纵向并购的经济学分析

本文首先对契约、交易费用与纵向一体化进行比较分析,然后着重通过模型阐述了在不同的一体化方式及程度下,企业的利润变化情况,以从经济学角度解释纵向一体化存在的原因。     

THE ECONOMIC THEORY OF VERTICAL RESTRAINTS

Abstract.  The types of contracts arising in a typical vertical manufacturer–retailer relationship are more sophisticated than a simple uniform price. In addition to setting per unit prices, manufacturers and retailers also revert to non-linear pricing and non-price instruments. These instruments or contracts are referred to as vertical restraints and can take the form of franchise fees, resale-price maintenance, exclusive dealing, exclusive territories and slotting allowances. The use and the effects of one type of instrument versus another depend crucially on specific market assumptions upstream and downstream and on the division of bargaining power between manufacturers and retailers. This paper surveys the industrial organization literature on retail pricing and shows that vertical restraint instruments have important effects on producer and consumer prices, market structure, efficiency and welfare.     

Production Chains and Linkage Indicators

This paper uses a framework of production chains, which emerge from the vertical integration processes, in order to propose a general definition of linkage indicators. This definition is based on blocks of sectors and offers, among others, the following advantages. A reduction in the aggregation requirement, the resolution of the problems associated with the so-called distribution matrices, an easier analysis of the linkage components and, finally, the possibility to shed light on the links between Hypothetical Extraction Methods and sectoral analyses. Moreover, because of its general form, it helps to identify analogies between different types of indicators.     

FROM EXOGENOUS TO ENDOGENOUS ECONOMIC NETWORKS: INTERNET APPLICATIONS

Abstract.  Economic agents' behaviour is affected by their position in a network, either exogenous or endogenous, in which they interact with a sub-set of neighbours only. The network's links, which may be generated by vertical and/or horizontal relations, or by more complex morphologies, may explain the transition between dynamic equilibria and the instability of economic aggregates. Moreover, networks shape strategic interaction among agents by determining their strategies; the problem of access and interconnection, particularly relevant in the Internet, is perhaps the best example. A two-way feedback between strategies and network structures arises instead when links are endogenous: those features are clearly shown in the mechanism underlying the formation of peering links and R & D networks.     

Vertical externalities and control of politicians

A major role of (repeated) elections is to create incentives for politicians to act in the interests of voters. This paper considers the disciplining role of elections in countries with either one or two levels of government. Simple retrospective voting strategies which are based on cut-off levels with respect to expenditure and tax rates are considered. It is shown that the power of voters is weakened if a second independent level of government is added. However, voters can partially reinforce their power by making politicians not only liable for their own policy, but also for the policy carried out at each other level of government. Received: June 30, 2000 / Accepted: April 4, 2001     

垂直文学网站商业模式研究

垂直文学网站一直在不断地探索自己的商业模式。本文首先解释了什么是商业模式,然后介绍了垂直文学网站的发展现状,最后对垂直文学网站的商业模式做了系统深入的分析。     

在高层建筑结构设计中如何考虑温度竖向作用

本文讨论了下列几方面的问题：为什么要考虑温度竖向作用;温度竖向作用的类型;温度竖向作用的特点;按承载能力极限状态考虑温度竖向作用;按正常使用极限状态考虑温度竖向作用。     

经济规模、技术创新与垂直专业化分工

借鉴Hummels等(2001)的垂直专业化分析框架,本文比较了中国大陆等32个经济体1995年、2000年以及2005年制造业出口的垂直专业化水平。在此基础上,本文利用中国大陆等32个经济体18个制造业行业数据,进一步探讨了影响垂直专业化水平的主要因素。经验观察和计量分析结果发现,经济规模越大、技术创新能力越强的经济体,垂直专业化水平越低;技术复杂度越高的行业,垂直专业化水平也越高;技术越复杂的行业在经济规模越大、技术创新能力越强的经济体内,垂直专业化水平相对更低。本文的研究结论为我们评估中国当前的经济发展方式和国际竞争力提供了一个思路。     

企业纵向联结的效应分析--基于煤电行业的实证

本文针对煤、电企业纵向联结的三种可能的模式,即煤、电企业战略联盟,煤、电企业企业集团,煤、电企业完全一体化,通过构建模型分析了这三种煤、电企业纵向联结的效应。最后,通过对这三种纵向联结效应结果的分析,论述了其政策性含义。     

中国食品业上市公司纵向一体化动区及其绩效的实证研究

在食品行业,纵向一体化与企业收益水平之间并没有体现出应有的正相关关系,这也许是因质量检测而导致的交易成本在缺乏有力监管的环境中,并没有真正地显现出来。而食品企业的成长性与纵向一体化之间存在大约两年时滞的正相关关系,这是因为中国食品行业的地域性所导致的。     

A model of vertical integration and investment in generation capacity in electricity markets: The case of the bidding game

The aim of this work is to assess the impact of (partial) vertical integration between generators and retailers on generation capacity choice and its subsequent welfare consequences. We present a framework in which final demand is perfectly inelastic and stochastic. Nevertheless, wholesale demand is elastic because of the existence of outside opportunities (mainly international transmission capacity). The model is a three-stage game. Neither transmission nor retail costs are taken into account.

In the first stage of the game, generators choose capacity only knowing distribution of demand and thus maximizing their expected profit. The second stage of the game represents the competition for market share between retailers in a market where consumers have switching costs. The former face unknown demand and maximize their utility based on two factors: the expected profit and a risk element. Finally, generators submit bid functions to the system operator given known demand and maximizing their profit during the last stage of the game. Retailers and generators interact in the wholesale market, which is cleared by the system operator whose function is to match supply (represented by the bids of the generators) and demand through a system of single price auctions. The wholesale market is the only means to buy and sell energy; there are no bilateral contracts between firms, except if they are vertically integrated.

