Monitoring costs and trade credit

This paper addresses the question of why nonfinancial firms engage in lending to their business partners. Such lending or trade credit is modeled as a second layer of financial intermediation. It is shown that when it is costly for a bank to inspect the borrower’s revenue but not for the borrower’s business partner, then saving in monitoring costs due to the business partner’s informational advantage may lead to trade credit. The trade off is between monitoring fewer firms and monitoring larger firms that may entail an adverse scale effect. The results are consistent with the existing empirical evidence on bankruptcy costs and on the incidence of trade credit. Welfare analysis in terms of total surplus shows that the equilibrium lending arrangement is not necessarily optimal.     

Two-sided matching with spatially differentiated agents

We consider the problem of assigning sellers and buyers into stable matches. The agents are located along a line and the match surplus function is decreasing in the distance between partners. We investigate the structure of stable assignments under both non-transferable utility (NTU) and transferable utility (TU). If the surplus function is sufficiently convex, the TU-stable assignments are a subset of the NTU-stable assignments. Furthermore, if trade is restricted to uni-directional flows the unique TU-stable assignment coincides with the unique NTU-stable assignment for every convex surplus function. We also examine the graph-theoretic representation of stable assignments and show that the graph structure can be exploited to compute surplus shares in TU-stable assignments.     

Partnership markets with adverse selection

Ownership positions in large corporations can be traded on anonymous markets, but professional partnerships and worker cooperatives prohibit members from transferring their positions to outsiders without the consent of other insiders. These contrasting policies can be explained by adverse selection, which implies that the joint payoff of the partners is at least as large when continuing rather than departing members choose the terms on which new partners can join. In a separating equilibrium, or a pooling equilibrium in which only low-quality workers apply for positions, market sorting reduces total surplus. The market can sometimes improve on random assignment of workers to firms when there is a pooling equilibrium in which both high- and low-quality types apply.     

“反倾销”对民营企业生存发展的影响研究

"反倾销"是国际贸易活动中保护本国产业的常见手段之一。目前中国持续大额顺差,人民币面临升值压力,国际贸易摩擦纷至沓来,"反倾销"被中国的贸易伙伴越来越频繁地使用。文章就中小民营企业如何正确评估和应对"反倾销"的影响进行了调查和分析。     

供应链上合作伙伴选择的组合法研究

目前，供应链合作伙伴关系的失效率一直居高不下，其中一个主要原因与合作伙伴选择有关。本文在对原有合作伙伴选择方法进行分析的基础上，提出了合作伙伴选择组合法，并运用案例加以说明。该方法能够有效降低伙伴选择的风险，促进供应链企业间的顺利合作。     

上市企业政府补贴决定中的博弈效应估算研究

政府补贴决定问题是学界长期关注的热点问题,补贴规模和强度不仅受政府和企业个体特征因素的影响,还受政府和企业间博弈行为的影响。采用双边随机边界模型,使用2007—2018年沪深两市A股上市企业样本数据,实证研究了政府和企业间博弈行为对补贴决定的影响,研究结果表明：政府和企业间博弈行为对补贴决定具有重要影响;平均水平上,政府剩余显著高于企业剩余,即综合博弈效应表现为政府方获得净剩余,政府和企业最终达成的补贴水平因此被压低;博弈行为对补贴决定的影响于政企双方个体特征维度上呈现出显著异质性。     

International free riding on institutions

Economic institutions are linked to economic growth because they create conditions favourable for production and exchange. Institutions can give a country comparative advantage in producing some goods. If its trading partners lack such institutions, it can still enjoy their benefits by importing these goods. Some institutions, such as intellectual property rights, have non‐excludable benefits because the resulting production is intangible, non‐rival, and often publicly disclosed. The profits, or surplus, that result, however, is rival. Foreign countries can ‘free ride’ on this benefit by misappropriating rival surplus through infringement. This article develops a theory of institutional free riding in which firms in one country free ride on the benefit of foreign institutions to the detriment of their competitor firms and their countries' institutions. It evaluates the incentives of firms and governments for this free riding, its effects, and potential responses to mitigate these effects.     

