Externalities, efficiency, regulation, and productivity growth in the U.S. electric utility industry

This paper examines the decomposition of total factor productivity growth for firms subject to regulation, given the production of a bad output. The production of good and bad outputs provides benefits and costs to society. Corporate socially responsible firms recognize the cost to society of producing the bad output. The paper separates the production technology and regulation effects from both the scale and technical change components. The paper also examines the measurement and decomposition of productivity growth when not accounting for production of the bad output. Using a 1992–2000 panel of 34 U.S. investor-owned electric utilities, results indicate that improvements in the scale, efficiency change, and technical change components contributed to positive growth. Not accounting for production of the bad output led to, on average, an overestimation of both the rate of productivity growth, and the contributions of scale economies and technical change to changes in productivity growth.

Supply constraints and housing market dynamics

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have important and little-studied implications for housing dynamics. I illustrate the strong relationship between the volatility of house prices and the regulation of new housing supply. I then employ a dynamic structural model of housing investment to investigate the mechanisms underlying this relationship. I find that supply constraints increase volatility through two channels: First, regulation lowers the elasticity of new housing supply by increasing lags in the permit process and adding to the cost of supplying new houses on the margin. Second, geographic limitations on the area available for building houses, such as steep slopes and water bodies, lead to less investment on average relative to the size of the existing housing stock, leaving less scope for the supply response to attenuate the effects of a demand shock. My estimates and simulations confirm that regulation and geographic constraints play critical and complementary roles in decreasing the responsiveness of investment to demand shocks, which in turn amplifies house price volatility.     

市场准入规制与资源的优化配置

本文讨论了政府通过市场准入规制来调节市场结构,优化市场主体资源配置的问题。提出通过选择适当的门槛,政府可以促使企业更加理性地进行市场进入决策,保持市场适度的竞争,提高社会资源的综合利用效率。     

生态资源环境公共产权的经济学分析

在产权制度的界定和规范引导下,生态资源经济才能实现环境友好型、可持续为主题的科学发展。历史上“公有地的悲剧”的启示不单是对产权问题的反思,而是通过设立一套巧妙的制度,以达到“量体裁衣”之功效。生态资源环境公共产权的产生是源于其稀缺性及非排他性的特质。但随着计量这种产权成本与收益的难度不断加深,环境资源体系的经济价值就越来越大。必须考虑在有效利用的前提下,重新界定产权来保证市场与主体效率目标的实现。作为现代产权制度体系的最重要的组成部分——资源类产权,它有别于企业产权制度,且它涉及利益主体的范围之广。涵盖的意义也极其深远。本文对生态资源环境这一较为特殊公共物品的产权问题用产权经济学的思维框架进行研究,从政府、企业、市场、制度四个层级,相应提出构建此类公共产权的四层规制模式,以求破解在生态环境规制过程中出现的产权失灵现象及界定不清的困局。     

A bargaining model of voluntary environmental agreements

We present an explicit model of firm-regulator negotiations in a market with several firms. We describe how the regulatory surplus is distributed between firms and regulator, and analyse the impact of various parameters on the resulting level of environmental regulation. Our main result is that a ‘toughest firm principle’ holds: the outcome of negotiations is essentially determined by the firm with the most aggressive attitude towards environmental control.     

面向社会发展目标的中德城市详细规划调控比较研究

本文聚焦于面向社会发展目标的城市详细规划调控问题.在中德城市规划社会发展目标分析的基础之上,从公平利用土地资源的制度保证、住房面积调控、公共服务设施配套、物质形态和景现、文化遗产保存5个方面,运用规划调控力比较模型进行了中国控制性详细规划和德国建造规划之间的面向社会发展目标的规划调控能力比较研究,进而界定出控规相对于德...     

融资优序与行业管制——兼析中国上市公司“异常融资优序”现象

企业融资先通过内部资金进行,然后再通过银行借款或发行低风险的债券,最后才采用股票,这种融资的“先后顺序”是企业出于降低融资成本和防止剩余利润被分享所做出的理性选择,这就是融资优序理论。本文认为,寡头竞争所形成的行业进入壁垒为优序融资的实现提供了必须的市场环境,其资金使用方式能够优化资源配置,提高资金的使用效率。融资优序理论在发达市场经济国家得到了实践的验证,但在我国上市公司中却存在“异常融资优序”(Abnormal pccking Order)现象,即外部资金优于内部资金,外部资金中股权融资优于债权融资。其原因在于,中国市场经济不太完善,缺乏通过寡头竞争自发形成的行业进入壁垒。本文认为只有采取行业管制手段,设置一定的行业进入壁垒,才能实现优序融资,从而达到优化资源配置的目的。     

我国反倾销中的反规避立法亟待完善

本文主要阐述了反倾销中的反规避行为，通过比较欧美立法，提出对我国立法具有参考性的建设性意见，强调了我国反规避立法的迫切性与必要性。     

金融控股公司监管模式比较及启示

作为一种新兴的金融运作模式,金融控股公司在世界范围内蓬勃发展,它不仅带来了经营效率的提高,也对当前的金融体制和金融监管带来了日益严峻的挑战.因此,加强对金融控股公司监管模式的研究,借鉴国外相对成熟的监管模式,并结合我国金融控股公司发展现状建立适合我国的风险防范和监管体系成为当前迫切需要解决的问题.本文首先阐述了美、英、日、德等国家金融控股公司的监管模式并比较了各种模式的优劣.其次,根据我国金融控股公司的发展现状及监管中存在的问题,在借鉴上述国家监管经验的基础上,本文提出了相应的监管原则及如何建立我国的监管体系.     

环境规制科技政策对科技进步与经济增长的影响

基于事件系统理论构建系统性、多层次性和综合性的政策量化分析框架,从政策属性、政策目标和政策工具3个维度对我国1985—2015年制定的198条环境规制科技政策进行量化研究。基于政策评估中的工具理性和价值理性两个层面,从环保科技进步效果和经济增长效应两个维度对环境规制科技政策有效性进行评估。研究发现,我国环境规制科技政策工具及政策工具协同对环保科技进步和经济增长的影响存在显著方向性差异。为此,进一步讨论了我国环境规制科技政策工具及工具协同的政策有效性评估结果,可为我国环境规制科技政策的完善和有效实施提供决策依据。