国有股权型社会保障研究

内容本文研究了一个存在股权交易的代际交叠模型中,国有股权型社会保障政策对经济长期均衡状态的影响。研究表明,在合理的参数设置下,国有股权型社会保障政策可以促进年轻人对资本积累的贡献,增加经济的均衡产出,提高年轻人和老年人的均衡消费;而一个向年轻人征收社会保障税补贴老年人的现收现付制社会保障税政策(PAYG,pay as you go)是劣于这种国有股权型社会保障政策的。模型的结论对中国社会保障事业发展以及国有股的减持和转持政策有一定的指导意义。     

混合所有制股权结构、公司治理效应与企业高质量发展

混合所有制股权结构改革,归根结底是要通过不同所有制股权混合,引入竞争机制,提高公司治理能力,从而促进企业提高效率和创新能力,推动经济实现高质量发展.利用2003～2018年实行混合所有制的上市公司数据,考察不同所有制股权混合对企业发展质量的影响以及公司治理的中介效应和机制.结果表明,在合理区间上,混合所有制股权结构改革有利于提高企业发展质量,其中公司治理起到积极的中介作用;但是股权结构对企业产出质量的影响具有复杂性,在国有企业中,使经济价值和创新能力实现均衡的国有持股比例最优区间为50％.针对当前国有股平均持股比例显著下降的趋势,提出我国混合所有制改革最关键的问题在于通过推进公司治理现代化,提高公司治理效能,实现企业高质量发展,对国有股比例持续降低应持审慎的态度.     

减持国有股:充实社会保障基金的重要途径

随着我国社会主义市场经济的深入和我国人口老龄化，社会保障问题正成为我国国民经济和社会发展中必须解决的重点问题。基金缺口较大，为解决定这一问题，国家推出减持国有股的举措，来开拓社会保障基金的新渠道。本文在分析社会保障制度改革现状的基础上，就减持国有股的方法，对证券市场的影响以及如何管理社会保障基金的相关问题进行阐述。     

基于组织承诺视角的私募股权基金议价能力研究

家族性是中小企业的显著特征,其将不破坏企业的社会情感财富作为企业决策的首要考虑因素。私募股权基金与被投资中小企业之间的组织承诺会影响私募股权基金的议价能力,其中私募股权基金与中小企业的情感承诺成为影响私募股权基金议价能力的重要因素。文章以社会情感财富理论为理论基础,探究情感承诺对私募股权基金议价能力的影响机制,尤其是家族性质(家族代际、家族成员数量、家族成员持股比例)在两者之间的调节作用。通过对江浙沪深地区的私募股权投资经理的问卷调查,研究结果表明:目标企业的情感承诺对私募股权基金议价能力产生正向影响;家族代际负向调节目标企业的情感承诺与私募股权基金议价能力之间的关系;家族成员数量、家族成员持股比例均正向调节目标企业情感承诺与私募股权基金议价能力之间的关系。     

券商点评国有股划拨社保基金

6月19日财政部等部门印发关于《境内证券市场转持部分国有股充实全国社会保障基金实施办法》(下称《办法》),规定凡在新老划断之后上市且有国有股东持股的公司,按实际发行股份的10%,从原国有股东划拨给社保基金。     

退休年龄、教育年限与社会保障

在本文中,我们用养老金的缴纳费率和养老金替代率代表社会保障制度,采用有限生命预期的连续时间状态代际交叠模型作为基本框架,分析了社会保障制度对消费者接受教育的年限、退休年龄、工作年限的选择、GDP增长率和利率的影响。同时,我们还分析了消费者的预期寿命对个体消费者接受教育的年限、退休年龄、工作年限的选择以及对社会保障制度的影响。     

退休年龄、教育年限与社会保障

在本文中，我们用养老金的缴纳费率和养老金替代率代表社会保障制度，采用有限生命预期的连续时间状态代际交叠模型作为基本框架，分析了社会保障制度对消费者接受教育的年限、退休年龄、工作年限的选择、GDP增长率和利率的影响。同时，我们还分析了消费者的预期寿命对个体消费者接受教育的年限、退休年龄、工作年限的选择以及对社会保障制度的影响。     

上市公司技术效率实证研究

本文选取部分制造业上市公司为研究样本,运用随机前沿生产函数与Tobit模型,分析了公司技术效率以及股权结构对企业效率的影响.卖证研究结果表明,提高行业的竞争性,将从外部给公司施加压力,迫使公司不断提高效率;在总体上,公司效率与控股股东持股比例呈曲线关系,存在一个效率最优的控股股东持股比例.     

