我国拍卖行业的增长与集中度分析

我国拍卖行业自恢复以来,业务总体规模持续增长,但增长速度明显下降;拍卖企业数量增长迅速,但总体质量不高,且市场集中度偏低,整个行业仍处于自由竞争阶段;行业资本规模有了很大增长,资本初步集中,但资本集中度偏低,资源整合程度不高。今后我国拍卖业将进入深入调整时期,拍卖领域的开拓创新将是获得新一轮高速增长的关键。为此,应加快拍卖行业的整顿步伐,引导企业走规模化、专业化的道路,并努力提高从业人员的素质。     

The myths,facts, and theories of ethnic,small-scale enterprise financing

This article combines the results of three financial studies that examine capital issues affecting minority business development. The results are presented so as to explain or refute conventional wisdom regarding capital availability, cost of capital, credit market discrimination, sources of capital and differences in firm capital composition. Generally, Asian and Hispanic businesses more approximate nonminority businesses in the sources of capital, the cost of capital, total capital investment, and access to capital. Black firms, on the other hand, face credit discrimination from all sources of capital, which limits their access to capital, increases its cost, and affects firm profitability. Consequently, black firms have a smaller capital composition at startup and during operations. The only deviation from this pattern occurs where minority and nonminority financial institutions vie for black business patronage by reducing the cost of borrowing and increasing the availability of funds.     

Minority business development: An international comparison

The migration of people from the developing nations to the industrialized world has created significant minority population concentrations in those industrialized countries. Invariably, the minority population (generally black, Hispanic, and/or Asian) occupies the lower end of the socioeconomic distribution spectrum because of lower levels of educational achievement and higher unemployment rates. The host countries confronted with these issues of minority inequities are exploring a variety of alternatives to alleviate the socioeconomic problems; one of which is minority business development. This article looks at the industrialized countries of Canada, France, Great Britain, Holland, West Germany, and the United States, and how they are addressing the issue of minority business development. The size and diversity of the minority population, the economic, social, and political conditions under which they migrate, and the host country recognition of their status affects the economic climate and the development success of this business sector, formed outside of their native habitats. Although conditions differ from country to country, minority businesses in general suffer from similar problems of capital access, market restrictions, and general management inadequacies. The developmental path of these business sectors are, however, affected by the host country policy and the official programs designed specifically to address their needs.     

Competition and collusion in a government procurement auction market

This paper tests the structure performance hypothesis by examining a highway construction industry in Florida. In the first-price sealed bid auction literature, there is little evidence on how many bidders are required for these markets to be competitive. Two different indicators are used to capture the transition from collusion to competition—a discontinuous effect of the number of bidders on winning bid price, and an associative effect of repeat bidding of a contractor with the same set of firms. The results suggest that winning bids decrease as the number of bidders rises until there are about six to eight firms. Since subsequent entry has no effect on the winning bid price, it is concluded that the highway construction market becomes competitive with about eight bidders.     

Learning in Sequential Auctions

The importance of information transmission and learning is studied in a model of a sequential auction in which bidders have independent private values. In the course of the auction, information about the bidders' values becomes available as winning bids are revealed. From this, bidders learn about their opponents' types. A more subtle effect of information is that bidders anticipate the generation of information and take this into account in the first auction. The equilibrium in this model is contrasted to a scenario in which bidders are unaware of informational effects. It is shown that bidders who are aware of informational effects place lower bids on average and hence have higher payoffs. Properties of the equilibrium price path are studied. Regardless of the outcome of the first auction, the second price is expected to be equal to the first price. Despite this, the probability of a decreasing price sequence depends on the information generated in the first auction. Finally, it is shown that a simultaneous auction, in which informational effects are absent, yields the same expected final allocation as the equilibrium.     

Reservation Values and Regret in Laboratory First‐Price Auctions: Context and Bidding Behavior

Recent articles hypothesize that an asymmetry in regret motivates aggressive bidding in laboratory first‐price auctions. Subjects emphasize potential earnings foregone from being outbid. Proposed motivators of this asymmetry include the one‐to‐one relationship in the auction between winning and positive earnings and the ex post knowledge that bidders who do not win the auction know they earned less than the winning bidder. We design a novel implementation of the first‐price auction environment in which these characteristics are not present, while leaving unchanged the expected‐earnings maximizing bidding strategy against any fixed beliefs about the bidding behavior of others. Bidding is significantly less aggressive in this treatment. These findings support the hypothesis that aggressive bidding is motivated in part by features of the protocol for incentivizing subjects that are not essential to the auction environment.     