基于核心企业的乳品供应链合作伙伴关系研究

供应链合作伙伴关系是供应链管理的一项重要内容,从核心企业的角度出发对现阶段乳品供应链中奶农、销售商以及最终消费者之间存在的问题进行了深入分析,进而为核心企业对合作伙伴的管理提出了有针对性的对策。     

Customer Privacy and Competition

We analyze how different degrees of privacy protection affect industry profits, consumer welfare, and total welfare in a model with switching costs. Firms earn higher profits under weak privacy protection compared with strong or no privacy protection. The relationship between the degree of privacy protection and equilibrium profits is not monotonic. Consumer surplus and total welfare increase with the degree of privacy protection unless firms recognize consumer‐specific switching costs. In that case, pricing conditional on switching costs has favorable implications for consumer surplus and total welfare.     

Imperfect Behavior‐Based Price Discrimination

In this article, we develop a model encompassing behavior‐based discriminatory pricing as a limit case of a more general framework where firms have incomplete information about consumers’ purchase histories. We show that information accuracy has a nonmonotonic impact on profits and the worst situation for firms is when information accuracy is intermediate. We also discuss welfare and consumer surplus implications of information accuracy. Although welfare monotonically decreases with the level of information accuracy, there is an inverse U‐shape relationship between consumers surplus and information accuracy.     

A study of intellectual property protection policies and innovation in the Indian pharmaceutical industry and beyond

We study the relationship between Trade Related Intellectual Property rights (TRIPS) and innovation. Using export data, this paper aims at assessing the relative impact of TRIPs on innovation, namely the ability of the Indian pharmaceutical industry to enter new markets with existing or new drugs. It examines whether India’s decision to comply with TRIPS influenced its innovation, and develops a theoretical model, where innovation, being measured by the likelihood of exports of one product from one identified country to partner countries, is influenced by factor, demand and trade conditions. The paper draws on quantitative data, using Probit and Logit techniques. The model is illustrated using empirical evidence from the Indian pharmaceutical industry. We find statistically significant evidence that India’s compliance with TRIPS is associated with new trade flows from India to partners. However we do not find statistically significant evidence of a relation between TRIPS compliance and value of exports. The interpretation is that TRIPS compliance has different effects: it is a necessary condition to favor innovation but it is not sufficient to increase exports value (competitiveness). Finally, we study to what extent this model can be generalized to other developing countries and/or industries.     

Emergence of innovation networks from R&D cooperation with endogenous absorptive capacity

This paper extends the existing literature on strategic R&D alliances by presenting a model of innovation networks with endogenous absorptive capacity. The networks emerge as a result of dynamic cooperation between firms occupying different locations in the knowledge space. Partner selection is driven by absorptive capacity which is itself influenced by cognitive distance and R&D investment allocation. Under different knowledge regimes, we examine the structure of networks that emerge and how firms perform within such networks. We find networks that exhibit small world properties which are generally robust to changes in the knowledge regime. Certain network strategies such as occupying brokerage positions or maximising accessibility to potential partners pay off, especially in ‘young’ industries with limited involuntary but abundant voluntary spillovers. This particular result is driven by endogenous absorptive capacity.     

Coexistence of surplus labor and the Lewis turning point in China: a unitary household decision-making model study

This paper discusses the underlying relationship between surplus labor and the Lewis turning point in the duration of rapid economic growth in China. An agent-based model was proposed for studying the Lewis turning point and labor resource allocation, in which the decision-making interactions were made among the members of a household. This model differs from traditional development economics theory in which only an individual’s behavior is considered. How peasant households allocate their human capital to maximize the utility of a household unit was investigated on the basis of the unitary principle under the assumption of risk aversion. The roles of living expenses, subsidies and income adjustment factors were also considered. Our results revealed the paradoxical phenomenon that rural surplus labor and the Lewis turning point coexist.     

项目合伙人模式的治理机制研究

项目合伙人模式是与合伙人建立起一种可灵活调整的动态合作模式,有效地解决了长期和短期合作模式中的弊端。基于资源配置的相关理论,本文从项目合伙人模式各阶段的核心目标出发,探究了其过程中的资源配置与治理机制。以北京华开工程建设有限公司为案例,分析其利用项目合伙人模式进行战略转型过程中合伙双方投入的资源类型、配置状态、交互过程,最终提出了项目合伙人模式的实现过程和治理机制之间的关系模型框架。研究发现,项目合伙人模式延循着创建期、磨合期、稳定期和完成期这四个阶段,通过一系列治理机制实现建设方与合伙人之间资源获取、资源协调、资源嵌入、资源整合,使得项目合伙主体之间得以相互配合实现共赢。本文归纳并揭示了项目合伙人模式的实现过程与治理机制等一般规律,可为未来实践中项目合伙人模式的应用提供有价值的指导。     

