效率、公平与区域协调发展

任何国家都存在由区域差异而导致的区域差距,政府的责任是要控制乃至缩小这种区域差距,实现区域的协调发展.改革开放以来我国的区域差距逐步扩大,这与中央政府区域政策目标在效率与公平上的孰为"优先"的偏差有关.本文认为,效率与公平是两个不同层次的概念,中央政府应该确立效率与公平兼顾的区域政策目标,并建议国家开征"统筹税",促进在效率与公平兼顾基础的区域协调发展.     

货币政策、民营企业投资效率与公司期权价值

本文首先考察了货币政策对民营企业融资约束和投资效率的影响。研究发现,宽松的货币政策减少了民营企业的融资约束,但对投资效率的影响则呈现非线性关系。本文进一步从实物期权的角度考察了货币政策对公司增长与清算期权价值的影响,结果表明:高盈利能力公司的增长期权价值在宽松货币政策时期更大,而低盈利能力公司的清算期权价值在紧缩货币政策时期更高。本文的研究结论有助于理解在不同的货币政策状态下,资本逐利这一经济规律的表现形式;同时,本文的经验证据还有助于从投资效率和公司价值的角度评价宏观经济政策对微观经济实体的影响,从而为决策部门制定恰当的经济政策、促进宏观经济体系的良好运转提供政策性建议。     

公平、效率与最优税收理论

帕累托效率不保证竞争过程导致的分配与广为接受的公平概念相一致，因而具有分配功能的税收政策在其理论与实践中，必须考虑公平与效率的权衡问题。正如我们在税收理论的发展历程中看到的，公平优先，效率优先，还是二者兼顾，直接地导出了不同的理论形态和政策结论。本文主要从公平与效率的角度分析了税收理论的发展脉络，在对不同理论模型及其政策含义进行评介的同时，着着分析其间蕴藏的公平与效率含义。     

产业政策、信贷配置与创新效率

近年来,国家产业政策对微观企业创新活动的影响正日益成为学界的关注热点,但是关于产业政策与市场力量协调性的研究却并不多见.文章以"十二五"期间(2011?2015年)沪深A股上市公司样本为考察对象,研究了产业政策和信贷配置分别作为一种外部因素而对企业创新产出效率所产生的影响,以检验政府政策、信贷配置和创新产出三者之间的关联性,对深度理解产业政策效应具有重要参考价值.实证结果表明:产业政策借助于政策引导和财政手段刺激了受产业政策支持企业专利产出的增加;外部信贷融资获得性低时,产业政策诱导有利于促进专利产出增加;而外部信贷融资获得性高时,则会削弱产业政策的诱导刺激效应(或呈倒"U"形关系).进一步研究表明,信贷配置在产业政策与专利产出关系中的调节效应是由财政扶助与信贷配置之间的替代效应所导致,这一结论为协调政府及市场力量的作用提供了经验证据.     

Conditional Policies in General Equilibrium

Obtaining lower generalized system of preferences (GSP) tariffs requires meeting costly Rules of Origin (ROOs). Growing coffee in the shade is more costly, but yields a price premium. This paper analyzes the effects of such restrictions in a general equilibrium setting and shows that such policies may have unanticipated effects. It is shown that in a world with capital mobility, the GSP could result in capital outflows rather than inflows and consumer preferences for shade grown coffee end up hurting labor in developing countries. Even small subsidies that are contingent on the use of domestic intermediates can result in specialization in the targeted good. Value added contingent policies can easily lead to multiple equilibria despite the absence of externalities or market imperfections.     

Household Decisions and Equilibrium Efficiency

A general equilibrium model is introduced where a household may consist of several members, each with individual preferences and/or resources. When households obey collective rationality, certain intrahousehold externalities can be fully internalized by the respective households so that competitive exchange among households is efficient. As a rule, however, such intrahousehold externalities are not fully internalized by individual household members acting in their personal interest so that competitive exchange among such individuals is only efficient in exceptional cases.     

