风险厌恶与国有寡占市场的资源配置效率——以我国成品油市场为例

作为传统寡占理论与我国国情相结合的产物，国有寡占市场受到越来越多的关注。本文以风险厌恶倾向为切入点，从缺少职业经理人市场、优越的生存环境和目标多重性三方面分析了国有寡占企业风险厌恶倾向的成因，并构建理论模型分析这种风险厌恶倾向对国有寡占市场资源配置效率的影响。结果表明，风险厌恶倾向使国有寡占企业面对成本风险时，价格和产量相对利润最大化值分别升高和降低，面对需求风险时，价格和产量同时低于利润最大化值，两种情况都使国有寡占市场资源配置效率降低，而固定成本的升高会进一步加大资源配置效率的损失。本文最后以我国石化行业成品油市场为案例，验证理论模型的结论，并提出了政策建议。

Risk Aversion and Resource Allocative Efficiency of State- owned Oligopoly Markets

As the combination of the traditional theory of oligopoly and our own national condition, State - owned oligopoly markets are concerned by more and more people. This thesis puts risk aversion as the entry point to analyze reasons of the formation of the risk aversion of State - owned oligopoly enterprises from three aspects ： the lack of professional manager market, the superior living environment and the multiple goals, forms a theoretical model and analyzes effects of risk aversion on the resource allocative efficiency of State - owned oligopoly markets. It turns out that on the condition of cost uncertainty, the price of Sitate - owned oligopoly enterprises＇ products is higher than profit maximization, but output lower. On the condition of demand uncer- tainty, both the price and output are lower than profit maximization. Both conditions lead to low the resource allocative efficiency of State - owned oligopoly markets and the increase of fixed cost aggravate the loss of the resource allocative efficiency. At the last, we take petroleum products markets in petrocthemical industry of our country in order to verify and some suggestions are given for our government to weaken risk aversion of State - owned oligopoly enterprises in the last section of this paoer.