上市公司会计信息生产模式改革的经济学思考

本文基于经济学的角度,从契约理论所决定的会计本质、会计信息市场失灵和会计管制等方面,探讨了改革上市公司现行会计信息生产模式的必要性,并且提出会计信息生产社会化是解决各种会计难题的根本途径。     

会计信息质量与市场定价分析

本文以应计质量、盈余持续性、盈余可预测性、盈余平滑度作为会计信息质量的代理变量,通过研究会计信息不同纬度的质量与权益资本成本之间的关系,为投资者的市场定价及对信息质量的关注程度提供证据。研究结果表明,除盈余的持续性不显著外,其他各项质量与权益资本成本之间均呈负相关关系;在对权益资本成本的影响程度方面,无论是单独影响还是条件影响,应计质量影响程度最大,其次是可预测性。     

企业价值转移和资本结构:一项实证分析

本文选取2001年沪深A股677家上市公司的市场和财务数据,首先检验两个指标是否具有显著相关性:市值规模比和长期负债比率。并按价值转移理论,利用市值规模比把677家上市公司划分为三组:价值流入期、价值稳定期和价值流出期。实证研究处于不同价值转移阶段企业资本结构的特点。     

Incomplete regulation, market competition and collusion

Regulators often do not regulate all firms competing in a given sector. Due to product substitutability, unregulated competitors have incentives to bribe regulated firms to have them overstate their costs and produce less, thereby softening competition. The best collusion-proof contract entails distortions both for inefficient and efficient regulated firms (distortion ‘at the top’). But a contract inducing active collusion may do better by allowing the regulator to ‘team up’ with the regulated firm to indirectly tax its competitor. The best such contract is characterized. It is such that the unregulated firm pays the regulated one to have it truthfully reveals its inefficiency. We finally compare those contracts.     

Illicit drug markets and economic irregularities

Markets for illicit drugs present an interesting case study for economics, combining non-standard characteristics such as addiction and product illegality. One response has been to argue the generality of economic principles by suggesting that they apply even in the extreme case of markets for addictive substances, e.g., by showing that demand for illicit goods is responsive to price [1] [Reframing health behavior change with behavioral economics. Hillsdale, NJ:Lawrence Earlbaum Associates; 2000. p. 89-111.] and even by modeling addiction as rational [2] [J Political Econ 1988;96:675-700]. This paper sketches examples of an alternative reaction, focusing on idiosyncrasies of drug markets that might plausibly create counter-intuitive effects, including supply curves that slope downward because of enforcement swamping and/or a good serving as the only available store of wealth for its producer, demand reduction programs that increase demand, and consumption by “jugglers” possibly increasing rather than decreasing as prices rise. This analysis yields non-obvious policy recommendations; for example, source country control programs should concentrate on growing regions with a healthy banking sector.     

募集资金投向对公司经营业绩的影响分析——来自上市公司的证据

本文以2000年、2001年、2002年通过首次发行股票、配股和增发来募集资金的上市公司为对象,对募集资金的投向与公司经营业绩之间的关系进行研究。结果表明:上市公司募集资金正常投向的比率与上市公司的经营业绩显著正相关,正常投向中主业投资有利于公司经营业绩的提高;对外投资与公司经营业绩在第一年有显著相关关系,但不具有持续性;偿还债务与公司业绩之间有显著负相关关系。募集资金变更投向与公司经营业绩之间有显著负相关关系,募集资金变更为对外投资和募集资金闲置与公司经营业绩显著负相关。     

Domestic financial market frictions,unrestricted international capital flows,and crises in small open economies

Summary. We present an example of a small open economy where small increases in the world interest rate may induce a sharp decline in output and a precipitous depreciation of the exchange rate. Due to a costly state verification problem in domestic credit markets, combined with unrestricted international capital flows, our economy generates two long-run equilibria, one with low GDP and a relatively depreciated real exchange rate (RER), and one with high GDP and a relatively appreciated RER. The first is always a saddle, while the second may be a sink or a source, depending on the level of the world interest rate. A crisis is identified with the economy switching from an equilibrium path approaching the high-output steady state to the saddlepath approaching the low-output steady state. In Mexicos recent history, periods of growth associated with appreciation of the RER have alternated with periods of sharp contraction and depreciation of the RER. Our economy displays such behavior in response to changes in the world interest rate.Received: 9 April 2002, Revised: 20 March 2003JEL Classification Numbers: E5, F4.G. Antinolfi, E. Huybens: We thank Steve Fazzari, Tim Kehoe, Todd Keister, Manuel Santos, Karl Shell and especially Bruce Smith for very helpful discussions. Jaime Calleja Alderete, Eduardo Camero Godínez, and Juan Vargas Hernández provided excellent research assistance. All remaining errors are ours. Huybens was an assistant professor in the Centro de Investigación Económica, ITAM, at the time this article was written, and part of this work was completed while Antinolfi was a visiting scholar at the Federal Reserve Bank of St. Louis. The views expressed herein are those of the authors, and do not reflect those of the World Bank or the Federal Reserve Bank of St. Louis. Correspondence to: G. Antinolfi     

内生农业技术进步的二元经济增长模型——对“东亚奇迹”和中国经济的再解释

通过吸收内生增长理论的思想 ,修正外生农业技术进步的假设 ,本文提出了一个内生农业技术进步的二元经济增长模型 ,并以此对倍受瞩目也颇多争议的“东亚奇迹”及中国经济 ,从二元经济结构转换的角度进行了分析。本文认为 ,“东亚奇迹”是传统农业劳动力不断转向现代非农业部门的结果 ;是现代部门以资本反哺传统部门 ,推动农业技术进步 ,促进劳动力转移的结果 ;也是现代部门均衡发展 ,吸纳剩余劳动力 ,加速结构转换的结果。因此 ,虽然非农部门的全要素生产率提高不够显著 ,但劳动力结构转换仍然推动经济实现了持久的高速增长。     

Joint outputs and real wage rates

The magnification effect in standard international trade theory asserts that if the relative price of the labor-intensive commodity increases, the real wage will also increase, as will the wage/rental ratio. This result depends upon the assumption that both activities are nonjoint—each combining labor and capital to produce a single output, so that if activities are joint instead, the results are in jeopardy. It is shown that if the difference between the share of commodity one produced in the first activity and in the second activity exceeds the difference between the labor distributive shares in the first activity and the second, an increase in commodity 1's relative price raises the wage/rental ratio. The real wage unambiguously rises in this case if and only if the ratio of the commodity output shares in the two activities exceeds the ratio of labor shares.     

Has Austria’s Accession to the EU Triggered an Increase in Competition? A Sectoral Markup Study

We estimate the pro-competitive effects of Austrias participation in the Single Market after its European Union (EU) accession in 1995 in terms of firms market power as measured by the Lerner index, using a sample of 46 industries and 7 industry groups, covering the period 1978–2001. In the framework of the markup estimation method suggested by Roeger (1995), we test for both an instantaneous structural break between 1993 and 1998 and also estimate logistic smooth transition models to take up the proposition that the regime shift is likely to have occurred gradually rather than as a big bang. In sum, the results provide no reason for being euphoric: Pronounced markup reductions were only found in three industry groups (mining and quarrying, wholesale and retail trade; financial services and real estate). At the more disaggregate level, the picture is mixed: Both increases and reductions in market power have been found.