Manufacturer Mergers and Product Variety in Vertically Related Markets

We study the incentives of final product manufacturers to introduce new products into the market and the impact of a manufacturer merger on them. We show that when manufacturers distribute their products through multi-product retailers, a manufacturer merger, although it leads to an increase in the wholesale prices, it can enhance product variety. The merger induced product variety enhancement though arises only when vertical relations are present: when manufacturers sell directly their products to consumers, a merger never results in more product variety. Still, both with or without vertical relations, a manufacturer merger hurts consumers and decreases welfare.     

纵向关联市场、环境政策强度和中国环保产业的发展

在开放经济背景下,本文通过构建基于纵向关联市场的博弈模型分析环境政策强度对我国环保产业发展的影响。研究表明,由于中国和发达国家在环保产品生产技术和环境政策强度方面存在差距,当中国和发达国家环保产品的生产技术差距较大时,中国可以通过提高环境政策强度而获得更多环保产品的市场份额;环保产业的存在可以提高一国的环境政策强度,发达国家由于拥有更为先进的环保产业,其环境政策的强度将高于发展中国家。虽然中国政府提高环境政策的强度会在一定程度上削弱中国下游产业的出口竞争力,却可以减少对外国环保产品的依赖,有利于扶持本国环保产业的发展。     

公有制理论与调整和完善所有制结构

建立具有中国特色的社会主义,调整和完善所有制结构是符合我国生产力状况的．马克思、恩格斯关于社会主义公有制理论是科学的,它不仅对于建立社会主义公有制具有指导意义,而且对于目前我国正在进行的调整与完善所有制结构,仍具有现实的指导作用．因此,建设有中国特色的社会主义,调整与完善所有制结构,我们仍然有必要请教马克思、恩格斯的社会主义公有制理论．     

股利所得税、管理层持股与公司股利政策

本文以2001-2008年期间沪深股市A股上市公司为研究对象,考察2005年股利所得税减少后管理层持股对股利政策的影响是否发生了变化。研究结果表明管理层持股对股利发放倾向的影响在减税后由不显著变为正向显著,对股利发放水平的影响在整个样本期间为正向显著且没有发生显著变化;减税显著增强了管理层持股对股利发放倾向的正向影响力度,且这种效果仅在管理层持股比例较高时有效,但不会显著影响管理层持股对股利发放水平的作用;除管理层外的自然人持股水平,在减税前后不会对股利政策产生显著影响。     

所得税率、 所有权性质与债务结构

本文研究所得税率对公司债务结构的影响,并考察这种影响在国有控股公司和非国有控股公司之间的差异.研究发现:税率越高,公司有息债务占总负债的比例就越高,并且这种关系在国有控股公司中更加明显;税率越高,公司有息债务中长期债务的比例就越高,并且这种关系在非国有控股公司中更加明显.上述证据表明公司的确会因利息的税盾作用而调整债务结构,但是所有权属性不同的公司,由于其面临的融资环境不同,利用债务税盾作用方面存在一定的差异.本文丰富和深化了税收与资本结构方面的研究,可以增进我们关于不同产权类型企业财务决策行为差异的认识.     

企业纳税贡献与环境治理投资

纳税贡献是影响企业享受地方政策的重要因素,本文基于2006～2017年上市公司数据探讨企业纳税贡献对绿色发展的影响.实证发现,企业纳税贡献越大,环境治理投资越少.这种效应主要存在于放松环境规制利益空间较大的重污染行业,以及无政治关联、非国有背景等其他类型政府关系较弱的企业.政府可以通过拓宽地方财政收入渠道、增强公众环境保护观念、改善地方法治环境等方式进行抑制.本文的启示是,落实企业环保主体责任需要塑造健康的政府与企业关系.     

Environmental Dimensions of Emerging Markets:

This paper offers an alternative classification/clustering of the countries in Central and Eastern Europe on the dimensions of marketization and Westernization. It argues that these dimensions are more useful to marketing analysts anrother marketing practitioners in their attempt to understand the complex markets of Central and Eastern Europe, since they are more focused and directly relevant to the practice of marketing, compared to the broader dimensions most often used to define marketing developments in the region: economic development and culture.     

