外商直接投资在中国经营方式变迁的新制度经济学分析

通过回顾外商直接投资在中国经营方式的变迁,认为经营方式的独资化趋势是一种自上而下以渐进式发生的强制性制度变迁,是在中国政府政策引导下的有微观主体自愿参与的制度变迁。运用新制度经济学的研究方法,通过对谈判结构和交易成本的分析,揭示了这一变迁的原因在于：合营企业和合作企业与外资企业在设立与运营过程中由于谈判结构的不同,而使后者在产权保护以及协议执行的成本更低,从而导致了外商直接投资在中国的独资化趋势。认为中国政府应出台政策提高利用外资的质量和水平,以降低＂独资化＂带来的负面影响。     

鼓励和引导民间投资对策的思考

我国近期出台了扩大民间投资行业和领域的政策。然而,长期以来民间投资遇到了市场准入的障碍。要想彻底改善当前民间投资的环境,则需要通过完善有关措施来贯彻和细化有关的政策,努力形成各类资本相互融合、多种所有制经济协调发展的经济新格局。     

Signaling to Partially Informed Investors in the Newsvendor Model

We analyze a signaling game between the manager of a firm and an investor in the firm. The manager has private information about the firm's demand and cares about the short‐term stock price assigned by the investor. Previous research has shown that under continuous decision choices and the Intuitive Criterion refinement, the least‐cost separating equilibrium will result, in which a low‐quality firm chooses its optimal capacity and a high‐quality firm over‐invests in order to signal its quality to investors. We build on this research by showing the existence of pooling outcomes in which low‐quality firms over‐invest and high‐quality firms under‐invest so as to provide identical signals to investors. The pooling equilibrium is practically appealing because it yields a Pareto improvement compared to the least‐cost separating equilibrium. Distinguishing features of our analysis are that: (i) we allow the capacity decision to have either discrete or continuous support, and (ii) we allow beliefs to be refined based on either the Undefeated refinement or the Intuitive Criterion refinement. We find that the newsvendor model parameters impact the likelihood of a pooling outcome, and this impact changes in both sign and magnitude depending on which refinement is used.     

Benefits of Hybrid Lateral Transshipments in Multi‐Item Inventory Systems under Periodic Replenishment

Lateral transshipments are a method of responding to shortages of stock in a network of inventory‐holding locations. Conventional reactive approaches only seek to meet immediate shortages. The study proposes hybrid transshipments which exploit economies of scale by moving additional stock between locations to prevent future shortages in addition to meeting immediate ones. The setting considered is motivated by retailers who operate networks of outlets supplying car parts via a system of periodic replenishment. It is novel in allowing non‐stationary stochastic demand and general patterns of dependence between multiple item types. The generality of our work makes it widely applicable. We develop an easy‐to‐compute quasi‐myopic heuristic for determining how hybrid transshipments should be made. We obtain simple characterizations of the heuristic and demonstrate its strong cost performance in both small and large networks in an extensive numerical study.     

Inventory‐Based Dynamic Pricing with Costly Price Adjustment

We study an average‐cost stochastic inventory control problem in which the firm can replenish inventory and adjust the price at anytime. We establish the optimality to change the price from low to high in each replenishment cycle as inventory is depleted. With costly price adjustment, scale economies of inventory replenishment are reflected in the cycle time instead of lot size—An increased fixed ordering cost leads to an extended replenishment cycle but does not necessarily increase the order quantity. A reduced marginal cost of ordering calls for an increased order quantity, as well as speeding up product selling within a cycle. We derive useful properties of the profit function that allows for reducing computational complexity of the problem. For systems requiring short replenishment cycles, the optimal solution can be easily computed by applying these properties. For systems requiring long replenishment cycles, we further consider a relaxed problem that is computational tractable. Under this relaxation, the sum of fixed ordering cost and price adjustment cost is equal to (greater than, less than) the total inventory holding cost within a replenishment cycle when the inventory holding cost is linear (convex, concave) in the stock level. Moreover, under the optimal solution, the time‐average profit is the same across all price segments when the inventory holding cost is accounted properly. Through a numerical study, we demonstrate that inventory‐based dynamic pricing can lead to significant profit improvement compared with static pricing and limited price adjustment can yield a benefit that is close to unlimited price adjustment. To be able to enjoy the benefit of dynamic pricing, however, it is important to appropriately choose inventory levels at which the price is revised.     

