收入均等规则的产权与效率--凯恩斯主义公平效率观的产权分析

凯恩斯主义坚持收入均等化意义上的公平效率观,它的产权基础是资本主义固有的所有权排他性的制度安排.但是,收入均等化的规则有损所有权的排他性,尽管有利于宏观层次公平水平的提高,但对微观层次的效率有影响.我国坚持效率优先、兼顾公平的公平效率观,是对凯恩斯主义的收入均等化意义上的公平效率观的扬弃.     

军队财务制度的构成及效率分析

军队财务制度是一种以人为设计路径为主,以自然演化路径为辅,具有较强的供给主导性和准公共产品特性的专属性制度安排,涵盖了制度环境、制度安排与制度要素多个层次,正式制度、非正式制度与实施制度多维结构,以及多种功能.军队利益主体的行为决定了制度效率的递减方式.利益冲突是造成制度非正常递减的根源.     

社会保障领域中市场机制的引入及其功能定位

社会保障领域中政府与市场的关系不是一种非此即彼的单向选择关系，而是职能不同、作用各异的两种制度安排。社会公平目标主要是通过政府的介入形成的社会保障机制而实现的，经济效率目标则需通过市场机制的引入及作用的发挥来实现。社会保障领域必须引入市场机制这是由市场经济的特征决定的；也是为了避免和克服政府行为的失效或低效。在社会保障领域中市场的功能区间包括：体现社会保障制度中的个人责任；为社会保障基金的保值增值提供营运途径；推行社会保障的社会化；推进社会保障产业化进程。     

中国养老保险制度现状及未来发展路径——基于公平与效率的视角

养老保险的再分配功能及其对公平和效率的影响一直是养老保险制度改革的焦点所在。当前中国养老保险体系仍有待完善,特别是从公平与效率的角度深化和加快中国养老保险制度的改革是极需要关注的问题。要进一步完善中国的养老保险制度必须遵循公平与效率原则,在保证社会整体公平的同时兼顾效率问题,以体现和谐社会与合作精神为目标,构建一个公平与效率协调的养老保障体系。     

国有银行产权安排的经济分析

对经济活动产生动力的是产权。当存在交易费用时,不同产权界定会带来不同资源配置效率。金融交易主体有了明确的产权,就有了明确的利益边界及其选择集合,并有了明确的收益预期,从而拥有充分的积极性。欧美各国金融体系演变的背景是以产权明晰为基础的市场制度,通过不同产权形式的金融机构间的竞争自发生长起一种有效率的金融制度和合约安排。中国     

公平及其与效率的关系:研究进展与思考

分配公平问题和公平与效率的关系问题已成为经济理论界关注的热点之一.关于分配公平先后形成了结果公平论、机会公平论、规则公平论等主要观点;关于公平与效率的关系先后形成了一体论、对立论、统一论等主要观点.从内涵来看,公平既应包括对所有人的政策和待遇的相同,也应包括对不同人的政策和待遇的不同;从外延来看,既应包括条件、机会、分配规则、分配过程的公平,也应包括分配结果的公平.因此,无论从其内涵,还是外延来看,公平都是一个多维概念.公平与效率之间的关系非常复杂,若要制定出处理两者关系的合理的政策,则需辩明到底在哪些条件、领域、环节、层面、水平两者相统一,或者相对立.     

公平：经济法的终极关怀——质疑“效率优先，兼顾公平”

"效率优先,兼顾公平"被许多经济法学者认为是经济法的一项基本原则。这种以经济学领域的效率价值替代法学领域的公平价值的认知是危险的。经济法作为对民法的补充和矫正的法部门,其出发点和归宿都是以社会公平为指针的。经济法的产生发展轨迹和具体法律制度运作效果评价都必须经受公平原则的检验。因此,公平是经济法的终极价值目标,"效率优先"的命题在经济法中不能成立,只有在实现公平的前提下,才有真正的效率。     

公平与效率关系的再思考

围绕着公平与效率的关系,国内外学术界长期以来就有着不同甚至对立的看法,之所以如此,一个重要的原因就是未能就公平与效率的内涵取得共识。澄清这方面的混乱认识,应是我们正确认识和处理公平与效率关系的前提和关键。文章拟从经济学和伦理学的视角对效率和公平及其相互关系问题加以新的思考。     

中国股票市场的运行效率与制度安排

本文所称市场效率指股票市场作为直接融资方式(即制度安排)的运行效率,是一种宏观的社会效率,而不是专指相对某类市场参与主体而言的运行效率.本文将从是否促进了整个社会资源(这里指资金)的优化配置(即能够产生更大的社会效益)这一标准来判断证券市场是否具有效率.     

协调公平与效率关系 构建和谐劳资关系

要构建和谐社会,就必须构建和谐的劳资关系;而要构建和谐的劳资关系,就必须协调好公平与效率的关系,公平与效率的不同组合对劳资关系将产生不同的影响。在目前阶段,针对不公平问题日益凸显和劳资关系日益紧张的现状,我们必须强调公平与效率并重和统一,并以此为指导来构建和谐劳资关系。而要做到将公平与效率并重和统一起来并促进劳资关系的和谐发展,需要政府、资本所有者和经营者、劳动者的共同努力:政府要制定政策和法规,资本所有者和经营者要转变发展观念,劳动者要转变观念和提高能力。     

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.