Marketing cooperatives and financial structure: a transaction costs economics analysis

The relationship between the financial structure of a marketing cooperative (MC) and the requirement of the domination of control by the members is analysed from a transaction costs perspective. A MC receives less favourable terms on outside equity than a conventional firm because the decision power regarding new investments is not allocated to the providers of these funds. This is a serious threat to the survival of a MC in a market where efficient investments are characterised by an increasing level of asset specificity at the processing stage of production. A MC is predicted to be an efficient organisational form when the level of asset specificity at the processing stage of production is at a low or immediate level compared to the level of asset specificity at the farming stage of production.     

Why do transaction costs of agricultural policies vary?

Policy related transaction costs (TCs) is an important issue when evaluating different policy options. However, TCs are often not taken into account in policy evaluations, but may be as important for efficiency as the direct production costs. Different policies may result in different TCs, and the main aim of this article is to explore possible reasons for these differences. We compare the level of TCs for 12 different agricultural policy measures in Norway, and we analyze the causes of the differences along three different dimensions: asset specificity, frequency, and point of policy application. At the national level we find that all three dimensions are of importance when explaining the differences, while variation in TCs incurred by farmers are mainly due to differences in point of policy application and asset specificity. Data show that direct price support has the lowest TCs, while more direct payments for environmental amenities has the highest.     

Oligopsony Power, Asset Specificity, and Hold-Up: Evidence from the Broiler Industry

In this article we look for empirical evidence of hold-up in broiler industry production contracts by using the cross-sectional national survey of broiler growers. First, we focus on the problem of under-investment and hypothesize that the degree of agent's (grower's) under-investment systematically depends on the principal's (integrator's) market power and the level of asset specificity. Second, we provide an indirect test of hold-up by looking at the grower contract payoffs as a function of the frequency of the housing facilities upgrade requests and the principal's market power. The results show moderate empirical support for the presence of hold-up.     

Factors Influencing Organic and Fair Trade Coffee Growers Level of Engagement with Cooperatives: The Case of Coffee Farmers in Mexico

We study the factors influencing the percentage of organic and fair trade certified coffee sold through a cooperative by growers of five cooperatives in Mexico. The percentage of coffee sold through the cooperative was used as a proxy of growers’ engagement with a cooperative. Using factor analysis and a fractional probit regression, we evaluated the proposition that the level of engagement can be explained by transaction cost economics, social norms and connections, and farmer and farm business characteristics. We found that farm size, uncertainty regarding cooperative time of payment to the members and cooperative commitment on price to be paid negatively influence the level of engagement. In contrast, asset specificity, relational commitment, and price have a positive impact on engagement. Our results may help cooperatives and policy makers to build strategies aiming to increase this level of engagement. This is relevant because lower grower engagement has been found to be positively correlated with weak performing cooperatives.     

“公司＋农户”契约型农产品交易关系中机会主义行为的表现形式与成因

“公司＋农户”模式是我国农业产业化采用率最高的经营模式之一,但实践中,违约和敲竹杠等机会主义行为屡见不鲜。归纳起来,“公司＋农户”模式中的机会主义行为主要有基于信息不对称的“逆向选榉’和“道德风险”行为、基于资产专用性投资的“敲竹杠”行为、基于集体行动的“搭便车”行为和基于博弈次数（交易频率）的短期化行为等四种类型。导致术兀会主义行为产生的原因主要有有限理性、信息不完全和不对称、资产的专用性和行为的短期化。     

我国海洋捕捞渔民转产转业的经济学分析

海洋捕捞渔民转产难的原因不完全是政府的支持不够,政策不完善。本文在对劳动力转移理论分析的基础上,用资产专用性理论分析捕捞渔民的沉没成本,比较捕捞渔民转产的成本和预期收益,指出转产难最根本的原因是其转移成本过高。     

Incorporating Trade into the Investment Development Path: A Case Study of Korea and Taiwan

We suggest that there is some interface between the investment development path (IDP) and the trade development path (TDP)-with both trade and foreign direct investment (FDI) of created asset-intensive products increasing their significance relative to gross national product (GNP) of countries. The proportion of intra-industry trade and FDI to total trade and FDI also increases as an economy develops, particularly so for created asset-intensive products. We have taken the FDI intensity of manufacturing sectors as a proxy for a created asset intensity, and classified it into three categories, viz. above, average and below created asset intensities. Trade and FDI data from the Korean and Taiwan economies between 1968 and 1997 generally support the idea of an integrated TDP and IDP. The growth of trade and FDI tends to be positively correlated with GNP per capita and with the created asset intensity of products.     