实际控制人持股水平、行业竞争性与企业绩效

本文利用我国A股上市公司2008-2012年的数据,研究了实际控制人持股水平、行业竞争性与企业绩效的关系.研究发现,在竞争性行业中,实际控制人持股比例对企业绩效的影响是显著为正的,而在非竞争性行业中,实际控制人持股比例对企业绩效的影响是不显著的;分所有制来看,在竞争性行业中,民营控股企业实际控制人持股水平的激励效应要大于国有控股企业;把国有控股企业分为中央控股企业和地方控股企业,则这两类企业中实际控制人持股比例对企业绩效的影响也因行业竞争性不同而不同.基于本文的研究结果,应该加强非竞争性行业的竞争性以激发市场和企业的活力;还应该对国有控股企业进行股权结构改革,吸引包括民营资本在内的多种类型的投资者投资于国有企业.     

成渝制造业相关性分析

以2008年成渝制造业A股上市公司为样本,高管薪酬为被解释变量,国有股比例为解释变量,较细致地研究了国有股比例与高管薪酬的关系.得出在控制第一大股东持股比例、法人股比例、公司规模,以及公司效益因素的情况下,国有股持股比例越高,其控股上市公司的高管人员薪酬越低,两者负相关关系显著.     

Dynamic price competition

We consider the model of price competition for a single buyer among many sellers in a dynamic environment. The surplus from each trade is allowed to depend on the path of previous purchases, and as a result, the model captures phenomena such as learning by doing and habit formation in consumption.We characterize Markovian equilibria for finite and infinite horizon versions of the model and show that the stationary infinite horizon version of the model possesses an efficient equilibrium where all the sellers receive an equilibrium payoff equal to their marginal contribution to the social welfare.     

A general equilibrium analysis of corporate control and the stock market

This paper studies a general equilibrium model with an investor-controlled firm. Shareholders can vote on the firm??s production plan in an assembly if they dislike management??s decision. Prior to that they may trade shares on the stock market. Since stock market trades determine the distribution of votes, trading is strategic. There is always an equilibrium, where share trading leads to an ownership structure that supports competitive behavior. But there may also be equilibria, where monopolistic behavior prevails.     

Implementing Steady State Efficiency in Overlapping Generations Economies with Environmental Externalities

We consider in this paper overlapping generations economies with pollution resulting from both consumption and production. The competitive equilibrium steady state is compared to the optimal steady state from the social planner's viewpoint. We show that the dynamical inefficiency of a competitive equilibrium steady state with capital–labor ratio exceeding the golden rule ratio still holds. Moreover, the range of dynamically efficient steady state capital ratios increases with the effectiveness of the environment maintenance technology, and decreases for more polluting production technologies. We characterize some tax and transfer policies that decentralize as a competitive equilibrium outcome the transition to the social planner's steady state.     

Legislative Bargaining and Coalition Formation

The finite horizon version of D. P. Baron and J. Ferejohn's [1989, Amer. Polit. Sci. Rev.83, 1181-1206] legislative bargaining model is investigated. With three or more periods, a continuum of divisions is supportable as subgame perfect equilib- ria. There exist equilibria where coalitions larger than a minimal winning coalition receive strictly positive shares. With sufficiently patient players and a sufficiently long horizon, any interior distribution is supportable as an equilibrium. In contrast, a generic uniqueness result applies when introducing heterogenous time preferences. The unique backwards induction equilibrium in the perturbed game is nonstationary, and neither the original (symmetric) nor the perturbed game provides guidance for equilibrium selection in the infinite game. Journal of Economic Literature Classification Numbers: C73, C78, D72, D78, H49.     

