A DEA Approach to Understanding the Productivity Growth of Malaysia's Manufacturing Industries

This paper seeks to explain the productivity growth performance of Malaysia's manufacturing sector using a panel data of 28 industries from 1981–1996. Here, the data envelopment analysis technique is used to calculate and decompose the Malmquist index of total factor productivity (TFP) growth into technical change, change in technical efficiency and change in scale efficiency. This allows the identification of the sources of productivity growth which is crucial for policy formulation. It was found that the annual TFP growth of the Malaysian manufacturing sector was low at 0.8% and this was driven by small gains in both technical change and technical efficiency, with industries operating close to optimum scale.     

提高聚合物驱三次采油技术工作质量

根据长庆油田第一个三次采油技术研究项目的现场应用，介绍了影响聚合物驱三次采油技术工作质量的因素，从质量控制入手，狠抓重点质量监测点，取得了明显增油降水的预期效果，获得了较大的社会效益和经济效益，为进一步深入研究注水开发后期提高原油采收率技术及其推广和应用奠定了基础。     

基于政策目标的存款利息得税的有效性分析

我国1999年开征的存款利息所得税是一次典型意义上的相机调控行为,短期内达到了预期的调控目标。但随着政策持续时间的延长,政策刚性对社会公平和经济长期增长的负面影响也在逐步增强。而且相机性财政政策仅仅是一项短期政策,不应该被长期实施。相机性政策的长期实施不仅会使短期的政策效应丧失,而且政策刚性产生的负面影响将会不断扩大。对利息所得税而言,如果不能将其纳入个人所得税改革的整体框架内统筹安排,则应考虑尽快退出。     

国有股权治理与经营绩效

最近有关民营与国营企业的治理效率的讨论异常激烈,但较多的争论都是采用规范研究或者案例分析的方法,而国内较多的经济学者较早时候采用实证研究方法得出的结论大都为民营企业治理效率高于国有企业,本文采用中国证券市场运作相对成熟的1999-2003五年间的数据进行实证研究,对国有控股与非国有控股进行实证分析,得出的结论为国有控股企业平均业绩高于民营企业。这里当然有国有上市公司中一部分垄断性企业获取了垄断收益的影响,但是国有上市公司近年来不断提高业绩以及民营企业最近借壳上市后导致上市公司形成巨大亏损的事实都与本文的结论暗合。     

不完全竞争、交易效率和证券风险

本文提出了一种崭新的理论观点———不完全竞争的市场结构是证券风险的一个重要来源,并利用市场数据进行了实证分析。此外,本文还发现不完全竞争的市场结构会通过影响买卖双方的交易策略而降低市场的交易效率。     

从"兼顾公平"到"更加注重公平"的若干思考

自党的十四大以来,关于效率和公平的提法,经历了“兼顾效率与公平”———“效率优先、兼顾公平”———“更加注重公平”的三大变化。每一个提法都有客观背景,其中“效率优先、兼顾公平”的提法占统治地位12年之久。目前,这一提法已经不符合当前形势的要求,应由“更加注重社会公平”来取代,这是促进社会和谐的要求。     

税收正义刍论

税收正义是当前税制改革的前提规范。一个税收体制公正合理性的基础是平等课税、公平税负、效能化税收的真正体现。构建社会主义“和谐社会”需要一个公正合理的税收制度的支撑,需要一个真正实现了程序正义、结果正义和制度正义的税收体制的建构。因而,现代税收制度的建构呼吁税收正义的实现。     

Do the Forward Sales of Real Estate Stabilize Spot Prices?

We examine the effect of forward sale (pre-sale) activities on the volatility of spot prices in the real estate market. The abundance of pre-sales data and major changes in regulatory control on the pre-sale market during the 90's in Hong Kong allow us to undertake empirical tests using Hong Kong's real estate data. Our results show that the volatility of spot prices increased significantly after forward sales were severely dampened by regulatory control measures introduced in 1994, but decreased again when the measures were partly relaxed in 1998. The results contribute to the long lasting debate on whether the introduction of a futures market reduces the volatility of spot prices. Previous studies were mainly conducted in markets with low transaction costs, notably financial markets. By utilizing the unique regulatory changes in the pre-sale market of Hong Kong, we are able to conduct an experiment on the conditional volatility of spot prices in a high information-cost environment, thereby shedding light on the important role of forward housing contracts in providing price expectation information for spot trading.     

The Informational Efficiency of the Equity Market As Compared to the Syndicated Bank Loan Market

The loan market is a hybrid between a public and a private market, comprised of financial institutions with access to private information about borrowing firms. We test whether this is reflected in informationally efficient price formation in the loan market vis-a-vis the equity markets, and reject this private information hypothesis. We also reject a liquidity hypothesis which suggests that equity markets always lead loan markets, despite bank lenders' access to private information, because of greater liquidity in equity markets. We further test, and reject, an asymmetric price reaction hypothesis that states that loan returns are more sensitive to negative information whereas equity returns respond symmetrically to both positive and negative information. We find evidence most consistent with an integrated markets hypothesis that suggests that both the equity and syndicated bank loan markets are highly integrated such that information flows freely across markets. This is particularly true when the equity market makers are also loan syndicate members.      

中国经济真的动态无效吗

史永东与杜两省、史永东与齐鹰飞、袁志刚与何樟勇相继考察了中国经济的动态效率,结果均表明中国经济是动态无效的.本文首先通过实证研究进一步检验上述结论,并进而追问中国经济为什么会发生动态无效.笔者的分析表明,这种无效性只是一种表象,它是由我国的粗放式经济增长方式决定的,其根源在于静态资源配置,特别是投资配置的无效性.在此基础上,本文进而指出,上述作者提出的消除无效性的政策建议是不恰当的,真正有效的途径只有转变增长方式,提高增长绩效.