会计盈余功用理论的拓展研究——以盈余质量与资本配置效率为视角

以2004年-2007年沪深两市的上市公司为研究样本,在Richardson和Verdi研究的基础上,对盈余质量影响资本配置效率的路径模式和作用机理进行更为深入的分析.研究结果表明,盈余质量的改善一方面能直接提高上市公司的资本配置效率,另一方面则能够通过降低代理成本间接促进上市公司资本配置效率的提高,盈余质量对资本配置效率的这种影响在过度投资公司中表现尤为明显.     

An analysis of operations efficiency in large-scale distribution systems

This research applies Data Envelopment Analysis (DEA) methodology to evaluate the efficiency of units within a large-scale network of petroleum distribution facilities in the USA. Multiple inputs and outputs are incorporated into a broad set of DEA models, yielding a comprehensive approach to evaluating supply chain efficiency. This study empirically separates three recognized, important and yet different causes of performance shortfalls which have been generally difficult for managers to identify. They are: (1) managerial effectiveness; (2) scale of operations and potential for a given market area (and efficiency of resource allocation given the scale); and (3) understanding the resource heterogeneity via programmatic differences in efficiency. Overall, the efficiency differences identified raised insightful questions regarding top management’s selection of the appropriate form and type of inputs and outputs, as well as questions regarding the DEA model form selected.     

EFFECT OF PUBLIC INVESTMENT ON THE REGIONAL ECONOMIES IN POSTWAR JAPAN

This paper examines the effect of public investment on the regional economies of postwar Japan. It evaluates the effects of efficiency-verses-equity-oriented allocation policies by estimating the aggregate regional production function and calculating the marginal productivity of public capital for each region, using panel data covering the 47 prefectures over the period from 1955 to 2000. The empirical results show that public capital investment has alternated between an allocation policy based on efficiency and one that is based on equity, and, in fact, such investment was used as a policy tool for adjusting income distribution and accelerating economic growth. Numerical simulations are used to analyze the trade-offs between economic efficiency and inter-prefectural equity. The results indicate that in the case of income-elastic labor mobility, an efficiency-oriented allocation policy leads to larger aggregate gross domestic product by promoting both growth and equity simultaneously.     

The Dynamics of Efficiency Improving Input Allocation

A dynamic theory of efficiency improving input reallocations is presented which relaxes the assumption that decision-making units have the ability to reorganize their activities instantaneously to achieve efficient input allocations. Explicit account is taken of the decision-making unit’s gradual transition to an efficient input allocation. A balanced panel data set covering 906 U.S. agricultural banks is constructed for the period 1996–2000 and we find that these banks are allocatively efficient but technically inefficient. The explicit solution for the optimal input use finds evidence of gradual transitions for two of the three inputs, with the labor input transition being the slowest. The efficiency improving path finds the firm transitions toward an efficient allocation by simultaneously improving on technical efficiency instantaneously and on allocative efficiency intertemporally, which suggests a non-linear path toward the most efficient allocation.     

Demographic shift, relative costs and the allocation of local public consumption in Norway

Local government responses to shifting demand and supply conditions are investigated. The desired allocation of local public consumption is determined in a voter group decision model where different age groups compete for services within an exogenous budget constraint. The model is implemented in an AIDS demand system built into a partial adjustment framework. The estimates indicate that the dramatic shift in the age composition of the population from the young to the elderly during the period studied has led to higher educational spending per pupil and less health care services per elderly. Age groups in decline are able to resist reallocations and gain in terms of spending per head.     

Measuring efficiency under fixed proportion technologies

Data Envelopment Analysis (DEA) applications frequently involve nonsubstitutable inputs and nonsubstitutable outputs (that is, fixed proportion technologies). However, DEA theory requires substitutability. In this paper, we illustrate the consequences of nonsubstitutability on DEA efficiency estimates, and we develop new efficiency indicators that are similar to those of conventional DEA models except that they require nonsubstitutability. Then, using simulated and real-world datasets that encompass fixed proportion technologies, we compare DEA efficiency estimates with those of the new indicators. The examples demonstrate that DEA efficiency estimates are biased when inputs and outputs are nonsubstitutable. The degree of bias varies considerably among Decision Making Units, resulting in substantial differences in efficiency rankings between DEA and the new measures. And, over 90% of the units that DEA identifies as efficient are, in truth, not efficient. We conclude that when inputs and outputs are not substituted for either technological or other reasons, conventional DEA models should be replaced with models that account for nonsubstitutability.     

