自然垄断产业规制重构：基于要素演化的视角

在社会经济发展进程中,有形要素的相对比重不断下降,无形要素的相对比重不断提高,两者所起的作用日渐此消彼长。从要素演化的视角对自然垄断产业进行规制重构为规制自然垄断产业提供了新视角和新思路。对有形要素主导型自然垄断产业而言,应以限制性规制为主,避免因无序竞争而带来资源浪费、负外部性扩大,确保有限的有形要素得到充分利用;同时,针对规制过程中出现的风险,要建立规制风险预警机制来加以防范。对无形要素主导型自然垄断产业而言,应以激励型规制为主,放大其本身具有的正外部性;同时,引入竞争机制推动无形要素自身向高级化演进。     

培育企业家与企业制度创新(下)

（三）任何一个成功的企业都必定有一个优秀的企业家或企业家群体 在当今科学技术日新月异、知识经济发展日益增强的趋势下，经济发展、企业发展与企业家是分不开的。知识经济的主要特征是知识创新。知识是一种首要的生产要素和财富，经济增长主要来源于知识的直接推动力。经济发展要依靠知识和科学技术的积累、开发和利用。如果说，过去主要靠有形资本在市场竞争中取胜，现在则主要靠知识创新、无形资本在市场竞争中取胜，否则再大的企业也会失败。企业能够持久发展，关键在于能够根据市场的变化进行知识创新，不断变革与调整企业的功能。…     

哥本哈根皮草与2016的时尚之约

皮草，作为一种绿色与天然的时尚应用面料，日益成为时尚行业必不可少的设计元素，也已经被国内外越来越多的设计师和创意品牌作为研发面料的首选。那么，在不断变化发展中的皮草设计又呈现出哪些优秀的创意和最新的趋势呢？     

机械设备大修理与更新经济界限的价值分析

机械设备在使用过程中会发生磨损,影响正常的产品加工,除正常的维护保养外,需不断进行大修理,支付不断增长的大修理费和维修费用,因此存在一个继续进行大修理还是更新的经济界限问题。一、设备磨损设备在使用(或闲置)过程中会产生磨损,磨损有两种形式,一种为有形磨损,一种为无形磨损。1.设备的有形磨损及其规律设备在运转、使用过程中,在力的作用下,零部件发生摩擦、振动和疲劳等现象     

经济结构与经济增长--基于面板平滑转换模型的实证分析

本文运用面板平滑转换回归模型对我国经济结构与经济增长的关系进行实证分析,分别考察了第二产业结构和第三产业结构对经济增长的资本产出弹性、劳动产出弹性以及规模报酬的影响。实证结果表明,第二产业的比重与资本产出弹性、劳动产出弹性以及规模报酬均成正相关;第三产业的比重与资本产出弹性呈现一种非线性递增关系,而与劳动产出弹性以及规模报酬成非线性递减关系。     

商标价值评估的用途

商标从其最初的识别区分功能,逐渐演化出商誉指代、生产要素、竞争工具等衍生功能．在法律上确立为一种可自由转让和许可的独立财产权．因为是无形财产．看得见标识却摸不着实体,其价值如何而来？它不像机器、厂房、设备等有形财产已有成熟的衡量方法,甚至比价值体现在面值上的股票、债券等无形财产更抽象。就如人们普遍乐于接受新技术带来的便利．     

浅述信息化管理在有形建筑市场建设及规范市场行为中的重要作用

有形建筑市场是随着工程建设领域快速步入市场经济体制应运而生的。有形建筑市场的建立,意味着建筑市场一些无形的违背时代潮流的东西衰落、灭亡,而奋起的则是顺应时代发展的新生事物占据建筑市场。其中信息化管理作为管理有形建筑市场的重要科技手段,对抑制市场的违规行为起到了重要作用。近几年,笔者一直从事有形建筑市场的信息化建设工作,现就信息化管理在有形建筑市场中的地位和作用作一浅述。一、信息公开化,规范建筑信息市场信息网作为信息化管理的平台,做到了信息公开化。信息公开化,对管理建筑市场、规范建筑市场起到了很大作用。信…     