供需不确定条件下基于CVaR的零售商库存鲁棒优化模型

在经典报童模型下考虑供应和需求不确定性,研究了具有风险厌恶的零售商库存优化问题。采用条件风险值（CVaR）对库存绩效进行度量,构建了基于CVaR的零售商库存运作模型;在此基础上,考虑上游供应商供货能力和下游市场需求不确定性,并采用一系列未知概率的离散情景进行描述,给出了供需不确定条件下基于CVaR的零售商库存鲁棒优化模型。进一步,采用区间不确定集对未知情景概率进行建模,给出了基于最大最小准则的鲁棒对应模型。针对同时考虑供需不确定性导致的模型非凸性,采用标准对偶理论将其转化为易于求解的数学规划问题。最后,通过数值计算分析了不同风险厌恶程度和不确定性程度对零售商库存决策以及库存绩效的影响。结果表明,供需不确定性的存在虽然会导致零售商库存绩效损失,但损失值较小。特别地,依据文中模型得到的鲁棒库存策略在多数情况下能够保证零售商获得更优的库存绩效。此外,不确定性和风险厌恶程度的增加虽然会影响零售商库存决策和运作绩效,但在同等风险厌恶态度下,随着不确定性程度的增加,基于文中方法得到的鲁棒库存策略仍能确保零售商获得理想的库存绩效,表明文中所建模型在应对供需不确定性方面具有良好的鲁棒性。     

基于RFID技术的双供应链投资决策研究

本文考虑零售商主导的分别由一个供应商和一个零售商组成的两条竞争型供应链中,当两个供应商都未投资RFID技术、只有一个供应商投资RFID技术以及两个供应商同时投资RFID技术时,考虑供应商成本结构的差异,对比分析供应链的投资决策。由于模型解析解过于复杂,本文通过算例分析,着重考虑产品的替代率、RFID标签价格以及库存可获得率三个因素对供应链成员利润的影响。结果表明两条供应链对RFID技术的投资决策会因成本结构和产品替代率的不同而发生变化,其中在两个供应商生产成本差异较大且产品竞争强度较低时,生产成本较高的供应商更愿意投资RFID技术,而生产成本较低的供应商不愿意投资RFID技术,两个零售商则希望使用RFID技术,所以此时仅会有一条供应链上的成员达成一致,决定投资使用RFID技术。     

中国省际公共资本存量估算:概念、框架与指标构建

文章通过合理界定公共资本内涵及统计范围,运用资产价值公式推导资产折旧率的时间序列数据,基于永续盘存法、“年龄—效率”函数谨慎测算1985-2014年中国省际公共资本存量和生产性公共资本存量。结果表明,与公共资本存量相比,生产性公共资本存量通过综合考虑资产退役及效率损失,更能反映实际服务于生产过程的公共资本规模。总体上,中国生产性公共资本存量自1993年以来增速明显加快,金融危机时期积极财政政策的实施进一步推动公共资本存量的迅速积累;区域上,生产性公共资本存量由东向西呈阶梯式分布,沿海地区公共资本存量处于领先水平,而大西北地区的公共投资呈严重不足状态。     

契约型农产品渠道中专有资产投入、人际信任与关系稳定

文章探讨了收购商与农户构成的契约型农产品渠道关系中,收购商与农户双方的专有资产投入对农户信任的影响,以及农户信任对关系稳定性的影响作用.实证研究发现,收购商专有资产投入会促进农户信任,而农户专有资产投入会强化上述关系;同时,农户信任会提升其续约意愿,降低其违约倾向.此外,政府支持会强化农户信任对其续约意愿的正向影响,但会削弱农户信任对其违约倾向的负向影响.研究结论拓展了传统渠道中专有资产投入对信任影响的适用范围,指出了双方锁定的渠道关系对信任的重要作用,为农产品渠道中契约稳定性的研究提供了新视角.研究还发现,政府支持对提高契约型农产品渠道关系稳定性具有重要作用,这对制定契约型农产品渠道的管理政策具有一定的启发意义.     

创业板公司风险投资对财务治理效率影响研究

风险投资在投资目的、方式、收回等方面与传统投资有很大区别,研究此投资框架下各项财务治理行为对企业财务治理效率的影响,能够有针对性地指导企业完善治理措施,提高治理效率。创业板是我国风险投资参与面最广的上市公司板块,以创业板2009—2013年期间IPO上市公司为研究对象,采用实证研究方法,分析风险投资对上市公司财务治理效率的作用及其形式。结果显示,风投方持股比例越高,参与时间越长,在董事会、监事会高管中拥有席位越多,财务治理效率就越高,但创业板中的联合投资存在“搭便车”现象。上市公司应努力完善并调整企业相关制度和治理结构,风险投资机构加强合作,以最终实现高效的财务治理。