We compare fully disintegrated and partially vertically integrated structures using a comparative statics approach. In this paper, the analysis will focus on the last stage of the game: the bidding game. We find that partial vertical integration between generators and retailers tends to lower wholesale prices but not unambiguously. Depending on which firm (vertically integrated or disintegrated generator) has installed the higher capacity and depending on level of demand, prices can stay unchanged or even rise.     

具有任意投资水平的供应链协同预测博弈研究

运用纳什均衡和贝叶斯更新模型,得到了供应链联合预测均衡的存在条件。模型中,供应商和零售商均需决定在预测技术上的投资水平,双方的需求预测将会被汇总成一个统一的预测。结果表明,双方预测能力越接近中等水平,越容易实现联合预测。预测能力偏离中等水平越远,越容易出现搭便车行为,即至少有一方不进行预测。     

新形势下施工企业索赔管理探索

文章拟对新形式下施工企业索赔管理进行了探索。     

基于成品油双寡头有限竞争市场的集团客户采购对策研究

中国成品油市场是一个特殊的双寡头垄断有限竞争市场。通过对成品油市场结构和成品油寡头博弈行为的分析,得出产量博弈的状况近期不会出现、价格博弈将使企业走入囚徒困境的结论。然后,结合博弈结果以及现实情况,对集团用户以及成品油其他生产者的行为进行进一步分析,提出集团用户成品油采购对策。     

基于交易定价的再制造供应链回收处理服务决策

研究单一制造商与单一第三方回收处理商（简称回收商）组成的再制造供应链,回收商为制造商提供回收拆卸以及增值服务。通过建立Stackelberg博弈模型首先研究回收商回收拆卸服务,分析了回收定价、回收努力程度、拆卸处理转化率等决策,在此基础上研究了增值服务对供应链带来的影响。结果表明：制造商提高回购价格,将激励回收商的回收处理行为;可拆卸处理程度较高的产品制造商更加乐于接受回收商的增值服务,制造商较高的基本支付是激励回收商回收服务行为的必要条件,否则,回收商将缺乏动力产生懈怠。     

Challenges to the psychological contract in Hong Kong

This study investigates empirically the psychological contract of a sample of 205 Hong Kong junior and senior managers. It determines the perceptions of factors that employers and employees see as relevant to the employment relationship, and then analyses perceptions of and attitudes towards recent changes in the Hong Kong business environment. In addition to exploring the nature and content of manager's psychological contracts in Hong Kong, the study explores how contracts are related to and affected by both the external environment and internal management practices. A survey questionnaire is used to measure the promises and commitments perceived to have been made by organizations, and the obligations that employees perceive they owe to their employer. In addition, the actual policies and practices of the employing organizations are determined. The impact of the HRM climate of the employing organizations (actual policies and practices) and the attitudes, expectations and feelings of organizational members about ongoing changes in the business and management environment on this exchange relationship are isolated. The study makes two contributions to the psychological contract literature: it examines the relevance of a psychological contract approach in a nonWestern geographical region; and it moves the concept of HRM preferences more centrally into the psychological contracting literature. This enables a better understanding of the construct in relation to the comparative management literature. The content of the psychological contract is shown to be multi-dimensional. Perceptions of organizational commitments and promises focus around four judgements: an intrinsically satisfying and challenging environment; a secure and rewarding job; equity; and supportive leadership. By Western standards the employee side of the employment relationship 'deal' is more one-sided. The proportion of managers who believe employees are strongly obligated to do certain things for their employers is very high. The study examines the factors that predict employees' psychological contracts. Actual HRM practices are shown to predict perceived commitments and obligations, and the strength of obligation is related to perceived promises and commitments. In contrast to the emphasis on the internal cognitive and individualized conception of the psychological contract in much of the literature, this study indicates that this decontextualizes psychological contracts. The true nature of a psychological contract is shown to be an exchange relationship firmly linked to a culture's reciprocity norms.     

Analysis of Hybrid Life-tests in Presence of Competing Risks

The mixture of type-I and type-II censoring schemes, called the hybrid censoring scheme is quite common in life-testing or reliability experiments. In this paper, we consider the competing risks model in presence of hybrid censored data. Under this set up, it is assumed that the item may fail due to various causes and the corresponding lifetime distributions are independent and exponentially distributed with different scale parameters. We obtain the maximum likelihood estimators of the mean life of the different causes and derive their exact distributions. Using the exact distributions, all the moments can be obtained. Asymptotic confidence intervals and two bootstrap confidence intervals are also proposed. Bayes estimates and credible intervals of the unknown parameters are obtained under the assumptions of independent inverted gamma priors of the mean life of the different causes. Different methods have been compared using Monte Carlo simulations. Onereal data set has been analyzed for illustrative purposes. Part of the work was supported by a grant from the Natural Sciences and Engineering Research Council.     

契约论下会计稳健性对企业价值影响理论研究

通过对会计稳健性、契约论以及企业价值之间的关系论述,以契约为基础将会计稳健性和企业价值联系起来,探讨了契约效率假说和管理控制假说下的会计稳健性对企业价值的影响。     

期权思想在动态联盟招投标中的应用

为了规避风险,投标参与动态联盟的企业可以选择与供应商签订定金合同以避免商品价格波动带来的损失。为了合理确定定金的数值,本文将定金合同看成一种复合期权,建立了求解定金大小的数学模型,从而可以利用看涨期权的计算方法求出定金的近似解。这样,就为企业签订定金合同提供了理论依据,避免了盲目性。