-Aim Pte Ltd [2012] SGCA 28 will be discussed in detail. This decision sheds useful light on the question of whether unconscionability should be adopted by English courts as a ground on which an injunction may be granted to restrain a call on a performance bond. In particular, this article will argue that the fear that excessive uncertainty would arise as a result of the adoption of unconscionability as a ground on which such an injunction can be granted may not be justified. Finally, observations will be made as to the significance of the divergence between Singapore law and English law in this area.
本文考虑的问题是,作为一项法律政策,英国法院是否应该采用不合理作为法院可以授予禁令以限制履约保函受益人索取保函的理由。2012年5月新加坡上诉法院在BS Mount Sophia Pte Ltd v Join-Aim Pte Ltd [2012] SGCA 28案中的判决将被详细讨论。这一决定对英国法院是否应采用不合理作为准予禁令以限制对履约保证金的要求的理由的问题提供了有益的启示。特别是,本文将论证,由于采用不合理作为可以授予这种禁令的理由而产生的过度不确定性的担忧可能是不合理的。最后,将对新加坡法和英国法在这方面的分歧的意义进行观察。
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引用次数: 0
The applicability of the refund guarantees when the shipyard goes bankrupt 船厂破产时退款保证的适用性
Q4 Social Sciences Pub Date : 2013-06-24 DOI: 10.1504/IJPL.2013.054767
A. Goldschmidt
When major shipbuilding contracts are entered into, a so-called ‘refund guarantee’ issued to the buyer by a bank nominated by the shipyard, by virtue of which the instalments paid in advance are returned, provided that the buyer terminates the shipbuilding contract before delivery of the vessel has taken place. Despite the clear wording of the refund guarantees and the shipbuilding contracts, the applicability of the refund guarantees is in doubt in situations where the contract is terminated due to the shipyard entering into bankruptcy proceedings. This is because the bankrupt estate cannot be expected to agree to the termination of the shipbuilding contract as a matter of course. In this event, the buyer may have to waive the agreed security and accept the bankrupt estate as the contracting party, unless the fulfilment of the shipbuilding contract is specifically identified with the performance of the shipyard in question. With this in mind, it will be assessed in this article whether the work required in order to complete the construction of a vessel may be of an interchangeable nature.
当签订重大造船合同时,如果买方在船舶交付之前终止造船合同,则由造船厂指定的银行向买方出具所谓的“退款保证书”,根据该保证书,预先支付的分期付款将被退回。尽管退款保证和造船合同有明确的措辞,但在造船厂进入破产程序导致合同终止的情况下,退款保证的适用性存在疑问。这是因为,不能指望破产企业理所当然地同意解除造船合同。在这种情况下,买方可能不得不放弃约定的担保,接受破产财产作为订约方,除非造船合同的履行被明确认定为有关造船厂的履行。考虑到这一点,本文将评估为完成船舶建造所需的工作是否具有互换性。
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引用次数: 0
Telecommunications industry self-regulation: assessing the Telecommunications Industry Ombudsman Scheme in Australia 电讯业自我规管:评估澳洲电讯业申诉专员计划
Q4 Social Sciences Pub Date : 2013-06-24 DOI: 10.1504/IJPL.2013.054772
Liam Widdowson, Grace Li
In Australia, the Telecommunications Industry Ombudsman (TIO) is a private corporation enacted by parliament as the sole alternate dispute resolution mediator between carriage service providers (CSPs) and consumers. The TIO is designed as an office of last resort and relies on attracting, receiving, investigating and escalating complaints as its sole source of funding. Currently, the Telecommunications Act requires all CSPs to become members of the TIO scheme. The research project was undertaken to study the effectiveness of the TIO scheme in 2010–2011. The project results demonstrated universal and significant dissatisfaction with many material aspects of the TIO scheme. Further, the analysis of TIO key performance metrics uncovered patterns that provide some evidence of the issues raised by CSPs in their responses. A comprehensive legal analysis of the unique position of the TIO considered the sources of power the TIO relies upon and offers some insight into perhaps why the scheme operates in the manner it does. In conclusion, a set of recommendations is made to reform the scheme to provide fair, just and economical outcomes for CSPs and consumers.
