我国企业并购申报制度的实证分析与设计
董维刚 张昕竹
摘要:企业并购申报制度诞生至今已经三十多年,但是关于其政策效应和制度设计的研究还非常缺乏。运用对53个国家并购申报制度的调查数据,本文首次采用实证方法研究了并购申报制度的政策效应和机制选择问题。我们发现,并购申报制度的存在的确有助于促进市场竞争和提高经济绩效。而从不同申报机制的对比看,本文的一个重要发现是,目前采取自愿申报机制的国家无论是从竞争效应还是经济效应来说,都优于采用强制申报机制的国家。制度设计层面,无论是一国的经济发展特征,还是政府执政效率,以及并购申报制度结构,都会影响到不同申报机制的选择概率。最后,综合实证研究结论,借鉴国际经验,我们提出了中国企业并购申报标准的设计方案,该方案已被国务院法制办采纳,成为《国务院关于经营者集中申报的规定(征求意见稿)》第三条对申报标准规定的主要内容。
关键词:反垄断;并购控制;并购申报机制;离散选择模型;申报门槛
Empirical Analysis on Premerger Notification System
Dong Weigang Zhang Xinzhu
Abstract:After more than 30 years since its inception of the premerger notification system, there is still a lack of research on its impacts and institutional design. Based on survey data about premerger notification systems in 53 countries, this paper investigates empirically the economic impacts of premerger notification policies on the one hand, and how institutional factors affect the design of premerger notification system on the other. Our findings show that premerger notification systems indeed help to promote competition and enhance economic efficiency. One interesting finding is that voluntary systems perform better than mandatory systems in terms of both competition effect and efficiency effect. Our finding suggests also that the nature of economic development, government efficiency, and the structure of premerger notification system all affect the choice decision of premerger notification mechanisms. Finally, using the benchmarking approach, we design the premerger notification system including the choice of standards of test and thresholds for China. Indeed, these results lay the foundation of Article 3 of the drafted Regulation of Premerger Notification issued by the State Council, which is currently under public consultation.
Keywords:Antitrust; Merger Control; Premerger Notification System; Discrete Choice Model; Notification Thresholds
JEL Classification:C53 K21 L49
中国的买方垄断势力研究
陈甬军 胡德宝
摘要 自从中国建立市场经济制度以来,一个重要的变化就是实现了从卖方市场向买方市场的转变,并伴随着买方市场地位的增强,出现了买方势力。本文分析了买方势力的来源及其经济效应,并利用双边垄断理论解释了由此产生的抗衡势力。结合当前零售业内的最新发展趋势,构建了博弈模型,分析出抗衡势力的存在确实能降低零售价格,但是与“加尔布雷斯假说”的作用机制不同。最后,结合发达国家对买方垄断的经济管制经验,为中国如何对买方垄断进行管制提出了相应的建议。
关键词 买方势力 抗衡势力 双边垄断 经济管制
Study on the Buyer Power in China
Chen Yongjun Hu Debao
AbstractSince the market economy was established in China, there is a significant change that the seller market has translated into buyer market, and with the consolidation of the buyer market, it is inclined to reveal buyer power. In this paper, we will analyze the source and its economic effect of buyer power, and explain the emerging countervailing power with bilateral monopoly theory. Combined with the latest trend in retailing industry, we use a multi-stage game model to explain this phenomenon and draw the conclusion that the existence of countervailing power will reduce the retail price, but the underlying mechanism is different from the Galbraith hypothesis. Finally, compared with the economic regulation policy to buyer power in developed countries, we propose some suggestion for the anti-monopsony regulation in China.
