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。     

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.     

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.     

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     

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.     

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.     

(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.     

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)     

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.     

全球供应链管理的效率、均衡和风险问题

伴随着全球化与竞争一体化的加速,外包、合作、多赢和核心竞争力的构建等经营战略和模式的创新,供应链显现出前所未有的竞争优势。但同时,也面临着一些全新的挑战：如供应链复杂性和脆弱性,供应链的灵活性和依赖性,供应链的精益化与弹性,局部优化和总体均衡等。本文从均衡策略和风险管理的角度,针对全球化背景下由于不确定性剧增而导致的诸多供应链管理的悖论问题进行了剖析,以期加强对供应链及供应链风险管理意识,提供建立起一般性的分析框架,推进供应链风险分析和风险管理以及不确定性的问题的系统性研究。     

A Sectoral Approach Balancing Global Efficiency and Equity

This paper explores the idea that a properly designed sectoral approach could be the answer to two sets of constraints that hinder international agreements on climate change, namely a genuine concern from developing countries for economic growth and competitiveness issues from industrialized countries. Our sectoral approach builds on three premises: (i) cap-and-trade systems are established in industrialized countries and intensity targets in developing countries, (ii) sectors subject to international trade abide by the rules of the countries in which they trade and (iii) a fraction of the revenues from permits in industrialized countries go towards carbon mitigation in developing countries. We design an economic model that features interactions in three carbon-intensive sectors (two of which are internationally traded) and two countries (an industrialized country and a developing country). Two scenarios are constructed: an Enhanced Sectoral Approach, which refers to our proposal, and a Global Cap, which implements a uniform CO₂ price. We compare the two scenarios in terms of total welfare and equity. It is shown that, for a minor global welfare loss, the Enhanced Sectoral Approach ranks high in terms of equity for emerging countries. This approach also eliminates competitiveness and leakage issues.     

Efficiency and Equity in School Funding: A Case Study for Kansas

This study measures cost inefficiency of Kansas public school districts and applied both mathematical programming and stochastic frontier approach. The empirical study uses two-stage data envelopment analysis model and the cost inefficiency effects model proposed by Battese and Coelli (Empirical Economics 24:325–332, 1995) and applied to a panel data. The results found mean inefficiencies from these two models are very close. The results indicate that Kansas school districts, on average, exhibit cost inefficiency in their operations, however, there is a tendency for inefficiencies to decline over time. The study does not find any strong evidence for lower efficiency due to lower expenditure per-pupil. Instead, we found inconclusive evidences where lower efficiency for certain school districts could be assigned to unfavorable environmental cost conditions.

公交行业的政府管制政策与均衡产量

现有的国内文献对管制政策与公交均衡产量涉及不多.由于公交需求存在高峰与低降差别,单一的价格管制只能使公交服务满足一般时段需求;通过补贴可以使公交服务的供给满足高峰需求,但不同的补贴方式的效果不同;单一最优管制价格下取消进入限制对供给量没有影响,市场定价与自由进入会增加供给量,但供给量小于有补贴的均衡产量.在竞争模式下.各种竞争经营模式对公交企业经营效率改善有作用,但对公交均衡产量的影响不明显.公交优先发展政策需综合考虑不同政策对公交均衡产量的作用效果.     

福利经济学视角下的效率与公平

效率与公平问题是当前社会讨论的热点话题,关于效率与公平的内涵、关系以及组合模式,国内理论界众说纷纭.笔者试从一个新的视角--福利经济学的角度--来重新阐释效率与公平问题.笔者认为:第一,既要重视收入分配公平,又要重视社会公平;第二,实现效率与公平的最优组合需要市场和政府双管齐下;第三,我国当前应实行效率与公平并重的原则.     

税收效率和公平原则的理论与税收完善

该文较深入地探析了税收的效率和公平原则的有关理论观点,并根据这两个理论原则和我国实际情况,对如何完善我国税制,其中包括要完善消费税、企业所得税、资源税、个人所得税、增值税、财产税,以及设置环境保护税和社会保障税等方面提出了有益的见解。     

Toward a Horizonal Theory of Justice: Efficiency,Equity, Rights and Capabilities in a Free Market Economy

The theory of planning horizons and their relation to pricing, conscience and learning has been explored in some detail in terms of efficiency attributes and ecological health (Jennings 2003, Journal of Economic Issues 39:365-373, 2005, 2007a, b, 2008a). This paper addresses the equity implications of planning horizons in terms of the social role and importance of justice, rights and capabilities in a free market economy. From my earlier work, cooperation—not competition—is seen as the means to longer and broader horizons in an efficiency frame, mitigating any alleged tradeoff against equity issues. The impact of longer horizons on fairness and justice in terms of intentions and outcomes along with rights and capabilities still remains unexplored. This paper reviews the normative aspects of planning horizons, showing how ethical and ecological conscience spreads with horizon effects, strengthening goals of fairness and the internalization of social effects. In this setting, capabilities and empowerment are enhanced by respect for human rights, as social conscience spreads through interhorizonal complementarities. The features of a long-horizon world differ from myopic contexts, specifically in the relation of efficiency to other goals. This paper examines that difference in terms of its equity aspects, with regard to social justice and the role of rights and capabilities in economic cultures.     

Toward a Horizonal Theory of Justice: Efficiency,Equity, Rights and Capabilities in a Free Market Economy

The theory of planning horizons and their relation to pricing, conscience and learning has been explored in some detail in terms of efficiency attributes and ecological health (Jennings 2003, Journal of Economic Issues 39:365-373, 2005, 2007a, b, 2008a). This paper addresses the equity implications of planning horizons in terms of the social role and importance of justice, rights and capabilities in a free market economy. From my earlier work, cooperation—not competition—is seen as the means to longer and broader horizons in an efficiency frame, mitigating any alleged tradeoff against equity issues. The impact of longer horizons on fairness and justice in terms of intentions and outcomes along with rights and capabilities still remains unexplored. This paper reviews the normative aspects of planning horizons, showing how ethical and ecological conscience spreads with horizon effects, strengthening goals of fairness and the internalization of social effects. In this setting, capabilities and empowerment are enhanced by respect for human rights, as social conscience spreads through interhorizonal complementarities. The features of a long-horizon world differ from myopic contexts, specifically in the relation of efficiency to other goals. This paper examines that difference in terms of its equity aspects, with regard to social justice and the role of rights and capabilities in economic cultures.     

瑞典解决公平与效率问题的经验及启示

瑞典在解决公平与效率问题上确立了以公平促进效率的机制:十分重视教育的发展;实施积极的劳动力市场政策和积极的公共财政政策。从瑞典经验出发,我们应该努力建立和完善以公平促进效率的机制:一方面应在思想上突破把效率与公平割裂开来甚至是对立的思维方式,另一方面,加大教育财政投入,逐步完善劳动力市场,实现劳动力的自由流动,加大公共财政支出,通过再分配实现社会公平。     

股利政策的股权结构和代理理论分析

在西方理论界,最早研究股利政策影响因素的是Lintner。在仔细调查研究28家美国公司后,Lintner发现这些公司都按照长期的平均盈利水平制定了固定的股利支付率。在改变股利政策上,公司经理显得非常谨慎,只有当企业盈利发生了“长期显著”的变化后,才倾向于调整股利支付水平;同时把预期每股收益作为影响股利决策的因素。在此之后,西方学者从不同的角度分别研究了投资机会、股权结构、