Posted in China, news on Feb 28th, 2008 No Comments »
最近有报道称中海油与伊朗的石油开发协议可能违反了联合国制裁伊朗的协议，美国政府正在调查中海油是否同时违反了美国国内法–因为中海油在纽约证券交易所上市，所以受到美国国内法管辖。
来自China Signs Oil Deal with Iranian Company
…The U.S. State Department says Washington is looking into whether the CNOOC deal breaches U.S. law. The Chinese company has its shares listed on the New York Stock Exchange, and is therefore subject to American laws. …
Posted in Chinese Corporations, 中文, China on Feb 28th, 2008 No Comments »
证券交易所的法律地位*
——反思“与国际惯例接轨”
方流芳
1. 交易所的职能
在 一个国家的证券市场，同时进行着多种游戏，游戏参与者不断变换组合，呈现出错综复杂的关系。一方面，交易所提供交易场所、收取入场费、制定交易规则、维持 秩序，而为交易的组织者；另一方面，交易所和上市公司之间，交易所和证券商之间分别进行各有所图的交易。因此，交易所是我们观览证券市场全局的可选视角。
交易所的传统职能
交易所在证券市场中处于何种地位？一个经常被引用的回答是：“交易所和购物中心或者跳蚤市场的经济职能没有什么实质差别，它们都是将买卖双方聚集在一起而减少彼此发现对方的搜寻成本。1” 但是，传统的交易所毕竟不同于购物中心或农贸市场。首先，证券市场是场外委托和场内竞价双层结构的专业市场——投资者只能通过专业中介买卖股票，只有那些 付得起巨额入场费的专业中介才能进入场内，而交易所则是场内交易的组织者。其次，交易所是为自身利益而组织场内交易，“许多人将交易所看成一个公益机构， 这是不对的。交易所是一个为自身利益所主导的经济组织。2”最后，也是最重要的一点，几乎所有的交易所都会在自身利益的驱使下追求独占，独占倾向是交易所的全球性特征。
Posted in Chinese Corporations, In English, China on Feb 28th, 2008 1 Comment »
Professor Liebman and Milhaupt publish a paper on reputation sanction in Chinese securities market (also see a brief intro from Economist) with the finding that there is a significant effect of such sanction. These reputation sanctions are given by Shanghai and Shenzhen Stock Exchange. Given the ineffectiveness of legal sanction in China, they further […]
Posted in Chinese Corporations, In English, China on Feb 27th, 2008 No Comments »
[The fact that Chinese workers “quit and go to another manufacturer that doesn’t follow the law (overtime regulation)” does not appear to me as a “dilemma.” […]
Posted in Chinese Corporations, In English, China on Feb 26th, 2008 No Comments »
China shares drive may drown a golden goose
Posted in In English, news on Feb 26th, 2008 No Comments »
Poll Finds a Fluid Religious Life in U.S.
The Pew survey, available on the Web at http://religions.pewforum.org
Posted in Chinese Corporations, In English, comments on news, China on Feb 26th, 2008 No Comments »
[The following article from China Briefing suggest that Chinese anti-trust law, scheduled to take effect in August, has implications far more significant than curbing foreign investment interests, although it doesn’t clearly say why and how.]
Will the Anti-monopoly Law assist central regional development?
Additional M&A activity anticipated if China can banish SOE cartels
Posted in In English, news on Feb 25th, 2008 No Comments »
The following Comment is made by Cho Suck-rai, the chairman of Hyosung Group, which is a Korean chaebol–a chaebol is a powerful family in control of a large group of public companies in Korea, after a meeting with the new “pro-chaebol” president Lee Myung-bak.
“Why is corporate governance so important?” Cho asked. “What benefits does […]
Posted in Chinese Corporations, In English, China on Feb 25th, 2008 No Comments »
[Some US companies doing business in China are walking on the line—-the Foreign Corrupt Practices Act of 1977 (FCPA 1977) may nail them down once they are put under strict scrutiny. Think about this–how often do their managers hesitate to pay for a dinner to celebrate a deal, or to present a gift to honor […]
Posted in In English, China, news on Feb 24th, 2008 No Comments »
Take the example of the popular Apple video iPod. It’s a product with 450 parts made by companies around the globe, assembled in China and shipped to the United States, where it is sold for about $300. According to trade statistics, every finished iPod exported to the United States represents $150 of our trade deficit […]