Key Words:Buyer Power Countervailing Power Bilateral Monopoly Economic Regulation
JEL Classification: L11 L52 L81
产品差异度与双寡头厂商行为的实验分析
李建标 王光荣 巨龙 于娟
摘要:我们沿着Bertrand理论渊源构建模型,并以此为基础设计实验,在实验室环境中检验产品差异度与双寡头厂商的行为。论文首先分析模型的理论值,其次在实验市场中进行了设置检验。实验结果表明:(1)产品差异度越小,双寡头厂商的博弈平均价格就越低,该价格在重复博弈纳什均衡区间的中间价格附近波动;(2)博弈期数越多,博弈双方的冲突反而越大,这与俗定理预测相悖;(3)对背叛行为的惩罚具有普遍性,惩罚策略主要是针锋相对,惩罚强度随产品差异度减小而增强;(4)产品差异度对共谋的稳定性影响不显著,这与理论预测相悖;(5)折现与平均价格及共谋的关系模糊。
关键词:产品差异度 惩罚策略 默契共谋 实验室实验
Tacit Collusion of Firm in Experimental Duopoly
with Product Differentiation
Li Jianbiao Wang Guangrong Ju Long Yu Juan
Abstract:We study competitive and collusive behaviors of firms in experimental duopoly with product differentiation. First, we analyze Bertrand model with product differentiation, then make experimental test in experimental duopoly. Experimental results show: (1)less product differentiation, lower average game price, and average game prices fluctuate around middle price of Nash supergame equilibrium interval; (2)more game periods, more strong conflict, and this is inconsistent with Folk Theorem; (3)punishment toward defective behaviors is universal behavior; punishment strategy is Tit For Tat, punishment grade is increased with decreasing product differentiation (4)product differentiation is not significant impact with collusion stableness; (5)discount is not significant impact with average game price and collusion.
Keyword:Product Differentiation; Punishment Strategy; Tacit Collusion; Experiment in Lab.
JEL Classification:C78, C92, D81
网络技术进步的社会福利分析
邢宏建
摘 要:本文通过构建一个包含消费者异质偏好和非对称兼容的网络竞争模型,依照网络厂商反应函数的不同特点将网络厂商划分为四种类型,通过模型推演,分别论证了“网络效应项技术进步”和“基本效用项技术进步”的社会福利影响,发现,两类网络技术进步的福利影响依照各自福利影响因数的不同而不同。以此为基础,本文阐述了政府面对不同类型的网络技术进步所应采取的规制对策。
关键词:网络效应,技术进步,社会福利
The Welfare Influence of the Technological Progress with Network Effects
Xing Hongjian
Abstract:Based on a model with consumers’ heterogeneous preference and asymmetric compatibility, four types of firms in the networks are classified according to their different characters of reaction functions, and the welfare influence of “technology progress in the network effects part” and “technology progress in the fundamental utility part” are researched. The results reveal that these two kinds of technological progress have different welfare influence decided by their welfare factors respectively. Policy advice to the government was given at the end.
Keywords:Network Effects Technical Progress Welfare Influence
JEL Classification:D62,L14
沉淀成本、市场结构与企业战略博弈分析
汤吉军 郭砚莉
摘 要:新古典一般均衡理论体系在完全的产品和要素市场完全竞争条件下,是一个没有沉淀成本的经济模型,然而在市场不完全的条件下,由于沉淀成本的存在,不仅导致要素市场失灵,而且还造成企业间成本不对称和竞争优势,进而造成企业间战略博弈,为企业家寻求超额利润奠定了客观基础。因此,我们运用沉淀成本概念,借助于不完全产品市场结构来研究企业间的战略博弈,将完全竞争条件下企业无沉淀成本的价格接受者被动理性转变为寡头市场结构条件下的主动战略理性,为企业间战略博弈提供了一种研究方法,同时也为企业战略管理提供了指导原则,即在于加强沉淀成本管理和风险管理。
关键词:沉淀成本;可信性承诺;市场结构;战略博弈
Sunk Costs,Market Structure and Game Analysis of Corporate Strategy
Tang Jijun Guo Yanli
Abstract:This paper is to investigate the corporate strategy in terms of sunk costs, complement with existing explanations of all kinds. Based on the sunk cost effect and market structure, we found the rationality of the strategy management. Hence we provide some solution to competitive advantage, that is, iirelevance of sunk cost, and make use of the sunk cost effect to take into account market structure, and we found that sunk costs lead to imperfect goods market and gain extranormal profit. These resource and factor market imperfectnesses open up profit opportunities for a corporate transforming resource into products. Entreprenureship consists in trying to discover and exploit these opportunities.