Maximizing political vote in multiple districts

This paper models a resource allocation problem in the political context. Voters and political candidates of two parties are positioned in each of n given electoral districts. We assume that each voter will vote for the candidate he is more attracted to. This attraction is modeled by an attraction function. Each of the parties now attempts to allocate a finite budget to maximize their objective, which is either the popular vote or the number of districts, in which the party has a majority. Individual scenarios are examined with respect to leader-follower solutions and Nash equilibria. The paper then describes a dynamic model that successively allocates existing funds plus additional donations to candidates in different electoral districts.     

基于VAR模型的农村剩余劳动力就地转移的影响因素分析

目前我国农村存在大量剩余劳动力,如何妥善地解决农村剩余劳动力的就业问题是建设新农村、加快城镇化建设的关键环节。大量农村剩余劳动力外流,使我国农村建设发展缓慢,并出现了越来越多的以老人和幼儿为家庭的农村"空巢"现象,这对农村养老、子女教育产生了诸多负面影响。因此,更好的促进农村剩余劳动力就地转移是加快农村建设、解决城乡协调发展、提高农民收入的关键因素之一。本文利用VAR向量自回归模型分析了农村剩余劳动力就地转移的主要影响因素及影响力度,并提出了具有针对性的政策建议。     

Surplus distribution and characteristics of social enterprises: Evidence from microfinance

The issue of surplus distribution has hardly been analyzed in the context of the social economy. This paper highlights the main drivers of distribution between various stakeholders of microfinance institutions (MFIs), which are an example of social enterprises. We focus on three major variables: size, governance structure and subsidies. Our results show that the size of the institution is the main indicator of the surplus that the organization keeps as a self-financial margin. Moreover, MFIs with a cooperative ownership structure allocate a larger part of their surplus to their employees, whereas non-profit organizations and shareholder-firm MFIs do not allocate their surplus in a significantly different way among their main stakeholders. Finally, we do not find any clear-cut effect of subsidies on the surplus allocation process.     

Endogenous mergers under multi-market competition

This paper examines a simple model of strategic interactions among firms that face at least some of the same rivals in two related markets (for goods 1 and 2). It shows that when firms compete in quantity, market prices increase as the degree of multi-market contact increases. However, the welfare consequences of multi-market contact are more complex and depend on how two fundamental forces play out. The first is the selection effect, which acts to increase welfare, as shutting down the relatively more inefficient firm is beneficial. The second opposing effect is the internalisation of the Cournot externality effect; reducing the production of good 2 allows firms to sustain a higher price for good 1. This works to increase prices and, therefore, decrease consumer surplus (but increase producer surplus). These two effects are influenced by the degree of asymmetry between markets 1 and 2 and the degree of substitutability between goods 1 and 2.     

企业剩余安排的“权力”解释

本文从不完全契约假设出发,运用模型推理和理论分析,探讨了企业剩余归属的根本原因,得出结论:企业剩余之所以归属于股东和经理人是因为他们处于劳动契约的"短边"。另外,本文比较不同行业剩余分配的特点,分析企业剩余归属的演变过程,预测未来企业分配方式的变化趋势,认为人力资本参与分享企业剩余将成为未来的趋势。     

城市扩张、土地财政与农村剩余劳动力转移——来自中国281个地级市的经验证据

本文系统分析城市扩张、土地财政依赖对农村剩余劳动力转移的影响机制，并针对中国281个城市的面板数据，综合运用GMM估计和面板门槛效应模型，考察城市扩张和土地财政依赖对农村剩余劳动力转移的影响效应。结果显示：城市扩张对农村剩余劳动力转移的影响主要呈现推动作用，且可能表现出倒U型趋势。以公共服务供给水平和工资水平作为门槛变量，城市扩张对农村剩余劳动力转移的影响存在门槛效应；土地财政依赖则不利于农村剩余劳动力转移，且城市扩张与土地财政依赖对农村剩余劳动力转移的影响存在异质性。同时，城市扩张与土地财政依赖的交互项系数显著为正，表明在与土地财政互动的过程中，城市扩张推动农村剩余劳动力转移的效用被不断削弱。