我国机场环境外部成本计量及内部化研究

利用HPM法和ICAO发动机排放数据库构建航空运输业噪声和排放环境外部成本测算模型,选取首都国际机场等6个机场作为实证研究的对象,测算其2008年噪声和排放产生的环境外部成本,可以看出我国机场普遍存在显著的环境外部成本。根据外部成本内部化的经济理论,针对我国航空运输业的发展现状可实施机场噪声收费和排放权交易制度,将我国航空运输业环境外部成本内部化。     

控制权类型、银行债权优先结构与权益代理成本——基于金融危机背景的实证分析

基于金融危机背景,分别以2007年308家上市公司和2009年600家上市公司为样本,通过实证分析,探讨银行债权优先结构对权益代理成本的影响,并比较不同控制权类型上市公司的债权优先结构对代理成本影响效果的异同.研究结果显示:(1)银行债务融资有助于降低权益代理成本;(2)质押、抵押债务融资比率与权益代理成本呈显著正相关,尤其在国有控股上市公司;(3)保证债务融资比率与权益代理成本显著负相关,国有控股上市公司保证债务的治理效果更好;(4)金融危机前期和后期的实证研究结论基本一致,这表明本文的研究结论具有稳健性.     

我国医药卫生法制体系建立健全刍议

针对《中共中央国务院关于深化医药卫生体制改革的意见》的相关内容,论述了我国医药卫生法制建设的现状及存在的问题,对建立健全医药卫生法制体系提出了建议。     

基于DEA理论的ANP/BOCR方案评价值综合集成新方法

网络分析法(ANP)是一种能够有效处理复杂决策问题的多准则决策方法。然而现有ANP文献在对收益、机会、成本、风险(统称为BOCR)评价值综合集成时会因评价值之间的不匹配而可能得出错误的方案排序结果和绩效表示。为克服上述缺陷,本文基于数据包络分析理论提出一种新的针对ANP/BOCR评价值的综合集成方法,使用摆幅置权区间估计方式反映出了决策者在判断BOCR相对权重时所面临的不精确性和模糊性。实例验证结果表明,所提方法对BOCR评价值的处理更符合实际情况。     

股权集中,投资决策与代理成本

通过建立实物期权模型,我们分析了集中股权结构下,股东异质性所导致的控股股东代理冲突对企业投资决策和负债融资代理成本的影响。研究发现,集中股权结构下的控股股东价值最大化动机会导致过度投资的产生,并显著提高负债融资的代理成本,即控股股东的价值侵占行为不仅影响到大小股东间的代理冲突,而且会加重股东与债权人之间的代理冲突。控股股东的持股比例会产生公司治理的正向激励效应,持股比例的增加会降低过度投资程度、增加企业价值和降低负债融资代理成本。而控制权和现金流权的分离则会产生公司治理的负向侵占效应,分离程度的增加会导致更严重的过度投资、更低的企业价值和更高的负债融资代理成本。     

Insider ownership and corporate performance: evidence from Germany

In this paper we address the question whether insider ownership affects corporate performance. Evidence from studies dealing with Anglo-Saxon countries is rather inconclusive, especially because results seem to be significantly affected by endogeneity. Economically, this is due to the fact that in these countries insider ownership seems to be mainly driven by management’s compensation contracts. We argue that Germany is different in this regard, as insider ownership is often related to family control, stock-based compensation is less widespread, and the market for corporate control used to be less developed. Starting from this presumption, our data allows an unbiased observation as to whether insider ownership affects firm performance. Using a pooled data set of 648 firm observations for the years 2003 and 1998, we find evidence for a positive and significant relationship between corporate performance—as measured by stock price performance, market-to-book ratio and return on assets—and insider ownership. This relationship seems to be rather robust, even if we account for potential endogeneity by applying a 2SLS regression approach. Furthermore, the results hold for a sub-sample of firms that did not have a stock-based compensation program in place. Moreover, we find outside block ownership as well as more concentrated insider ownership to have a positive impact on corporate performance. Overall, the results indicate that ownership structure might be an important variable explaining the long term value creation in the corporate sector.

Reduced costs propagation in an efficient implicit enumeration for the 01 multidimensional knapsack problem

In a previous work we proposed a variable fixing heuristics for the 0-1 Multidimensional knapsack problem (01MDK). This approach uses fractional optima calculated in hyperplanes which contain the binary optimum. This algorithm obtained best lower bounds on the OR-Library benchmarks. Although it is very attractive in terms of results, this method does not prove the optimality of the solutions found and may fix variables to a non-optimal value. In this paper, we propose an implicit enumeration based on a reduced costs analysis which tends to fix non-basic variables to their exact values. The combination of two specific constraint propagations based on reduced costs and an efficient enumeration framework enable us to fix variables on the one hand and to prune significantly the search tree on the other hand. Experimentally, our work provides two main contributions: (1) we obtain several new optimal solutions on hard instances of the OR-Library and (2) we reduce the bounds of the number of items at the optimum on several harder instances.     

Why Ugandan rural households are opting to pay community health insurance rather than use the free healthcare services

Twikirize JM, O'Brien C. Why Ugandan rural households are opting to pay community health insurance rather than use the free healthcare services Uganda reintroduced free healthcare in 2001, but today, nine years later, less than 30 per cent of the population are using these services. This study investigated why rural households were under‐utilising the government's free health services and turning to community health insurance instead. A survey carried out on 260 randomly selected households was triangulated with qualitative data gained from 3 focus groups and 12 in‐depth interviews. The findings showed that 21 per cent of the households always accessed the government's free health services, while 79 per cent used private health services. The reasons given were poor quality services, including frequent drug stock‐outs, unmotivated and insufficiently trained health personnel, and overcrowding. Factors influencing enrolment in community health insurance included easier access to healthcare, financial protection against the cost of care, better quality care and benefits related to mutual assistance. This has both practical and policy implications, which are discussed in this article.     

The trinity of wage setting in EMU: A policy proposal

Diverging labor cost developments are often considered to be one of the most important factors that led to large current account imbalances in the euro area (EA) in the run-up to the global financial crisis. It has also been shown that wage growth differentials have significantly lowered the co-movement of EA countries’ business cycles – the most widely used meta-criterion for optimum currency areas. Against this background, this paper develops a wage-setting benchmark that aims to keep the economy in internal equilibrium and to maintain price stability, while it also exhibits the capacity to correct for external imbalances. The proposed wage benchmark is very simple and may serve as an anchor for the macroeconomic dialogue in Economic and Monetary Union. In order to demonstrate the potentially beneficial effects of such a wage benchmark we present some simulations showing how current account balances and labor costs would have developed across EA countries if the rule had served as a benchmark already in the run up to the crisis.     

The impact of quasi-markets on processes and factors affecting the costs of contracting

The aim of this paper is to ascertain the impact of quasi-markets on contracting processes and factors affecting the costs of contracting in Finnish health care in the specific case of laboratory services. By means of a comparative case analysis, we ascertained the changes in organizational contracting practices and identified the actions affecting the transaction costs of contracting in the case of an autonomous municipal enterprise laboratory compared with the same laboratory as a hierarchically run municipal unit. The research was conducted during the years 2007–2011. The results suggest that introducing quasi-markets into laboratory services increased the cost factors of contracting; and had a negative impact on the laboratories’ willingness to create new market relationships.