城市公共服务市场化与定价管制

投资博弈模型表明,在城市公共服务产品的价格无法预知的条件下,只有给投资商预定的利润率才能吸引资本进入,而预定的利润率却进一步降低了成本激励.基础设施供给厂商和规制者合谋的子博弈完美纳什均衡表明,预定的投资收益率管制并非激励相客机制,直接管制定价反映出城市公共服务产品产业的低效率、高成本、高价格状态,远远偏离于政府管制的消费者福利最优化的初衷.     

制造企业制造和财务环节物流成本管理优化初探

企业物流成本管理是一项系统工程，必须从战略的高度，从制造环节和财务管理环节制定相应策略，以达到优化制造企业物流成本管理的目的。     

论税收依据

以往评鉴税收依据的学说都存在一定缺陷。应从考察组织存在的必要性和国家起源入手，建立以国家类型、国家与公民关系和不同的观察视角为要素的分析框架。探究税收产生和存在的原因乃因为它是社会组织弥补运行费用的交易成本最低的方式，是国家作为社会组织的最高形态运行的内在经济逻辑要求。     

Cost effectiveness of atazanavir-ritonavir versus lopinavir-ritonavir in treatment-naïve human immunodeficiency virus-infected patients in the United States

Abstract

Objective:

To evaluate lifetime cost effectiveness of atazanavir-ritonavir (ATV?+?r) versus lopinavir-ritonavir (LPV/r), both with tenofovir-emtricitabine, in US HIV-infected patients initiating first-line antiretroviral therapy.

Methods:

A Markov microsimulation model was developed to calculate quality-adjusted life-years (QALYs) based on CD4 and HIV RNA levels, coronary heart disease (CHD), AIDS, opportunistic infections (OIs), diarrhea, and hyperbilirubinemia. A million-member cohort of HIV-1-infected, treatment-naïve adults progressed at 3-month intervals through eight health states. Baseline characteristics, virologic suppression, cholesterol changes, and diarrhea and hyperbilirubinemia rates were based on 96-week CASTLE trial results. HIV mortality, OI rates, adherence, costs, utilities, and CHD risk were from literature and experts.

Limitations:

The incremental cost-effectiveness ratio (ICER) may be overestimated because the ATV?+?r treatment effect was based on an intention-to-treat analysis. The QALY weights used for diarrhea, hyperbilirubinemia, and CHD events are uncertain; however, the ICER remained <$50,000/QALY when these values were varied in sensitivity analyses.

Results:

ATV?+?r patients received first-line therapy longer than LPV/r patients (97.3 vs. 70.7 months), had longer quality-adjusted survival (11.02 vs. 10.76 years), similar overall survival (18.52 vs. 18.51 years), and higher costs ($275,986 vs. 269,160). ATR?+?r patients had lower rates of AIDS (19.08 vs. 20.05 cases/1,000 patient-years), OIs (0.44 vs. 0.52), diarrhea (1.27 vs. 6.26), and CHD events (5.44 vs. 5.51), but higher hyperbilirubinemia rates (6.99 vs. 0.25). ATV?+?r added 0.26 QALYs at a cost of $6826, for $26,421/QALY.

Conclusions:

By more effectively reducing viral load with less gastrointestinal toxicity and a better lipid profile, ATV?+?r lowered rates of AIDS and CHD, increased quality-adjusted survival, and was cost effective (<$50,000/QALY) compared with LPV/r.     

Gains from commitment in monetary policy: Implications of the cost channel

Many empirical studies find robust evidence that marginal cost of production directly depends on the nominal rate of interest. This relationship induces a cost channel for monetary policy transmission. Although the empirical literature provides ample evidence for a cost channel, studies that evaluate the welfare gains from monetary policy commitment have so far entirely ignored its presence. This study shows that, overlooking the cost channel, one significantly underestimates the welfare gains from monetary policy commitment. I find that there is a robust positive relationship between the size of the cost channel and welfare gains from monetary policy commitment. Using a version of the new Keynesian model calibrated to the US economy, I find that failure to take into account the presence of a cost channel leads to an understatement of the gains from monetary policy commitment by an amount equivalent to a 0.48 percentage points permanent cut in quarterly inflation.     