林农合作形式多样性选择交易理论分析

通过运用资产专用性、不确定性程度和交易频率三大交易维度,以及既定制度环境下的交换成本分析框架,分析集体林权制度主体改革后林农合作形式多样性选择的问题。结果表明,交易特性和费用是决定林农合作形式选择多样化的重要因素,以木材产品涉及的交易具有资产专用性强、不确定性高和交易频率低的特点,不同的林农合作形式具有不同的适应性。当前林农合作组织的发展应根据林农的选择和林产品类型,实施多样化的发展取向,政府则侧重提供保障制度空间,并从森林培育与营林技术的农村推广、农村森林经营方案的编制和林农合作组织森林保险制度的建设着手,降低森林经营固有的特性引起的交易费用。     

Decision-making Criteria for Purchasing Milk Quota at the Individual Farm Level: A Comment

In a recent article in this journal, Stonehouse and MacGregor outlined several elements of the farm level decision to purchase milk quota. They provide a useful reminder that, because quota is an asset, decisions regarding its purchase or sale should be undertaken and analyzed with capital budgeting techniques. More specifically, they describe procedures for calculating the net flow return from additional quota under different cost circumstances and the subsequent bid price which that farm could pay for the quota asset. It is the purpose of this comment to show that errors of both commission and omission have found their way into the paper. In addition, there is a problem of inconsistency because the text and the actual calculation formulae are sometimes contradictory.     

基于可持续性视角的城市土地利用模糊逻辑评价与诊断—— 以武汉市为例

研究目的:构建基于可持续性视角的城市土地利用评价理论框架,探索城市土地可持续利用评价的影响因子,为城市用地可持续性发展提供依据。研究方法:模糊逻辑和因子分解分析。研究结果:2005—2013年武汉市城市土地可持续性利用水平具有明显的阶段性,并以2008和2011年为转折点呈稳步改善态势,土地利用生态效能和土地利用资产价值成为限制城市土地可持续性利用的主要影响因子。研究结论:(1)从隶属度和障碍度角度看,要保持城市发展可持续性,须向土地可持续利用模式转变,这种转变迅速而明显,表现出显著的转折点;(2)土地可持续利用模式下,障碍度指标带有可持续性特色,其影响力也较传统要素驱动模式有很大提升,表现为土地可持续利用综合效益的更大制约作用。     

Graphical Illustration of Interaction Effects in Binary Choice Models: A Note

Graphing procedures for evaluating power or interaction terms in binary logit and probit models are illustrated in an application to hog producers’ decisions based on transaction cost economics’ hypothesised positive effect of the interaction of uncertainty and asset specificity on contract use. Results support the hypothesis, particularly for producers that are otherwise on the cusp (near the 50/50 probability) of choosing either contract or spot transactions based on their responses for other variables. Such insights may not be drawn without use of the demonstrated graphing procedures.     

农户可持续生计与征地意愿分析——以江苏省苏南、苏北典型村庄农户问卷调查为例

本文在可持续生计框架下,通过实地调研,从农户层次上揭示农户可持续生计对征地意愿的影响。采用描述统计方法分析了人力资产、自然资产、物质资产、金融资产和社会资产对征地意愿的影响,为进一步验证其影响的性质及显著性,建立了农户征地意愿的Probit模型。描述统计分析和模型运行结果都显示,农户生计可持续性对农户影响十分明显,家庭收入、人均耕地面积、社会资本潜力水平、拥有保险情况、农户受教育程度是影响征地意愿的主导因素。因此,征地过程中若提高农民对征地制度的满意程度,就需要从根本上解决农民的可持续性生计,消弱农户的脆弱性,提高农民应对征地风险和恢复生计的能力。     

林纸一体化理论支撑体系的研究

本文从林纸一体化的内部优势理论、外部优势理论和组合方式理论三个方面构筑了林纸一体化的理论支撑体系。其中从交易成本、资产专用性、双重加价、最优产量决策等方面研究了林、纸企业内部的一体化动机;通过研究林纸一体化的风险规避和产业竞争力,阐明了林、纸企业外部的一体化动因;从林纸企业的资产重组、产业融合、产业集群与网络化组织角度阐明了林纸一体化的组合机理。     

