价格规制与企业资本结构的选择——来自我国上市公司的经验证据

受规制企业的资本结构与政府价格规制密切相关。本文建立了一个两阶段动态博弈模型并提出了相关的理论假设,以检验受规制企业资本结构决策与政府价格规制强度之间的关系。理论分析表明,资本结构选择作为企业的战略工具,能提高企业的谈判地位,迫使规制机构提高产品价格。因而企业面临的价格规制越严厉,越有动力提高负债水平。本文利用沪、深两地的受规制上市公司为样本进行的实证研究有效地支持了本文上述的假设。     

基于一体化经营的自然垄断产业规制模式创新

基于成本的收益率规制模式不能激励企业进行降低成本的R&D投资,而价格上限规制合约取得较好绩效的同时,也会留给企业大量的信息租金。低激励低租金的资本收益率规制和高激励高租金的价格上限规制都不是完美的,如果能够找到一种相互融合、优势互补的模式也许不失为一种理性选择。构建一体化经营决策模型,可以论证在收益率规制基础上的联合成本分担的融合规制模式,有助于诱导企业一体化经营,激励企业进行R&D投资以降低成本。而成本的降低能够使管制价格不断降低、消费者剩余得到动态提高。     

环境规制对碳交易价格波动的影响分析

环境规制对绿色生产具有重要的积极意义,区域环境规制水平与碳交易价格波动之间存在密不可分的关系。以国内4个碳交易试点为研究对象,选取了2013—2020年不同区域环境规制的相关指标和碳交易价格数据进行实证分析,深入探讨环境规制对碳交易价格波动的作用机制。同时采用滞后一期的方法解决内生性问题可能会对分析结果带来的影响。研究发现:环境规制水平对碳交易价格具有抑制作用,地理距离的变化会改善环境规制水平对碳交易价格的抑制效应。     

自然垄断行业政府规制与放松规制问题研究

自然垄断的行业具有规模经济、范围经济、成本次可加性等特征自然垄断行业作为一种具有垄断特征的行业,在其定价方式的选择上因该具备以下特征:自然垄断行业的价格规制要具有经济性规制特征;自然垄断行业的价格规制应该     

双寡头企业产量竞争的均衡质量安全水平研究——以受规制的食品企业为例

在双寡头企业产量竞争的基本模型基础上,考虑了政府规制水平的影响,分析了生产高、低质量安全水平的两个食品企业分别在古诺和斯塔克尔伯格博弈模型中的均衡质量水平及其相互关系,结果揭示了不同模型中两个企业的最优质量安全水平之间的关系及其均衡点。在斯塔克尔伯格模型中,以生产高质量安全水平产品的企业为产量领导者时,其产品质量安全水平、价格、产量和利润远高于追随企业;两个企业的均衡质量安全水平、价格和产量都随着政府相关部门规制水平的提高而上升。     

价格法律制度的完善

目前物价上涨的原因是多方面的,但其最重要的原因是物价立法的严重滞后问题。我国现行价格法存在价格规制范围狭窄、不明确;价格规制程序不完善;价格规制主要内容不科学、标准和方法不规范等问题,为此,只有对《物价法》进一步修改完善,进一步明确规定定价对象及范围,完善政府定价听证制度,增加社会公众监督等内容,才能从立法上为物价稳定“保驾护航”,实现“权力在阳光下运行”的法治精神、     

论我国自然垄断行业的价格规制问题

自然垄断行业是一个特殊的行业,我国自然垄断行业的产品和服务价格明显偏高,效率低下,政府有必要对其价格进行规制。常用的价格规制方法有一定的局限性。自然垄断行业需要通过市场机制、竞争机制以及政府规制,才能共同对其价格发挥作用。     

我国旅游价格规制失灵与制度创新研究

旅游价格规制有效与否关系到广大游客的切身利益和旅游市场健康有序发展。目前,我国尚未形成完整有效的旅游价格规制体系,规制失灵现象时有发生。在阐述旅游价格规制失灵表现形式的基础上,分析了导致其失灵的主要原因,探讨了消除我国旅游价格规制失灵的制度创新举措。     

论政府价格规制中的公众参与

在政府价格规制中引入公众参与机制有利于价格规制政策的制定。本文基于规制经济理论的分析框架,运用博弈论模拟了公众参与价格规制的讨价还价过程。政府在价格规制中引入公众参与机制,其形式取决于政策质量和公众接受程度两者的权衡。在此基础上对当前我国公用事业价格规制中存在的问题进行分析,并提出政策建议。     

我国天然气产业价格规制研究——采用系统思考方法和因果回路图工具的实证分析

本文采用系统思考方法,用因果回路图作为分析工具,从探讨政府价格规制对天然气产业的影响和选择适合我国国情的天然气产业价格规制角度出发,提出提高天然气产业价格规制政策的可预见性及稳定性,加强天然气产业价格规制改革与财税政策的协调配合,加强对天然气产业理论和技术创新的支持,加强天然气价格规制与需求侧管理政策协调等建议。     

对农用地价值功能及其价格构成的新思考

农用地不仅具有生产价值功能和资产增值功能,还具有生态价值功能、社会保障价值功能、社会稳定价值功能及其他价值功能。农用地价格分解为经济收益价格、生态收益价格与社会收益价格三个部分,以往的农用地估价注重的是经济收益价值,而忽视了生态收益价值与社会收益价值。     

