公共救助分配中的公平与效率

现代市场经济以其充分满足消费者需求的效率而备受推崇,但其运行的结果会产生收入分配不公和低收入群体的负面影响。公共救助是向低收入群体传递与分配社会资源的重要机制。本文首先从公共救助分配的公平机制入手,分析了建立政府主导型公共救助制度的必然性。然后从社会福利这一新的视角来界定公共救助的内涵,以充分体现特定的社会价值观念取向。最后探讨了我国公共救助制度的有关效率问题。     

Pareto optimality in continuous-time OLG economies

The aim of this paper is the achievement of a complete characterization of the Pareto optimality of competitive equilibria for deterministic, pure exchange, continuous-time economies with a countable number of overlapping generations, where each consumer’s life-span consists in a bounded interval of time. For such an environment, we obtain separate sufficient and necessary conditions for Pareto optimality in the form of the Cass’ criterion, that is, in terms of the equilibrium prices. However, these conditions are not equivalent in general. Therefore, in order to get that equivalence we are compelled to impose certain restrictions, either on consumers’ lifetimes, assuming that all of them have the same longevity, or on the dynamic behaviour of relative intertemporal equilibrium prices. In both cases, we are able to derive a single condition that is sufficient and necessary for efficiency, thus achieving full characterizations.     

Extraction rights allocation with liquidity constraints

We study the optimal allocation of a resource in a second-best world in which parties may be liquidity-constrained due to credit frictions and capital market imperfections. In this setting, common to various natural resource industries, agents are unable to bid more than their budget regardless of their valuation. While auction markets are widely used mechanisms for allocating natural resource extraction rights and conservation contracts, we show that in these circumstances the competitive market –which allocates items based on rank order of bids– fails to achieve the first-best allocation. The market outcome is welfare-dominated by a hybrid mechanism consisting of random assignment followed by resale in a secondary market. Via the initial lottery, the hybrid-mechanism allocates the items with positive probability to high-valuation low-wealth individuals who would not have been able to afford them in a competitive market. High-valuation high-wealth agents, on the other hand, acquire the items in the secondary market if they do not receive them in the initial lottery. Therefore, equity in the allocation of access to the resource may be justified not only by distributional concerns but also by economic efficiency. We illustrate our model using data from buybacks of harvesting rights in the seafood industry.     

产品质量认证能否提高农户技术效率——基于山东、河北典型蔬菜种植区的证据

本文基于河北廊坊、山东寿光两地典型蔬菜种植区的1388份微观数据,利用超越对数随机前沿生产函数构建技术效率微观分析框架,在此基础上运用倾向得分匹配法构建反事实假设,估计三种不同类型的产品质量认证对农户技术效率的平均处理效应,并基于回归调整方法对产品质量认证影响农户技术效率的内部机制进行分解,评价产品质量认证对技术效率提升的具体作用路径。研究结果表明:有机农产品认证与绿色食品认证对农户技术效率具有显著的提升作用,农户的技术效率分别提高0.218和0.196;而无公害农产品认证没有显著提升农户的技术效率。考虑到某些不可观测的因素并采用稳健性估计后,该结论仍然稳健成立。此外,对效率增长的分解结果显示,有机农产品认证和绿色食品认证对技术效率的提升作用按贡献率大小依次来源于溢价激励的提升、成本压力的作用、组织支持的增强。     

中国证券公司内部治理影响公司经营效率的实证分析

通过实证分析中国证券公司内部治理对公司经营效率的影响表明:中国证券公司股权集中度与公司经营效率呈显著正相关关系;股权制衡度对公司经营效率的影响不显著;国有控股性质有助于提高公司经营效率;中国证券公司的董事会规模、独立董事比例与公司经营效率呈显著负相关关系;董事长与总经理的两职分离有利于提高公司经营效率;监事会规模、监事会独立性与公司经营效率负相关,但均在统计上不显著;中国证券公司管理层规模、管理层报酬与公司经营效率呈显著正相关关系。     

发展中国家的金融体系问题研究:基于法律制度的视角

与发达国家相比,发展中国家的金融体系存在巨大的缺陷,但是发展中国家的金融体系发展程度也是不同的。为了提高发展中国家的金融体系效率,我们需要找出影响发展中国家金融体系效率背后的其他因素,比如在殖民统治期间形成现在仍有国家在遵守的法律制度。本文通过分组的t检验分析发现,法律制度是一个影响金融体系效率的关键因素。     

长三角地区银行中介发展：特征与态势

银行中介在长三角地区金融体系中居主导地位,其发展规模总的来看领先于全国其他地区,但在区域内也呈现出较严重的非平衡性。长三角地区银行业市场结构与全国其他地区相比并不存在明显差异,但其信贷配置市场化程度居于全国前列。部分得益于区域良好的法治水平,长三角地区银行中介具有较高的效率。     

Technical,quality and environmental efficiency of the olive oil industry

This paper studies the level of technical efficiency in the olive oil industry from a multi-output perspective, and examines olive oil production in quantitative and qualitative terms. The study also covers the environmental impact of the production process. These are key issues due to the current environmental, organoleptic and food traceability requirements of the EU Common Agricultural Policy (CAP). Furthermore, product differentiation is sought after in today’s ever more demanding markets. The production of olive oil in Andalusia (Spain) is the most important agricultural food industry in the whole region and it represents 30% of world olive oil production. Three data sources have been used: a comprehensive survey to a sample of olive oil producers, their financial reports, and the opinion of a group of experts in olive oil production techniques interviewed by means of the Delphi survey. With this data and after the construction of indicators, a production frontier is elaborated by applying an extension of the Data Envelopment Analysis (DEA) technique. This will allow for the measuring of the relative technical efficiency indices and set specific efficiency indices for both the quality of the oil produced and the environmental impact of the production process. Those factors impacting on efficiency are determined by a truncated regression model with bootstrap. The results show a medium–high level of relative technical efficiency and highlight the importance of efficiency factors involving production and marketing associations.     

Allocative vs. technical spectrum efficiency

Achieving allocative and technically efficient spectrum management is a key aspect of deregulatory reforms in several OECD countries. However, reform legislation offers few clues as to how these objectives should rank when they conflict with one another. An ‘innocent’ prior acquisition of service-neutral spectrum at an efficiently run auction may prove allocative efficient but fail to be technically efficient if the spectrum is left fallow in the short term. Accountability for the productive usage of a public resource and pressures from short-term political cycles may induce regulators to mandate some minimal level of activity. Two plausible regulatory responses are considered: use it or lose it clauses and spectrum trading incentives. The former favours technical efficiency whilst the latter promotes allocative efficiency. The argument is formalised in a simple economic model buttressing the roles of uncertainty and transaction costs to assert the primacy of allocative efficiency over technical efficiency.     

市场势力对银行效率影响分析——来自我国商业银行的经验数据

运用我国14家上市和50家未上市商业银行2000~2009年的数据探讨商业银行市场势力对效率的影响。分别测量我国商业银行的市场势力、成本效率以及利润效率,结果发现与未上市商业银行相比,上市商业银行具有较高的市场势力和利润效率以及较低的成本效率。同时分别建立线性模型和非线性模型分析市场势力对效率的影响,结果发现在我国特殊金融环境下,商业银行市场势力与成本效率或利润效率之间均为线性关系;提高商业银行的市场势力,会导致其成本效率显著下降和利润效率显著提升;在所有显著的变量中,信用风险对成本效率和利润效率的影响都是最大的。