An Incomplete Contract Perspective on Public Good Provision

Abstract.  This paper surveys what can be learned from recent advances in the incomplete contract literature to understand how public goods are or should be provided. The paper starts with a section on the full information case that presents and discusses the classical Samuelson condition on the optimal provision of public goods. The rest of the paper presents results under asymmetric information. It is constituted of two main parts. In the first one, the social planner has complete contracting ability. We discuss the basic setting and assumptions of this comprehensive contracting approach and study the trade-offs it generates. The second part of the paper is devoted to the study of contracting incompleteness. Such incompleteness can emerge from various sources, which we present and discuss. We then study the case of a politically chosen decision-maker and the consequences of its inability to commit for more than one period and of the ability for individuals to form groups. Finally, we address the problem of the choice between public and private forms of public good provision. The concluding section summarizes the main policy lessons.     

人力资本与基础设施投资的动力学分析

本文将公共支出引入一个两部门城市化和内生增长模型,由模型导出的人力资本跨时转移条件方便我们分析经济的过渡动力学行为。数值解结果表明,在物质资本报酬递减的情形下,公共支出的部门间配置由经济过渡动力内在地确定和稳定;如果物质资本表现出某种程度的报酬递增,公共支出的部门间配置将表现出内在不稳定。动力学分析表明,公共支出与经济增长之间存在非线性关系,换言之,存在促进经济增长的最优税率或最优公共支出比例。     

Allocation inequality in cost sharing problem

This paper considers the problem of cost sharing, in which a coalition of agents, each endowed with an input, shares the output cost incurred from the total inputs of the coalition. Two allocations—average cost pricing and the Shapley value—are arguably the two most widely studied solution concepts to this problem. It is well known in the literature that the two allocations can be respectively characterized by different sets of axioms and they share many properties that are deemed reasonable. We seek to bridge the two allocations from a different angle–allocation inequality. We use the partial order: Lorenz order (or majorization) to characterize allocation inequality and we derive simple conditions under which one allocation Lorenz dominates (or is majorized by) the other. Examples are given to show that the two allocations are not always comparable by Lorenz order. Our proof, built on solving minimization problems of certain Schur-convex or Schur-concave objective functions over input vectors, may be of independent interest.     

流域初始排污权分配的AHP法及其应用研究

流域初始排污权分配是流域排污权交易制度实施的基础。流域排污权的初始分配存在二级分配模式,一是将总排污权分配到流域内各行政单元,二是由各行政单元把分配到的排污权再分配到辖区内的各排污企业。本文基于效率和公平并重的原则,综合考虑流域内各行政单元的社会、经济与环境因素,给出了流域初始排污权分配的AHP方法,并以太湖流域为例进行了实证分析。     

中国省际高技术产业效率测度与分解——基于共享投入关联DEA模型

本文基于高技术产业科技成果产出和科技成果转化为生产力两阶段视角,考虑"中间产品产出再投入"和"初始投入在两个子系统间的分配结构",构建共享投入关联DEA模型,利用1999～2010年我国29个省份的面板数据,测算高技术产业系统效率和子系统的纯技术效率,并与关联DEA模型、BCC模型的结果进行比较。结果表明,共享投入关联DEA模型在计算效率水平的同时,还可得到中间产品的转化信息和初始投入的配置信息。     

Public input competition and agglomeration

This paper analyzes the impact of public input competition in a New Economic Geography framework. It is shown that regional competition yields an overprovision of public inputs if trade costs are sizable while it leads to underprovision if regions are highly integrated. Moreover, public input competition assures a dispersion of industry as long as trade costs are high but induces agglomeration even for ex ante identical regions if trade costs have fallen below a certain value. Finally, a trade-off between regional convergence and efficiency arises since the efficient distribution of regional infrastructure requires full agglomeration for sufficiently low trade costs.     

On the Determinants of School District Efficiency: Competition and Monitoring

A number of researchers have asserted that inefficiency in the U.S. school system arises from a lack of incentives for public schools to behave efficiently. This paper uses a Shephard input distance function to model educational production, and a switching-regressions estimation to explore the relationship between school district efficiency and two existing incentive mechanisms—competition and voter monitoring. We find evidence that ease of monitoring enhances both technical and allocative efficiency of urban school districts, and that increased competition reduces allocative inefficiency in communities above a competitive threshold. We find no evidence that competition is related to technical inefficiency.     

Measuring potential gains from reallocation of resources

In this work we consider the case when efficient operation of individual economic units does not necessarily imply efficiency for a group of these units. Merging theoretical findings of Li and Ng (Int Adv Econ Res, 1995, 1, 377.) and Färe and Zelenyuk (Eur J Oper Res, 2003, 146, 615), we develop new group-wise efficiency indexes that measure the extent to which the performance of a group of economic units can be enhanced, even if all these units are individually efficient. The existence of such potential improvement is attributed to non-optimal allocation of inputs across the individual economic units from the point of view of a group of these units.     

