MARKET‐DEMAND BOOSTING AND PRIVATIZATION IN A MIXED DUOPOLY

This study incorporates demand‐boosting strategies into a mixed duopoly model in order to consider the endogenous determination of market demand. The results indicate equilibrium characteristics that differ from those found under an exogenous demand setting. As consumers become more sensitive to the demand‐boosting strategies of firms, the government must choose a lower level of privatization. This suggests that the responsiveness of consumer demand to the demand‐boosting strategies of firms constitutes a limiting factor for privatization.     

THE BENEFIT OF REDUCED COMPETITION AND THE COST OF INFORMATION RENT UNDER OUTSOURCING

We analyse the cost and benefit of outsourcing with adverse selection in a duopoly by comparing outsourcing with in‐house production in terms of the manufacturer’s expected profit. When two manufacturers faced with ex ante cost uncertainty compete in a differentiated duopoly, outsourcing brings about a benefit in terms of reduced competition, while it entails the cost of information rent. We show that the manufacturers always choose in‐house production in Cournot and Bertrand competition, when outsourcing and in‐house production follow the same ex ante cost distribution. When the manufacturers compete in Cournot fashion, the cost of information rent always exceeds the benefit of reduced competition under outsourcing. On the other hand, when they compete in Bertrand fashion, it is possible that even if the benefit of outsourcing exceeds the cost, both manufacturers cannot choose outsourcing.     

国企“混改”与企业金融资产配置

本文利用2010～2017年中国沪深A股非金融类上市公司面板数据,考察了国企“混改”对企业金融资产配置的影响,并重点分析了国企“混改”过程中企业金融资产配置的动机。结果显示,非国有股东参股促进了国有企业的金融资产投资。机制检验发现,非国有股东参股通过治理效应路径和融资约束路径共同影响了国有企业的金融资产配置行为,具体表现为非国有股东参股带来的监督治理效应和融资约束强化效应均增强了国有企业配置金融资产的预防性储蓄动机,进而促使国有企业增加金融资产投资。上述研究结果表明,非国有股东参股推动的国有企业金融资产投资并非出于短期利益追逐,而是为了平滑企业投资进行的预防性储蓄。本文研究对于如何通过深化混合所有制改革引导企业“脱虚向实”有一定的借鉴意义。     

成本收益差异的房地产不对称双头期权博弈模型分析

文章运用不对称双寡头期权博弈模型考察在房地产开发项目中企业的策略投资决策。模型中,房地产开发企业的项目投资有固定的建设周期,项目产生现金流是在建成以后;并且,投资具有投资成本先动优势和投资收益后动优势,即追随企业的投资成本和租金流均高于领先企业。分析表明,建设周期、投资成本、投资成本先动优势、垄断投资收益、后动投资收益、商品房市场需求波动度等因素都影响企业的投资决策。存在投资成本差异的阈值,将两企业均衡投资策略划分为先占均衡、序列均衡和等待均衡。     

“住改商”与城市空间多样性研究

从“住改商”的动因出发,对城市规划的功能分区主义进行了检讨和分析,“住改商”是国内城市规划在功能布局上强调功能分化,忽视了市民消费需求的产物,它的出现造成了城市住宅功能的非稳定性。未来城市的功能布局,不能单纯强调功能的绝对分区,而要重视功能混合主义,并强调土地和建筑功能的相容性,满足城市多样性的内在需求。     

机场场面飞机滑行调度优化问题的MILP模型及算法

本文考虑了顺序约束、安全约束、起始与终止时间约束和速度约束四种约束,建立了以总滑行时间最小为目标函数的机场场面飞机滑行调度优化的MILP模型。该模型求解分解为两步,先用遗传算法求解各航班经过交叉点的顺序,然后再求解各航班到达各节点的时间。最后结合国内某枢纽机场的航班信息,对模型进行仿真实验,结果表明本文提出的MILP模型有效解决了滑行冲突。     

Corporate social responsibility and market entry

Is the decision of firms to pursue social interest and promote social progress philanthropic or motivated by strategic reasons? Using a simple Spence–Dixit entry model game with homogeneous goods, this paper studies the possible anticompetitive effect of the adoption of corporate social responsibility (CSR) in the form of “consumer friendliness” (i.e., firms’ attention to the welfare of consumers). It is shown that, when the market becomes contestable, the incumbent can select to adopt CSR to hamper to a greater extent the potential entrant, regardless of its choice to engage in CSR activities. In other words, CSR can become a strategic barrier to entry.     

信息获取能力会影响果农的销售渠道选择吗

进入数字经济时代后,信息逐步成为影响农户行为决策的关键因素。本研究基于行为转变理论和计划行为理论,利用来自中国黄土高原优势产区1074 户微观数据,通过运用Ordered Probit 模型,实证检验信息获取能力对果农销售渠道选择的影响,并进一步运用条件混合过程估计法（CMP 方法）对模型进行了内生性检验。研究结果表明：（1）当前,传统销售渠道的中间商（果贩）仍然是果农销售农产品的主要方式;（2）信息获取能力对果农销售渠道的选择有显著正向影响,即信息工具使用水平对果农进入市场壁垒更高的销售渠道具有促进作用;（3）信息获取能力正向显著影响新、中生代苹果户群体对销售渠道的选择。因此,政府应在完善农村信息基础设施和信息服务体系的同时,优化升级农产品流通体系,重点对新生代农户开展信息技术培训,提升其信息获取能力。     

R&D subsidies in a duopoly market with outsourcing to the rival firm

This paper investigates the effects of a public uniform R&D subsidy policy in a downstream duopoly market in which a nonintegrated firm, which faces a lower marginal cost, outsources inputs from its vertically integrated rival. The findings show that, in this market structure, such a policy has relevant effects largely differentiated between downstream competitors, as it can significantly modify the relative market shares and profitability of competing firms. Unlike the standard Cournot setting augmented with R&D, results show that the subsidy policy can have different (counterintuitive) effects on R&D investments, output, and profits of the vertically integrated producer and the vertically separated firm, which hold in both cases of exogenous and endogenous (optimal) subsidy. Our findings offer some testable implications and suggest that a subsidy policy in a market with outsourcing to a rival should also consider the different effects of this approach on competitors.     

宜控还是宜参？国有股权与民营企业双元创新：逆向混改视角

国有资本逆向入股民营企业追求“国民”间长期合作而不是短期机会主义行为。基于引入国有股权的民营上市公司数据进行实证检验,结果表明,参股性国有股权对民营企业渐进式创新和颠覆式创新均具有促进作用,而控股性国有股权则不利于民营企业双元创新。进一步分析发现,市场化程度越高,参股性国有股权对民营企业双元创新能力的促进作用越强,而控股性国有股权对民营企业双元创新能力的抑制作用越弱。市场化程度对国有股权的创新效应具有“扬长避短”之效。在采用替换核心变量和变量滞后取值等方法进行稳健性检验后,上述结论依然成立。结论可为推进国有资本监管改革和深化混合所有制改革提供理论与实证依据。