峰荷需求、资本配置效率与中国网络型基础产业投融资机制改革——对阿弗奇-约翰逊模型的一个扩展

阿弗奇—约翰逊模型(A—J模型)表明规制对象具有过度使用资本倾向,相应的实证检验中同时存在肯定和否定的结果,但基本的A—J模型、已有扩展和实证检验都忽略了受规制行业的峰荷需求特征。本文从基本的A—J模型出发,假定生产要素单位使用成本与规制机构所认可的单位核算成本不同,考察了峰荷需求特征下受规制网络型基础产业的投资行为,提供了资本配置效率的衡量标准。本文的基本结论在于,峰荷需求条件下受规制企业不一定投资过多,这也解释了为何A—J效应的实证检验存在相互矛盾的结果。

Peak-Load Demand, Capital Allocation Efficiency and Reform of China's Network-Infrastructure Industries' Investment System——A Development of the Averch-Johnson Model

The Averch-Johnson Model means the overuse of regulated firms' capital,but the basic model and existing developments have neglected the characteristics of peak-load demand,and there are both positive and negative results in corresponding empirical testes.On the assumption that unit cost is not the same between unregulated and regulated firms,the paper has investigated the investing behavior of infrastructure industries with characteristics of peak-load demands,then supplied a standard of evaluating capital allocation efficiency.The basic conclusion is that,in the presence of peak-load demands,regulated firms do not always overuse capital,thus we can see clearly why there are inconsistent results in the empirical tests.