上市银行信息披露监管的均衡分析

作为一类特殊的企业,上市银行历来是政府监管的重点。一方面对银行监管经典理论进行了讨论,另一方面阐述了对于上市银行信息披露进行监管的必要性。在此基础上对上市银行信息披露监管的成本-收益均衡和博弈均衡进行了分析。     

中国食品安全的制度创新与监管模式转型

食品安全是一个涉及百姓生命、对外贸易和社会稳定的重要问题。基于对中国食品安全问题的长期思考,指出了中国食品安全的严峻形势,分析了问题存在的首要原因,提出了建立在科学发展观基础上的大食品安全理念。从该理念出发,中国食品安全必须实现两个转变和创新,即实现监管模式由传统的人治模式向现代市场经济的规制模式的彻底转变,同时实现监管制度的根本创新。     

中国环境规制、技术创新与碳排放量关系的动态分析——基于脉冲响应函数和方差分解法

作为最大的发展中国家,我国面临着经济发展和节能减排的双重困扰,低碳经济模式成为实现可持续发展的重要途径。以1994—2009年中国环境规制、技术创新与碳排放量数据为依据,利用脉冲响应函数与方差分解法对环境规制、技术创新与碳排放量在外部因素冲击下的动态响应态势进行测算,结果表明:在10年的响应期下,环境规制强度与碳排放量之间在对方冲击下的响应曲线呈N型,技术创新能力与碳排放量之间的相互响应曲线为N型和倒U型;环境规制强度与技术创新能力之间的相互响应曲线都为N型。     

Shareholder wealth responses to European legislation on bank executive compensation

This paper uses an event study approach to investigate the shareholder wealth responses to European legislation on bank executive compensation. Using a sample of 124 banks over 2009–2010 and over 20 legislative and related events, we find that in early stages bank shareholders react positively to broad discussion at the EU level on executive pay. When plans to regulate the pay process are considered, however, this results in a negative stockholder reaction. We also find that large bank shareholders are most affected by remuneration policy.     

Delegation and the regulation of U.S. financial markets

We analyze the institutional determinants of U.S. financial market regulation with a general model of the policy-making process in which legislators delegate authority to regulate financial risk at both the firm and systemic levels. The model explains changes in U.S. financial regulation leading up to the financial crisis. We test the predictions of the general model with a novel, comprehensive data set of financial regulatory laws enacted specifically between 1950 and 2009. The theoretical and empirical analysis finds that economic and political factors impact Congress’ decision to delegate regulatory authority to executive agencies, which in turn impacts the stringency of financial market regulation, and our estimation results indicate that political factors may have been stronger and resulted in inefficiencies.     

Customer ignorance, price-cap regulation, and rent-seeking in mobile roaming

Mobile phone usage when traveling abroad is expensive. Although the network connection switches frequently between available networks, the choice of network is largely independent of wholesale prices. As a consequence, we show that wholesale prices are strategic substitutes. The recent European price-cap regulation forces firms to reduce wholesale and retail roaming prices, but does not solve the underlying problem. There may thus be a permanent need for regulation analogous to what we have for domestic call termination. Furthermore, we show that there is a risk that wholesale price-cap regulation stimulates wasteful rent-seeking activity.     

Firm location,political geography and environmental information disclosure

As the subjective and objective factors that influence corporate behaviours, political region and firm location are of great importance to environmental information disclosure (EID). With spatial and political geography as a research perspective, this article makes a study by using the samples of manufacturing listed companies from 2009 to 2011. As a result, we determine that regulatory distance and political geography had negative effects on EID, while political geography weakens regulatory distance’s function. After considering an enterprise’s administrative rank, we determined that when the rank is higher, regulatory distance has negative effects on EID; when the rank is lower, the effects are the opposite. Regarding political geography, it always weakened the regulatory distance’s function. Moreover, the effects are significant only when the enterprises had low governmental regulation. The study shows the effects that firm location and political geography have made on EID. At the same time, this study also gives theoretical and empirical evidence to the necessity of raising governmental regulatory effectiveness.     

Compound Voids and Unproductive Entrepreneurship: The Rise of the “English Fever” in China

China has emerged as an economic power due, in part, to government policies that opened China to the world and created a modern consumer culture. One of these policies is the advancement of English-language education, including private providers, which has spawned the “English Fever” phenomenon. We use the unique context of the private English-language education industry in China to illustrate the concept of “compound (institutional) voids” and their relationship to unproductive entrepreneurship. Our contribution is in untangling some of the complexities related to institutional relationships, and in describing how compound voids increase the likelihood of rent-seeking behavior.     

Regulation of a Risk Averse Firm

We extend the Laffont–Tirole regulation model to the case of risk-averse firms. Our main results are:

• The impact of risk aversion is to shift the optimal contract toward a cost-plus contract.

• As compared with the risk-neutral case, distortions are greater and informational rents are smaller.

• For high levels of risk aversion, the optimal contract involves cost ceilings and the less efficient firms are bunched together.

Journal of Economic LiteratureClassification Numbers: D8, L5.     

中国西北地区环境规制强度与城镇化质量的协调性分析

以西北地区为例,探讨环境规制强度与城镇化质量的耦合协调发展关系及其主要障碍因子,以期为促进二者协调发展和经济高质量发展提供参考。在构建环境规制强度与城镇化质量评价指标体系的基础上,运用熵值法、耦合协调模型和障碍度模型对西北地区环境规制强度与城镇化质量的综合发展水平、协调发展水平以及主要障碍因子进行分析,结论如下:第一,环境规制强度与城镇化质量综合得分整体均呈上升趋势,其中后者综合得分及其增长幅度均比前者要高;第二,环境规制强度与城镇化质量的耦合协调度较低,基本位于过渡区间并且多数是环境规制滞后类型,同时两者的协调发展水平整体呈稳步提升趋势;第三,影响环境规制强度与城镇化质量协调发展的障碍因子主要位于环境规制强度系统内。基于此,提出生态理念先行、制度保障紧随、产业升级并行的对策建议。