Why offer lower prices to past customers? Inducing favorable social price comparisons to enhance customer retention

Price discrimination policies vary widely across companies. Some firms offer new customers the lowest price; others give preferential prices to their past customers. We contribute to the literature on price discrimination in behavior-based pricing by exploring how customers’ social price comparisons, i.e., comparing one’s price to that received by similar peers, impact the optimal structure of price discrimination. Social price comparisons have a negative (positive) impact on customers’ transaction utility if the price charged to past customers is higher (lower) than a new customer’s price. Using an analytical model with vertically differentiated firms, we show that a firm with relatively large market share will reward its past customers with relatively low prices when social price comparisons have a sufficiently large impact on utility. Furthermore, we find that social price comparisons lead to a relaxation of the price competition for new customers. Thus, both firms can earn higher profits when such comparisons are made than when they are absent. We also examine how other factors, such as horizontal competition and strategic customers, interact with social price comparison concerns to impact pricing strategies. Finally, we show how pricing behavior differs when price comparisons are based on historic reference prices rather than on peers’ prices.     

The effects of corporate social responsibility and price on consumer responses

This experiment examined the influence of corporate social responsibility and price on consumer responses. Scenarios were created to manipulate corporate social responsibility and price across two domains (environment and philanthropy). Results from a national sample of adults indicate that corporate social responsibility in both domains had a positive impact on evaluation of the company and purchase intent. Furthermore, in the environmental domain corporate social responsibility affected purchase intent more strongly than price did.     

Situational price sensitivity: the role of consumption occasion, social context and income

Research on consumer reaction to price has been largely confined to examining consumers’ price information search, evaluation of price alternatives, and individual purchase behaviors without regard to situational influences. At the same time, consumption has often been dichotomized in terms of its functional-hedonic nature and has been examined with regard to social influence. Surprisingly, researchers have heretofore not examined the potential effect of the consumption occasion or social context on consumers’ price sensitivity. Further, research examining the effect of household resources on price sensitivity has produced mixed results. We argue that household income effects on price sensitivity are dependent upon the situation. This research addresses two key issues. First, we examine whether individuals are equally price-sensitive when purchasing products for functional (e.g., purchasing frozen vegetables or paper towels) versus hedonic (e.g., purchasing ice cream or cookies) consumption situations and whether social context (i.e., consuming the product alone or with others) influences price sensitivity. Second, we explore the interaction effects of household income and consumption context on price sensitivity. We examine these issues across a series of three studies, finding that consumers’ price sensitivity is in fact attenuated by both hedonic and social consumption situations and that income moderates these effects. Implications for researchers and practitioners are discussed.     

Optimal pricing in social networks considering reference price effect

We study the optimal monopoly pricing strategies in a social network, in which consumers experience a network effect that is dependent on their neighbors' consumptions and a reference price which is the average price received by their neighbors. We establish a two-stage game model for any social network. Utilizing the backward induction, we derive the equilibrium price by maximizing the monopolist's profit. In addition, we apply this model to the two most commonly used network structures: the star network and the bipartite network. We find that both the network effect and the reference price effect play a critical role in deciding pricing strategies in social networks. Moreover, our numerical results demonstrate that whether to implement discriminatory pricing depends critically on the network structure. This work provides monopoly firms a useful guideline for optimal pricing decisions in social network marketing.     

企业社会责任信息披露与股票价格关系研究——沪市民营企业的经验证据

文章以2009年沪市A股222家民营上市公司为研究样本实证检验了民营企业社会责任信息披露与股票价格的关系,结果表明,民营企业社会责任信息披露与股票价格负相关。结合企业社会责任实践及其信息披露现状、投资者基于企业社会责任的投资理念以及资本市场有效性,从作用机制视角分析了形成民营企业社会责任信息披露与股票价格关系的深层原因,并由此就改进企业社会责任及信息披露实践和促进资本市场健康发展为上市民营企业、资本市场投资者和监管者带来启示。     

The market valuation of ethical assets in Spain: an application of the hedonic pricing method

The aim of this paper is to calculate the market valuation of non‐financial characteristics, namely, the social responsibility criteria (social, ethical and environmental) included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique is used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non‐abusive market practices.     

Third-Degree Price Discrimination, Consumption Externalities, and Market Opening

This study investigates the effects of monopolistic third-degree price discrimination on market opening in the presence of consumption externalities between separate markets. Assuming symmetric interdependent linear demands and constant marginal cost, we indicate the possibility that with negative externalities a monopolist can do better by closing the relatively small market from the social welfare viewpoint, while it prefers opening that market if price discrimination is feasible. This result contradicts the previous literature on third-degree price discrimination and market opening which asserts that, in the case of non-increasing marginal cost, price discrimination improves social welfare if it opens new markets that are closed under uniform pricing.     

The link between customer satisfaction and price sensitivity: An investigation of retailing industry in Taiwan

Are customers less likely to seek bargains once they are satisfied with a product and service? This study examines the relationship between customer satisfaction and price sensitivity. Specifically, satisfaction is divided into economic satisfaction derived from tangible products and social satisfaction provided by service encounters. This survey of 248 retailer–consumer dyads shows that economic satisfaction is negatively associated with price sensitivity. However, social satisfaction is positively related with price sensitivity, especially for female customers and customers with high patronage frequency. Interpersonal relationships emphasized in the Chinese collectivist societies tend to influence customers' price sensitivity. These findings have many implications for researchers and practitioners in the retail sector.