平新乔 安然 黄昕
关键词：稀土出口 配额 寻租
How Quotas Influence Rare Earth Export: Total Effect and Sorting Effect
Xinqiao Ping Ran An Xin Huang
Abstract: From traditional perspective, export quota control would cause export price increasing and volume declining. And how export quota control work on rare-earth export in China? Using Chinese Customs Trades Statistics (CCTS) database from 1992 to 2011, we investigate how export price and export volume of three types of Chinese rare earth exporting enterprises respond to changes in export quota control respectively. In this paper we specify the total effect and sorting effect under export quota control, and apply DID (Difference in difference estimator method) to examine the export change of three types of Chinese enterprises after the imposition of export quota. For all the three types of enterprises, empirical evidences show the surge in export price growth rate: Private Enterprises have seen the biggest price growth rate rise, followed by Foreign Enterprises, while the State-Owned Enterprises (SOEs) meet the minimum price growth rate rise. However, empirical evidences show diversity in the change of export volume growth rate following quota imposition: under export quota control, SOEs face the tightest constraint of export volume; while Private and Foreign Enterprises face slacker constraint, in particular, the export volume growth rate of private enterprises had even risen, which was driven by rent-seeking that triggered by higher price resulted from export quota control.
Keywords: Rare-Earth Export Quota Rent-Seeking
JEL Classification: F13 L51 L61
傅联英 陈兆友 骆品亮
关键词：银行卡市场 交叉网络外部性 修正的归属曲线模型 二次B样条方法
Examining and Estimating the Cross-group Network Externalities in China's Bankcard Market Based on a Modified Attachment Curves Model by Quadratic B-Splines Method
Lianying Fu Zhaoyou Chen Pinliang Luo
Abstract：Cross-group network externalities make bankcard market distinctive and shape market structure in a powerful way. The existence, direction and strength of cross-group network externalities serve as the necessary conditions for numerous follow-up studies. This paper initially tests the existence of cross-group network externalities of China's bankcard market using Attachment Curves Model（ACM）, and then employs the Quadratic B-splines Method to measures the strength of the externalities based on a Modified Attachment Curves Model. The results estimated by ACM show there exists significant but asymmetry cross-network externalities with decreasing feature in China's bankcard industry from 1995-2014, the magnitudes of cross-network externalities from acquiring market to issuing market are 1.52, 0.9 and 0.75; while those from issuing market to acquiring market are 3.18, 3.08 and 1.66. Further research illustrates that the structure of issuing market and acquiring market, development of retailing industry and the bank card fee policy all have distinct impacts both on the growth of bankcard market and the origin of cross-network externalities. All the results may be constructive for local payment institutes to cultivate users, design fees as well as compete against rivals in Post-UnionPay era.
Keywords：Bankcard Market Cross-group Network Externalities Modified Attachment Curves Model Quadratic B-splines Method
JEL Classification：L11 L22 L40
关键词：私立医疗 卫生保健政策 等待时间 需求效应
Could the Development of Private Health Care Alleviate the Difficulty to See a Doctor?
An Empirical Research on the Canadian Joint Replacement Surgery Data from 2005 to 2012
Abstract: Since 2009, China started the new reform on the medical and health care system. Although remarkable achievements have been made, the problems brought by the expensive health care fees and by the difficulty to see a doctor have not been fundamentally alleviated, especially the second problem. In China’s health care system, the public health care occupies the vast proportion, and the private health care grows relatively slowly. Meanwhile, the difficulty to see a doctor has not been effectively measured. Therefore, few scholars have discussed this problem from the perspective of the growth of the private health care. There is rarely evidence of the relationship between the growth of the private health care and the difficulty to see a doctor. We find that the growth of the private health care would provide patients and physicians with an option, some incentives to opt out of the public health care system, shifting the demand for medical services and the supply of human resources from the public health care system to the private health care market. We conduct an empirical investigation on the impact of the growth of the private health care on patients’ waiting time in the public health care system. Using Canadian joint replacement surgery data from 2005 to 2012, our findings suggest that, the demand side effect is dominant over the supply side effect. As a result, the growth of the private health care is associated with shorter public waiting time. This study seeks the experience and inspiration from the Canada’s health care system in two aspects, the health care system reform strategy and the private health care growth policy. China should promote the reform of the public hospitals and encourage the development of the private care market, to alleviate the difficulty to see a doctor through the structural reforms on the medical service market in the supply side.
