ON THE ROBUSTNESS OF PRIVATE LEADERSHIP IN MIXED DUOPOLY

We investigate a mixed duopoly where a state‐owned public enterprise competes against a profit‐maximising private enterprise. We analyse whether private leadership or public leadership is robust in the observable delay game. We find that private leadership is always risk dominant. We also investigate how ownership structure in a public firm affects the equilibrium distribution of roles. We find that the roles are as follows: (1) Cournot, when the degree of privatisation is low, (2) private leadership, when it is middle, (3) both private leadership and public leadership, when it is high. The result implies that private leadership is again more robust.     

所有权和控制权分离对企业价值的影响-我国民营上市企业的实证研究

该文考察了我国民营上市企业所有权、控制权以及二者的分离对企业的影响.我们发现,民营上市企业的最终控制人大多采用金字塔方式从而以用较少的投资控制较多的股份.与所有权和控制权分离情况严重的东亚地区的其他9个国家和地区相比,我国民营上市企业的两权分离更大.两权的分离造成了企业价值的下降.我们的结论指出,民营企业的所有权和控制权应该尽量保持相若,且应避免所有者和管理者合一这一经营管理方式.     

试论西部大开发中私营资本的成长

私营资本的成长在西部大开发中具有重要作用，它弥补国有资本的严重不足、促进经济的全面发展、并将成为西部大开发中的主体资本。私营资本成长在西部可以推出原生成长模式、衍生成长模式、嫁接一转移成长模式等三种新的模式。当前在西部地区，私营资本成长存在着思想解放、积累机制、宏观管理和法律规范等方面的问题。促进私营资本在西部的成长，应当建立起有效的制度保障、明晰产权归属、给予适度的信贷和税收优惠、同时还需加大政策转移支付。     

OPTIMAL BANKING STRUCTURE: IMPLICATIONS FOR INTERSTATE BANKING

This paper assesses the implications for the banking industry of relaxing interstate branching prohibitions. Theoretical models suggest that the number, size distribution, and specialization of firms in an industry are determined so as to minimize costs of production. Analysis presented here shows that interstate branching prohibitions, or their removal, are likely to affect costs only if the "convenience" of office location is important and if significant economies of scale are associated with office expansion. These conditions apparently do not hold in either retail banking or wholesale banking. The paper concludes that productive efficiency alone will not force a major consolidation of the banking system when branching restrictions are eliminated. To the extent that a consolidation does occur, it likely will reflect factors not considered in our model. These factors include (1) possibilities for increased diversification with greater size, (2) scarce managerial resources, (3) managerial incentives to maximize the organization's size, and (4) demand for multi-office banking.     

资本外逃对中国宏观经济的影响

针对近年来我国资本外逃呈现愈演愈烈的趋势,许多研究试图解释它的主要动机、方式和渠道,并运用不同的方法对其规模进行估算。区别于上述研究,本文利用模拟模型就资本外逃对我国宏观经济的影响进行定量分析。模型结果显示,一方面,资本外逃可导致实际利息率的提高,从而降低私人消费、投资和总需求,失业率提高;另一方面,资本外逃导致低通胀的环境,低通胀同时意味着我国承受了较低的货币贬值的压力,并且保持了出口增长。     

OWNERSHIP AND SECTOR PERFORMANCE IN PRESENT-DAY CHINA: A REGIONAL STUDY

Abstract.  Using the latest provincial data to investigate the different performance of different ownership sectors, we found that there are significant differences in both production technology and the determinants of performance at provincial level between state controlling sectors, collectives, domestic private enterprises, Hong Kong, Macau and Taiwan funded firms and foreign invested firms. Cobb–Douglas functions fit the production technologies of the state-controlled, collective and overseas Chinese funded sector very well. However, the production technologies of the domestic private and foreign funded sector are better represented by translog function. In addition, the determinants of economic performance change substantially from one ownership sector to another.     

POSITIONAL CONCERNS IN AN OLG MODEL: OPTIMAL LABOR AND CAPITAL INCOME TAXATION*

This article concerns optimal income taxation under asymmetric information in a two‐type OLG model when individuals’ relative consumption matters. Positional concerns affect the policy choices via two channels: (i) the average degree of positionality and (ii) positionality differences between the low‐ability type and the mimicker. Under plausible empirical estimates, the marginal labor income tax rates become substantially larger, and the absolute value of the marginal capital income tax rate of the low‐ability type becomes substantially smaller, than in the conventional model. In addition to measures of reference consumption based on average consumption, we also address within‐generation and upward comparisons.     

中国地区腐败对民营企业国有化的影响

本文使用1998-2007年中国工业企业数据库与省级腐败数据,通过一个简单的模型,证明了在腐败的制度环境下,国有股权可以帮助民营企业避免政府侵害,因此腐败越严重、民营企业越倾向于国有化;并且,盈利能力强的企业更容易受到腐败的侵害。本文发现无论是狭义国有化还是广义国有化都与企业所在地区的腐败率以及企业资产回报率显著正相关;此外,资产回报率越高的企业因腐败而国有化的概率越高。因此,“国有化”可能是中国民营企业面对政府侵害的应对措施。这对我们理解转型国家中民营企业的生存环境与政企关系具有重要意义。     

农村产权改革对劳动迁移的影响

本文构造了一个理论模型,解释农村地权改革如何影响农村居民的迁移决定。本文的结论是,土地产权的进一步改革对于劳动迁移的影响依劳动者所处的环境而定。生产效率比较低的家庭将会减少劳动迁移或不做改变,生产效率较高的家庭不会改变其行为,而介于上面两者之间的家庭则会增加迁移。对于中国2000年三个省份劳动迁移数据的回归分析验证了这一假说。     