Rural minority business development

This study is a first attempt to undertake formal research and policy analysis of a heretofore neglected topic, rural minority business development. Data show that only about one-sixth of all minority-owned firms are located in rural (nonmetro) areas with some groups recording even lower percentages. For example, only 11 percent of Hispanic firms were found in rural areas in 1987. However, proportions of nonmetro Hispanic firms reach 20 to 50 percent in some southwestern states and proportions of nonmetro black enterprises reach 30 to 70 percent in some southeastern states. Review of the research literature discloses that rural minority businesses experience critical problems associated with four kinds of capital needed to support any successful enterprise: physical, financial, social and human. Examples are given of programs devoted to rural enterprise development which address problems related to the four forms of capital. Insights gleaned from the examples and additional observations by policy analysts are used to suggest policy directions for expanding rural minority business.     

Impact of preferential procurement policies on minority-owned businesses

Financial data on minority firms that compete for business in government and corporate set-aside programs reveal that these firms lag behind their nonminority counterparts in important respects. They are, relative to nonminorities, (1) less profitable, (2) younger, and (3) much more highly leveraged. Large-scale minority enterprises are no longer the rarity that they were 20 years ago. These firms have not, however, achieved parity with their nonminority cohorts, and their unique traits—especially undercapitalization—continue to reflect the vestiges of discrimination.     

The declining significance of race in America

Conclusion Wilson’s statement that exploitation in America cannot rely solely on a racial explanation is correct. But the evidence which he presents to write, that race is not significant in job market discrimination, is not adequate. In addition to this, and perhaps more serious, is the conceptual weakness of his argument. His thesis may even be somewhat illogical in its attempt to separate class and race in present day American society. As Blalock has stated earlier: “As long as minority membership remains among the defining criteria of class position it will indeed be difficult to separate the two phenomena emperically”.     

基于拍卖理论构建物流采购在线交易系统研究

瞬息变化的市场资金流、信息流、物资流的综合作用使大量物流项目具有不同的服务供需特征,从而要使物流市场资源实现最优配置需要解决信息的传播和成本揭示的问题。在这信息结构下拍卖是最为简单易行的交易方式之一,文章探讨了基于现代互联网技术,构建汇聚整个区域市场的物流供需信息的拍卖交易平台的重要功能及理论。     

婚姻市场的教育分层与女性人力资本投资

在经济转轨时期,中国女性的劳动力供给表现出"非理性"现象:在劳动力市场的性别歧视越来越严重的情况下,女性人力资本投资却不降反升.婚姻市场的教育匹配和分层趋势,说明女性人力资本投资不但在劳动力市场上有收益,在婚姻市场上也有收益.劳动力市场上的性别歧视导致女性人力资本投资在劳动力市场的收益率下降,但只要这一投资行为在婚姻市场的收益率上升足以弥补这种损失,女性增加其人力资本投资就是一种理性的选择.     

中国——东盟自由贸易区与中国商业环境的改善

尽管中国过去27年的改革在建立市场经济制度方面取得了很大成就,中国经济仍然是一个被高度管制的经济,中国企业家在创业和经营方面仍然受到太多不合理的约束,这已成为阻碍中国经济进一步发展的严重问题。在新的开放格局下,我国需要进一步转变政府职能,创造有效率的市场环境,特别是有吸引力的商业环境。     

Consumer discrimination,duopoly, and black firm entry: The welfare effect of subsidies

Consumer discrimination, to the extent that it lowers expected profit for black owned firms, discourages the entry of new black firms. From a social welfare perspective, consumer discrimination may be welfare reducing, since market output is lower than otherwise. If so, a policy intervention that subsidizes new black firms may improve social welfare. This article presents a simple model of duopoly where consumer discrimination exists with uncertainty, and the only cost of production is a “loss of sales” cost. Given the Nash equilibrium, in which a black and white firm must select a price to charge, conditions are derived for which a profit subsidy to a new black firm increases, decreases, or has no effect on social welfare.     

The Subprime Crisis and African Americans

There is a long history of unfair housing and lending practices in the United States and generally, African Americans have been disproportionately negatively impacted by these activities. In order to understand the current economic crisis and its impacts on African Americans, one must first explore the historical spectrum of discriminatory actions leveled against blacks in housing and mortgage lending. This paper discusses the recent subprime mortgage crisis and identifies the ways that African Americans were impacted. It provides an historical review of mortgage lending and housing discrimination and the role that public policy played in these practices. It then chronicles the subprime mortgage crisis and connects the consequences of lending policy run amok by targeting minority communities.     

Recent changes in the housing status of blacks in los angeles

In the aftermath of reductions in federal housing assistance programs during the 1980s, many cities are experiencing severe shortages of affordable housing. It is particularly difficult for low income and minority households to find and maintain adequate, low-cost housing. This article describes how Los Angeles has responded to this need through implementation of a particular housing policy and financing strategy. It specifically examines what impacts this program has had in producing affordable housing in the city’s low-income, minority neighborhoods. Recommendations for further public action on housing needs in Los Angeles are also offered.     

