附加职工安置约束的国企产权拍卖机制研究 |
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摘 要: |
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First price bidding with employment constraint in the SOE auction in China |
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Authors: | Hai Wang Weidong Zhang |
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Institution: | (1) School of Economics, Huazhong University of Science and Technology, Wuhan, 430074, China |
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Abstract: | The transfer of SOE’s property right involves benefits readjustment of its stakeholders; therefore the design of the trading
mechanism is not only to sell the SOE with a high price but also to realize other non-price objectives such as rearrangement
of original employees, further development of the enterprise etc. This paper constructs a bidding mechanism with the constraint
of accommodating employees to analyze the tradeoff between maximizing SOE auction revenue and minimizing induced unemployment.
By adding that the winner is required to settle down a certain quantity of former SOE employees in the new enterprise, this
mechanism brings on the competition among prospective investors in both the price and the quantity of employment, which can
help the government to balance the different objectives more efficiently. However, the constraint will only work under the
condition that the government has stressed sufficiently on the employees’ rearrangement and set the best constraint threshold.
Moreover, the government should set an explicit compensation standard for the induced lay-offs to eliminate the investors’
accommodating cost dispersion and introduce more strategic investors with considerable heterogeneity to participate in the
bidding.
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Translated from Jingji yanjiu 经济研究 (Economic Research Journal), 2007, (10):115–125 |
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Keywords: | auction state-owned enterprise (SOE) employee accommodation government behavior |
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