寻利还是寻租——补贴制度对企业投资的影响

文章首先根据现有研究对市场中存在的功能性、选择性两种类型的政府补贴进行区分,并运用固定效应、logit与tobit模型研究了我国A股上市公司2008-2016年政府补贴对企业投资决策的影响,发现选择性补贴具有明显的人际关系化交换特征;通过对企业是否具有寻租行为与政治联系的分样本检验,发现在人际关系化下,选择性补贴具有寻租性,会占用生产性资本,表现为投资不足,而功能性补贴具有寻利性,普遍易使生产投资过度;在产业层面,通过研究两类补贴的分布特征对行业结构的影响,发现选择性补贴会更大程度地降低市场竞争性,通过logit中介效应模型与交互项检验,发现前期选择性补贴由于提高了企业投资不足的概率,增加了市场份额下降的可能性,从而市场竞争性降低;然而,尽管投资不足会增加企业退市风险,但寻租下的选择性补贴会减少企业退出市场的可能性,因此,市场竞争机制易被人际关系化下的选择性补贴扰乱。     

The extent of anti-export bias in the South African economy during the 1990s

An analysis of trade incentives in the South African economy during the 1990s reveals two major findings. Firstly, the extent of the anti-export bias in South Africa's trade policy during the 1990s is less than is claimed in the empirical literature. The sectors subjected to an anti-export bias accounted for around 7 per cent of total output in 1990 and 21 per cent in 1999. Secondly, sectoral output growth did not strongly correlate with the prevailing trade incentives of the 1990s. Export production continued despite the prevalence of import substituting incentives in many sectors. Although further research is needed, this suggests that attention should also be given to other factors related to domestic competitiveness (e.g. skills development, productivity enhancement, competition policy, etc.) and market access if South African export production is to be significantly increased.     

福建省植保机械购置补贴的地区差异比较

当前植保机械购置补贴是加快农机现代化的必要手段之一,本研究根据福建省植保机械补贴的执行情况,比较省内各地区植保机械购置补贴资金的投入、购买的机型偏好等情况,从补贴政策的着力点、植保机械经销商分布以及各地区农业分工这三个方面来解释地区存在补贴差异的原因,为植保机械购置补贴政策的兼顾公平与效率的实施,合理分配政府资源,促进植保机械化进程提供参考。     

论出口补贴与反补贴税对出口国福利的经济效应

本文从经济学角度分析了出口补贴与反补贴税对出口国福利和进口国福利的影响,认为补贴措施会降低出口国的总福利并容易遭到进口国的反补贴报复,反补贴税的效果受多种因素影响,具有不确定性,指出我国在实施出口补贴政策时应考虑产品市场的供求弹性,选择合适的补贴类型、数量和形式,以求在达到补贴的预期目的的同时尽量降低补贴的不利影响。     

A Rationale for the WTO Prohibition of Export Subsidies: Strategic Export Subsidies and World Welfare

This article presents a model that provides an economic rationale for multilateral agreements, such as the WTO, that prohibit export subsidies. The model is a multicountry version of the well-known Brander and Spencer (Journal of International Economics (1985) 18, 83–100) analysis of profit-shifting export subsidies, with the addition of an opportunity cost of government revenue greater than unity, as in Neary (Journal of International Economics (1994) 37, 197–218) to capture the fact that the export subsidy will typically be funded by distortionary taxation. It explains the unilateral incentive for welfare-maximizing governments to provide export subsidies and shows how the multilateral prohibition of export subsidies may increase world welfare.     

市场压力、财政补贴与上市高新技术企业双元创新投资

探讨上市高新技术企业如何利用财政补贴资源实施双元创新投资,并进一步分析市场压力对财政补贴激励双元创新投资的调节作用。研究发现：(1)财政补贴对企业创新投资具有激励效应,相对开发式创新投资,财政补贴对企业探索式创新投资具有更强的激励效应;(2)资本市场业绩预期压力的增加会显著促进财政补贴对企业开发式创新投资的激励效应;(3)当企业面临产品市场竞争与资本市场业绩预期双重压力时,财政补贴对企业开发式创新投资的激励效应更明显。研究结论对于引导企业合理分配财政补贴资源、减少创新投资的短视行为、提升企业自主创新能力和竞争优势具有一定的理论与现实意义。     

Urban unemployment,rural labor monopsony,and optimal policies

Using a dual-economy model with urban unemployment and rural labor monopsony, this paper shows that the first-best optimum can be achieved by different rates of wage subsidies, in which the subsidy to rural wage is adjusted upward in accordance with the amount of exploitation by rural producers. It is also shown that the policy of either import substitution or export promotion has merit, depending on whether the distortion of urban unemployment exceeds that of rural labor monopsony or not. The theoretical results obtained in this paper justify the observation of the policies adopted in many countries.     

