交易成本、禀赋效应与国有股权转让定价——兼论国有企业混合所有制改革的新思路

国有企业混合所有制改革是积极发展混合所有制经济的关键,完善的定价机制有助于推进国有企业混合所有制改革。国有股转让过程中存在大量的交易成本,扭曲了定价体系。基于科斯定理,可以发现,明晰产权是优化定价体系有效途径。但是,禀赋效应的存在,使得科斯定理无法完全解决国有股转让定价问题。对此,需要采取市场和非市场的政策组合,以此来完善国有股转让定价机制,推进国有企业混合所有制改革。     

关于风险投资内在机理的经济学分析

从经济学的角度对风险投资进行了内部和外部两个方面的具体分析。根据交易成本理论和信息不对称理论分析了风险投资的特点 ,揭示了风险投资迅速发展的内在机理 ;依据科斯定理和“囚徒困境”模型 ,阐明了政府积极参与的必要性     

PORTFOLIO CHOICE VIA QUANTILES

A portfolio choice model in continuous time is formulated for both complete and incomplete markets, where the quantile function of the terminal cash flow, instead of the cash flow itself, is taken as the decision variable. This formulation covers a wide body of existing and new models with law‐invariant preference measures, including expected utility maximization, mean–variance, goal reaching, Yaari's dual model, Lopes' SP/A model, behavioral model under prospect theory, as well as those explicitly involving VaR and CVaR in objectives and/or constraints. A solution scheme to this quantile model is proposed, and then demonstrated by solving analytically the goal‐reaching model and Yaari's dual model. A general property derived for the quantile model is that the optimal terminal payment is anticomonotonic with the pricing kernel (or with the minimal pricing kernel in the case of an incomplete market if the investment opportunity set is deterministic). As a consequence, the mutual fund theorem still holds in a market where rational and irrational agents co‐exist.     

抽样定理的System View仿真与实现

通过分析SystemView仿真软件的优势及主要的功能模块库和应用领域,重点通过通信系统中的抽样定理实例介绍了该软件的使用方法及注意事项。最后,总结该软件的教学应用效果及对相关课程教学的借鉴作用,特别适合通信系统的仿真与设计。     

JUSTIFYING A POLICY MIX FOR POLLUTION CONTROL: A REVIEW OF ECONOMIC LITERATURE

Abstract This paper provides a review of economic studies analysing the use of multiple policies – a so‐called policy mix – to cope with single pollution problems. To guide and structure the review, an analytical framework is developed and applied. The framework integrates transaction costs into the analysis of pollution problems and policies to overcome them. Moreover, it understands a pollution externality not only as a market failure but more generally as the failure of private governance structures. Based on this insight, two rationales for using a policy mix are identified. First, a policy mix may help to correct for multiple reinforcing failures of private governance structures, such as pollution externalities and technological spillovers. Second, a policy mix can be employed if the implementation of single first‐best policies brings about high transaction costs, e.g. when marginal pollution damages are heterogeneous or polluters are unlikely to comply with the policy. For each rationale, the relevant literature is presented. Based on the review, avenues for future research are identified.     

A note on Deaton's theorem on the undesirability of nonuniform excise taxation

The paper provides an extension and a new proof of Deaton's theorem on the undesirability of nonuniform excise taxation when income taxes are affine and preferences over consumption goods are separable from labour–leisure choices, homothetic, and identical across agents.     

THE CASE FOR A COMMUNITY TRANSACTION ENGINE: GETTING COASE FOR THE TWENTY‐FIRST CENTURY

New types of marketplace are now becoming viable. They can slash transaction costs, bring new resources into the economy and expand economic opportunity. These markets can be grown by the private sector. But, to deliver their full potential, they need a change in the mindset of government.     

The influence of pension funds on corporate governance

Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This article focuses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds a block of shares. Stock holdings by pension funds are largely dispersed. Therefore, any intervention by pension funds in corporate governance requires the formation of a coalition of pension funds. The realization of a coordinated intervention, in turn, is subject to the problems related to the provision of public goods, such as free riding. We find that the stock dispersion and the combined share of pension funds, coordination costs and the attractiveness of the exit option are relevant factors for determining the probability of the success of interventions.     

“等效电源定理”的教学设计

为了培养学生的认知能力、应用能力和创新能力,从教学目标、学情、教学方法、教学组织、教学效果等5个方面对《等效电源定理》这一课的教学设计进行说明。