对我国自然垄断行业规制问题的研究分析

自然垄断是指由于"自然"的技术原因而形成的独家经营市场格局。本文所研究的"自然垄断",更加侧重于行政垄断和国有企业借助自身掌握行政资源的基础上的垄断。与西方广义的"自然垄断"的界定稍有区别。自然垄断行业的存在和对其的规制问题是我国走向市场经济过程中的一个急需解决的问题。本文在阐述国外自然垄断行业的规制思想和实践之后,对比我国自然垄断行业规制中存在的问题,给出我国政府对自然垄断行业规制的意见。     

自然垄断产业规制改革探析

本文分析了自然垄断的形成原因及自然垄断产业规制改革的取向,在此基础上进一步探讨了我国目前对自然垄断产业进行规制改革的对策。     

新时期通信企业优化财务的管理思路

信息化时代的背景下我国经济的快速发展逼信企业面临的竞争愈加激烈I我国大部分的通信企业管理制度是由大型国有垄断企业改制，还存在与现在社会发展不适应等方面。本文从优化通信企业财务管理的意义分析，概述企业财务管理的现状，并提出相应的优化通信企业财务管理思路进而有效提高企业财务管理水平，为企业持久发展奠定良好的基础。     

WTO体制下对自然垄断的政府管制

作为垄断特殊形式的自然垄断有其存在的理由，但为了社会公共利益，政府对自然垄断进行管制也是必然的。我国加入WTO以后，为信守我国政府的承诺，有必要对政府管制进行改革，即采取新的措施，制定新的法规，使得对自然垄断的政府管制符合市场经济和WTO规则的要求。     

反垄断法在我国石油行业的适用

中国石油价格的波动一直备受关注,石油行业价格垄断的行为也一直为社会各界所诟病。2008年8月1日起实施的《中华人民共和国反垄断法》给了人们太多期待,但事与愿违,它的实施对规制我国石油行业的垄断问题并没有发挥很大的作用。我国社会经济状况的复杂性决定了石油行业的垄断兼具自然垄断和行政垄断的双重性质,因此对石油行业的规制也存在很大的难度。     

论我国电力行业各环节垄断的规制

我国现阶段,电力行业行政性垄断程度高、经济性垄断程度低的状态下,对电力行业垄断应持以下态度:对电力行业所涉及的四个环节——发电、输电、配电、售电应根据它们自然垄断特性采取不同的规制方法,从而保证我国电力行业的健康发展。     

简论政府对自然垄断产业的管制

由于生产技术上的规模经济导致自然垄断的产生,但垄断会导致市场失灵,所以使得政府管制成为必然。在现实社会中不同自然垄断产业其垄断程度不同,甚至同一产业不同生产环节上垄断程度也不同。因此,本文以自然垄断理论为依据,针对不同的自然垄断产业的特性提出不同的政府管制方案。     

企业以财务管理为中心的实践与思考

财务管理是企业管理重要组成部分，它对企业的经营决策和发展起着至关重要的作用。随着市场经济的发展，企业财务管理的作用越来越大，地位也日益提高。城市供水企业由于具有行业上自然垄断和经营地域性等特点，体现在企业财务管理上具有一定的特点，特别是供水企业如何以财务管理为中心，最大限度发挥财务管理在企业管理中作用是需要认真思考和探讨的问题。我公司是一家国有城市供水企业，在企业以财务管理方面上也作了一些初步的尝试。本试通过本供水企业财务管理工作实践，求教于供水同行。     

企业财务报告的思索

<正>当今社会,人们对企业财务报告与会计信息的批评越来越激烈。批评的焦点集中在企业财务报告没能跟上时代快速变革的步伐,未能提供决策有用的信息。我国会计界对寻求财务报告的改进办法也进行了许多讨论。我认为未来的企业财务会计报告应该是一种以事项会计为基础的,可以向     

自然垄断及规制理论研究

作为受到规制部门规制的自然垄断产业,对其自然垄断性认识经历了一个不断深化的过程。传统经济学理论认为平均成本下降所形成的规模经济是自然垄断的成因,然而这一认识并不全面,当代经济学把自然垄断定义在范围经济和成本劣加性基础上。同时,与自然垄断产业相关的规制理论也经历了不断变迁的过程,本文对自然垄断产业从规制必要性和规制变革两个角度进行了梳理。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.