Vertical Disintegration: A Dynamic Markovian Approach

In a model where a monopolistic downstream firm (assembler) negotiates simultaneously with each of its intermediate‐input suppliers the prices of the complementary components which enter its product, we analyze the process by which the assembler separates from its suppliers as a Markov Perfect equilibrium. Due to a negative strategic effect (the prices and profits of independent suppliers decrease when their number increases), the assembler’s marginal return from keeping an upstream subsidiary is lower than the market value of an independent supplier. Separation is immediate when the downstream firm’s initial number of upstream subsidiaries is below a critical level. It is progressive in the reverse case and eventually leads to a mixed strategy whereby the assembler keeps all the remaining subsidiaries with some probability, and sells all them off in one go with the complementary probability.     

行为金融述评：渊源、定位与在中国的研究

由于标准金融学的理性人假设和有效市场假说的缺陷,行为金融以心理学和行为学为基础,提出有限理性和非有效市场,来解释金融市场的异象,这是对标准金融学的强有力挑战。标准金融学和行为金融学之间的差异是研究目标不同。标准金融学描述经济个体的最优决策行为,而行为金融描述的是真实决策行为。文章综合了国内外的研究文献,对行为金融的渊源和定位作出综述,并提出目前行为金融的研究框架内容和在中国的研究展望。     

我国太阳能光伏技术扩散预测研究

太阳能光伏的利用和商业化已经受到世界各国的重视,本文以太阳能光伏技术为研究对象,以Logistic模型为基础,估算我国2010年之前太阳能光伏市场最大经济可开发量,并预测2010~2030年间太阳能光伏技术扩散趋势。结果表明,太阳能光伏技术发展呈曲折上升趋势,2009年太阳能光伏发电最大经济可开发量达25379.13兆瓦,但实际仅利用1.2%。2020年我国太阳能光伏市场开发率也将达到12%,2030年我国太阳能光伏市场开发率将达到59%之多,这对于缓解我国电荒有重大意义。我国太阳能资源丰富且前景广阔,政府应加大重视太阳能资源在光伏领域的应用及投入,以提高太阳能资源的市场价值。     

"一带一路愿景与行动 " 与东方桥头堡建设研究

厘清多重国家战略叠加与"一带一路愿景与行动"的关系,确立陆桥通道在"一带一路愿景与行动"的定位,加快东方桥头堡建设,对江苏融入一带一路战略,推进对内对外双向开放,加快连云港东方桥头堡建设,具有重要意义.     

The Distributional and Allocative Impacts of Virtual Labor Mobility across Time Zones through Communication Networks

Using a specific‐factors' model, with two goods (a shift‐working good and a non‐shift‐working good), three factors (capital specific to shift‐working, land specific to non‐shift‐working and labor) and two countries (Home and Foreign), which are located in different time zones, we highlight the impact of trade in labor services via communication networks on factor prices and production patterns. If two countries are identical in size, then under free trade in labor services, all workers work only in their local daytime, and night shift in each country is performed by imported labor services supplied by residents of the other country in their local daytime. Night‐time wage becomes the same as daytime wage (a wage equalization result). Other factor prices are also equalized. In both countries, capital rental rate increases, while land rent decreases. However, if two countries are different in size, trade in labor services does not equalize wages: in the large country, wages for night‐shift workers are higher than daytime wages and some residents work at night; in the small country, daytime wages become higher than night‐time wages and no one works at night, and night‐shift work is done by imported labor services from the large country. Land rent in the small country decreases. Land rent in the large country may or may not decrease, but it is always higher than in the small country. Capital rental rates in both countries are equalized and increase.     

资源型城市土地资源与矿产资源冲突问题分析

我国资源型城市的发展遇到难题,破解这一难题是当前的重大任务.引起资源型城市发展困难的一个原因就是土地资源与矿产资源的冲突.因此,资源对土地的补偿是恢复土地生产力和资源型城市发展的一个重要方面.在对资源开发的同时,应对土地的破坏作出必要适当的补偿.     

论两类不同性质的矛盾:外汇措施与汇率安排——探寻IMF与WTO对人民币汇率义务的管辖关系

廓清IMF与WTO的关系以确定人民币汇率义务的管辖归属和衡量依据,需要区分外汇措施和汇率安排.由于外汇措施与贸易措施具有交叉重叠的效果,IMF与WTO在以上领域存在需要廓清的复杂关系,但是,汇率安排基本上属于IMF专属管辖,GATT的有关规定与此无涉.西方的有关指控属于汇率安排问题,应由IMF依IMF协定第4条进行监督,而不应由WTO争端解决机制解决.     

内部资本市场研究历程:理论、建模与实证——我国内部资本市场研究十年回顾

围绕内部资本市场的概念、内部资本市场运作的基本原理及该理论在我国十年的研究成果,对已有的文献进行归纳和梳理,最后形成一个综合性的主流研究框架,在此基础上进一步指出内部资本市场理论与实践的未来研究趋势。     

制度环境与过度投资——来自中国上市公司的经验证据

以我国特有的制度环境为出发点研究企业过度投资行为,分别分析了我国各地区的政府干预、法治和金融发展对上市公司过度投资行为的影响。研究结果表明,政府干预程度与企业过度投资成正相关,法治、金融发展水平与企业的过度投资成负相关,企业外部制度环境的改善会制约企业的过度投资行为。进一步的研究发现,与法治和金融发展相比,政府干预是影响企业过度投资行为更为基本的因素。     

工会提高了员工福利和企业效率吗?——来自第一次全国经济普查的微观证据

中国拥有世界上规模最为庞大的工会组织,承担着增进社会福利和维护员工利益的双重职能,但先前对工会作用的研究定性分析较多、定量研究较少。本文运用第一次全国经济普查25万多家企业的数据进行实证研究,结果发现:(1)无论是运用工会虚拟变量还是工会人数占比作为解释变量,工会都与企业的劳动生产率、全要素生产率和培训费用负相关,与人均工资、三险一金和福利费正相关;(2)通过工会经费获取能力筛选出"活跃工会"子样本进行稳健性检验,也得到了相同的结论。这说明我国工会已经显著履行了提升职工福利的职能,未来发展中我国工会还应当积极参与企业管理、提升企业效率。