Keywords: Sunk Cost,Credible Commitment,Market Structure,Strategic Game
JEL Classification:F011; F271; F241
公司业绩、董事会特征与高管更换
马磊 辛立国
摘 要:有效的公司治理机制不但能够在公司业绩低劣时及时解聘不称职的经理人员,并且能够选聘称职的经理人员予以替代。根据这一逻辑,本文利用我国1998~2006年上市公司的数据对我国高管更换与董事会特征、经营业绩之间的关系进行实证研究,以分析我国公司内部治理机制的有效性。回归结果表明,我国上市公司高层管理者的变更概率随公司经营业绩的下降而提高,但上市公司的经营业绩却没有在更换经理后得到显著的改善。对我国上市公司董事会的研究结果表明,在我国,董事会的规模对董事会效率基本没有显著的影响,而董事会领导权结构影响了董事会在高管更换中有效性的发挥,在两职合一的条件下,由于管理者“堑壕”的存在,董事会难以更换业绩不佳的高层管理者。独立董事制度在2003年之后逐渐起到了监督经理人的作用,独立董事的比例越高,董事会越有可能解聘不称职的经理,但这一指标对于高管更换后业绩的改善却没有显著影响力。另外管理人员持股也没有起到提高公司业绩的作用。
关键词:公司业绩 董事会特征高管更换
Corporate Performance Boards’ Characteristics and Top Management Turnover
Ma Lei Xin Liguo
Abstract:An effective corporate governance is not only able to fire unqualified top manager timely but also able to choose and employ a better qualified successor. According to the logic, this paper uses data on China’s listed firms from 1998 to 2006 to analyze the relation of turnover and boards’ characteristics and performance to examine the effectiveness of internal corporate system.The empirical study on relation of turnover and performance demonstrates the turnover is significantly related to poor performance. The lower the performance, the higher the probability of the turnover. But it is disappointed that the performance was not improved after changing the top managers. The relation of turnover and board characteristics shows the size of boards is insignificantly related to internal turnover. Leadership structure of boards significantly affects internal turnover. Under the duality condition, it is difficult for boards to change the unfitted top managers. The system of independent director has increasingly done its monitory work since 2003. The higher the ratio of independent director is, the higher the possibility of dismissing the unfitted top managers will be. But the indicator is irrelevant to the performance improvement. It also hasn’t improved the companies’ performance to have the managers holding stock shares.
Keywords: Corporate Performance Boards’ Characteristics Top Management Turnover
JEL Classification: G34 G14 G34
投资现金流敏感性能反映融资约束吗?
——基于中国背景的实证研究
郭建强 何青松
摘要:融资约束是企业投资研究的重要命题之一。国内外学者普遍认为企业的融资约束越严重,则投资现金流敏感性越强。投资现金流敏感性可能与两方面的因素有关:一是与融资约束有关;二是与企业投资对内源性融资形式的特殊偏好有关,当企业对内源性融资的偏好存在并较强时,则投资现金流敏感性并不必然反映企业的融资约束。结合中国特殊的经济和体制背景,通过合适的企业分组和借用最新的上市公司数据,使用加速模型,证检验表明:投资现金流敏感性与融资约束之间表现出非确定的关系。总的结论为:在中国,投资现金流敏感性不能有效反映企业的融资约束。
关键词:融资约束;投资现金流相关;投资
Is Investment-Cash Flow Sensitivity a Good Proxy For Financial Constraints?—— Based on the background of China
Guo Jianqiang He Qingsong
Abstract:Financing Constraints is an important topic about enterprise investment research. Domestic and foreign scholars generally believe that Investment - Cash Flow Sensitivity is a good proxy for financial constraints. There are tow reasons about Investment - Cash Flow Sensitivity: the one is financial constraints; the other is that enterprise show preference to inner financing, When enterprises on inner financing preferences exist and stronger, the relation between the Investment - Cash Flow Sensitivity and financing constraints are not necessarily positive. In China, there are a lot of reasons for Financing Constraints, thus the Financing Constraints Agency, must be integrated with factors of China's institutional, policy and market to determine the cause of. Positive tests showed that the relation between Investment-Cash Flow Sensitivity and Financial Constraints is uncertainty. The conclusion is that Investment-Cash Flow Sensitivity is not a good proxy for Financial Constraints.
