欧盟金融服务市场准入法律制度研究

欧盟金融服务市场准入的发展,是金融服务逐步自由化的代表。金融服务自由化必须以法律制度的完善为基础,法律制度的确立和运作应该与金融服务发展的实际相结合。欧盟的实践经验验证了这一点,其经验对中国加入WTO之后逐步完善规范金融服务市场准入的法律制度具有一定的借鉴价值。     

Trade imbalance in international message telephone services

An econometric model is estimated to identify determinants of trade imbalance in international message telephone services markets. Results indicate that asymmetric market structure is important in explaining bilateral market imbalances for high income country pairs. For low and high income country pairs, GDP per capita is the dominant cause of traffic imbalances. The findings suggest that telecommunications liberalization policies are effective in reducing distortions in international traffic flows and settlement payments. However, liberalization should be accompanied by developmental programmes that enhance income per capita and telecommunications network investment in developing countries. Such programmes may be effective in providing a more equitable distribution of the gains from telecommunications reform across countries.     

整体解决方案、客户满意与市场绩效

笔者发现与简单提供产品或服务的企业相比,为客户提供整体解决方案的企业无论在销售量还是市场份额上都显著优于其他企业。为揭示潜藏于这一现象背后的原因,构建出反映整体解决方案作用机制的初始概念模型,并利用具体调研数据做了实证检验。结果发现:整体解决方案对于客户产品品质的提升和生产成本的下降具有显著的正向作用,这有助于客户满意度和忠诚度的提高,进而保障了整体解决方案提供企业具有很高的销售量和市场份额。     

The impact of regulatory change on EU energy utility returns: the three liberalization packages

The European Union’s (EU) energy sector is changing due to major policy reforms. In this article, we examine the impact of major legislative changes which were designed to induce competition in the energy sector: the three liberalization packages. Competition was expected to benefit the industry by phasing out inefficient firms. EU citizens were also expected to benefit as competition was likely to promote a more efficient energy sector and more consumer choice of energy products and services. However, this legislative change occurred during a period of extreme market turmoil. We examine the impact of all these changes on the risk profile of the sector. Our results show that the liberalization legislation significantly increased systematic risk exposure of the sector, reducing its role as a defensive investment asset. We also show that commodities had relatively little impact on sector returns, but this was expected as utilities can offset commodity risk in hedging markets. We compare our results to those obtained in neighbouring EU sectors and find the impacts are isolated to the energy sector. This article makes a major contribution to energy policy by empirically showing the change in risk as a result of sector liberalization.     

Impact of split share structure reform on capital structures: empirical evidence from China’s listed companies

An econometric model based on a natural experiment and the difference-in-differences method is introduced to empirically investigate the impact of split share structure reform on capital structures. A total of 1026 listed companies in Chinese A-share during 2001–2011 are used as the sample for the research and interest-bearing debt ratios (BDRs) are taken as a representative indicator for capital structures. The theoretical and empirical analysis indicates that both market expansion effect and corporate governance effect caused by the split share structure reform are associated with an increase in BDR. As far as the timeliness is concerned, the effects of split share structure reform on capital structures will last 3–4 years.     

REGULATORY COOPERATION, AID FOR TRADE AND THE GATS

Abstract.   This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the WTO. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. We argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of WTO services negotiations. Moreover, if complemented by assistance to strengthen regulatory capacity in developing countries, the WTO could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies.     

Does services liberalization affect manufacturing firms’ export performance? Evidence from India

This paper investigates the relationship between the reform of energy, telecommunications and transport services in India in the mid-1990s and manufacturing firms’ export performance. The empirical analysis relies on exogenous indicators of regulation of Indian services sectors and detailed firm-level data from India in the 1994–2004 period. I find that the reform of upstream services sector has increased the probability of exporting and export sales shares of firms producing in downstream manufacturing industries. The results suggest that the effect of services liberalization on manufacturing firms’ export performance is stronger for initially more productive firms. These empirical findings are robust to alternative econometric specifications that control for other reforms, industry, firm characteristics and that deal with potential reverse causality concerns.     

