Suchergebnisse

With China's entry into the World Trade Organization ('WTO'), the gradual opening of previously closed industry sectors to foreign investment and the continued strong growth of the Chinese economy, merger and acquisition ('M&A') activity has become an increasingly attractive alternative to greenfield investment to foreign investors. In the 1980s, the first wave of foreign direct investment ('FDI') in China mostly took the form of joint ventures, including equity joint venture enterprises ('EJV') and contractual joint venture enterprises ('CJV'). A second wave followed in the 1990s in the form of wholly foreign-owned enterprises ('WFOE'). Now a third wave – cross-border M&A – is gaining strength. Foreign investors are becoming more inclined to invest in China by merging or acquiring existing Chinese companies, particularly the leading players in the fields, because M&A transactions offer foreign investors immediate market access with minimal business risk and the acquired business can be converted to foreign-invested enterprises ('FIE') for favourable treatment. The increased pace of foreign M&A activity has contributed to restructuring of the foreign M&A regime in China. On 8 August 2006, six Chinese government agencies, led by the Ministry of Commerce ('MOFCOM') of the People's Republic of China ('PRC'), jointly promulgated the Provisions on the Takeover of Domestic Enterprises by Foreign Investors ('2006 Regulation'). This Regulation became effective on 8 September 2006, replacing the previous Tentative Provisions on the Takeover of Domestic Enterprises by Foreign Investors ('2003 Tentative Regulation'), which were in force since 12 April 2003. The 2006 Regulation, taken together with several other instruments issued either before or after its promulgation, constitutes a systematic regulatory framework governing foreign M&A activity in China. This paper considers the central features of this newly introduced 2006 Regulation and then analyses the factors responsible for its adoption. ...

This article is largely prompted by the two recently promulgated regulations governing takeovers in China. The goal of this article is to critically examine the legal takeover regime in China and to put forward proposals for reform. To outline the discussion, Part II describes the stock market, the takeover law, and the takeover activities in China. Two legislative goals, namely contestability of takeovers and shareholder protection, are set out in Part III. Under these principles, Part IV and Part V explore the issues of tender offer and anti takeover defenses, respectively. Specifically, Part IV focuses on information disclosure and other major rules relating to takeovers. It appears that these rules are in line with the international norm and acceptably workable in the context of China. Furthermore, Part V explores the serious problems that are associated with anti-takeover defenses. China's law seems to be both over inclusive and under inclusive in this respect. After an in depth comparative analysis of the legal regimes in the U.S., UK, and Australia, it is apparent that those regimes are not suitable for China's local conditions. Lastly, this article proposes a regime in which shareholders could veto the use of takeover defenses ex post, while requiring that certain defensive measures be decided ex ante. This proposal could well suit China's needs because it not only gives shareholders sufficient protection, but also preserves necessary flexibility for management to efficiently respond to truly undesirable tender offers.

The purposes of this thesis are threefold: (1) to investigate the incidence of insider trading in China; (2) to critically examine the regulation of insider trading in China within the Chinese context; and (3) to set out reform proposals. At present, insider trading is a very serious issue in China as it presents a major obstacle to the development of China s securities market. This thesis is therefore of both theoretical and practical significance. Based on both theoretical arguments and empirical findings, this thesis investigates the extent of insider trading in China, explains why insider trading occurs in China, and examines the harmful and allegedly beneficial effects of insider trading. Insider trading is found to be widespread and widely considered to be harmful in China. This accounts for the fact that China has shown a great willingness to follow the international trend to regulate insider trading. Indeed, with the benefit of overseas experience, China has made a remarkable achievement in establishing its insider trading regulatory regime within a relatively short period of time. Despite this, there are a number of major problems with this regulatory regime, mainly due to the adoption of foreign ideas without due criticism. This is illustrated by various loopholes found in the definition of what is an insider , which are related to confusion over underlying theories of insider trading liability. The thesis conducts an in depth analysis of these theories on a comparative law basis, recommending that the equality of access theory and the Australian information connection only approach are better suited to China. The thesis also examines other basic elements of insider trading, including the concept of materiality, the issue of when information becomes public, and the subjective elements of insider trading. Furthermore, a detailed discussion is carried out concerning the issue of private civil liability for insider trading. It is submitted that the combination of the nondisclosure-period-traders approach ...

Die Europäische Union und die Volksrepublik China sind zwei wichtige Akteure in den derzeitigen internationalen Beziehungen. Nach dem Ost-West-Konflikt hat sich eine neue Phase der bilateralen Beziehungen entwickelt. Anhand der Theorie des Neoliberalen Institutionalismus analysiert Hui-Ling Huang die sich intensivierenden Interaktionen zwischen den beiden Akteuren in den Jahren 1990 bis 2006. Während des Transformationsprozesses der VR China wandelte sich die Rolle der EU von der eines Helfers, über einen Partner bis hin zu einem Konkurrenten. In diesen 16 Jahren erreichte die EU weniger von ihren gesetzten Zielen im Bereich der Chinapolitik als die VR China in ihrer Europapolitik.