Changes in industry structure and technological convergence: implications for competition policy and regulation in telecommunications

The two leading US long-distance carriers—AT&T and MCI—have recently been acquired by two of the four major incumbent local exchange carriers—SBC and Verizon—and shortly thereafter, the new AT&T (SBC and the old AT&T) acquired BellSouth. Contemporaneously, alternatives to traditional voice communications provided by cable television and internet- based providers indicate a shifting of competition from a single voice market to the “triple play” of voice, video, and high-speed data. These developments imply a fundamentally different model of competition and industry structure than the one of “dominant firms” supplying essential inputs to new entrants for traditional voice service that was envisioned in the 1996 US Telecommunications Act, as implemented by Federal Communications Commission. In response to these developments, state governments, the FCC, and Canadian authorities have enacted legislative or regulatory changes that limit retail price regulation to services such as the basic residential telephone line. Approaches for assessing market power and other competitive issues that account for the specific characteristics of the emerging (converging) industry are also discussed. The paper concludes by describing the implications of the emerging nature of telecommunications competition for future ex ante and/or ex post regulation, market power assessment, continued regulation, and antitrust analyses.

政府推动的就近城镇化能够消除工资歧视吗

随着大中城市城镇化空间的逐渐饱和以及农民工回流现象的出现,就近城镇化成为推进我国新型城镇化进程的重要模式。文章基于2017年中国流动人口动态监测调查(CMDS)数据,研究政府推动的就近城镇化对农村劳动力工资收入的影响发现:政府通过征地、户口改革方式推动的就近城镇化并不能够消除工资歧视,实现就近城镇化的农村劳动力在其他条件相同的情况下其工资水平仍然低于城镇本地职工,这一结论在纠正自选择偏差和样本选择偏差后仍然成立。机制分析发现,城镇劳动力市场针对实现就近城镇化的农村劳动力在就业机会方面的歧视与隔离已不明显,同工不同酬成为实现就近城镇化者面临的主要歧视形式,而城乡劳动力之间教育回报率的差异是导致同工不同酬的主要原因。进一步讨论发现,就近城镇化对于农村劳动力参保城镇职工保险具有显著的提升作用,而自我雇佣的就业形式则有助于打破城镇劳动力市场对农村劳动力的收入歧视。文章拓展研究了就近城镇化对农村劳动力工资收入的影响,为政府进一步推进以县域城镇化为主要形式的就近城镇化提供了研究参考。未来应持续推进城乡基本公共服务均等化,进一步缩小城乡教育质量差异,加强农村劳动力"同工同酬"的保护力度,稳步推进农村劳动力的就近城镇化。     

Older Female Workers in Britain and its Regions Millennium prospects

In the context of demographic and workforce ageing, this paper examines the participation of older females in the labour market. While there has been increasing interest in lower employment rates amongst older males, little attention has been paid to older females. The paper reviews some of the determinants of female participation rates. It then moves on to explore issues and policies associated with education, training and learning; age discrimination and equal opportunities; and pensions and benefits. In conclusion, a suggested research agenda - providing information to help guide the formulation and implementation of policy - is outlined.     

Evaluating car license auction mechanisms: Theory and experimental evidence

In Singapore and many fast-growing cities of China, auctions are used to implement a quota system of car ownership. Three such cities where influential auction formats have been developed for allocating car licenses are the Asian metropolises of Singapore, Shanghai and Guangzhou, with other cities following suit. The current paper examines car auction formats both theoretically and experimentally, with the purpose of maximizing social welfare by improving efficiency and reducing misunderstandings. Reaction time is introduced as an essential non-economic factor of model bidding behaviors in these car license auctions. At the theoretical level, this paper finds that reaction time causes inefficient allocations in the Shanghai auction, but not in the Singapore or Guangzhou auctions. The experimental results are consistent with the theoretical prediction that late bids prevail in all of these auction formats, but only lead to inefficient allocations in the Shanghai auction. Additionally, the subjects' reaction time in the Shanghai treatment was scored by conducting a number comparison task, finding a positive correlation between the probability of winning and the reaction time score.     

从股权分置改革谈中小投资者的自我保护与市场保护

股权分置改革进程表明,中小投资者对股改方案表决参与积极性不高,这在一定程度上折射了中小投资者自我保护意识不强,市场本身又没有形成保护中小投资者的有效机制,监管部门对保护投资者权益的制度安排也远远不够。因此,监管部门必须加强保护中小投资者的制度安排,引导形成有效的中小投资者市场保护机制,中小投资者也要理性地进行自我保护。