以寡头竞争为基础的贸易理论与贸易政策
马 捷 周纪冬
摘要 顾名思义,本文回顾了从20世纪70年代开始兴起的以不完全竞争和规模收益递增假设为特征的新贸易理论和政策研究的一个重要方向,即以寡头竞争为导向的贸易理论和政策模型。主要内容包括:相互倾销的国际贸易模型、战略性进口贸易政策和战略性出口贸易政策模型以及它们的扩展工作。并且,本文也提出了作者对于既有模型的一些缺陷的认识,指出了克服它们的尝试性的方法。因此,本文不仅仅是一个普通的综述,它体现了作者在这个领域的研究心得和体会,是作者在这个领域的研究论纲。
关键词 不完全信息,相互倾销的国际贸易模型,信息约束问题,战略性出口贸易政策模型,战略性进口贸易政策模型
A Survey of Trade Theory and Policy Studies Based on Oligopolistic Competition
Ma Jie and Zhou Jidong
(Peking University)
Abstract This paper is a survey of the trade theory and policy models based on the oligopolistic competition, an important branch of “NEW” trade theory and policy studies. It consists of the reciprocal dumping model of international trade and its extensions, strategic trade policy model and its recent development including the works on the robust policy rules, on the introduction of incomplete information and on the relationship between strategic delegation and international competition. In the appendix we also briefly discuss the rent exaction model. We hope that this paper can serve as a guideline for the graduate students who would like to do research on this direction.
Key Words Incomplete Information, Information Constraint, Reciprocal Dumping, Strategic Export Policy, Strategic Import Policy
JEL Classification F120, F130
所有制、厂商规模与中国工业企业利润率的决定:
解释及其政策含义
张 军
摘 要 虽然中国的工业改革对工业企业赢利能力产生了显著的影响,但是这种影响在不同的所有制部门却是有显著差别的。本文构造了一个决定工业企业利润率的计量模型,将所有制的差别以及企业的特征作为解释利润率差别的主要变量,并用全国第3次工业普查资料提供的四位数分类数据做了统计的检验。本文发现,所有制的差别是造成不同企业赢利能力差别的主要因素,但控制住所有制的差别之后,技术的类型以及技术的水平、出口的约束以及企业的福利负担对企业的赢利能力则有显著的影响。企业的规模虽然对利润率有正面的影响,但并不显著。文章指出,企业的产权改革依然是改善中国企业赢利能力的重点。同时,解除金融资源对非国有企业的制约也将从整体上提高工业部门的赢利能力。
关键词 所有制、规模效应、利润率
Ownership, Firm Size, and the Determinantes of Profitability in China’s Industrial Enterprises: Explaination and Policy Implication
Zhang Jun
(Fudan University)
Abstract Based on the availability of The third Industrial Census of 1995, this paper is an attempt to trace the relative significance of various variables in determining the variation of profitability in China’s industrial firms. The paper finds that state ownership is still an important variable to explain why the SOEs are generally less profitable. By controlling the ownership difference, capital/labor ratio, level of technology, export constraint and welfare burden are all found to be statistically significant in accounting for the variation of profitability. Though positive, firm size has no significant effects on the firm’s profit.
Key Words Ownership, Scale Effect, Profit Rate
JEL Classification D240,L600,P390
声誉、控制权与博弈均衡
——一个关于国有企业经营绩效的博弈分析框架
李军林
摘要: 本文在Vickers和Barro分别对Kreps的声誉模型简化处理后的模型基础之上,从国有企业内部经营者与所有者之间博弈关系的角度,构建了国有企业经营者正规的声誉模型——一个非完全信息动态博弈模型,分析了声誉(reputation)对国有企业经营者的激励效应、以及声誉与国有企业经营绩效之间的关系。本文的基本结论为:声誉效应是企业经营者的重要激励机制,在声誉效应的激励机制下,国有企业经理人员(尤其是杰出的经营者)手中拥有企业的控制权对企业的运作是有效率的。最后,应用本文模型所给出的分析方法与结论,对国有企业目前存在的令人关注的问题与现象,给出了作者自己的解释,并对声誉机制发挥作用的制度基础进行了分析。
关键词:声誉 控制权 非完全信息 博弈均衡
Reputation, Control Rights and Game Equilibrium
A Game Analytical Framework and Application to State-Owned Enterprises
Li Junlin
(Renmin University of China)
Abstract Based on the reputation model of Kreps which was simplified separately by Vickers and Barro in 1986, this paper established a dynamic game model with incomplete information on managers of enterprise. Employing the model, this paper analyzed the reputation incentive effect to managers of enterprise and explained the relation between the reputation and the performance of state-owned enterprises operation. A result is derived:the reputation is important incentive of managers of enterprises. Finally, with the conclusion of the model, this paper also addressed some phenomena in SOEs ,such as “insiders control”, etc..
