跨国零售买方势力的福利影响与规制思路——以通道费为例的模型分析

收取通道费是跨国零售行使买方势力的典型方式。本文将供应商区分为差异化产品生产者和同质产品生产者,结合双边市场的理论和模型研究,将零售商的服务纳入到模型分析,并将其内生化,以此为基础分析了零售商收取的差别化通道费对消费者福利的影响。结论表明,零售商对差异化产品收取通道费对其均衡价格没有影响,但是可以提高零售商的服务水平和降低同质产品的均衡价格,因而有利于增进消费者福利;但是,零售商对同质产品收取通道费会带来消费者福利的下降。据此提出了通道费的规制建议,并提出了关于跨国零售买方势力的规制思路。     

用能技术还是管理技术？——绿色技术创新发生环节和类型的抉择

为厘清环境规制对企业绿色技术创新的影响及其机理,本文从企业绿色技术创新发生的环节和类型的视角切入,将企业绿色技术创新分为用能技术创新和管理技术创新两大类及其下设的七小类,并将之在生产链环节（源头、过程和末端）上加以归类,通过匹配沪深A股上市公司、《中国环境统计年鉴》和《中国工业经济统计年鉴》获取了关于环境规制和企业绿色技术创新的指标,研究了环境规制约束下企业技术绿色创新的抉择。结果发现：第一,环境规制整体上未对企业绿色技术创新有明显促进作用,“创新补偿”效应难以成立;第二,其内驱因素是,环境规制显著降低了企业生产率和收益率;第三,其外部原因是,与低污染行业企业相比,环境规制对高污染行业企业的绿色技术创新有一定促进作用,体现在用能技术创新、管理技术创新两方面,并分布在生产链的源头、过程及末端三个环节;第四,其外部原因还包括环境规制作用的阶段性,环境规制对个别绿色技术创新指标造成了先促进后抑制的影响,也影响了“创新补偿”效应的成立。据此,本文对环境规制约束下企业绿色技术创新的激励和选择提供一定启示。     

对混业经营趋势下金融控股集团监管问题的探讨

我国金融业必将顺应国际金融发展大趋势,由分业经营转向混业经营的道路,金融控股集团是适合我国国情的组织形式。本文初步探讨了在混业经营趋势下如何对金融控股集团实施有效监管。     

FDI与环境规制:基于地方分权视角的实证研究

基于地方分权的视角,本文以环境规制不可直接观测与地方环境决策的策略性博弈为出发点,分别从理论与实证的角度分析是否存在国内地方政府为保持本地的相对优势而采用竞相降低环境标准的方式吸引外商直接投资(FDI)的事实。与已有文献不同,本文通过联合检验地方环境决策竞争效应与环境规制强度对FDI作用方向来判别"逐底竞赛"(race-to-the-bottom)的存在。基于2003—2008年中国277个地级城市构成的面板数据,本文建立空间计量模型对理论命题进行实证检验,结果表明:国内地方政府为吸引FDI而导致的环境政策博弈显著存在,但环境规制对FDI的影响作用平均而言并不显著。分位点估计进一步显示:地方环境决策的竞争程度随分位点的上升而不断增强;环境规制对FDI的作用方向与FDI本身的水平高低密切相关;在FDI低水平的城市间,环境规制对外资并非只是简单的遏止作用;环境"逐底效应"在FDI水平最高的城市间明显弱化,而这一效应在FDI中高水平的城市间最为显著。     

村(居)民利益保障视角下农村土地整理的政策风险与法制对策——以广东“三旧”改造中城中村改造为例

当前广东"城中村"改造主要存在如下政策与法律风险:实施主体及权限不尽统一;"公共利益,,范围难以界定;集体土地征收与房屋征拆补偿缺乏法定标准与争议调处机制;转制社区长远发展依托与福利难有保障;"违建"处置欠缺法律依据;以行政裁决争议为主,诉讼纠纷解决机制缺失等。需要从完善"城中村"城乡土地整理的宏观调控法律机制的顶层设计;因地制宜,兼顾利益,针对不同对象及情况采取不同的对策措施;按公正程序依法处置集体土地上的"违建";整合部门职能,发挥合力效应;配置土地发展权制度,完善增值收益分配机制;切实保障村居民利益及弱势群体土地产权利益等方面完善相关法律机制,实现"城中村"和谐改造。     