The structure of strategy-proof random social choice functions over product domains and lexicographically separable preferences

We characterize the class of dominant-strategy incentive-compatible (or strategy-proof) random social choice functions in the standard multi-dimensional voting model where voter preferences over the various dimensions (or components) are lexicographically separable. We show that these social choice functions (which we call generalized random dictatorships) are induced by probability distributions on voter sequences of length equal to the number of components. They induce a fixed probability distribution on the product set of voter peaks. The marginal probability distribution over every component is a random dictatorship. Our results generalize the classic random dictatorship result in Gibbard (1977) and the decomposability results for strategy-proof deterministic social choice functions for multi-dimensional models with separable preferences obtained in LeBreton and Sen (1999).     

Technological progress in the Brazilian agriculture

We analyze technical progress in the Brazilian agriculture in the period 1976–2016. Output is production value and inputs are expenses on land, labor, and other inputs. Data Envelopment Analysis (DEA) measures are used to capture technological progress via efficiency analysis. Filtering the data with a moving average and fractional regression we identify four periods with distinct behavior of technical efficiency under constant or decreasing returns to scale. From 1976 to 1988 and from 1996 to 2007 technical efficiency decreases at statistically significant rates of −1.74% and −0.26% respectively. From 1989 to 1995 and from 2008 to 2016 efficiency increases at statistically significant rates of 1.53% and 1.75% respectively. Efficiency of input use varies in these periods and is computed as a byproduct of the DEA analysis. We observe a more efficient usage of land and other inputs. A parametric fit using adjusted efficient inputs indicate the relative elasticities of 40.5%, 38.5% and 21.0% for other inputs, land and labor, respectively. Technological progress increases 3.73% in the period 1976–1988, decreases 1,58% between 1989 and 1995, increases 0.17% in the period 1996–2007 and increases 1.01% between 2008 and 2016. Technological inputs are statistically significantly influential on total factor productivity as indicated by an infinite distributed lag model. The long run elasticity effect is 39.5%. The effect of investments (public) in agricultural research has a significant elasticity of 0.835.     

Implications of alternate policies on welfare of slum dwellers: Evidence from Pune,India

In this paper we examine how slum dwellers value location-based amenities. In most developing country cities, residents living in slums have poor-quality dwellings and limited access to basic public services and amenities. Using data from Pune, India, we estimate the residential location choices of slum dwellers, which are conditional on housing quality, neighborhood amenities, and community structure. We use these estimates to simulate the impact of alternate interventions on household welfare. We find that households derive benefits from housing quality and neighborhood amenities. While relocating households to the periphery has adverse consequences for household welfare, we show that households could be adequately compensated out of the increased tax revenue accruing from alternative uses of the vacated central land.     

The Role of Symmetry between the Revenue and the Expenditure Side of the Government Budget in the Debate about the Potential Negative Effects of Tax Competition

The effects of capital tax competition are reconsidered in this paper incorporating the argument that the expenditure structure of public budget should reflect its revenue structure. The paper offers a small open economy model where capital and labour tax revenues are used exclusively on the provision of public inputs. It is shown that if the revenue side of the government budget exactly matches the expenditure side that is if industrial public goods are financed by both private production factors with the weights reflecting the contributions of public inputs to the private factor productivity then public inputs are provided optimally even in the presence of tax competition.     

Efficiency evaluation in municipal services: an application to the street lighting service in Spain

Efficiency evaluation is very important in the municipal realm because of its impact on the people’s standard of living. However, in most cases the value of public output is hardly significant, and therefore measurement is necessarily limited to estimating technical efficiency, which is calculated using physical inputs and outputs. A major part of municipal services can be provided through different types of public management. This plurality of options lends greater relevance to the evaluation. This paper analyzes efficiency in the public street lighting service in Spanish towns, by means of DEA methodology, pursuing two objectives: to estimate the technical efficiency achieved and to discover whether differences in efficiency can be explained by the type of management, that has been chosen, whether public or private. The results of the analysis allow us to confirm that there is a significant relationship between the variables defined as inputs into the process and efficiency. However, the relationship is not very significant for the variables considered as outputs, in some cases. It was also detected that the factors defining the characteristics of the environment and the type of management, whether public or private, do not have a statistically significant impact on efficiency levels.

政府财务报告使用者缺失的博弈分析

政府改革的深入使得公众作为政府财务报告的使用者,更加关注有关政府资源使用效率的信息,但公众并非在何时候都会关注政府财务报告。本文试图利用博弈分析法分析公众作为财务报告的使用者,在某些情况下可能并不关心政府财务报告所蕴含的资源使用效率信息,选择成为财务报告缺失使用者的情况。