Hardened Budget Constraints in Romania: An Approach by CGE Modeling

This study estimates the effects of hardened budget constraints on the Romanian economy and tests a market price-based policy by removing state subsidies. As most subsidies are granted to and through the energy sector, the analysis focuses on energy issues. A general equilibrium approach is used for the empirical application. The results fit the theory and show that removing subsidies contributes to eliminating distortions: energy intensity declines, the Gini coefficient drops and general welfare improves. The main effects of applying a cost recovery policy are the improvement of agents' self-financing capacity and of their investment structure. Surprisingly, production cost falls in all sectors, since cross-subsidies are removed.     

隐性激励与国有企业经营者激励机制重构

重构国企经营者激励机制，是完善企业家职能分工、避免经营代理人在企业合约不完全条件下将个人成本外化而使企业受损的必然要求。运用交易成本理论和竞争理论，并根据经营者在公司治理结构中的角色定位，有必要在重构国有企业经营者激励机制时注重引入隐性激励因素。     

企业信用重构与会计信息失真治理

信用系统理论指出信用是建立在系统信任之上的一种有条件的期待性承诺。会计信息是企业经营活动情况的表征,是由专业人员依据会计准则和严格的统一格式做成的会计报表反映的经济信息,是企业信用建构的信任系统。企业会计信息真实、准确、公允、正当是企业信用信任系统;信任系统是信用的基石;因此,会计信息是企业信用重构基础。     

The Polish Experience in Bank and Enterprise Restructuring

MOCT-MOST: Economic Policy in Transitional Economies -     

Social norms and gift behavior: Theory and evidence from Romania

In many developing and transitional countries with limited public income redistribution, inter-household transfers in general, and gifts in particular, are sizable and very important. We use unique Romanian survey data that enables us to isolate pure gifts from other private transfers. We explicitly focus on the importance of community-wide social norms, and find that they indeed play a major role for both the occurrence and the values of gifts. More exactly, our results suggest that the overall predominant gift motive among Romanian households is a norm of reciprocity. Moreover, this norm seems to be dominating for gifts to middle- and high-income households. Even though poor households receive to the same extent, norms of both impure altruism and reciprocity tend to be important. Hence, although the poor may not reciprocate gifts to the same extent as the rich, they still receive, since there is a social norm to give, especially to the poor.     

现代中央银行政策:理论、挑战与重构

现代中央银行制度是一国宏观经济治理的重要内容,现代中央银行政策是现代中央银行制度及功能的主要体现。中央银行在演变过程中逐渐具备了为政府提供贷款、货币发行、最后贷款人、制定货币政策、制定宏观审慎政策等现代中央银行的功能。现代中央银行政策作为现代中央银行制度的核心构成,其理论框架主要包括最终目标、操作目标、政策工具、传导机制等。由于现代中央银行政策具有目标多元、工具复杂、从工具到目标间接传导等特征,因此提高政策精准度至关重要。中国构建了较为完整的现代中央银行政策框架,但在金融适度分权改革环境下,地方政府、企业、银行、居民等市场主体的行为选择使现有的中央银行政策需要进一步改进和完善,尤其是需要提高政策的精准性,包括提高政策基准变量计算的精准性,提高货币政策工具和宏观审慎政策工具的精准性,提高"双支柱"政策与财政政策、产业政策、国际金融政策等政策工具组合的精准性。     

Foreign Direct Investment and Enterprise Restructuring in Central Europe

Foreign direct investment is at the forefront of economic policy decisions in Central Europe, as it is expected to accelerate enterprise restructuring and aid in the successful transition to a market economy. This paper contains a panel data study of the effects of FDI in 11 different manufacturing sectors within three Central European economies: Hungary, Poland and the Czech Republic. We find evidence that FDI has increased labour productivity levels in most manufacturing sectors. We are able to differentiate between sectors with a high elasticity of substitution between labour and capital and those that are inelastic. We have also presented evidence to support the theory that the impact on labour productivity is predominantly due to the intangible assets introduced by foreign firms, rather than simply the fixed capital investment associated with FDI.     

Bargaining Over Environmental Budgets: A Political Economy Model with Application to French Water Policy

In decentralized water management with earmarked budgets financed by user taxes and distributed back in the form of subsidies, net gains are often heterogeneous across user categories. This paper explores the role of negotiation over budget allocation and coalition formation in water boards, to provide an explanation for such user-specific gaps between tax payments and subsidies. We propose a bargaining model to represent the sequential nature of the negotiation process in water districts, in which stakeholder representatives may bargain upon a fraction of the budget only. The structural model of budget shares estimated from the data on French Water Agencies performs well as compared with reduced-form estimation. Empirical results confirm the two-stage bargaining process and provide evidence for systematic net gains from the system for agricultural water users.     

转轨经济中的国有企业重构:新的理论解析及中国对策

本文基于既有相关研究,对转轨经济中的国有企业重构进行了一个新的理论解析,指出转轨经济中的国有企业重构是民营化、治理演进与制度互补三者之间的整合,其实质是一种基于民营化与制度互补的国有企业治理重构。本文籍此就中国经济转轨中的国有企业重构及其治理文化的适应性重塑进行了探讨,并提出了相应的政策建议。     

Economic Benefits Resulting From Irrigation Water Use: Theory and an Application to Groundwater Use

Traditional economic analysis using a crop production function approachhas assumed that all variable factors, including irrigation water, arefully employed in the crop production process. However, this paper firstdemonstrates that economic benefits of irrigation water areoverestimated when the crop production function, and therefore theirrigation water demand function, is expressed in terms of irrigationwater supplied, rather than consumptive irrigation water use. Second,the paper demonstrates that the magnitude of the estimation bias isproportional to the rate of irrigation water losses through leaching,runoff and evaporation. Consequently, the model misspecification problemwould lead to increased irrigation water use and reduce incentives forfarmers to adopt improved irrigation technologies.     

