Road Pricing I

Readers of Economic Affairs , the Journal of the IEA, are invited to contribute to this section notes on previous articles, other IEA publications, and emerging ideas in economics. All such contributions must be typed double-spaced, not exceed 750 words, and be addressed to Kenneth Smith, Letters & Comments Editor, Economic Affairs , 2 Lord North Street, London SW1P 3LB.     

Road Pricing and the Edge worth Paradox

Can road pricing cure traffic congestion? Dr Martin Mogridge, of the Transport Studies Unit of University College London, explains how taxing cars and subsidising buses could reduce traffic congestion. Readers who may find Dr Mogridge's technical argument difficult should refer to the box.     

How to Make Road Pricing Popular

Can road pricing be made popular? Phillip Goodwin, director of the Oxford University Transport Studies Group, explains how road pricing could be made popular with the electorate - and politicians.     

Electronic Road Pricing for Public Transport

It is increasingly recognised that some form of rationing of congested road space is urgently required. Electronic road pricing would lead to a more rational use of private and public transport, and would influence the development of our towns and cities in the future.     

Road Pricing: Solving the Technical Problems

How would road pricing work? Peter Hills and Phil Blythe, of Newcastle University, explain the technical developments which make a variety of road pricing schemes a genuine possibility.     

城市交通拥挤收费的问题研究

在分析国外交通拥挤收费成功经验基础上,对实施交通拥挤收费的必要交通条件进行了归纳,并指出我国实行拥挤收费所面临的特有的困难,这其中包括收费制度难确定,实施成本较高,现阶段公交系统不能提供有效支撑,公众难以接受等。故本文认为在上述问题未解决之前,实施拥挤收费并不能取得良好效果。     

我国城市路边停车定价方法研究

本文运用决策分析方法,采用制度经济学和次优定价理论的思想,针对路边停车的政府直接管理模式建立了单层非线性决策分析模型,该模型中对停车需求预测采用了基于出行的Logit预测模型,针对路边停车的企业管理建立了两层优化非线性决策分析模型,并给出了该模型的遗传算法求解过程。结合广州市停车管理研究中有关数据,实证分析了广州市路边停车定价问题,计算出路边停车最优价格,并制定了相应的路边停车定策略。     

股票基本定价与定价模型的选择

现代市场经济发展的主要方面之一是金融发展。在发达的市场经济条件下,每个国家、企业和个人的经济活动都离不开金融。人们从事金融活动的欲望越强烈,社会资本积累的速度就越快。尤其在资本总量一定的情况下,金融活动越活跃,货币与资本市场越发达,资金的使用效率就越高。经济发展水平高,人们对投资与储蓄的要求就会多样化,从而也会促进金融工具创新的多样化,导致融资方式和融资渠道多样化,而金融的发展,又可以加速经济     

Unbundling Ownership and Control

We study control contests under asymmetric information. Using a mechanism design approach, we fully characterize the optimal control contest mechanism. The optimal mechanism requires increasing the number of shares owned by the incumbent insider if he remains in control, while giving him a golden parachute that includes both shares and cash if he is deposed. The model underscores a novel explanation for the prevalence and persistence of the separation of ownership from control: efficiency in control contests is more easily achieved when ownership of cash flow rights is not concentrated in the hands of insiders.     

股权结构特征与混合所有制企业效率

以2003年1月—2017年12月沪深两市混合所有制企业为研究样本,考察了股权结构特征对企业效率的影响,研究发现:(1)总体上,国有+民营国有+民营+外资以及国有+外资这三种股权多元化模式中并没有哪一种模式表现出显著的优越性,但对于那些规模大、经营效率较高的企业来说,股权多元化更有利于其效率提升;(2)引进外资对混合所有制企业效率提高有显著的正向作用;(3)适当降低国有股比例,缩小国有股和非国有股之间的占比差距有利于提高企业效率;(4)实际控制人为国有股的企业效率普遍更高,但在高效率企业中,实际控制人性质为民营股时企业效率表现最好。     

股权结构与财务重述研究

以2005年-2009年闻中国A股上市公司补充与更正报告中出现"会计差错更正"项目的公司为研究对象,以是否发生财务重述为因变量,采用配对样本分析方法考察了股权结构对财务重述的影响.结果发现,股权集中度越高,发生财务重述的概率越低;国有股比例越高,发生财务重述的概率越高;流通股比例越高,发生财务重述的概率越低;管理层持股比例与财务重述之间呈U型关系;而法人股以及机构投资者抑制财务重述的作用不明显.研究拓展了财务重述的内容,为监管部门防范财务重述、改进股权结构以及提高公司治理效率提供了经验证据.     

Corporate Ownership and Environmental Proactivity

The present paper advances knowledge of the drivers of firms' proactive environmental strategies. In particular, it explores the relationship between different corporate ownership structures and firms' green proactivity, in order to see whether some types of shareholder act as a stimulating driver for firms' proactive environmental behaviors. The study examines the explanatory power of corporate governance issues, such as a firm's ownership structure, as potential determinants of companies' environmental proactivity. Attention is focused on the European firms included into the Carbon Disclosure Project questionnaire 2012. The results show that ownership structure matters in firms' environmental proactivity. In particular, firms with a higher percentage of state ownership present superior green proactivity, while ownership concentration appears negatively related to proactive environmental strategy. The paper offers theoretical and practical implications. It focuses attention on a still underdeveloped research area, namely organizations and their relationship with the natural environment, including corporate ownership as a driver of a company's proactive environmental strategy. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Nonlinear Pricing and Oligopoly

We consider the general problem of price discrimination with nonlinear pricing in an oligopoly setting where firms are spatially differentiated. We characterize the nature of optimal pricing schedules, which in turn depends importantly upon the type of private information the customer possesses–either horizontal uncertainty regarding brand preference or vertical uncertainty regarding quality preference. We show that as competition increases, the resulting quality distortions decrease, as well as price and quality dispersions. Additionally, we indicate conditions under which price discrimination may raise social welfare by increasing consumer surplus through encouraging greater entry.     

民营上市公司少数股权控制结构与公司绩效的实证研究

本文以2005年以前在我国沪、深两地上市的196家民营上市公司为样本,研究了少数股权控制结构与民营上市公司价值之间的关系。结果发现,少数股权控制结构不利于公司价值,控制权与现金流权的分离程度越大,公司价值越小;最终控制人所拥有的控制权比例越大,公司价值越低;同时还发现,现金流权比例与公司价值显著负相关,这可能与民营上市公司的最终控制人谋取“控制权私人收益”有关。     

“金字塔”结构、两权分离与公司价值

企业的集团化伴随着"金字塔"式的多层控股结构的产生,"金子塔"股权结构带来了控股股东控制权与现金流权的分离,进而对公司价值产生影响。文章运用我国上市公司数据,检验了"金字塔"股权结构、两权分离对公司价值的影响状况与影响机制。研究结论对于加强上市公司监管、完善公司治理、保护中小投资者利益具有重要启示。