Keywords:Financing Constraints;Investment-Cash Flow Sensitivity;Investment;
JEL Classification: M21 P45
日本公司治理改革的动向
吉村典久 孔丹凤(译)
摘要:本文对日本企业的公司治理结构问题进行了研究。自1990年以来,许多研究者和一些商业人士对Anglo-Saxon模型的有效性进行了分析。该模型与日本传统模型之间存在着非常大的差异。作者通过对包括Kansai生产力中心的研究在内的1990-2000年间治理结构几个经验性研究进行了分析。与当今主流观点不同的是,这些经验性研究表明了Anglo-Saxon模型并不适用于日本的公司中。
关键词:公司治理 外部董事 董事会
Corporate Governance Reform in Japanese Companies
Yoshi Mura Kong Danfeng(Translator)
Abstract: This paper investigates the issue on corporate governance reform in Japanese big companies. Since the 1990s, many researchers and not a few business people have emphasized the effectiveness of the Anglo-Saxon governance model. There are big differences between the recommended model and the Japanese traditional model. I pay attention to the results of several empirical researches including the research conducted by Kansai Productivity Center on governance reform in the 1990s and 2000s. Contrary to the dominant view, they show that the Anglo-Saxon model has never prevailed among Japanese companies.
Keywords: Corporate Governance, Outside Directors, Board of director
JEL Classification: G30 M10
日本企业公司治理结构的改革
——基于近年来多元化改革的分析
李东浩 张乃丽(译)
摘要:一直以来,日本企业所执行的公司治理结构都是“监事会制公司”,这种治理结构是基于金融机构和相关企业为股东的股份制结构。但是,由于2002年修改的商法和2006年的公司法的实施,使得企业也可以选择“委员会制公司”这种新的治理结构,而这种结构的特征就是引入了社外董事。为了确保企业经营的完善和高效,日本企业在决策、监管以及经营方面,一直没有拘泥于某一个公司治理结构上,各个公司都根据本公司的特征,进行着多样化的企业制度改革。
关键词:公司治理 多元化 日本企业 委员会制
Japan’s Corporate Governance Reform in Recent Years
Li Donghao Zhang Naili(Translator)
Abstract: Japanese Corporate Governance system was analysed intenalized---- with stable shareholders from main bank and series group corporations named keiretsu, there’re few outside directors standing on the boardroom. Also the inside Audit System was the unique corporate governance system. But according to the 2002 amendment of Commercial Law Act and the 2006 new Corporation Law, it is possible for Japanese Corporations to make a slection to shift to a new outward Committee System Corporate Governance with outside (not necessarily independent) directors or to remain to the old system. Different from America, China or Korea, as the adoption is not compulsory, Japanese Corporations take the Corporate Governance reform according to their distinguishing characteristics. And the diversity of reform can be observed.
Keywords: Corporate Governance Diversity Japanese Corporation Committee System
JEL Classification: M10 M16
日中软件行业关系的深化
牧野真也 张乃丽(译)
摘要:本世纪,日中两国在软件产业方面的相互合作关系正不断深化。基于对实际状况的调查和统计资料的分析,本文将对这种关系进行回顾,并对其发展前景予以展望。如今,日中两国在软件业方面的合作主要基于在中国境内实现面向海外的软件开发业务(进行开发的软件主要用以满足日本软件行业的市场需求)。但是在这个过程中我们发现,软件开发正在向上游阶段扩展,软件外包业务已经日益替代单纯的软件开发,这是一个新趋势,由此可以认为,今后两国在软件行业的相互合作关系必将更加密切。
关键词: 软件产业 离岸开发 外包
The Deepening of the Relationship between Japan and China
in Software Industry
Shinya Makino Zhang Naili(Translator)
Abstract:The relationship between Japan and China in software industry has been deepening especially in this century. In this paper we review this relationship of today, basing on some existing investigations and statistical materials, and we consider the evolvement of this relationship in the future. Nowadays, the major relationship between Japan and China in software industry is seen in the offshore development where the software demanded in Japan is developed in China. But we can find some new directions such as a shift to the upper process in software development, increasing BPO (business process outsourcing) instead of developing only software and so on. Through these new directions, the relation between Japan and China in software industry will become more complex and closer.
Keywords: Software Industry Offshore Development Outsourcing
JEL Classification: L86 F16