Environmental Risk and Foreign Equity Ownership in Joint Ventures in China

ABSTRACT

Environmental risk in a host country is a key issue that foreign firms must deal with when deciding how much equity ownership to acquire and how much control to have in an equity joint venture (EJV) in that country. This study examines the relationship between changes in the risk situations in China and the level of foreign equity ownership in the EJV. It hypothesizes that Japanese partners would be more likely than U.S. or Hong Kong partners to acquire a 50% or higher level of equity ownership. This tendency would become more pronounced when the risk conditions in China deteriorate. The empirical results, based on 3,838 EJVs in China that had foreign partners from U.S., Japan, Hong Kong and Europe during the 1979–1992 period, are largely consistent with the hypotheses.     

环境改善需求、环境责任认知和公众环境行为

基于CGSS （2013）数据,本文实证分析了环境改善需求和环境责任认知对公众环境行为的影响。本研究发现居民对环境的改善需求与个人环境行为呈正相关。另外,两类环境责任自我弱化认知降低了居民的环境行为参与率：一类是居民倾向于把环境责任归咎给政府、企业和社会团体等社会组织,另一类是居民倾向于认为个人对于环境改善只存在微小的正外部性。最后,本研究还发现环境改善需求对个人环境行为的效力受到居民环境责任认知的影响。本研究认为政府和媒体应强化个人环境行为作用的宣导以提升公众环境行为参与率。     

努力探索公有制的多种有效实现形式

积极探索公有制的多种有效实现形式是党的十五届四中全会再次提出的一项战略任务。 而要顺利地完成这项任务,就必需进一步解放思想,以生产力为标准,面向社会主义市场经济,面向经济一体化,大胆探索。     

British Steel: a Turnaround under Public Ownership

This case history of British Steel Corporation (BSC) is based on personal experience: the author was advisor to the Chairmen between 1976 and 1981 - the period when the company, still publicly owned, adopted the critical measures on which the turnaround was founded. BSC has been a model for a successful heavy industry turnaround and subsequent privatisation, even if some of its circumstances were unique. This article argues that it was the management rather than government which created the framework for change and that the steel strike of 1980, seen at the time as a disaster, became the watershed for fundamental change. Several of the principal actors achieved effects which were the opposite of what they intended: the article is about irony as well as steel.     

公有制与按劳分配：一个创新视角

有必要将按劳分配区分为探索型按劳分配与理想型按劳分配,我国目前并不具备实施理想型按劳分配所需要的＂马克思条件＂,但可以实施探索型按劳分配。目前学界普遍将按劳分配的比例范围等同于公有制的比例范围,但理论与实践都表明这不过是一种可能性极小的＂刃锋＂情形,由于存在＂示范效应＂与＂失范效应＂,二者更可能不相一致甚至背道而驰。当前应进一步解放思想,以更广阔的视野来审视所有制问题,从社会主义初级阶段的整个阶段而非局部阶段来看待以公有制经济为主体的基本经济制度,将两类经济的融合发展作为今后一段时期基本经济制度的主要实现形式;将社会主义的本质定义和＂三个有利于＂的标准作为衡量公有制与按劳分配问题的最终标准。     

我国开征碳税的CGE模拟与碳税法条文设计

碳税的开征有利于减少二氧化碳的排放和保护环境,笔者首先对国内外碳税相关的实证研究进行述评,然后建立我国开征碳税的CGE模型并进行了模拟。研究发现,征收碳税对我国的经济影响不大,短期内减少GDP约0.51%,长期内减少GDP约0.08%,但二氧化碳的排放量将大幅度下降;同时碳税对经济结构中各个行业的产出具有负面影响,其中对矿产采掘业的影响最大。在借鉴国际碳税开征经验的基础上,本文系统地设计了碳税法的相关条款,包括纳税人、征税范围、计税依据、税率、征收环节和税收优惠等等。     

公共选择理论下的税收成本与社会契约形式转变

本文从布坎南和福特所构建的"间接税分析模型"中分析出了不同的税收规则给纳税人带来的不同的时间扭曲,并将这种时间扭曲理解为税收成本.征税者也存在根据完税时间来调整预期支出结构的行为,这样一种税收成本概念同样适用于征税者.由此,在构建了一个社会契约一般原则之后,本文尝试从税收成本的角度对社会契约形式转变予以分析.认为只有在纳税人和征税者之间对完税的时间具有预期一致性时,也就是双方税收成本相等,社会契约得以稳定存在.如果纳税人由于税收规则带来的扭曲从而使其对社会契约的认知发生改变,纳税人将移动税收成本曲线,从而使得社会契约形式从"霍布斯契约"向"洛克契约"发生转变.     

