Tradable emission rights and strategic interaction

The use of tradable emission rights as environmental policy instruments may affect the conditions for strategic interaction between regulated firms and thus have implications for competition policy. This paper presents an analysis of how, and under what conditions, emission rights can be used strategically by oligopolistic firms for predatory and exclusionary purposes.     

金融契约、决策权配置与管理者激励

突破传统的现金流分析思路,从金融契约和决策权配置视角分析了管理者激励问题,认为外部投资者和经营者之间的决策权配置对经营者行动选择和投资者利益保护产生重要影响。模型分析结果表明,投资者和经营者之间的一般控制权分配并不必然与所有权相匹配,而是受到金融契约缔结过程中双方谈判力大小的影响,经营者最低让渡控制权大小受到投资者期望投资回报、市场监管环境和管理者团队声誉等五个因素影响。     

外资准入政策与资源优化配置

改革开放40多年以来,外商投资是中国经济发展的主要动力之一,同时也对资源优化配置产生多方面影响。以2002年《外商投资产业指导目录》的调整作为准自然实验,具体分析外资准入政策放松对资源优化配置的影响。研究表明:外资准入政策显著地增大了城市-行业层面生产率的离散度,不利于资源的优化配置;但是,从企业层面来看,外资准入政策提高了规制放松行业中企业的平均生产率;除此之外,外资准入政策在地区、企业性质和创新能力等方面的影响存在显著差异,政策效力主要体现在东部地区、非国有企业和创新能力较强的行业。因此,中国进一步扩大外资开放程度和改革外资准入政策时,应考虑到外资准入政策放松对企业生产率和资源优化配置的双重影响。     

Optimal Policy with Tradable and Bankable Pollution Permits: Taking the Market Microstructure into Account

This paper analyzes how the way emission permits are traded—their market microstructure—affects the optimal policy to be adopted by the environmental agency. The microstructure used is one of a quote driven market type, which characterizes many financial markets. Market makers act as intermediaries for trading the permits by setting an ask price and a bid price. The possibility of bank permits is also introduced in our dynamic two‐period model. We consider two models whether the market makers are perfectly informed about the technology of the producers or not. When the market makers have complete information, the equilibrium price of permits is the same as if the market is walrasian. When they are imperfectly informed, they may set a positive spread between bid and ask permit prices, which creates some inefficiency as the marginal abatement costs of polluters do not equalize. By allowing more flexibility in the use of the permits, banking may reduce the spread. Moreover, it may introduce price rigidities due to intertemporal arbitrage. In this framework, the circumstances under which banking should be allowed or not depend crucially on the evolution of the marginal willingness to pay for the environment.     

住宅小区周边的电磁辐射污染维权研究

近年来,随着电磁污染在城市中日趋严重,由此引发的信访、投诉、诉讼也呈逐年增加的趋势。但是因为电磁污染本身存在特殊性,给立法带来诸多困难。由于缺乏足够的法律规范和控制标准,令公众维权难上加难。因此,建立和完善电磁辐射污染防治的相关法律制度成为目前亟待解决的问题。     

Study on the Definition and Allocation of the Rights to Water Utilization in the Ecological Environment

With the rapid development of population and economy, the conflict between the supply and demand of water resources is becoming outstanding increasingly, In China, many people concern about the problems of ecological environment water expenditure.However, owning to the shortage of water resources and indefinite water rights, “the hustle effect” of per capita water resource is appeared, Moreover. it caused a series of environment problems. This article differentiates and analyzes the relevant concepts about the ecological enviromnent, and puts forward the defined concept of the rights to the ecological environment water utilization. In addition, it points out the characteristic of those rights, and does elementary study on the allocation principle, methods, and steps on the rights.     

不同市场条件下的初始排污权免费分配方法的选择

要实施排污权交易制度，在理论和实践中首先要解决的一个关键问题是初始排污权的分配问题。因为在实践中以初始排污权的免费分配方式更具有操作性，所以亟待解决的是初始排污权免费分配方案的选择与制定。本文研究的是在不同的市场条件下分析、建立并选择适合的初始排污权免费分配的分配模型。     

生态环境用水权的界定和分配

With the rapid development of population and economy, the conflict between the supply and demand of water resources is becoming outstanding increasingly. In China, many people concern about the problems of ecological environment water expenditure. However, owningto the shortage of water resources and indefinite water rights, "the hustle effect" of per capita water resource is appeared. Moreover, it caused a series of environment problems. This article differentiates and analyzes the relevant concepts about the ecological environment, and puts forward the defined concept of the rights to the ecological environment water utilization. In addition, it points out the characteristic of those rights, and does elementary study on the allocation principle, methods, and steps on the rights.     

Cost-Effective and Stochastic Dominance Approaches to Stochastic Pollution Control

Most economic studies of pollution externalities focus on the relative efficiency or cost-effectiveness of alternative pollution control instruments. Much less attention has been paid to policy goals and objectives. However, a comprehensive pollution control strategy depends on all of these choices. This paper examines several efficiency properties of cost-effective pollution control strategies in a stochastic setting when economic damages from pollution are unknown. A number of policy goals are considered. In this setting and under a primal approach, it is found that certain stochastic dominance conditions must be satisfied for the strategies to exhibit desirable efficiency properties. A dual approach to cost-effective pollution control, which is based on a stochastic dominance objective, is also considered.     

Taxesversus tradable discharge permits: A review in the light of the U.S. and European experience

The U.S. and West European environmental protection programs have incorporated different economic instruments for controlling pollution. The U.S. has made extensive use of tradable permits of several forms but has never used direct pollution taxes. The countries of the European Community have long used an array of pollution taxes but have never used tradable permits. A review and critique of these experiences and an analysis of the attributes of taxes and tradable permits seeks identify the strengths and weaknesses of each instrument and to provide guidelines for the successful implementation of each system.     