资本市场开放下企业创新策略选择

本文以2010—2019年的沪深A股上市公司作为样本，应用双重差分模型实证研究了资本市场开放对企业创新行为的影响及作用机制。研究发现：沪港通的开通提高了标的企业实质性创新投入，但是也助长了策略性创新行为。路径分析表明，沪港通主要通过影响企业内源融资与改善外部信息环境，缓解融资约束与信息不对称性，促进企业实质性创新。为实现高质量经济发展，需要进一步完善资本市场开放制度、提高政策甄别能力与扶持企业创新。     

An exceptional development pattern

This paper investigates India's exceptional development pattern, specifically the major importance of information technology services (ITS), and compares it with China's development pattern. Both countries want to develop capabilities for carrying out the innovation of technologies that compete at the state-of-the-art in the world market. The paper posits that technological/economic success in the contemporary world market requires the ability to innovate complex technologies and complex technology-related services. The share of trade represented by complex technologies is compared with the “high-tech” share. The trading patterns of the two countries are compared using United Nations data. Two case studies of Indian ITS companies are then compared with two case studies of Chinese manufacturing companies. Historical and cultural differences appear to explain some of the differences in the development patterns of the companies located in the two countries.     

放松电信管制对日本移动通信市场发展的影响

本文分析了日本移动通信领域的管制改革及其对移动通信市场发展的影响。基于垄断竞争模型的分析表明,移动电话服务商的个数和移动电话服务的边际成本,是影响日本移动通信的需求和价格的关键因素。以移动通信市场自由化为目标的一系列管制改革,刺激了移动通信服务商的增加,降低了移动通信服务商的边际成本,从而促进日本移动电话通信市场的蓬勃发展。基于1991—1999年期间季度数据的经济计量模型,证实放松电信管制对移动通信服务的价格和需求量都有显著影响。此外,本文还推测了移动电话通信的需求曲线和价格弹性。     

Market share determination in marketing service industries - A demand side approach∗

A marketing service industry provides its business clients with its services such as advertising media or inbound telecommunication ( i.e. toll free 800 calls) to increase their sales. By extending Dorfman and Steiner (1954) to the world where firms obtain costly marketing services from outside specialized providers, this paper studies the market shares of providers of a marketing service from the perspective of their clients. It derives that at the optimal point for a representative client, a provider's market share equals the ratio of the profits contributed by its service to the total profits contributed by the services of all providers in the market. Under certain conditions, a provider's market share is just a function of quality-price ratios. This result should facilitate choosing a marketing service from alternative providers and analyzing market shares in marketing-service industries.     

The convergence in domestic value-added of exports in the EU

Difficulties in measuring domestic value-added in exports (DVA) have led to the development of alternative measures of trade in value-added terms. These new measures have enabled more accurate estimates that reveal that the EU countries from Central and Eastern Europe (CEE10) exhibit an approximately five percentage points lower DVA share of exports compared with other EU countries (EU15). The lag is on average the highest in knowledge-intensive manufacturing sectors (eight percentage points) and the lowest in knowledge-intensive services (0.3 percentage points). However, this article argues that the CEE10 economies have acquired new knowledge by participating in GVCs and thus have gradually started increasing their level of DVA. Based on EU trade data, this article presents evidence of convergence of DVA in manufacturing and especially in the services sector. It is also shown that a negative relationship exists between participation in GVCs and DVA in the CEE10 economies that is declining over time in both manufacturing and services exports.     

Moderating effect of personal innovativeness on mobile-RFID services: Based on Warshaw's purchase intention model

As telecommunication market becomes more competitive and the customers' expectations regarding services or products increases, understanding customer or market needs is at the center of successful telecommunication business.In this study, we attempt to explore the intention of using mobile services based on the Warshaw's purchase intention model. We also focus on a personal innovativeness in the domain of IT (PIIT) because we assumed that as characteristics of telecommunication services become increasingly sophisticated, personal innovativeness could be a key factor of telecommunication services usage. In this study, we examine whether PIIT has the moderating effect on purchasing mobile-RFID services.The result shows that both purchasability and perceived need collectively explain purchase intention of mobile-RFID services, as well as PIIT serves to moderate the relationship between perceived need and purchase intention of mobile-RFID services. The study findings also indicate that IT knowledge, responsiveness to IT news and ability to use mobile phone of customers are positively related with PIIT.     