IT业的基本特征与竞争模式

网络效应、路径依赖、报酬递增、标准的必要性等构成了IT业的特征，在一定程度上决定着IT业的经济运作规律。IT业特有的形式上高度垄断的市场结构与实质上不断加速的行业创新进程，与传统理论对市场经济的判断和分析产生了冲突。正确理解IT业的市场结构以及这一结构下的竞争状况，是理论研究的一个新的领域。     

人字形板式热交换器的数值传热模拟

通过FLUENT软件对人字形板式热交换器进行数值传热模拟分析,得出其内部流场因流通截面积不断变化沿轴向呈周期性高低交错变化。压力以较强规律呈周期性逐渐减小趋势,入口呈现最大值而出口呈现最小值。温度因流质在横纵流道内交叉对流换热而呈逐渐递减变化趋势,实现流质在流道中的纵横交错综合换热。硬板与软板随着流速不断增大,压降与膜传热系数呈递增趋势变化且硬板高于软板。     

企业资产经营的误区

<正> 随着改革的深入,企业资产经营热在我国也不断升温。然而,由于企业开展资产经营在我国的时间还比较短,对其基本要素、涵义和环境尚缺乏系统分析,对企业资产经营顺利开展所必需的配套政策研究涉猎更少。因此,必须注意一种倾向掩盖另一种倾向,警惕企业资产经营走入“误区”。 “误区”之一:把企业资产经营神秘化 所谓资产经营,就是指以追求最大利润和促进资产最大增值为目的,以价值形态经营为特征,通过对生产要素的优化配套和资产结构的动态调整等方式和手段,对企业内部的、外部的、有形的、无形的资产进行综合     

Alternative Benchmarks for Evaluating Mutual Fund Performance

While real estate investment trusts (REITs) have experienced very high growth rates over the past 15 years, the growth in mutual funds that invest in REITs has been even more dramatic. REIT mutual fund returns are typically presented relative to the return on a simple value-weighted REIT index. We ask whether including additional factors when benchmarking funds' returns can improve the explanatory power of the models and offer more precise estimates of alpha. We investigate three sets of REIT-based benchmarks, plus an index of returns derived from non-REIT real estate firms, namely homebuilders and real estate operating companies. The REIT-based factors are a set of characteristic factors, a set of property-type factors and a set of statistical factors. Using traditional single-index benchmarks, we find that about 6% of the REIT funds exhibit significant positive performance using traditional significance levels, which is more than twice what random chance would predict. However, with the multiple-index benchmarks that we prefer, this falls considerably to only 0.7%. In addition, we find that these sets of factors and the non-REIT indices better explain the month-to-month returns of the REIT mutual funds. This suggests that investors or researchers evaluating REIT mutual fund performance may benefit from a multiple-benchmark approach.     

What Factors Determine International Real Estate Security Returns?

We use constrained cross-sectional regressions to disentangle the effects of various factors on international real estate security returns. Besides a common factor, pure country, property type, size and value/growth factors are considered. The value/growth measure that is used in this paper provides for each security the relative importance of the value and growth components, rather than a binary classification. The value/growth factor is found to be volatile and to have a substantial effect on returns over the period February 1990–April 2003. Country factors are the dominant factors, and size is shown to have a negative impact on returns. Statistical factors derived by means of cluster analysis explain about one third of specific returns on international real estate securities. The implication for portfolio managers is that failing to recognize the importance of the various factors leads to the portfolio being exposed to systematic risk.     

运输费用、需求分布与产业转移——基于区位论的模型分析

产业转移的理论基础是注重生产成本分析的雁阵模型和产品生命周期理论,但这两类理论并没有考虑空间因素的影响。本文在现有产业转移理论的基础上,使用"分散式转移"和"集中式转移"的阶段划分来描述产业转移的一般过程,并引入运输费用、需求分布等空间变量,构建了基于区位论思想的两地区模型;在规模报酬不变和规模报酬递增的假定下,分别讨论了产业转移的实现条件和形式,发现地区生产成本的相对变化并不必然导致产业转移的发生。使用该模型分析中国现实,发现集中式转移对于促进区域协调发展的作用要大于分散式转移;而运输费用的下降和内需的扩大将提高集中式转移的动力,地方保护主义阻碍了集中式转移但助推了分散式转移。     