Competition in Markets and Competition for Markets

This paper builds on a distinction that is sometimes made between competition in a market and competition for a market. Competition for a market refers to the struggle to create a new market, or to erect a new standard, and it is usually associated with the process of innovation that brings new displacing technologies to market. Competition in a market is the conventional view of competition, and concentrates on the actions of incumbents and imitative entrants in well-established markets. The paper reviews some of the issues that competition for markets raises for anti-trust policy makers, and then asks whether competition for a market is a perfect substitute for competition in a market.     

竞争性股权结构与公司绩效：基于中国上市公司的实证研究

基于股权竞争程度的差异,本文对股权结构进行了分类,发现竞争程度高的行业有更多的竞争性股权结构的公司。对我国185家竞争性股权结构公司的分析表明,前五大股东持股比例之间呈现出依次显著性的正相关关系,第一、第二和第五大股东持股比例与公司业绩显著正相关,但这类上市公司并没有比非竞争性股权结构公司具有更好的业绩。     

国际关联方交易价格制定的避税考虑及其监管问题研究

以跨国集团内部交易中的避税考虑为切入点,讨论国际关联方交易中的定价问题.首先,讨论了跨国集团如何通过调整不同类型的关联方交易价格达到避税目的,并分析其面临的涉税风险;其次,从税收监管争会计监管两个层面对我国现行的国际关联方交易价格监管机制进行分析;最后,提出了协商定价、引入“公式分配法”、建立全球商品信息数据库、强化政策培训等改进措施.     

中国公共服务部门所有权激励制度安排的经济学分析

公共服务部门为社会提供公共服务产品,具有和私人产品部门完全不同的特点和激励结构,因此公共服务部门的改革面临着更复杂的问题。本文基于不完备合约理论,通过一个简单的公共服务部门所有权激励模型发现:私有制的公共服务部门更努力地减少运行成本,具有生产效率;国有制的公共服务部门则在公共服务的产量上具有优势,能够实现公共服务的有效供给;同时,对于国有制的公共服务部门来说,增加其自由裁量权(或剩余控制权)可以有效地激励公共服务部门降低成本、提高公共服务的质量。     

从GATT第3条的解释看环境税的合法性——基于“平等对待条款”解释的视角

由于环境税会影响一国的产业竞争力,所以采取环境税的国家通常会在相关立法中制定涉外条款来保护本国产业。从GATT/WTO争端解决机制对GATT第3条平等对待条款的解释来看,GATT/WTO争端解决机制倾向于限制各国的环境规制自由,环境保护作为平等对待条款免除对象的可能性不大,环境税涉外在GATT第3条中难以获得合法性地位。     

Political Connections and Industrial Pollution: Evidence Based on State Ownership and Environmental Levies in China

This paper examines the effectiveness of public enforcement by studying the effects of regulatory intervention to curb tunneling through intercorporate loans in China. Specifically, we explore whether public enforcement efforts in 2006 (blacklisting and sanctions) resulted in less tunneling, and ultimately in increased performance for tunneling firms. We show that tunneling is among the dominant factors increasing the likelihood of becoming blacklisted. We also find that firms’ tunneling mechanisms decreased significantly after the regulatory shock, and that their performance increased significantly compared to non-tunneling firms after the regulatory shock. Finally, we find a positive market reaction to the public announcement of tunneling both for firms that have been blacklisted and other tunneling firms that are not blacklisted. Collectively, these results suggest that public enforcement in the presence of a credible threat succeeds in deterring the effect on tunneling behavior in China.