The distributional impacts of removing energy subsidies in China

The distributional impact on households is an important factor for the acceptance of energy subsidy reform. Based on energy consumption features of the Chinese households at different income levels, this paper adopts an input–output price model to analyze possible impacts of removing energy subsidies on income distribution under different scenarios. Results show that: (1) The distributional impacts of removing subsidies vary by fossil fuels. From the perspectives of combined effects, transport fuel subsidy removal and coal subsidy removal have the strongest and the weakest progressive effects respectively, while the removal of electricity subsidies has a regressive effect. Moreover, the removal of petroleum product subsidies has the greatest impact on households, followed by the removal of electricity and coal subsidies, respectively. (2) Indirect impacts of energy subsidy reform are greater than direct impacts on households. (3) Government price controls can reduce the negative impact of energy subsidy reform. Policy implications are thus summarized. Energy subsidy reform can start from the energy that has the strongest progressive effect and the minimum impact on households. The Chinese government can take certain compensatory measures to mitigate the impact of reform on poor households.     

Impacts of the Doha Round on Brazilian,Chinese and Indian agribusiness

The central themes to be addressed during the Doha Round of the world trade negotiations are the reduction of the agricultural production and export subsidies and improved market access for agricultural and non-agricultural goods. The G-20 group wields enough power to press negotiations at the Doha Round toward lower agricultural trade barriers and production and export subsidies. The objective of this study is to determine the impacts of the Doha Round on the economies of Brazil, China, and India. The Global Trade Analysis Project's (GTAP) general equilibrium model and database (version 7) are used. The Doha Round scenarios simulated in this paper consider the WTO agricultural production and export subsidy reduction requirement, and the application of the Harbinson approach, and Swiss formula to reduce import tariffs. Brazil and China present the highest GDP growth rate varying from 0.4 % to 1.4%. India shows a negative GDP growth rate in all scenarios, except in that which replicates the Uruguay Round. The welfare gains are positive, but small, for Brazil, China and India. The GDP loss observed in the economies of the EU25 and the US may make it difficult to reach a trade agreement at the Doha Round.     

Firm-level export performance in an inward-looking economy: The Indian engineering industry

This paper investigates some influences on export activity by the 100 largest engineering enterprises in India in the period 1966–1968 to 1976–1978. Among the interesting findings are that exporting is negatively correlated with profitability and technological activity, but that there are some major exporters who find exporting increasingly profitable and relate their R and D activity more to exporting over time. In general the findings illustrate at a disaggregated level the anti-export bias of the industrialization strategy pursued by India.     

Buying a pig when both buyer and seller are in pokes

This paper considers the situation of a foreign company buying an enterprise in an Eastern European country. Since the enterprise has no record in a market economy, neither buyer or seller knows what value should be placed on it. In addition, very often the physical assets of the enterprise have little value, so the purchasing firm is actually buying a license to engage in a particular line of business and expects some subsidy or protection while the enterprise is being renovated and is entering the market. Bargaining postulates are developed and a simple bargaining model is evolved which show conditions under which bargaining will succeed. The role of the proportion of equity purchased and the effect of subsidies are considered.     

Strategic export subsidies and reciprocal trade agreements: The natural monopoly case

Why do governments seek restrictions on the use of export subsidies through reciprocal trade agreements such as GATT? In this paper, we emphasize that subsidy competition between governments can serve to coordinate the entry decisions of firms, finding that consumers in the importing countries may suffer if the coordination afforded exporters by government subsidy programs does more to prevent entry than to promote it. In such circumstances, we show that the existence of export subsidy programs can lead to inefficiencies, and importing countries and the world as a whole can be better off when such programs are banned.     

BILATERALISM IS GOOD: TRADE BLOCS AND STRATEGIC EXPORT SUBSIDIES

This paper considers the effect of exogenous trade bloc enlargementin a multi-country version of the Brander-Spencer export subsidygame. In the single-shot game, it is shown that trade bloc enlargementleads to a reduction in the Nash equilibrium export subsidiesand thereby increases the welfare of the exporting countries.Although the welfare of the importing countries decreases, worldwelfare may increase if the export subsidies are financed bydistortionary taxation. When the export subsidy game is infinitelyrepeated, it is shown that trade bloc enlargement reduces thecritical discount factor making it easier to sustain free trade.     