Key Words Reputation, Control Rights, Incomplete Information, Game Equilibrium
JEL Classification L140, L290, C730
香港管制方案分析
——电力行业的案例
武常岐 郑国汉
摘要 我们在本文中研究香港电力产业的管制方案。我们发现管制方案使得被监管的企业的行为朝着对社会不利的方向改变。在标准的收益率管制中, Averch-Johnson分配效率损失可以部分地被产量增加所带来的好处所抵消。然而在香港由于缺乏对固定资产利用的监督与合理的监管机制,资本投资的增加有可能会导致超额的闲置生产能力而不是更多的产出。结果造成经济效率的双重损失。
关键词 企业监管,管制方案, 电力行业,香港
An Analysis of the Scheme of Control Regulation in Hong Kong
The Case of Electricity
Wu Changqi and Leonard K. Cheng
(Hong Kong University of Science & Technology)
Abstract In this paper we study the scheme of control regulation in Hong Kong’s electricity industry. We find that the scheme of control has changed firm behavior in a socially undesirable direction. In the standard rate-of-return regulation, the Averch-Johnson allocation inefficiency can be offset by the benefit of expanded production. However, in Hong Kong, due to the lack of proper monitoring and control mechanism over fixed assets utilization, increases in capital investment could result in excess idle capacity rather than greater output. Relative to the socially optimum solution, they were double whams on economic efficiency.
Key Words Regulation, Scheme of Control, Electricity Industry, Hong Kong
JEL Classification L510, L940
电力定价:理论、经验与改革模式
夏大慰 范 斌
摘 要 我国电力体制正面临重大改革,而体制的变革必然要求电价形成机制进行相应的调整。本文从电力产业的产业组织特征出发,对不同的电价模型和定价方式及其适用性进行了深入分析,并在此基础上研究探讨了我国电价改革的基本思路与对策。
关键词 电力产业组织,公共规制,电价模型,电价改革
Electric Power Pricing: Theories, Practices and the Reform
Xia Dawei Fan Bin
(Shanghai National Accounting Institute,
Huadong Branch of Chinese Power Company〕
Abstract The mechanism of the electric power industry is now facing the changes and the challenges. This necessarily needs the pricing policy to adjust. Start with the analysis of the characteristics of the electric power industry organization, this article takes deeply analysis against different electric power pricing models, pricing policies and their adaptabilities. At last, it discusses the primary approaches and advice about reform of electric power pricing in China.
Key Words Power Industry Organization, Public Rules, Pricing Model, Reform
JEL Classification L590, L980, L940
我国反托拉斯立法的经济学思考
张晖明 邓 霆
摘 要 随着市场化改革走向深入,企业的竞争行为日渐复杂化,托拉斯行为越来越普遍,国内对反托拉斯立法的呼声逐渐提高。但是,由于对垄断现象的经济学分析研究相对薄弱,直接影响立法管辖内容的准确、有效性。本文从经济学角度探讨了影响立法的几个主要理论认识问题,对当前存在的企业托拉斯行为进行了分析,并借鉴国际经验,对我国反托拉斯立法提出了一些政策建议。
关键词 反托拉斯,法律,产业组织,经济理论,垄断
Economic Reflection on the Antitrust Legislation of Our Country
Zhang Huiming Deng Ting
(Fudan University)
Abstract With the deepening of the market reform, the competitive behaviors of the enterprises are getting more and more complicated, and the trust behaviors are getting more and more popular.Thus,the appeal for antitrust legislation increases gradually. But the economic analysis of the monopoly phenomena is relatively weak,and this affects the correctness and effectiveness of the legislation jurisdiction content directly.This paper discusses several theoretic issues which affect the legislation from the point of economic, analyzes the present trust behaviors existing in the enterprises,and puts forward some policy suggestions to our antitrust legislation by using the international experience for reference.