内生无效制度——对进入壁垒和贸易保护的思考

本文构建一个模型来考察为什么垄断、进入壁垒和贸易保护在许多国家长期存在。政治精英对中间产品索取高价的偏好导致了支持垄断和贸易保护的无效经济制度和政治制度。价格操纵机制表明,政治精英偏好于通过提高中间产品价格来增加垄断利润。提高税率虽然会增加政治精英的税收收入,但会降低对中间产品的需求,从而减少垄断利润。因此,价格操纵情况下的最优税率低于收入摄取情况下的最优税率,这与Acemoglu(2006)的结论相反。     

The participation society and its inability to correct the failure of market players to deliver adequate service levels in rural areas

This paper critically reviews the ‘participation society’ inspired policy measures of two Dutch provinces (Drenthe and Groningen) for providing rural broadband. Based on a database with broadband initiatives, interviews with stakeholders, focus groups and document analysis, it analyzes how rural broadband initiatives and regional governments interact in their ventures to provide superfast broadband to rural communities. Essential in this is that in the Dutch participation society concept, citizens' initiatives are seen as an important actor to deal with failing service delivery by market players in rural areas. The relation between regional governments and citizens' initiatives, however, is troublesome, resulting in inadequate policies. Key findings are that even when governments come up with supportive policies for citizens' initiatives, initiatives still experience governmental efforts as constraining factors. Regional governments apply ‘old style’ governance and construct generic policy instruments, forcing initiatives to put a lot of effort in complying with generic policy requirements or political goals. Overall, solving a national market problem at the regional level proves to be problematic. More national guidance is needed to solve the rural broadband gap.     

Unfinished business: Zombie firms among SME in Japan’s lost decades

The “soft budget problem,” by which banks loosen their lending stances toward long-term client firms despite worsening business conditions, has been widely discussed in the field of financial studies. In Japan, this problem has attracted attention particularly in connection to so-called “zombie firms,” financially weak firms sustained by discounted interest rates and evergreen lending which have become a major research and political interest in recent years. In this article, we focus on zombie firms among small and medium-sized enterprises (SME), a corporate category that has hitherto received less consideration in the discussion about Japan’s zombie firms. We find that: (1) many zombie firms exist among SME and that the zombie firm ratio increases as firm size decreases; and (2) some zombie firms eventually emerge from zombie status among SME. In other words, zombie firms are likely problematic from the view of the efficiency of the industries to which they belong. But when one considers that many zombie firms achieve revival, it would seem inappropriate to uniformly promote their elimination. Since ending zombie status seems to directly imply market exit for many SME, it is important to conduct preliminary screening to prevent the creation of zombie firms in the first place.     

The growth-maximizing level of regulation: Evidence from a panel of international data

Existing evidence suggests that regulation diminishes economic growth. In theory, however, regulation may be either growth-enhancing or diminishing. We therefore empirically revisit the relation between regulation and growth, allowing for both positive and negative effects. In an unbalanced panel of 132 countries over eight time periods, we find evidence of a hump-shape relation between regulation and growth. The estimates imply that for more than 95% of the sample the total effect of regulation on growth is positive. The estimates also imply that about 60% of the sample observations are associated with over-regulation, relative to the growth-maximizing level. Similar findings apply to the (majority) subsample of non-OECD nations in the dataset. However, for the (minority) subsample of OECD nations, both the total and marginal effects of regulation on growth are negative.     

Income diversification and bank risk in Asia Pacific

This paper investigates the effect of income diversification on bank risk for a large sample of commercial banks in 14 Asia Pacific economies over the period 2011–2016. Using a dynamic panel data model with a system generalized methodof moments estimator, we find that banks with a higher level of income diversification are less risky in general. We further consider both developed and emerging economies according to the International Monetary Fund's classification of the level of economic development. Specifically, for emerging economies, the results indicate that banks with a higher level of income diversification face less risk. However, the diversification of commercial bank income has no significant impact on bank risk in developed Asia Pacific economies.