Trademarking status and economic efficiency among commercial banks: Some evidence for the UK

As competition in the banking sector has intensified over the last two decades, commercial banks have started to use trademarks to differentiate their products and services from those offered by their competitors. Less clear are the implications of the trademarking activities on the commercial banks’ performance. In this paper, we compare the cost and profit efficiency of trademarking and non-trademarking banks in the UK, over the period 2001–2013 using stochastic frontier methods. We use Propensity Score Matching techniques to identify a sample of non-trademarking banks which share the same characteristics as the trademarking banks to ensure that variations in the efficiency between the commercial banks in our sample can be attributed to their trademarking status only. We then explicitly test the hypothesis that trademarking and non-trademarking banks share the same cost and profit frontiers. We cannot reject the hypothesis of a common cost and profit frontier. We also find that trademarking banks tend to be more profit efficient than non-trademarking banks while there is no significant difference between the cost efficiency scores of trademarking and non-trademarking banks.     

解析会计计量属性选择对财务分析的影响

由于经济高速发展,企业组织和经济业务日益复杂,根据资产的性质选择不同的计量属性进行计量已经成为现代财务会计的必然选择。因为选择的计量属性不同,财务报告所反映出的结果存在差异,历史成本计量属性,在通货膨胀的情况下,会失去资产计量的客观性,非历史成本计量属性虽然理论上更加符合决策的要求,但是如果没有有力的监管,也会给经营者留下很大的利润操作空间。经过严格监管的非历史成本计量属性的选择可以给使用者提供更加丰富的财务分析指标。     

Risk analysis of water scarcity in artificial woodlands of semi-arid and arid China

All activities are inherently risky, including seemingly beneficial activities such as ecological restoration. However, small risks are easy to ignore, even if they may accumulate to create a large cumulative risk. Therefore, the long-term ecological benefits and risks of any ecological restoration project must both be considered. However, quantitative evaluation of the risk of afforestation in arid and semi-arid regions has been insufficiently studied. Here, we present a method for evaluating the risk associated with ecological restoration, using water shortages in artificial woodlands in China’s arid and semi-arid regions as an example of cumulative risk. We found an annual risk that amounted to 5174 RMB ha⁻¹ in 2014, which was 17% of the ecological service value of the forests. However, this cost depends on changes in the price, availability, and use of water in these regions. If ecological degradation occurs, it will trigger a series of serious consequences, and its cost may far exceed the expected benefits. Our inability to predict natural disasters such as drought and the problem of imperfect communication among stakeholders must be considered to achieve ecological restoration. The method described in this paper will provide theoretical support for future risk evaluations and guidance for the allocation of natural resources such as water, thereby increasing the likelihood of successful environmental management.     

Efficiency,growth and market power in the banking industry: New approach to efficient structure hypothesis

We extend the work of Homma, Tsutsui, and Uchida (2014) to provide empirical evidence on nexus of relationships in efficient structure (ES) hypothesis. In this framework, we test causality from cost efficiency to bank growth and then from bank growth to market concentration. We apply this approach to banking industry in Association of South East Asian (ASEAN) over the period of 1999–2014. The efficiency scores have been estimated by employing Slack Based Measurements Data Envelopment Analysis (SMB DEA). We apply Two-step system Generalized Method of Moments (GMM) and Panel Vector Auto Regression (PVAR) to account for endogeneity in estimation models. The results show that cost efficiency enables the banks to grow and obtain higher market share. The resultant growth then leads to higher market concentration/bank market power. There is also some evidence to support for quiet life (QL) hypothesis. Therefore, both ES and QL hypotheses may coexist in ASEAN banking industry.