High-quality economic development can be achieved if a major strategic direction for China are delivered from the macro level to the micro level.Taking A-listed enterprises in China from 2005 to 2018 as samples,this p...High-quality economic development can be achieved if a major strategic direction for China are delivered from the macro level to the micro level.Taking A-listed enterprises in China from 2005 to 2018 as samples,this paper studies the impact of directors and officers liability insurance(D&O insurance)on the high-quality enterprise development.The research results show that D&O insurance can promote high-quality development.In addition,the mechanism test shows that D&O insurance can reduce agency costs and improve innovations and high-quality enterprise development.Further analysis shows that when state-owned enterprises including their internal controls has no major defects,D&O insurance has more significant positive impact.Thus,this paper suggests that the insurance should be promoted for realizing high-quality enterprise development.展开更多
Following the Company Law(2023 Revision),substantial changes have been made to many important legal regimes,necessitating clarification through interpretative analysis.In the field of corporate litigation,the Company ...Following the Company Law(2023 Revision),substantial changes have been made to many important legal regimes,necessitating clarification through interpretative analysis.In the field of corporate litigation,the Company Law(2023 Revision)has taken a clear stance in strengthening the protection of minority shareholders'rights,reflecting a broader shift in litigation philosophy from"creditor primacy"to"investor primacy."This shift underscores an adjustment in the balancing of interests among various stakeholders under the Company Law(2023 Revision).On the validity of accelerated shareholder capital contribution,there is significant debate between the pooling rule theory and the direct repayment theory.In this context,the nature of the accelerated mechanism should be interpreted as a special case of creditors'subrogation rights,favoring the application of direct repayment.With regard to the liability of directors,the Company Law(2023 Revision)has established a systematic framework for director liability,including liabilities related to shareholder capital contributions,capital operations and outflows,liquidation obligations,liability to third parties,and general liability for breaches of fiduciary duties.This framework further clarified director liability at the capital inflow stage.Although the issue of reverse piercing of the corporate veil is not explicitly codified in the Company Law(2023 Revision),the Supreme People's Court,in the selected Q&A on its legal consultation portal,has acknowledged its applicability in scenarios of corporate personality confusion.However,this Q&A should not serve as a basis for expanding the scope of application of the reverse piercing through analogical reasoning.In Chinese laws,reverse piercing of the corporate veil is merely an effect rather than an independent behavioral norm.展开更多
基金This paper is supported by the National Social Science Funds of China on the research“Governance Effect and Path of State Audit in Central State-owned Enterprises”(No.19BGL049)Department of Philosophy and Society,Ministry of Education on the research“Government Administrative Cost Optimization Research”(No.19JHQ097)+1 种基金Basic Scientific Research Funds of the Central Universities Special fund project on the research“Identification,Evaluation and Control of Local Government’s True and False Latent Debt Risks”(No.FRF-MP-20-13)This paper is awarded excellent paper in East China Economic Management of the year 2021.
文摘High-quality economic development can be achieved if a major strategic direction for China are delivered from the macro level to the micro level.Taking A-listed enterprises in China from 2005 to 2018 as samples,this paper studies the impact of directors and officers liability insurance(D&O insurance)on the high-quality enterprise development.The research results show that D&O insurance can promote high-quality development.In addition,the mechanism test shows that D&O insurance can reduce agency costs and improve innovations and high-quality enterprise development.Further analysis shows that when state-owned enterprises including their internal controls has no major defects,D&O insurance has more significant positive impact.Thus,this paper suggests that the insurance should be promoted for realizing high-quality enterprise development.
文摘Following the Company Law(2023 Revision),substantial changes have been made to many important legal regimes,necessitating clarification through interpretative analysis.In the field of corporate litigation,the Company Law(2023 Revision)has taken a clear stance in strengthening the protection of minority shareholders'rights,reflecting a broader shift in litigation philosophy from"creditor primacy"to"investor primacy."This shift underscores an adjustment in the balancing of interests among various stakeholders under the Company Law(2023 Revision).On the validity of accelerated shareholder capital contribution,there is significant debate between the pooling rule theory and the direct repayment theory.In this context,the nature of the accelerated mechanism should be interpreted as a special case of creditors'subrogation rights,favoring the application of direct repayment.With regard to the liability of directors,the Company Law(2023 Revision)has established a systematic framework for director liability,including liabilities related to shareholder capital contributions,capital operations and outflows,liquidation obligations,liability to third parties,and general liability for breaches of fiduciary duties.This framework further clarified director liability at the capital inflow stage.Although the issue of reverse piercing of the corporate veil is not explicitly codified in the Company Law(2023 Revision),the Supreme People's Court,in the selected Q&A on its legal consultation portal,has acknowledged its applicability in scenarios of corporate personality confusion.However,this Q&A should not serve as a basis for expanding the scope of application of the reverse piercing through analogical reasoning.In Chinese laws,reverse piercing of the corporate veil is merely an effect rather than an independent behavioral norm.
