零售商垄断势力、通道费与经济规制

拥有买方垄断势力的零售商对生产商的纵向约束是近年来西方国家反垄断司法实践所关注的焦点之一,然而现有的文献对于零售商拥有买方垄断势力的情形很少涉及.现实中,随着零售业的变革,下游零售商很可能在产业链中成为主导企业,从而导致零售商要求生产商交纳"通道费"的现象十分普遍.本文基于SCP分析框架,对零售商垄断势力下的通道费及其福利效应进行分析,并对相应的政府规制提出建议.     

通道费的避税效应与规制

收取通道费在我国已成为零售企业的一种盈利模式,而零售商向供应商滥收通道费引起我国当前工商矛盾尖锐化。本文分析了我国通道费的概念和构成,发现零售商收取通道费具有避税效应,这是我国通道费盛行的原因之一。由于通道费构成的复杂性,解决通道费问题不宜硬性取消或强制采取控制的规定,政府可以采用征收通道费税的办法予以规制。本文通过模型设计,得出调节通道费的控制变量,设计了针对通道费的征税机制,为政府规制零售商收取通道费行为提供了依据。     

The effect of family welfare support on the likelihood of having another child and parents’ labor supply

Governments have recently attempted to reverse the below-replacement fertility rates in Europe by reducing child-rearing costs through child benefits, grants and paid leaves. This article examines the causal effect of family allowances on the likelihood of having another child, and on the extensive and intensive margins of labor supply. Evidence from Switzerland suggests that higher child benefits incentivize parents to have more children but do not affect their employment choice. The effect is larger for low-income families. These findings imply that policies aimed at improving the economic well-being of families are likely to increase fertility rates without distorting labor market outcomes.     

通道费:大零售商挖掘市场效率的一种机制设计

本文运用数值例子和一般化博弈模型对1个生产商、1个大零售商和n个小零售商的市场进行了考察,给出了大零售商对生产商拥有讨价还价力量、生产商对小零售商拥有讨价还价力量时的市场均衡。结论为:(1)在大零售商使用包含通道费在内的"三部费"合约的市场均衡中,上下游可以实现纵向一体化利润。与生产商对下游完全拥有市场力量的情形相比,消费者剩余不会降低,市场价格不会上升,生产商获得的利润也不会减少。(2)大零售商的利润来自于消除上下游市场外部性,以及对市场效率改进的边际贡献。通道费可以视作是大零售商通过挖掘市场效率而获利的一种机制设计。(3)从政策角度看,用单一禁止通道费来提高市场效率和社会福利的目标往往难以实现。与其简单地取消进场费,还不如把政策的着力点放在支持小零售商、改善零售市场结构效率上。     

欧盟碳排放权交易体系第三阶段改革对碳价格的影响

欧盟碳排放权交易体系第三阶段改革成效显著,研究其关键改革政策对碳市场的影响,将为我国的碳市场建设提供一定的经验借鉴。本文选取了第三阶段三项主要改革政策——配额总量递减、折量拍卖、市场稳定储备机制作为评估对象,以第三阶段欧盟碳配额期货价格的日度数据为被解释变量,三大改革政策为解释变量,采用时间序列协整模型和向量误差修正模型对各因素的影响作出评估。研究结果表明,各项改革政策都与碳配额期货价格呈正向协整关系,通过改善市场供求失衡状况,有效推动了第三阶段碳价格的提高,对减排企业形成了长效的激励和约束,提高了欧盟碳排放权交易体系的运行效率。因此,我国在建立和完善碳排放权交易体系进程中,要根据本国情况合理设置配额总量和配额分配方式,设置配额柔性调整机制,不断提高市场流动性,促进碳价格的提高,保证碳排放权交易市场的稳定发展。     

Research on Slotting Allowances in China

The paper analyzes the characteristics and causes of formation of slotting allowances in China on the base of literature review on slotting allowances. The author believes that the government should take measures to make slotting allowances more reasonable and not to interfere necessary competition.     

Allowances for Corporate Equity in Practice

This article provides an overview of full and partial allowancefor corporate equity (ACE) tax systems in practice. In the recentpast, ACE systems existed in Austria, Croatia and Italy. Brazilstill applies a variant of such a system and Belgium introducedone in 2006. This article summarizes the empirical literatureon past ACE systems, and provides a theoretical and empiricalassessment of the Brazilian ACE variant. The main finding isthat the Brazilian reform introduced an ACE system for a minorityof firms only, with the majority instead having a system ofdividend deductibility. Despite the reduction in the tax preferencefor debt finance, capital structures have not changed much,but dividends have increased. Investment appears to have benefitedfrom the reform, although the extent to which this was due tothe new structure rather than the tax cut is unclear. (JEL codes:H25, H21, C33)     

超市供应商通道费驱动因素研究——基于上市超市面板数据的分析

本文综合通道费的效率理论和市场势力理论,总结出超市向供应商收取通道费的几个主要驱动因素,并分析其经济原理。在此基础上,选取检验不同驱动因素的指标,采用面板数据的个体固定效应模型对中国上市超市数据进行了实证分析。研究表明:超市的总资产和经营成本对超市的通道费有显著影响,超市向供应商收取通道费的主要驱动因素是其市场势力和转移经营成本的动机。最后,实证研究的结果对通道费的效率理论和市场势力理论都给予了支持,表明这两种理论是不矛盾的。     

美国排污权交易制度对我国节能降耗的启示

节能降耗行为具有很强的正外部性,导致其供应不足,在环境领域,排污权交易广泛地应用于解决污染的外部性问题,取得巨大成功。本文在分析了美国排污信用交易和排污许可交易的基础上,认为可以探讨用交易机制来推动中国的节能降耗事业,设计适合中国国情的与时俱进的节能降耗交易机制。     

A Methodology for Calculating the Allowance for Loan Losses in Commercial Banks

Severe disturbances in the financial markets in many countries during the 1980s and 1990s caused many stakeholders to examine whether commercial banks had adequate reserves for future loan losses. In the United States, bank regulators considered an adequate Allowance for Loan Losses a 'safety and soundness' issue while the SEC became increasingly concerned over the possibility of banks using the Allowance as a method to 'manage earnings'. Both regulators demanded more rigorous calculations from banks to support their accounting entries. Also the FASB and the IASB have expressed concerns about a lack of harmonization and convergence in standards. An analysis of measurement standards in the United States, Canada, Japan, the United Kingdom and Australia, as well as by the Basel Committee on Banking Supervision and the IASB, reveals the partially conflicting goals for the Allowance: (a) promote harmonization (IASB), (b) increase transparency (SEC), (c) promote safety and soundness (bank regulators) and (d) maintain reasonable flexibility in recognition of the subjective aspects in determining an appropriate Allowance (bankers). The article offers a methodology which an individual bank may utilize to reconcile the conflicting goals of all interested parties.