Increasing risk and equilibrium under uncertainty

The impact of increasing risk on social welfare and resource allocation is analysed in a general equilibrium model with endowment uncertainty. It is shown that the equilibrium allocation of resources is affected only by an increase in those risks which are important for society as a whole. In contrast, increases in purely individual risk do not influence achievable social welfare and have no effect on the utility of traders in a competitive market.     

Revisiting the process of aggregate growth recovery after a capital destruction

We study the implications of a growth model including social capital and habit formation concerning the recovery of economies that suffer from an exogenous destruction in their capital stock. Habits exhibit very low persistence and depend only on last period’s consumption as suggested by empirical evidence. In addition to physical capital, agents invest in social capital which generates both market (production) and non-market (utility) returns. We study an infinite horizon model and compare its implications to a model with habit formation but without social capital. Our framework is more efficient in generating dynamic patterns that replicate the behavior of the main economic variables during the reconstruction period. High investment in social capital at the beginning of the transition is a key element of our results.     

参与和治理:中国社会安全网建设的战略选择

中国正处在社会经济转型时期，在此期间，社会安全网的建设完善与否不仅是保证经济持续增长的内在要求。更是保证社会稳定的关键。分析中国社会安全网的建设过程，评估社会安全网的状况，本文认为，中国社会安全网的未来走向或者战略选择应该以政府为主导力量，通过多元主体的互动逐步迈向善治，实现从政府管理到治理的转变，建立责任分担的社会风险防御机制，提升弱势群体的社会参与机会与能力，消除社会隔阂、实现社会整合。     

Effect of social security on fertility and savings: an overlapping generations model

Old-age pension schemes do not exist in most developing countries, so adults bear children as security investments for the future. This phenomenon leads to unduly high rates of population growth. It has been hypothesized that introducing social security programs in such countries would increase savings rates and reduce the number of children born over the long term. The author studies the general equilibrium effects of some social security programs on rates of population growth and capital accumulation within an overlapping generations framework with endogenous fertility and savings. Specifically, Raul's overlapping generations growth model is extended to study the general equilibrium effects of payroll-tax-financed and child-tax-financed social security programs. It is shown that if the rate of intergenerational income transfers from young to old or child care cost is low, competitive equilibrium leads toward overpopulation and capital accumulation in a modified Pareto optimal sense; a social security program in such a case is therefore Pareto improving. A fully-funded system is not neutral when financed by child taxes. Finally, it is also shown that unlike in the case of exogenous fertility where competitive equilibrium attains steady state only asymptotically, fertility, when endogenous, may attain a unique globally steady state in finite time.     

MARKET ECONOMIES WITH AN ENDOGENOUS SOCIAL DIVISION OF LABOR

I consider a general equilibrium model of a competitive market economy in which production is conducted through an endogenous social division of labor. I represent economic decision makers as “consumer–producers,” who consume as well as produce commodities. In this approach, the emergence of a nontrivial social division of labor is guided by Increasing Returns to Specialization (IRSpec) in production. Under IRSpec, I show existence of competitive equilibria, the two fundamental theorems of welfare economics, and characterize these equilibria. Markets equilibrate through the adjustment of the social division of labor; the production technologies completely determine the equilibrium prices.     

社会网络视角的企业隐性知识管理综述

高效的隐性知识流转是企业实现持续竞争优势的关键,社会网络是隐性知识流转的重要途径,而社会网络视角下的企业隐性知识管理研究是一种新兴的研究范式。首先概述了隐性知识领域的相关研究进展,在对社会网络理论和社会网络分析方法的研究成果进行梳理的基础上,进一步对利用企业知识网络、社会网络分析企业隐性知识管理、社会网络对企业隐性知识传播的影响等近期研究成果进行了归纳和评述,并提出了现存研究的局限性及未来研究值得关注的问题。