Key Words Antitrust,Law,Industrial Organization,Monopoly
JEL Classification K210, L400
所有者理性、管理者理性、立法执法与公司治理
刘国亮
摘 要 本文在对传统公司治理理论概述的基础上,强调因所有者理性、管理者理性和立法执法理性所具有的差异形成的不同组合,对公司治理模式的形成及实践所产生的影响,从公司治理的角度,所有者理性以及立法理性中对所有者理性而不是投资者理性的保护,具有重要意义。
关键词 公司治理,上市公司,行为理性,所有者,管理者
Rational Actions of Stockholders and Managers, Legislation, Enforcement and Corporate Governance
Liu Guoliang
(Shandong University)
Abstract Based on the surveys research on corporate governance, this article analyzes the difference of rational actions among stockholders, managers, legislation and enforcement. The cooperation of the differential rational actions is the key factor in determining the model of corporate governance. The conclusion is that the rational actions of stockholders and the protection of the benefit of stockholders are important.
Key Words Corporate Governance,Public Company, Rational Action, Stockholder Manager
JEL Classification D210, L220
不同要素所有者在企业剩余权力安排中的关系分析
刘大可
摘 要 现代企业理论将企业视为一个人力资本与非人力资本的特别合约。参与签约的要素所有者在法律上具有完全平等的签约地位,但现实中法律对财产所有权的保护以及人力资本与非人力资本产权特征的差异,使得不同要素所有者在实际缔约过程中并不处于同等地位,非人力资本所有者不仅在企业缔约初期处于主导地位,拥有企业的初始剩余控制权与剩余收益分配权,而且这种初始状态决定了企业运行过程中剩余权力在不同要素所有者之间的调整仍然要受到非人力资本所有者效用函数的约束,企业剩余权力的最终分享状态在非人力资本所有者效用最大化的时点上达到极限。
关键词 要素所有者,剩余索取权,控制权,企业绩效
An Analysis of the Relationship among Different Factor Owners in Firm Residual Rights Arrangement
Liu Dake
(Nankai University)
Abstract Modern firm theory looks the firm as a special contract between human capital and substance capital. According to the law, different factor owners have equal status in contacting. However, in reality economy they are not equal only because of the protection of property rights and the different characteristics between substance capital and human capital. Substance capital can be observed easily and can be looked as hostage in transaction, these characteristics lead to that its owners have dominant position not only in initial contracts but also in later adjustment. However, it is not a stable result that substance capital owners own all residual rights, the adjustment will take place during the firm’s operation. But the direction of adjustment will be restricted by substance capital owners’ utility function, and the equilibrium lies on the point that substance capital owners get their maximum utilization.
Key Words Factor Owner, Residual Claim, Control Rights, Firm Performance
JEL Classification D230, C720, D330
金融发展与经济增长的内生机制
韩 廷 春
摘 要 本文在对金融发展如何影响经济增长的决定因素进行分析的基础上,建立了金融发展与经济增长相互作用机制的内生模型,并在严谨的数理分析基础上得出了经济持续增长的均衡条件,探讨了金融发展与经济增长的内在关联机制。本文得出的主要结论是:只要金融部门的效率在不断提高以及无形资本的水平在不断增长,则经济的持续增长就成为可能;经济的平衡增长率与金融部门的工作效率呈同方向变化,与无形资本创新部门的生产效率及社会对无形资本创新的投入力度呈同方向变化,与有形资本及无形资本的弹性呈同方向变化,与时间贴现率呈反方向变化。
关键词 经济增长,金融发展,无形资本,内生机制
The Endogenous Mechanism of Financial Development and Economic Growth
Han Tingchun
(Tsinghau University)
Abstract In this thesis, an endogenous model of financial development and economic growth is built up and the endogenous mechanism of financial development and sustainable growth is studied based on the strict mathematical analysis. The main conclusions obtained in this paper are: The balanced growth rate changes directly with efficiency of financial sector, directly with production efficiency of intangible capital sector and social devotion degree on intangible capital innovations, inversely with discount rate of time, directly with elasticity of physical capital and elasticity of intangible capital. As long as the efficiency of financial sector and the level of human capital and R&D capital are raised constantly, the sustainable growth would be possible.
Key Words Economic Growth, Financial Development, Intangible Capital,Endogenous Mechanism
JEL Classification L110, L160