国有上市公司民营化的治理与产业重组效应——基于公司民营化程度的比较

通过研究国有上市公司两类民营化改制路径的治理效应与产业重组效应,发现大股东控制权超过现金流权导致的潜在代理冲突并没有随着民营化而得到缓解,甚至在部分民营化公司中更为严重;民营化后的产业重组效应也没有表现出大股东利益与公司利益相一致的激励;在经济后果上部分民营化公司业绩的改善差于完全民营化公司.     

透过王小郢模式谈城市公用事业民营化

城市公用事业既具备生产阶段引入竞争所需要的条件,又具备供给阶段进行垄断经营的基础,既有民营化的可能,又有管制的必要。采取BOT、TOT、PPP等多种形式使民间资本进入城市公用事业,推动城市公用事业民营化的进程,既可以解决政府财力不足的困难,又可以克服政府独家经营效率低     

俄罗斯的经济转轨与市场规则构建

苏联的解体,俄罗斯的独立,标志着俄罗斯经济转轨的正式开始。俄罗斯的经济转轨的目标,就是建立在私有制基础上的市场经济体制。俄罗斯政府最初选择了英美的自由市场经济模式的发展道路,采取"休克"疗法。但这一切并没有像预期的那样消除俄罗斯的经济危机。普京就任俄罗斯总统,俄罗斯的经济转轨进入了一个新时代。在目标模式上,由转轨之初对英美模式的推崇逐渐转变为对近似于德国的社会市场经济模式的追求;在转轨方法上,由转轨之初激进的"休克疗法"逐渐转变为追求渐进的改革。俄罗斯的经济转轨过程也就是其构建市场规则、建立市场经济秩序的过程。     

Mixed Oligopoly at Free Entry Markets

We investigate the optimal behavior of a public firm in a mixed market involving private firms and one public firm. Existing works show that welfare-maximizing behavior by the public firm is suboptimal when the number of firms is given exogenously. We allow free entry of private firms and find that, in contrast to the case with the fixed number of firms, welfare-maximizing behavior by the public firm is always optimal in mixed markets. Furthermore, we find that mixed markets are better than pure markets involving no public firm if and only if the public firm earns nonnegative profits.     

Origin and concentration

We analyse the effects of different types and concentration of ownership on performance using a large population of firms in the Czech Republic after mass privatization. Specifications based on first‐differences combined with instrumental variables show that the performance effects of different types and concentration of ownership are limited when compared to earlier studies. Often, concentrated ownership has a positive effect, a finding that supports the agency theory. The positive effect of foreign ownership is detected primarily for majority ownership and for ownership by foreign industrial firms. The state as a holder of the golden share has a positive effect on employment and sometimes, also on output and profitability. Overall, our results highlight the benefits of strategic restructuring accompanied by an inflow of new capital and managerial culture.     

我国铁路民营化过程中的障碍分析

铁路民营化已成为世界各国铁路改革的潮流,我国在铁路民营化方面也积累了一些经验,但在铁路民营化改革中仍存在诸多障碍,针对民营企业进入铁路行业的“沉没成本”和“接入价格”的问题,提出了借鉴国外经验、改革铁路管理体制和线路收费机制等建议对策。     

When does a public–private partnership (PPP) lead to inefficient cost management? Evidence from South Korea’s urban rail system

This paper investigates the impact of a public–private partnership (PPP) on the operational cost-efficiency of South Korea’s urban rail system. Seoul’s line 9, which is operated by a PPP, was compared with Seoul Metropolitan Rapid Transit (SMRT) which is entirely run by the public sector. Overall, no evidence was found that private operation led to clear and significant declines in costs to the public. Private shareholders, on the other hand, experienced a surprisingly high rate of return. The author explains why two characteristics defining a typical PPP—activity bundling and public–private risk-sharing—were behind this unintended outcome and makes suggestions to prevent other governments experiencing similar problems.     

城市公用事业民营化改革的复杂性研究

我国城市公用事业民营化改革处于初始阶段且有加速推行的迹象,但改革的微观模式尚没有厘清。从理论上看,城市公用事业民营化在技术不变的情况下,无论禀赋是否增加,均非帕累托改善。从实际上看,城市公用事业民营化也会产生诸多的政策困境,且有两难的特点,其中包括民营化与固定回报;价格调整与普遍服务;特许经营中的垄断与竞争;市场准入门槛的高与低等一系列操作性难题。加之,民营化易引发的腐败和失业等负面效应。因此,必须建立符合我国国情的城市公用事业民营化改革模式。     

Post-Lange Market Socialism: An Evaluation of Profit-Oriented Proposals

In recent years we have observed significant growth in the private sector in many higher education systems around the globe. This growth of private higher education is associated with high political expectations, notably concerning greater choice of programs and greater responsiveness of institutions to students' and labor markets' demands. Looking at the experience of several European and Latin American countries, this study analyzes the patterns of program diversification of public and private higher education and discusses the impact of the private sector for the diversification of higher education's supply. The results show a contrasting picture between political beliefs about privatization in higher education and its actual results, suggesting that private institutions tend to be far more specialized than their public counterparts.     

混合所有制企业的民营化程度如何影响高管薪酬-业绩敏感性？

在中国深化改革、推进转型的特殊背景下，探索出一条适合中国混合所有制企业实际情况的高管薪酬制度改革路径是现阶段中国国有企业改革亟待解决的问题之一。高管的薪酬-业绩敏感性是判断薪酬激励契约有效性的主要指标，基于此，文章首先构建一个委托-代理框架下的寡头市场模型，从理论上分析混合所有制企业的民营化程度与高管薪酬-业绩敏感性之间的关系；其次选择2007—2016年沪深两市A股经过民营化的国有控股上市公司数据进行实证检验。结果发现：总体上，提高混合所有制企业的民营化程度会显著增强高管薪酬-业绩敏感性；进一步分析发现，混合所有制企业中非国有股比例小于67%时，提高民营化程度会降低高管的薪酬-业绩敏感性；非国有股比例介于67%~75%之间时，提高民营化程度对高管薪酬-业绩敏感性没有显著影响；非国有股比例大于75%时，提高民营化程度会提升高管的薪酬-业绩敏感性。