我国光伏产业补贴政策的规范性研究

作为战略新兴产业,光伏产业发展离不开政府财政补贴,而补贴的规范性问题不仅关系到补贴效率提高,还关系到光伏产业的健康发展。通过浙江向日葵上市公司的案例,发现地方政府补贴在促进光伏产业飞速发展的同时,带来了日益增多的反补贴调查;政府补贴一直存在着不规范行为,尽管不同年份不同补贴类型的比例不同,但禁止性补贴一直存在、不可诉补贴较少和可诉性补贴较多等都是事实。规范这些补贴类型的应用是发挥政府有效扶持光伏产业发展的前提。     

Reforming Hungarian agricultural trade policy: A quantitative evaluation

Reforming Hungarian Agricultural Trade Policy: A Quantitative Evaluation. — In this paper, the authors quantitatively assess the consequences for Hungary of: (i) removing its quantitative import restraints in agriculture, (ii) removing the export subsidy program in agriculture, and (iii) adopting an EU-type “CAP” system in Hungary. The consequences are estimated through the use of a small open economy computable general equilibrium model for Hungary, calibrated to the year 1990. The tariff equivalent of the import licenses was estimated through a detailed price comparisons study, the first of its kind for Hungary. Import protection, export subsidies and a potential CAP system would contribute significantly to the Government's fiscal problems.     

R&D Subsidies,Spillovers, and Privatization in Mixed Markets

We examine the use of subsidies to research and development (R&D) in a mixed and a private duopoly market. We show that the socially optimal R&D subsidy is increasing in the degree of spillovers, but it is lower in the private duopoly. The optimal R&D subsidy leads to an increase in total R&D and production; however, it does not lead to the equalization of per firm output and therefore to an efficient distribution of production costs. We also find that privatization of the public firm reduces R&D activity and welfare in the duopoly market. This result stands even when optimal R&D subsidies are provided.     

The Medicaid program: The low-income health care subsidy

Conclusions While these data are inadequate to empirically test the foregoing three hypotheses, they are sufficient to caste doubt on the validity of the assumption upon which the design of the low-income medical care subsidy is based; i.e., that the private medical care market is efficient and therefore adequate to meet the health needs of all low-income groups. Further, analysis of the supply side of the market may show in-kind demand subsidies insufficient to improve the health status of the poor. A coordinated demand and supply subsidy may be necessary.     

出口补贴的有效性分析

文章建立一般均衡两国模型分析出口补贴的有效性并表明:在完全竞争条件下,本国的出口补贴会提高被补贴部门在出口总额中所占的比重,并在不影响进口额的条件下增加出口额,但对本国和外国的实际工资收入、消费和福利水平均没有影响。如果本国出口补贴遭遇反补贴措施,其短期效应会降低本国和外国的实际工资收入和消费水平,并使本国的福利水平下降;而长期效应则会同时提高本国和外国的实际工资收入和消费水平,并使本国的福利水平得到提高。但不管是短期效应还是长期效应,均会使本国和外国之间实际工资收入和消费的差距进一步扩大。     

Trade and Industrial Policy on an Uneven Playing Field: The Case of the Deciduous Fruit Canning Industry in South Africa

The deciduous fruit canning industry (DFCI) is a resource and labor-intensive industry with a high trade ratio. It offers the prospect of being a significant source of employment and export earnings for a number of southern hemisphere countries which enjoy a considerable comparative advantage. Market distortions severely constrain this outcome, however, most importantly a combination of protection and subsidies in the industrially advanced countries. In addition, as in other sectors, globalization is increasingly associated with processes in which value-added activities are located in the major markets of the industrialized countries. This paper examines the DFCI in South Africa and explores the consequences of market distortions and the shifting location of profitable activities for both industrial and trade policy in that country.     

Agricultural exports and the agenda for accelerated development in Africa

In this article the translog cost function with non-neutral parameter shifts is used to study the import demand functions of agricultural commodities which African countries export in competition with other developing regions of the world. It is shown that there has been a systematic bias against the import of these commodities from Africa in favor of importing them from other developing regions. It is then argued that these results support the apprehensions of many African leaders regarding the adoption of a policy of agriculture-based, exportled growth to accelerate economic development on the continent. This article has benefited tremendously from valuable comments and insights by two anonymous referees, the journal editor, as well as Adesina Fadairo and Ki-Ho Kim. All remaining errors are mine.