An Optimal Currency Basket to Minimize Output and Inflation Volatility: Theory and an Application to Hong Kong

In this paper we develop a theoretical model of an optimal currency basket for a small open economy. A currency basket for the home economy is defined as a chosen weighted average of a subset of foreign currencies, and an optimal currency basket is taken to be one that minimizes a given weighted average of the expected output volatility and expected inflation volatility. This theoretical model is then applied to Hong Kong, which has adopted a currency board system for close to 30 years. We estimate an optimal currency basket for Hong Kong and compare its performance with the existing currency board system as well as with currency baskets whose weights are given by export and import trade shares.     

Determinants of Enterprise Restructuring in Transition: Description of a Survey in Russian Industry

The survey described in this article collects data on enterprise restructuring, ownership, competition, budget constraints and, particularly, institutions in Russian industry, covering the period between the start of 1992 and September 1999. On their own, the survey answers show a devastating restructuring crisis, massive privatisation, rather weak competition, unexpectedly hard budget constraints, an overwhelmingly negative and relatively positive assessment of formal and informal institutions respectively, and largely the same ruling networks as before the start of market reforms. Ironically, tentative results based on this survey indicate that important determinants of enterprise restructuring in Russian industry are exactly those on which least reform has been accomplished: stronger competition and better institutions go with more restructuring, while privatisation and harder budget constraints do not. The substitution, to some extent, of informal for formal institutions may have prevented even worse restructuring figures, but better formal institutions in general would have led to further improvements.     

Restructuring corporate r&d: from an autonomous to a linkage model

Since the mid-1980s, industrial R & D in the US has been going through major changes, i.e. a decline in industrial R&D expenditure and restructuring of centralized coqorate R&D laboratories. the autonomous model of rerearch, which has existed since World War Il, is being replaced by the linkage model in many leading corporate R&D laboratories. This paper presents the main features of both models, the reasons behind the retructuring, and the future implications of the linkage model. The findings of the paper are primarily based on 53 industrial with industrial scientists and managers; most of the changes are new and have not been examined in the literature. This paper draws the attention of scholars to recent changes in the management qf znnovatzon and sugests further study. The linkage model links scientists' research to the immediatt needs of business. However, it also decreases the likelihood of major breakthroughs occurring in technological in.innovation.     

企业理论:契约,所有权,委托代理

新古典理论主要从技术角度来分析企业,将企业视为黑箱。而新制度学派的企业理论则把目光投向了企业内部,其重点是企业的契约性质理论、所有权安排理论、委托代理理论。尽管对企业理论进行划分和整理具有一定的难度,文章仍然试图以企业的契约理论的递进层次为线索,按照理论的研究领域和核心问题给出一个解释,并给出了企业的契约理论内部框架。     

Sustainable Development and International Distribution: Theory and Application to Rainforests

A situation is analyzed in which two countries negotiate the financing of costs that accrue if one of them switches onto a sustainable development path. The other country's incentive to pay arises as it benefits from the developing country's environmental resources, but at an ever declining rate as long as development remains nonsustainable. In an application to the protection of tropical rainforests it is shown that North to South redistribution of welfare would be substantial, yet the North would still gain enormously in efficiency terms. An explanation is given of why the Rio Conference failed in terms of rainforest protection.     

大数据应用与企业开放式创新的协同演化——基于扎根理论的对比性案例研究

现有研究大多聚焦于验证大数据与人工智能对企业创新的驱动作用,缺少对大数据应用和企业开放式创新互动关系的探讨。基于协同演化视角,通过对7个制造业和服务业案例企业的对比性研究,利用Nvivo12软件进行扎根理论编码分析,结果表明：①大数据应用与企业开放式创新存在紧密双向赋能关系;②由于行业属性及企业自身条件不同,大数据应用与企业开放式创新协同演化存在两种模式,分别是数据驱动型和创新驱动型。数据驱动型协同演化往往发生在制造企业中,创新驱动型协同演化则多见于服务企业。     

从国家到市场:罗马尼亚医疗保障制度的改革

1989年东欧剧变之后,罗马尼亚国家保障型的医疗制度已无法适应转轨之后变化了的社会、政治和经济形势.20世纪90年代末期,为了改善人口的健康状况、提高资源的使用效率、转变医患关系、提高医患双方的满意度,罗马尼亚对其医疗保障制度进行了重大改革,在筹资模式、管理模式、经营方式、成本效益方面实现了四个“转变”.改革取得了一定的成效,市场因素得到强化,但今后面临的挑战仍很严峻.     

真实期权:企业理论的新动向

20世纪90年代中期后,在企业理论领域中,真实期权方法被越来越多的学者所采用,其发展大致分为三个部分:一是与企业能力理论相融合,用以解释企业能力形成和绩效差异;二是为解决企业性质、企业边界及治理选择等问题提供全新的视角;三是与交易成本理论相结合,为企业制定最优战略提供一个更为现实和完整的理论框架.     

企业理论的两种进路:在批判中超越

新制度学派企业理论和马克思企业理论各有不同的理论进路。前者的预设前提、论证过程和理论目的存在严重缺陷；后者虽提供了客观认识现实的方法论指导，但其论证有待深化，结论有待扬弃。资本与劳动间非对称的产权关系和产权结构的不同特点以及由此所决定的二者不同的市场权力地位，是当前资本逻辑形成的原因。构建和谐企业理论的关键是要在企业的双重属性前提下超越“雇佣”的认识局限，走出“剥削”的历史阴影。