论污染企业周边民众的权利保障

近年来因污染企业引发的环境冲突一直呈高发态势,而民众对自身权利的伸张是冲突的主要诉求。保障污染企业周边民众的各项权利既是以人为本执政理念的集中体现,也是社会建设良性运行的必要条件,更是公平正义弘扬彰显的现实要求。构建这一保障体系需要政府、企业、环保部门、民政部门、非政府组织和民众自身等多元主体的参与,并且需要运用法律的、经济的、行政的和教育的等多种复合手段。     

风险企业的道德风险与控制权配置的模型分析

风险企业的控制权配制是在满足风险企业家激励相容和风险投资家参与约束条件下的一种相机性配置机制,它有别于 传统理论要求的"剩余索取权必须与控制权相匹配"的配置原则,能使双方在签约后根据企业绩效(或企业风险)的变动,进行相 应的权利调整,因而尽可能地解决了风险企业中的风险分担和激励问题。     

基于资本配置效率的中国股票市场制度有效性分析

用资本配置效率表征股票市场制度有效性。使用面板数据分析方法,从行业和地区视角,对中国实行发行核准制度期间股票市场的资本配置效率进行了实证分析。结果表明:中国股票市场的资本配置效率较低,资本配置功能的实现程度较低,股票市场制度低效。指出:中国股票市场的制度变迁应由政府主导转变为市场主导、加大违规处罚力度、培育理性而成熟的投资者,从而更好地实现股票市场制度功能、提升制度有效性。     

长株潭城市群环境污染与经济增长的关系研究

利用长株潭城市群最近10年的经济与环境数据,建立该区域主要污染物排放与经济增长的计量关系模型。结果表明,长株潭城市群环境污染与经济增长的关系符合环境库兹涅茨曲线,除汞为U形曲线外,二氧化硫、化学需氧量、镉等其他7项指标均呈倒U形,且绝大部分指标已越过环境库兹涅茨曲线的转折点,表明长株潭城市群已进入经济与环境协调发展的有序阶段。环境政策的有力实施是促进长株潭城市群经济与环境协调发展最重要的保障。     

排污权交易应用于农业面源污染研究

农业面源污染正在成为全球水污染的主要因素，对其进行有效控制直接关系到全球农业和社会的可持续发展。本文首先阐述了农业面源污染的来源、特点及危害，并对控制农业面源污染常用的税费、补贴、押金——退款等经济手段进行了分析。通过深入探讨排污权交易应用于农业面源污染的可行性和操作办法，得出点源与农业面源的排污权交易能够减少工业和农业的治污成本，实现社会收益最大化；农业面源之间的排污权交易能够增强农民技术革新的积极性，减少化肥农药的用量，保证农业可持续发展的结论。     

Higher Pollution Damage, More Lenient Environmental Policies?

In a standard static setup, optimal environmental taxes are increasing in expected pollution damage. With irreversible investments and new information about environmental damage becoming available over time, we show that this result also holds if damage in the high-damage scenario rises or the probability of high damage increases. However, if damage in the low-damage scenario increases, current environmental taxes should decrease if firms face sufficiently similar abatement costs.     

从社会资本角度探索创新排污权初始分配模式

文章主要探讨排污权初始分配的制度性缺陷,分析我国将排污权免费分配给企业的弊端,提出将排污权在初始分配环节按人头免费发放给每一位社会公民的制度设想。分析论证在此制度框架内,政府、企业和社会公众的利益如何实现动态均衡,强化政府对环境保护的监督管理职能,降低寻租可能性;刺激企业降低排污总量,合理决策排污权购买量和治污技术投入量的水平;强化社会公众对于环境保护的动力机制,鼓励全民监督污染源;加快发展第三方中介机构,完善排污权市场的功能。最后提出要实现这一制度设想,还必须破解科学技术、法律政策和环保设施等现实制约条件。     

排污权交易的层级市场理论与价格研究

借鉴股票的发行、流通、监管程序,提出排污权交易的层级市场结构理论,并据此对排污权交易进行了系统的研究。研究表明,作为排污权交易一级市场（发行市场）的补充,规范有序的排污权交易二级市场（流通市场）对提高排污权交易的效率是必要的;考虑竞争替代的因素采用双方叫价博弈模型研究二级市场的价格问题;最后分析排污权交易中的政府监督及监管问题,认为中央政府和地方政府的双重代理人特性会使政府监督严重失灵,可替代的选择是引进地方政府代理人竞争,通过“社区监督”以强化“政府监督”。     

农村环境污染的网络治理研究

随着工业化和城镇化进程加快,农村环境污染问题日益凸显。如何有效治理农村环境问题已成为社会普遍关注的焦点。与科层治理模式和市场治理模式比较,网络治理具有的多元主体平等、协同治理的独特自在性更契合农村环境污染治理的内在要求。论文首先阐释了农村环境污染网络治理的内涵及框架设计,进而针对农村环境污染网络治理面临的价值目标异化、治理主体权力结构失衡、治理层级结构单一和运行机制形式化的困境进行解构。最后从培育合作治理理念、明确治理权责、构建以政府为主导的多元治理网络结构和建设网络化治理机制提出对策。     

Optimal Protection of Property Rights in a General Equilibrium Model of Growth*

We incorporate weak property rights into an otherwise standard general equilibrium model of growth and second‐best optimal policy. In this setup, the state plays two of its key roles: it protects property rights and provides public services. The government chooses policy (the income tax rate, as well as the allocation of collected tax revenues between law enforcement and public services) to maximize the growth rate of the economy. The focus of our analysis is on how weak property rights generate multiple decentralized competitive equilibria, the different properties of these equilibria, and the implications of second‐best optimal policies.