公平与效率的一般研究

本文从行为学、社会学和经济学的角度分别研究公平与效率的关系及其选择。通过分析,提出了效率与公平共同提高的路径－以效率的提高来推动公平的提高,即以生产最优和消费次优的统一来评判。     

Strategic Voting for Noncooperative Environmental Policies in Open Economies

In this paper, we construct a political-economy model of strategic environmental policymaking with different degrees of product differentiation and different market structures, and examine how strategic voting decisions are affected by the choice of environmental policy instruments (tax or standard). We show that in a Cournot market structure, voters elect tax-setting policymakers who are more green than themselves when product differentiation and/or environmental externalities are more prominent. In a Bertrand market structure, they elect more green tax-setting policymakers than themselves. On the other hand, they elect standard-setting policymakers who are less green than themselves. The results confirm the advantage of the overall use of emission tax over that of emission standard regarding the welfare effect of strategic voting.     

从演化观点看马克思主义的效率与公平

效率与公平是经济社会长期研究的一个主题 ,马克思主义对这一问题进行过探讨。马克思主义的效率与公平不是一成不变的 ,而是不断地发展进化的。从马克思主义的效率与公平角度 ,可以为我国的经济发展提供一些启示     

Consumption Externalities,Habit Formation and Equilibrium Efficiency*

We analyze the welfare properties of the competitive equilibrium in a capital accumulation model where individual preferences are subject to both habit formation and consumption spillovers. Using an additive specification for preferences, according to which the argument in the utility function is a linear combination of present and past values of own consumption and consumption spillovers, we analyze the circumstances under which these spillovers are a source of inefficiency. It is shown that consumption externalities have to interact with habits in order to generate an inefficient dynamic equilibrium. Finally, we characterize optimal tax policies aimed at restoring efficient decentralized paths.     

(S, s) Inventory Policies in General Equilibrium

We study the aggregate implications of (S, s) inventory policies ina dynamic general equilibrium model with aggregate uncertainty. Firms in themodel's retail sector face idiosyncratic demand risk, and (S, s) inventory policies are optimal because of fixed order costs. The distribution ofinventory holdings affects the aggregate outcome in two ways: variation inthe decision to order and variation in the rate of sale through the pricingdecisions of retailers. We find that both mechanisms must operate toreconcile observations that orders are more volatile than, and inventoryinvestment is positively correlated with, sales, while remaining consistentwith other salient business cycle characteristics. The model exhibits strongamplification for some shocks and persistence to a limited extent.     

Double Dividend with Involuntary Unemployment: Efficiency and Intergenerational Equity

This paper analyzes the double dividend and distributional issues within an overlapping generations model framework with involuntary unemployment. We characterize the necessary conditions needed to obtain a double dividend, when the revenue of the environmental tax is recycled by a variation of the labor tax rate. We show that an employment dividend may occur without any efficiency dividend and that the young generation is not always harmed by the fiscal reform, even without any intergenerational transfers. Therefore, three dividends (environmental, efficiency and intergenerational equity) can occur simultaneously.     

Global Competition for Mobile Resources: Implications for Equity, Efficiency and Political Economy

International integration of markets for labor and capital hasfar-reaching policy implications in economies where governmentspursue extensive programs of redistribution through tax andtransfer policies. The large fiscal impacts that result frommovement of high- and low-income populations, as well as ofcapital, affect the benefits, costs, and political payoffs ofredistributive policies, creating incentives for fiscal competitionthat may limit the extent of redistribution over time. Migrationand capital flows are dynamic adjustment mechanisms, analysisof which can shed light on the consequences of structural changessuch as globalization of factor markets and EU enlargement.(JEL codes: H0, J0)     

收益率、基本因素与股市有效性--对上海股市的实证分析

“市场效率”一词最早由巴施里叶(Bachelier,1900)提出,但是直到20世纪60年代才开始得到人们的重视。随着证券市场的发展,特别是资本资产定价模型、有效市场等理论的提出,人们越来越意识到了市场效率的重要性。然而,除了法马和马克贝思(Fama & Macbeth)^[1]之外,大多数研究都表明现实情况与理论结论并不吻合。本文拟以法马和弗伦奇(French)等人的研究为基础,对较长时期内中国股市收益率与基本因素之间的关系进行考察,验证多因素模型在中国的适用性,并以此为依据,对中国股市的有效性加以检验。     