The diffusion of Internet telephony among consumers and firms: Current issues and future prospects

This paper analyses the current demand and market potential for Internet telephony—the transmission of voice over the public Internet or over a private Intranet—a technology that has attracted considerable attention as an appealing alternative to traditional telephony but that is likely to develop as a component within an integrated system of video, data and voice applications. The paper investigates technical, economic and social factors supporting and hindering the adoption of Internet telephony. In doing so, it relies upon the idea that the diffusion of Internet telephony is determined both by the attributes of the technological applications as perceived by the potential adopters, and by the characteristics of different users. According to this view, the research points out that relevant uncertainties reside on the demand side, particularly among residential users, and that in the future, businesses are more likely to adopt these applications than consumers. The assumptions concerning the future diffusion of Internet telephony are supported by the results of a survey carried out among a sample of Internet telephony service providers in Europe and North America.     

WHEN IS A SERVICE AN ESSENTIAL PUBLIC SERVICE?

ABSTRACT ** :  Citizens consider certain public (and private) services as essential services and therefore to be shielded from the full extent of market forces. Little is known about why some services are considered essential public services while other sometimes very similar services are not. In this article, we analyze public opinion using Eurobarometer data to test models exploring what factors determine whether citizens in 15 EU countries consider certain services as essential services and therefore to be provided to all. Despite the variety in public opinion, political orientations and geographic factors do little to explain why citizens have different opinions about the provision of public services. The article ends by outlining a research agenda for the further analysis of this underexplored research topic.     

贸易自由化与中国能源消费的关系研究——基于1986年～2006年的实证分析

文章使用1986年～2006年的相关数据,应用Antweiler等人关于贸易开放度与环境的计量模型,结合贸易自由化的规模效应、结构效应和技术效应对我国贸易自由化和能源消费之间的关系进行实证分析。结果表明:在样本数据中,贸易自由化增加了我国的人均能源消费并降低了我国的能源密度。     

Is fixed-mobile substitution strong enough to de-regulate fixed voice telephony? Evidence from the Austrian markets

In this paper, we estimate own-price elasticities for fixed network voice telephony access and national calls services for private users as well as cross-price elasticities to mobile services using time series data from 2002 to 2007 from the Austrian markets. Using instrumental variable estimates and considering cointegration, we find that access is inelastic while calls are elastic. We conclude that the retail market for national calls of private users can probably be deregulated due to sufficient competitive pressure from mobile. Access-substitution on the other hand does not seem to be strong enough to justify de-regulation.     

Fixed-to-mobile call substitution and telephony market definition in Korea

An appropriate market definition is critical in most antitrust cases. In practice, antitrust authorities define economic markets in a deterministic manner with little concern about the risk involved in defining markets incorrectly. In contrast, this article proposes a probabilistic market definition method by which antitrust authorities can establish a statistical confidence level for their intended market-definition judgments. As an application, we examine the likelihood that the fixed-line and mobile telephony services in Korea can compete in the same economic market. Combining critical loss analysis with a hierarchical Bayes model for stated preference data, we find some evidence for the separation of the fixed-line and mobile telephony markets in present-day Korea. After discussing certain possible regulation biases for market definition, we predict that the two markets will converge in the near future as the mobile price premium continues to decrease.     

The influence of international trade on labour productivity in services: The case of Brazil in the 1990s

In the developing world, services account for a rising share of domestic employment and international trade. Thus, it is important to know whether trade liberalization contributes to labour productivity in services. We explore this question, examining the 1990–2000 Brazilian trade liberalization. We find that growth of imports and exports strengthened labour productivity in services, but the contribution was smaller in subsectors with more college graduates, and this negative offset was larger in subsectors that received large foreign direct investment (FDI) inflows. Improved access to imported manufactured intermediate inputs raised downstream services' labour productivity and downstream manufacturing firms benefitting from tariff cuts enacted by trade partners generated spillovers that improved the labour productivity of upstream service subsectors. However, FDI inflows and investments in human and physical capital modified these downstream factors. We conclude that the Brazilian trade liberalization strengthened productivity in services, but unequally across subsectors.     

The Motives for Joint Ventures: A Transaction Costs Analysis of Japanese MNES in the UK

What factors determine the choice of Japanese companies between part and full ownership of their UK subsidiaries? In seeking to answer this question, this study employs data of Japanese foreign direct investment (FDI), through joint ventures, in the UK, not previously used. The main findings of the econometric work presented is that transaction costs are the principal consideration when Japanese firms choose between part and full ownership of their UK subsidiaries{softhyphen}. Variables that have featured prominently in studies relating to either US parents or for subsidiaries in the US do not appear to play a significant role. The European Union (EU) market appears to be the target of Japanese foreign direct investment in the UK.