铁路产业投资基金：控股权、 收益权与制度补偿

本文研究了铁路产业投资基金有关控股权、收益权与制度补偿等问题，运用实证分析法，对铁路投融资模式的选择及未来融资能力进行了探讨。本文的结论认为，铁路现有的投融资能力已难以支撑铁路大规模的建设需要，设立铁路产业投资基金势在必行。铁路行业的社会公益性、产权的单一性以及管理体制改革的滞后性，使得铁路产业投资基金具有一定的特殊性。发展铁路产业投资基金，首先需要优化基金的控股权，并通过相应的制度性补偿破解基金的收益瓶颈，实现以少量铁路资金带动数倍于己的社会资本投资铁路项目建设的目标。     

瑞士住宅市场特征解读及启示

与其他国家相比,瑞士住宅市场有四大特征:一是瑞士居民主体以租房为主,房地产的自有化率比较低;二是瑞士的房价高,但住宅市场保持平稳,并未出现周期性的高潮阶段和低谷阶段;三是瑞士住宅市场的空置率很低;四是公共租赁房占据租赁市场的最大份额。这些特征可以为我国的房地产政策的长效机制提供借鉴。     

Optimal mixed ownership: A contract view

This paper reconsiders the classic issue of whether provision of a public good should be undertaken directly by the government or through private contracting (Hart, Andrei, & Robert, 1997). We consider a third alternative of provision by a mixed ownership firm. We assume that this mixed ownership firm provides the government principal with a combination of the contracting problems it faces in the two more extreme alternatives. We show that full government ownership and provision is never optimal and that frequently the mixed firm undertakes intermediate investments that also prove welfare superior to fully private contracting. These results carry over to an extension in which the agent is presumed to be a foreigner.     

Private matters

Why do private firms stay private? Empirical evidence on this issue is sparse, as most private firms in the U.S. do not report their financial results. We investigate why private status matters by taking advantage of a unique dataset of large, leveraged private firms with SEC filings. Unlike a number of other studies, we find that neither the existence of growth opportunities, nor the desire of firm founders to diversify, is a principal determinant of the decision whether or not to retain private status. Rather, the existence of private benefits of control appears to serve as the most significant incentive to stay private. Family-controlled firms have significantly lower probabilities of filing for an IPO, while a board structure that grants management relatively more autonomy lowers the probability of an IPO filing as well. Cross-sectional analysis of profitability and ex post performance suggests that while private benefits of control may encourage firms to stay private, they do not have detrimental effects on firm efficiency. In contrast, firms controlled by private equity specialists appear to place a low value on control benefits and are likely to go public as a means of cashing out.     

Political exchange in mass party regimes and the transition from socialism

This paper contrasts the east European and the Chinese routes of exit from the Soviet-type economy and argues that a communist regime, if it is to remain in power, cannot renounce state ownership or control of large-scale industry and party control of managerial appointments, careers, and incomes: these two features make up an enforceable, efficient contract for political service in a monopolistic political market. These features were abandoned in the European route and preserved in the Chinese route because of the average versus modal character of party representation and membership in the two groups of countries, so that the modal nature of the Chinese party is the key to the regime’s survival and success under market reform. The approach also explains the failure of Gorbachev’s attempt to export the Chinese model to the Soviet Union in the form of perestroika.     

农村集体土地所有权制度的完善

目前对农村集体土地依照市场规律进行统一经营尚存在法律制度上的障碍,明确权利归属,保障权属的稳定,分步骤、有条件地逐渐实现集体土地的流转,在强化集体土地使用权的同时,弱化集体土地所有权,严格限制征收农村集体土地,是完善农村集体土地所有权制度的切实可行的途径。     

邓小平的两个“为主体”说与资本主义剥削的“功”和“理”

邓小平的整个中国以社会主义为主体、大陆以公有制为主体的理论和以此为基础的社会主义初级阶段基本经济制度昭示出，一定范围内存在的资本主义剥削有功。但社会主义的本质是消灭剥削，因为剥削无理。邓小平的两个“为主体”理论和社会主义初级阶段基本经济制度，要求把资本主义剥削的“功”和“理”统一起来：不能由于剥削无理而否定资本主义经济及其剥削存在的现实合理性，也不能由于一定范围内存在的资本主义剥削有功而否定以公有制为主体。     

Dynamics of Export Market Entry and Exit*

We apply discrete time duration models to explain the duration until new plants start to export and the duration until exit from the export markets, using data on Finnish manufacturing plants. Plants that are large, young, highly productive, and with high‐capital intensity are likely to enter the export market earlier and to survive in the export market longer. Foreign ownership increases chances of export entry, especially for small and low human capital plants, and decreases the risk of export failure for large, high‐productivity plants. The upper and lower tails of the productivity distribution are represented by plants that start exporting and those that are exiting, respectively.     

KNOWLEDGE ACCUMULATION, AND PRODUCTIVITY: EVIDENCE FROM PLANT-LEVEL DATA FOR IRELAND

This paper investigates whether knowledge accumulating activities, such as exporting, R&D, or worker training, can enhance plants' productivity. To this end, we use plant‐level panel data for Irish manufacturing. Our results importantly indicate that productivity enhancing effects of these factors are found only for domestic firms, but not for foreign multinationals located in Ireland. We postulate a number of potential reasons inherent to multinational activity possibly driving this result.     

变迁中的非上市公众公司治理法律规则

非上市公众公司因其灵活的治理结构和较低的融资成本,成为公司上市前重要的组织形式。受交易效率与融资成本限制,非上市公众公司治理的相关规则必将以降低交易成本为基本理念。本文从非上市公众公司的制度特性入手,以准入、信托、退出三规则为线索,对非上市公众公司特殊的治理结构进行剖析,梳理治理脉络,完善治理规则。