产业政策、投资者情绪与企业资源配置效率

产业政策是否会引起股票市场上投资者情绪的波动,政策外生冲击下的投资者情绪如何影响实体经济中企业资源的配置行为和效率,其深层的作用机制又是什么呢?为回答这一系列问题,文章基于中国资本市场的经验数据,通过实证研究发现,鼓励支持类的产业政策会引起投资者情绪的上涨,并刺激企业投资,这将加剧企业过度投资,缓解企业投资不足;淘汰限制类的产业政策会引起投资者情绪的下降,并抑制企业投资,这将会缓解企业过度投资,加剧投资不足.上述结论表明,在产业政策引导资源配置过程中,投资者情绪扮演了传导中介的角色.进一步研究发现,企业股权融资依赖程度或管理层股权激励越大,企业资源配置对投资者情绪的波动越敏感,这说明政策外生冲击下的投资者情绪影响企业资源配置的深层机制在于企业存在股权融资依赖和迎合市场情绪的动机.最后,总体上产业政策外生冲击下的投资者情绪对企业资源配置的影响造成了公司价值的损毁,并且不同影响渠道具有显著差异,利用投资者情绪降低股权融资成本所进行的资本投资显著提升了公司价值,而迎合市场情绪所进行的资源配置显著毁损了企业价值.上述研究成果有助于从微观企业视角理解股票市场在国家政策引导企业资源配置行为中的作用.     

Efficiency And Equity Aspects Of The

The joint impact of long term structural features, on the one hand, and of recent market-oriented reforms in the macroeconomic incentive regime, on the other, are inducing major changes in social and production organization throughout the Latin American region. The new economic model is quite different in structure and performance from the one Latin American countries exhibited during the Import Substitution Industrialization (ISI) period. Non tradable activities such as telecommunications, energy or transport services, natural resource processing industries producing low value added industrial ‘commodities’ and assembly industries (‘maquiladoras’), producing computers, TV and Video sets and garments for the US market, together with the vehicle industry, which has managed to receive preferential treatment from the part of the various governments in the region, have performed much better than average, both in terms of labor productivity growth as well as in terms of ‘catching up’ with the international productivity frontier. Contrary to the above, unskilled labor, and engineering and knowledge intensive industries, have performed worse than average and are ‘falling behind’ international standards. Domestic subsidiaries of multinational corporations and large local conglomerates are gaining ground within GDP, while SMEs and public enterprises have been losing it. The paper examines some of the macro-to- micro relations underlying the above mentioned process of structural transformation and the interdependency between economic, technological and institutional forces inducing it. It argues that ‘main stream’ economics fails adequately to capture the role played by such interdependencies and offers a policy advice which can not deal with the new efficiency and equity problems resulting from recent structural changes.     

Equity, Efficiency and Financial Viability: Public-Utility Pricing with Special Reference to Water Supply

The pricing and investment policies of a public enterprise should be designed to achieve efficiency since equity is better pursued by general policy regarding income distribution. Short-run marginal-cost pricing does not generally lead to long-term deficit, but may involve price and surplus/deficit cycles for the case with lumpy investments and growing demand, where the price increases with demand but is reduced with capacity expansion. Taking account of the extra costs of government revenue collection and the likely average price/cost ratio in the economy, the third-best pricing policy is likely to result in long-term surplus, making the objectives of equity, efficiency and financial viability much more consistent with each other than is generally believed. This is particularly true for water with historically increasing costs of additional sources of supply.     

公平与效率:资产证券化的税收政策取向

资产证券化作为当今国际资本市场上最具活力与最有效的一种金融工具正风靡全球,也进入了中国.资产证券化作为一项复杂的结构性融资安排,将受法律、税务、会计等多种制度的影响.本文力图在资产证券化税负分析框架的基础上,阐释税收作用机理,剖析我国税收政策缺失,探索税制优化路径.