风险企业中的产权安排：理论和启示

文章在阿洪和泰勒尔(Aghion and Tirole,1994)模型的基础上,发展了一个三阶段的动态博弈模型来研究产权安排与企业发展之间的关系,认为在风险企业这种以研发为核心的企业中,应该由风险企业家来决定产权比例,否则会影响其创新能力。当前中国风险投资机构改革的关键是加快国有资本的退出,实现产权结构的多元化,真正依靠市场机制来引导企业的发展。     

The allocation of public funds in a hierarchical educational system

This paper studies the dynamic effects of allocating public funds between basic and advanced education. Holding the size of total public education funds fixed, I identify the effects of their composition on aggregate efficiency and (in)equality. First, since basic education is a prerequisite for attending advanced education, there exists a lower bound on funding it: allocation policies below this lower bound are strictly Pareto dominated. Whether a corresponding lower bound on funding advanced education exists or not depends on the development stage of the economy and the size of total public funds. Secondly, while an allocation policy favoring basic education generates the usual redistribution from top to bottom, one favoring advanced education may result in reverse redistribution from bottom to top. Last, through the inter-generational link, short-run allocation policies may have long-run effects. A simple rule-of-thumb is that for an economy in its early development stage, focusing on basic education for sufficiently long duration is the only way out of polarization and low aggregate efficiency, contrary to the actual policies pursued by many of the less developed economies.     

An application of hidden Markov models to asset allocation problems

Filtering and parameter estimation techniques from hidden Markov Models are applied to a discrete time asset allocation problem. For the commonly used mean-variance utility explicit optimal strategies are obtained.     

温州企业家族经营规则与市场规则的结合

通常认为家族经营是难以与市场经济相容的 ,家族经营只有转变为现代企业制度才能发挥市场机制的效率与作用。文章从温州企业家族经营规则与市场规则的相容性出发 ,论述了家族企业在现代市场经济中顽强的生命力 ,论述了家族经营规则与市场规则有相容的一面 ,也有矛盾的一面 ,从     

具有大规模天线选择与功率分配的协作通信

在瑞利衰落信道下研究了采用前向译码转发协议的三节点协作模型,分析了中继分布大规模天线阵列时系统的可靠性能。为了有效地降低系统复杂度,同时又能获得大规模天线带来的分集增益,给出了中继选择合并(SC)与天线选择空间调制(SM)相结合的组合传输方案。为了进一步提高可靠性能,研究了SC/SM组合方案如何通过功率分配优化其误比特率性能。仿真分析表明,大规模中继SC/SM方案的功率分配能够有效改善系统的误比特率性能。     

市场创新的资源配置战略分析

在市场经济条件下,市场是企业的根本,市场创新是企业赖以生存和发展的生命之源。由于企业资源的有限性和支配资源能力的有限性,企业在市场创新过程中必须合理配置资源。结合企业在同行业中的地位,在成功的关键上集中配置资源,积累能力,获得不可替代的优势,实现市场创新的目的。     

我国政府间财政能力及其均衡制度研究

构建社会主义和谐社会离不开政府间财政能力的均衡配置。虽然财政能力均衡理论在国外已有50多年的历史,且均衡制度已比较完善,但我国以转移支付为主要内容的财政能力均衡制度建设还处于起步阶段。我国政府间财政能力纵向配置和横向配置的实证分析结果表明,我国转移支付制度的效果不佳,还存在着许多问题。这就需要我们借鉴国外的财政能力均衡制度来完善我国的政府转移支付制度。     

Addressing leakage in the EU ETS: Border adjustment or output-based allocation?

The EU ETS has been criticised for threatening the competitiveness of European industry and generating carbon leakage, i.e. increasing foreign greenhouse gas emissions. Two main options have been put forward to tackle these concerns: border adjustments and output-based allocation, i.e. allocation of free allowances in proportion to current production. We compare various configurations of these two options, as well as a scenario with full auctioning and no border adjustment. Against this background, we develop a model of the main sectors covered by the EU ETS: electricity, steel, cement and aluminium. We conclude that the most efficient way to tackle leakage is auctioning with border adjustment, which generally induces a negative leakage (a spillover). This holds even if the border adjustment does not include indirect emissions, if it is based on EU (rather than foreign) specific emissions, or (for some values of the parameters) if it covers only imports. Another relatively efficient policy is to combine auctioning in the electricity sector and output-based allocation in exposed industries, especially if free allowances are given both for direct and indirect emissions, i.e. those generated by the generation of the electricity consumed. Although output-based allocation is generally less effective than border adjustment to tackle leakage, it is more effective to mitigate production losses in the sectors affected by the ETS, which may ease climate policy adoption.     

利率市场化对经济增长方式转变的影响

利率市场化是世界经济、金融一体化的必然要求。经济体制转型与金融制度变革要求利率市场化,同时利率市场化也可促进我国经济增长方式由粗放型向集约型转变。从多层次多角度进一步完善利率市场化改革,可以为转变经济增长方式,促进经济健康发展创造必备的条件。     

跨区域(流域)调水工程的利益相关者分析——以甘肃省引洮供水工程为例

跨区域、流域调水是我国未来水利基础设施建设的重点之一,协调好工程建设中的利益关系是保证工程顺利实施并获取实效,以及促进相关区域可持续发展的关键。对相关利益主体进行辨析,分析他们各自福利的损益均衡条件,是建立完整的利益补偿框架的基础。从产权角度分析了洮河水资源的用水权分配问题,通过建立一个简单的基于两区域的局部均衡模型对跨区域(流域)调水工程中利益补偿问题的产生给出了福利经济学解释,最后分析引洮工程各利益主体在工程实施前后的成本收益变化,为确定补偿主客体以及进一步实施有效补偿提供依据。