中国城镇就业所有制结构的演变:1988-2000年

改革以来,国有部门在城镇就业中所占的比重有了大幅度下降,但在持有本地城市户口的居民中,国有部门就业的比重一直比较高.我们把职工在国有部门就业分解为两方面选择的结果,一个是职工对国有部门的偏好,另一个是国有部门的准入.使用1988年到2000年中国城镇居民住户调查6省的数据,我们联立地估计了这两方面的行为.估计结果表明,在20世纪90年代,城市居民对国有部门的偏好有所降低,但是平均而言仍然保持比较高的水平;国有部门的准入限制在20世纪90年代初期有一定程度的放松,虽然在90年代中期职工大规模下岗期间,这种趋势有些反复,但是下岗高峰期过后,国有部门叉放松了准入.在90年代初期国有部门就业比例的上升,主要是国有部门准入放松的结果;在90年代后期国有部门就业比例的下降,则主要是居民对国有部门偏好有所下降的结果.进一步地对工资部门差别的分析,发现国有部门的工资持续地高于非国有部门的工资,这在一定程度上解释了90年代城镇居民与国有部门之间粘连的原因.该文的发现说明,降低国有部门的工资升水,可以使国有部门的改革更加顺利.     

中国私营企业银行贷款的经验研究

本文利用对我国私营企业的调查数据研究影响私营企业获得银行贷款难易程度的因素。我们发现,私营企业在财产权受到侵蚀和面临政策歧视的情况下获得银行贷款比较困难,此外,私营企业主对私有财产权的自我保护有助于私营企业获得银行贷款。我们还发现,在借贷双方的信息不对称和借款方道德风险问题得到较好解决的情况下,私营企业比较容易得到贷款。     

MATCHING MARKETS WITH MIXED OWNERSHIP: THE CASE FOR A REAL‐LIFE ASSIGNMENT MECHANISM*

We consider a common indivisible good allocation problem whose popular applications include on‐campus housing, kidney exchange, and school choice. We show that the so‐called New House 4 (NH4) mechanism, which has been in use at MIT since the 1980s, is equivalent to a natural adaptation of the well‐known Gale–Shapley (GS) mechanism. We run two experiments comparing NH4 with the prominently advocated Top Trading Cycles (TTC) mechanism and NH4 with GS. We find that under NH4, the participation rate is significantly higher than under TTC. Based on a new ordinal test of efficiency, NH4 is more likely to Pareto dominate TTC.     

我国金融机构的存差:历史沿革和含义变化

1994年以来,我国银行体系的存差规模不断扩大,并成为国内学者关注的焦点。针对当前国内学者对金融机构"存差"概念的不同认识,本文旨在为分析这一问题提供合理的分析视角。研究表明:金融机构存差的机构口径差异是导致国内学者出现模糊认识的关键。本文从信贷管理体制历史沿革的角度对不同时期我国金融机构存差的含义进行了分析,解释了区域金融的视角下对存差扩大的不同理解。文章最后还讨论了我国金融机构存差的扩大与目前国内流动性过剩之间的关系。     

伦敦都市区新城发展及其对我国城市发展的启示

大城市规模巨大、城市问题突出,许多国家力图通过发展新城来缓解城市问题、塑造合理有序的区域土地利用格局。英国是世界上最早完成城市化和工业化的国家之一,田园城市和新城的概念都起源于该国,至今约有100多年的历史。英国城市发展理念先进,在理论和实践上都积累了很多成熟的经验。在考察英国新城概念演变的基础上,分析了伦敦都市区8个新城的功能和特点、新城发展中存在的问题及其引起的争议。希望通过总结伦敦新城发展过程中的成功经验和失败教训,为我国大城市的新城发展和城市布局提供参考。     

CREDIT CONSTRAINTS IN THE MARKET FOR CONSUMER DURABLES: EVIDENCE FROM MICRO DATA ON CAR LOANS*

We investigate the significance of borrowing constraints in the market for consumer loans. Using data from the Consumer Expenditure Survey on auto loan contracts we estimate the elasticities of loan demand with respect to interest rate and maturity. We find that, with the exception of high income households, consumers are very responsive to maturity and less responsive to interest rate changes. Both elasticities vary with household income, with the maturity elasticity decreasing and the interest rate elasticity increasing with income. We argue that these results are consistent with the presence of binding credit constraints in the auto loan market.     

我国农用地分等定级研究综述

农用地分等定级是个较复杂的问题。近年国内虽然在农用地分等定级研究的理论及方法上进行了深人研究,但认识还不统一,在研究过程中往往将分等和定级两个不同概念模糊化。文章对农用地分等定级的概念内涵和分等定级研究的形势要求进行了详细分析,并回顾了国内农用地分等定级的理论和方法研究,总结了我国农用地分等定级的主要方法体系,并对其中模拟作物产量法、限制因素法、综合指数法进行了详细论述。文章最后对农用地分等定级存在的问题提出了一些建议,力图使分等定级方法体系更为完整,为农用地分等定级的实际工作提供切实可行的理论依据。     

FEDERAL WATER POLICY REFORM: IMPLICATIONS FOR IRRIGATED FARMS IN CALIFORNIA

The Central Valley Project Improvement Act dramatically changes federal water policies in California and may serve as a model for reforms throughout the western United States. This paper details key CVPIA provisions, including water markets, tiered prices, and water for environmental uses, and analyzes potential implications for a subset of affected farmers.