林权抵押贷款的金融风险与防范策略——基于银行信贷风险视角

基于金融机构信贷风险的视角,从林权抵押贷款的法规制度风险、资产保全风险、资产处置风险、资产评估风险、信誉风险的角度分析林权抵押贷款存在的金融风险,从金融生态环境的优劣直接影响到银行贷款的积极性、林业信息不对称引发借款人的故意违约、价值补偿机制缺失导致借款人的理性违约方面分析银行惜贷现象的成因,提出健全林权抵押贷款的法律法规、提高林权贷款尽职调查水平、积极开展森林保险业务、完善森林资源资产评估制度、建立林权抵押登记管理制度、加快林权管理服务平台建设等林权抵押贷款的金融风险防范策略。     

Can common risk factors explain infrastructure equity returns? Evidence from European capital markets

This is the first paper to test the ability of conventional asset pricing models to explain the excess returns of European infrastructure stocks. Specifically, we firstly run the well-known Fama and French three-factor model, including three common stock market factors (market risk, size risk and value risk), and subsequently augment the model with two common bond risk factors (term and default risk), as infrastructure firms should be closely related to bond markets. The times-series regressions span the period from July 1992 to June 2014 and are conducted using an individually created infrastructure equity data-set. With the help of an intensive screening process, we only include those infrastructure stocks that in fact own and/or operate physical infrastructure. The results reveal that the three-factor model is unable to capture most of the variation in infrastructure returns. Therefore, bond risk factors should be included in asset pricing models in order increase the goodness of fit, as infrastructure stocks prove to be sensitive to interest rate changes. Nevertheless, even the augmented asset pricing model leaves a substantial part of the variance unexplained, thus indicating that infrastructure firms exhibit a high level of idiosyncratic risk. In addition, the results suggest that there may be further risk factors which should be investigated in future studies.     

自然资源资产核算的逻辑规则与土地资源资产核算方法探讨

研究目的:探讨自然资源资产核算逻辑规则下的土地资源资产核算理论与方法。研究方法:归纳与演绎,实证研究。研究结果:实现自然资源可持续利用与保护是实施自然资源资产核算的根本目标,核算的内容应以实物量核算为主、价值量核算为辅,应防止自然资源垄断引起过度有偿使用、过度价值化造成利益扭曲;土地资源资产核算内容应包括面积、质量、价格,价值量核算应遵循可市场化原则;对于城镇国有建设用地来说采用基准地价进行核算更具可行性。研究结论:自然资源资产负债表在性质上应属于国家资产负债表范畴,自然资源资产核算的目标是促进生态文明建设,科学、扎实、准确的调查与监测数据是开展自然资源资产核算的重要基础。     

Agrarian reform and cooperation between settlers in the Midwest of Brazil: An institutional approach

Cooperation is an important factor in improving the efficiency of agrarian reform, but hardly occurs, which is a serious problem in Brazil. This research tries to explain why cooperation is so difficult in Brazilian settlements. It focuses on the Midwest of Brazil, a region with a high concentration of land, located in the main region for production of commodities. Research combines a New Institutional approach with aspects from the economic sociology. The model developed in the paper is original and highlights factors responsible for cooperation. Research differentiates institutional arrangements according to asset specificity and sunk costs. Beside associations for representation with public authorities, where cooperation is easier, cooperative arrangements need specific investments from the settlers, who require warranties before participating. Institutions serve as warranties for adopted governances. In the case of cooperation in Brazilian settlements, these warranties should come from informal institutions, which can be a problem in some communities. Leadership of a producer can also have an important role in hierarchical networks.     

United Kingdom residential price expectations and inflation

Summary

Investment in residential real estate provides both a durable and non‐durable asset which is eroded by inflation. Fisher hypothesized that if man had perfect foresight he would adjust the interest rate to counterbalance the effect of changes in inflation. Although performing creditably in the long run, residential property does not respond instantaneously or regularly to changes in the level of inflation in most places.     

层次分析法在林地资产评估市场法中的应用

在阐述森林资源林地资产评估市场法技术思路与层次分析法基本原理的基础上,提出用层次分析法确定林地资产评估市场法中参考案例的权重及估算林地资产价值,分析在不同折现率和林地经营年限的条件下林地资产评估值的变化情况。结果表明:在相同折现率的条件下,随着经营年限的增加,评估对象的评估值不断增大;在相同经营年限、不同折现率的条件下,评估对象的评估值呈规律性的递增或者递减。此外,随着经营年限和折现率的增加,评估对象的评估值也越来越趋于一个值。