规模报酬递增的第二种机制:为什么重复建设与规模效率的提高可以并存

本文探讨了政府竞争格局下行业规模报酬递增的机制。我们发现,经典的规模报酬递增机制会导致垄断竞争条件下的厂商均衡数目减少,因而规模效率的提高与重复建设不可能同时出现。但是地方政府降低厂商固定成本的竞争却可以在重复建设的同时带来规模效率的提高,这就是本文所发现的政府竞争格局下行业规模报酬递增的第二种机制。我们通过DEA-VRS模型和DEA-Malmquist指数法初步证实了此过程。实证研究发现,在控制了干中学和货币外部性之后,地区行政垄断指数与规模效率的动态变动呈现显著的倒U形关系。     

Internet companies' growth strategies: determinants of investment intensity and long‐term performance

To exploit first‐mover advantages, pioneers may be motivated to amass customers before rivals enter the market. Likewise, when they enjoy increasing returns due to network effects, static scale economies, or learning effects, companies have incentives to invest aggressively in growth. This paper presents econometric analysis of factors that determined the intensity of Internet companies' investments in growth, and analyzes the long‐term performance consequences of such investments. Results indicate that first movers spent significantly more on upfront marketing than non‐pioneers. Contrary to expectations, however, firms in markets that exhibited increasing returns did not spend more on their early customer acquisition efforts than other sample companies. Although the typical sample company did not earn positive long‐term returns, heavy early investments in growth were nevertheless economically rational. In most cases, reducing marketing outlays would have worsened a bad outcome, consistent with an inverted ‘U’ relationship between long‐term returns and upfront marketing spending. Thus, the typical sample company invested in marketing, ex ante, at levels close to those that would have maximized returns, observed ex post. Copyright © 2006 John Wiley & Sons, Ltd.     

Monopoly, competition and information acquisition

An incumbent monopolist is uncertain about its linear demand, but can acquire public information at a cost. We determine how an entry threat affects the firm's information acquisition. If returns to scale are constant and the state-contingent demands become more dispersed as output increases, then entry reduces information acquisition. If, however, either the incumbent or entrant has increasing returns; or if the state-contingent demands are nonlinear or fail increasing dispersion, then entry can increase information. Finally, entry can hurt consumers. Although entry always increases output, it can decrease information. Consumers sometimes prefer a better informed monopoly to a duopoly.     

政府补贴对再制造闭环供应链的影响研究

本文在考虑消费者支付意愿存在显著差异、消费者和制造商存在不同政府补贴分配比例下，建立再制造博弈模型，探讨政府补贴再制造品对产品价格、需求以及对消费者、制造商、社会总收益的影响。结论表明，政府补贴有利于促进再制造品的需求，消费者剩余效用、制造商收益以及社会总收益都增加；政府补贴时应不允许制造商涨价，在考虑制造商积极性下尽量补贴给消费者；提高消费者环保意识才是促进再制造的根本途径。     

Do Common Risk Factors in the Returns on Stocks and Bonds Explain Returns on REITs?

The monthly returns on equity and mortgage real estate investment trusts (REITs) are analyzed over the period July 1976 to December 1992. The results indicate that risk premiums on equity REITs are significantly related to risk premiums on a market portfolio of stocks as well as to the returns on mimicking portfolios for size and book-to-market equity factors in common stock returns. Mortgage REIT risk premiums are significantly related to the three stock market factors and two bond market factors in returns. Also, mortgage REIT shares underperform by an average of 6.8% per year.     

Risk and Return on Real Estate: Evidence from Equity REITs

We analyze monthly returns on an equally weighted index of eighteen to twenty-three equity (real property) real estate investment trusts (REITs) that were traded on major stock exchanges over the 1973–87 period. We employ a multifactor Arbitrage Pricing Model using prespecified macroeconomic factors. We also test whether equity REIT returns are related to changes in the discount on closed-end stock funds, which seems plausible given the closed-end nature of REITs.
Three factors, and the percentage change in the discount on closed-end stock funds, consistently drive equity REIT returns: unexpected inflation and changes in the risk and term structures of interest rates. The impacts of these variables on equity REIT returns is around 60% of the impacts on corporate stock returns generally. As expected, the impacts are greater for more heavily levered REITs than for less levered REITs. Real estate, at least as measured by the return performance of equity REITs, is less risky than stocks generally, but does not offer a superior risk-adjusted return and is not a hedge against unexpected inflation.