Keywords: Private Health Care Health Care Policy Waiting Time Demand Side Effect
JEL Classification: H51 I18
吴绪亮 吴晶晶 刘丰波
关键词：差异化产品 横向合并 资产剥离 反垄断 消费者剩余
Antitrust Asset Divestiture, Firm Bidding and Social Welfare in a Differentiated Market
Xuliang Wu Jingjing Wu Fengbo Liu
Abstract:Through building anasymmetrichorizontal merger model with domestic and foreign firms, the paper examines antitrust divestiture, firm bidding and related social welfare change and antitrust policy selection in a market with differentiated products. It has been found that when the size of the firm assets are asymmetry, the size of the market will affect the possibility of different firms to win in bidding for antitrust divestiture of horizontal merger in the market with differentiated products. When the market size is relatively small, the firm with large asset will win thebidding; while the market size is large, either type of firm has a chance to win, then antitrust agency can influence the auction outcome by adjusting the size of the divest assets.Moreover, as long as a firm obtains a non-negative divest asset, no matter it is a domestic firm or foreign one, it will push down the price of product that linked to the divest asset; while the price change of product that linked to the non-divest asset depends on the nature of product differentiation.
Keywords: Product Differentiation Horizontal Merger Asset Divestiture Antitrust Consumer Surplus
JEL Classification:K21 L49 L13
任曙明 徐猛 孙飞
关键词：异质性风险 所有权性质 自主创新 机构投资者
Idiosyncratic Risk, Ownership and Innovation
Shuming Ren Meng Xu Fei Sun
Abstract: Idiosyncratic risk has an important affection on firm's innovation, and the ownership could adjust their relationships. Based on manager's risk aversion, we established an influencing mechanism to study how idiosyncratic risk effect firm's innovation. We used the panel data of manufacturing listed firms from 2003-2012, and then studied how idiosyncratic risk effect state-owned enterprises' and private enterprises' innovation, which is the first try in China. We find that idiosyncratic risk has an adverse affection on firm's innovation, and the more the manager's shareholding, the greater the influence. Furthermore, the influence is greater on private enterprises, and increase in institutional ownership could reduce the impact. The results indicate that, in future, the design of policy should increase the number of managers and strengthen the institutional ownership.
Keywords: Idiosyncratic Risk Ownership Innovation Institutional Investor
JEL Classfication：D21 D24 L23
关键词：人力资本 企业创新 教育 经验
Human Capital and Firm Innovation: A Literature Review
Wei Zhang Yaodong Zhou
Abstract：Based on the different type of firm’s human capital (managers, ordinary employees and knowledge providers), this paper reviews the relationship between human capital and firm innovation in empirical literatures. The result shows that diverse enterprise role, education background, industrial knowledge, innovative experience, training all have their own different influences on firm innovation, due to the different economic development stages as well as countries. The influence also depends on different economic development stages and countries. Finally, the paper summarizes similarities, differences and problems in empirical literatures.
Keywords: Human Capital Firm Innovation Education Experience
JEL Classification: L00 M10
关键词：经济治理 囚徒困境 法律缺失与经济学 行为经济学 第一方治理
New Progress of Economic Governance Theory:
Governance logic, The Three Parties System and Choice Condition
Gang An Kai Li
Abstract: Economic governance pays attention to how to solve conflicts and the contract execution between firms. In the past decade, leaded by Dixit, the theory of economic governance has been through continued advances in the object of study, the basic logic, classification system and model construction. They expanded the research object to economic development and transformation and set the logic starting point on the unilateral, bilateral and multilateral prisoner's dilemma. At the same time, scholars proposed the division of economic governance into the first party governance, the second party governance and the third party governance, and established three benchmark models. In addition, preference of human behavior was taken into the three parties system as another factor to study. Thus they provided a new framework for the study of economic governance causing a lot of follow-up studies, which is called "new economic governance" in this paper. Firstly, this paper further reviews the economic governance of the connotation and logic of economics, and then straightens out the literature development vein in accordance with the new classification system and compares the differences among them. It further examines the literature debate on the relationship between different governances and basic conditions and the influencing factors of mode selection for economic governance are also discussed. Finally the paper makes the summary and outlook of the study of economic governance.
Keywords: Economic Governance Prisoner’s Dilemma Lawlessness and Economics Behavior Economics First Party Governance System
JEL Classification: D23 D71 L22