This paper discusses three different kinds of motivation conflicts influence the customers' indecision behavior. Based on previous literature review, the author proposed a stochastic model to predict indecision behavior respectively by approach–approach, avoidance–avoidance and approach–avoidance conflict situations. The duration time of decision making is used as measuring indecision behavior which is considered as Weibull distribution. Simulation data and empirical data are both conduct to compare the fitness between the proposed model and real decision process. The application is demonstrated in the conclusion.

Decentralized energy, or Citizens' energy, is demonstrated as a grassroots power againstbig energy enterprises which implies an alternative to global capitalism. Instead of being confined into the dichotomy of top-down vs. bottom-up frameworks, the dynamics ofdecentralized energy shows its vitality to penetrate the borders of stakeholders and createpossibilities in cross-sector/cross-border collaboration as well as the ability to stimulatethe flexibility of law, and therefore, it interplays with top-down forces spirally and dialectically. Citizens' participation in renewable energy production and consumption in the sense ofdecentralized energy has never been an independent event, but rather, it has emerged froma series of local activities related to appeals to regional autonomy, whereby "energy, careand food" integrate as a matter of vital basic needs that people living together and nearby strive to handle by themselves. Freiburg (Germany), Higashi-Omi (Japan) and YuanLi(Taiwan) all possess different legal systems, beliefs and mentalities, and historical, technical and economic conditions which lead to their unique compatibilities whendecentralized energy is taken into practice. Through comparative studies, this thesis compares participation in energy production and consumption among different localities. It traces how German, Japanese and Taiwanesecitizens build up their own energy systems and what their potential motives are, byanalyzing the divergence of top-down renewable energy policy from local calls for theautonomous energy. The following points of focus will be analyzed: 1) the factors whichinfluence the rising awareness of creating "community-based" energy systems; 2) bringingthe locals into the contact with international communities, by means of comparison ofmotives, participatory process and economic and social conditions among different communities within the autonomous energy field; and 3) the collisions between the macroand micro level of policy making due to their distinct mindsets on the issue of renewable energy. ; Energiegenossenschaften wie auch andere Formen von Bürgerbeteiligungen derdezentralen Energieversorgung werden zunehmend als Alternative zu industriellen, von Shareholdern geprägten Energieunternehmen gesehen. Anstatt in der klassischen Dichotomie von Top-down- und Bottom-up- Konzepten zu verharren, zeigt die Dynamikvon dezentralen Energiebeteiligungsformen, dass es möglich ist, die Grenzen derklassischen Stakeholder geprägten Strukturen vielfältig zu überwinden und unter Nutzungder gesetzlichen Vorgaben kreativ neue, grenzüberschreitende Kooperationen zu schaffen.In diesen Sinne wird das Wechselspiel von top-down und bottom-up Kräften dialektisch neu interpretiert. Bürgerbeteiligungen an erneuerbarer Energieerzeugung und -verbrauch waren niemals einabgegrenztes, unabhängiges Betätigungs- und Themenfeld, sondern sind vielmehr eingebettet in eine Reihe von lokalen, partizipativen Aktivitäten, die im Zusammenhangstehen mit weiterführenden Themen von sozialer Fürsorge, alternativen ökonomischenModellen, Versorgung und Ernährungssicherung als elementaren Grundlagen derLebensführung und Lebenssicherung. Oft sind sie auch von stark regionalistischenTendenzen überlagert. Die gewählten Fallstudien in Freiburg (Deutschland), Higashi-Ohmi (Japan) und YuanLi (Taiwan) besitzen alle unterschiedliche Rechtssysteme,Überzeugungen und Mentalitäten sowie historische, technische und ökonomische Bedingungen. Die Kernfrage dabei ist, ob und wie sich dieser unterschiedlichen Kontexte auf die Umsetzung und den Ausbau dezentralisierter Energieversorgung in der Praxis auswirken. In der vergleichenden Analyse werden die potenziellen Motive aufgezeigt, wobei immerwieder auf das Spannungsfeld von offiziellen Top-down und lokalen Bottom-up -Aktivitäten und Initiativen der Erneuerbare-Energien-Politik eingegangen wird. Folgende Schwerpunkte werden analysiert: 1) die Faktoren, die das steigende Bewusstsein für dieSchaffung von "gemeinschaftsbasierten" Energiesystemen beeinflussen; 2) die Kontaktaufnahme und Vernetzung von lokalen Initiativen mit internationalenGemeinschaften. Dies erfolgt über einen Vergleich von Motiven, partizipativen Prozessenund wirtschaftlichen sowie sozialen Bedingungen zwischen verschiedenen Initiativen im Bereich der autonomen Energie; und 3) die Kollisionen zwischen der Makro- und Mikroebene der Politikgestaltung aufgrund ihrer unterschiedlichen Denkweisen auf die Frage der erneuerbaren Energien.