在澳大利亚,电信行业申诉专员(TIO)是由议会设立的一家私营公司,作为运输服务提供商(csp)和消费者之间唯一的替代争议解决调解人。TIO被设计为最后的办公室,其唯一的资金来源是吸引、接收、调查和升级投诉。目前,《电信法》要求所有csp成为TIO计划的成员。本研究项目于2010-2011年进行,目的是研究TIO计划的成效。项目结果表明,人们普遍对TIO方案的许多实质性方面感到不满。此外,对TIO关键性能指标的分析揭示了一些模式,这些模式为csp在其响应中提出的问题提供了一些证据。对监察主任独特地位的全面法律分析,考虑了监察主任所依赖的权力来源,并提供了一些关于该计划为何以这种方式运作的见解。最后,提出了一套建议,以改革该计划,为csp和消费者提供公平,公正和经济的结果。
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引用次数: 1
Legislating general principles of commercial law in China 中国商法一般原则的立法
Q4 Social Sciences Pub Date : 2013-04-03 DOI: 10.1504/IJPL.2013.053015
Qiao Liu, X. Ren, Zhenxing Zhang
This paper outlines and evaluates the current debate on the propriety and feasibility of enacting a national law in the People’s Republic of China enunciating a body of general principles overarching various commercial legislations. By way of a critical and comparative appraisal of three most pertinent and promising pieces of materials in this regard – the Regulations of Shenzhen Special Economic Zone on Commercial Matters and two scholarly recommendation drafts – it advocates the enactment of such general principles and suggests the salient features and the essential structure of the future code.
本文概述并评估了目前关于在中华人民共和国颁布一项国家法的适当性和可行性的辩论,该法律阐明了一套涵盖各种商业立法的一般原则。通过对《深圳经济特区商事条例》和两份学术建议草案这三份在这方面最具针对性和前景的材料进行批判性比较评价,主张制定这一总体原则,并提出未来法典的突出特点和基本结构。
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引用次数: 0
Using dispute systems design to identify, explain and predict trends in the settlement of international commercial disputes: the UNCITRAL and ICC ADR initiatives 利用争议制度设计来识别、解释和预测国际商事争议解决的趋势:联合国国际贸易法委员会和国际商会的ADR倡议
Q4 Social Sciences Pub Date : 2013-04-03 DOI: 10.1504/IJPL.2013.053012
B. Wolski
This paper identifies some recent trends in international commercial dispute resolution including efforts to make transnational litigation more attractive, the sense of crisis said to pervade the arbitration community and the growing interest in the use of mediation as an alternative to, or as a component of, arbitration. It takes a critical look at the efforts of UNCITRAL and the ICC to support the use of mediation. Using the theory and principles of dispute systems design, it seeks to explain why UNCITRAL’s model law on International Commercial Conciliation and the ICC’s ADR clauses and rules have not had a significant impact and why mediation continues to be underused. The paper examines potential obstacles to increased use of mediation, particularly, the lack of recognition given to agreements to mediate and mediated settlement agreements. It concludes with some observations about the future use of mediation and arbitration in the resolution of international commercial disputes.
本文确定了国际商事争议解决的一些最新趋势,包括努力使跨国诉讼更具吸引力,据说危机意识在仲裁界普遍存在,以及对使用调解作为仲裁的替代方案或组成部分的兴趣日益浓厚。报告以批判的眼光审视了贸易法委员会和国际商会为支持使用调解所作的努力。本文利用争议制度设计的理论和原则,试图解释为什么贸易法委员会的《国际商事调解示范法》和国际商会的ADR条款和规则没有产生重大影响,以及为什么调解仍然没有得到充分利用。本文探讨了增加使用调解的潜在障碍,特别是缺乏对调解协议和调解和解协议的承认。最后,对今后在解决国际商事纠纷中使用调解和仲裁提出了一些看法。
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引用次数: 1
Benchmarking of legal systems for global competition 为全球竞争制定法律制度基准
Q4 Social Sciences Pub Date : 2013-04-03 DOI: 10.1504/IJPL.2013.053016
W. Hoff
This article seeks to establish general criteria for benchmarking of national legal systems in the context of their ability to attract investment. It takes into account the ‘systemic competitiveness’ of business law, which needs to be distinguished from competitiveness of specific provisions of substantive law such as the level of taxation with a particular tax.
本文试图在各国法律制度吸引投资能力的范围内建立基准的一般标准。它考虑到商法的“系统竞争力”,需要将其与实体法中具体条款的竞争力(如特定税种的税收水平)区分开来。
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引用次数: 1
期刊
International Journal of Private Law
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