Currently,governments across the world are tightening the regulations on accounting industry.In such a context,the effects of government regulations and internal governance on the efficiency of accounting firms are st...Currently,governments across the world are tightening the regulations on accounting industry.In such a context,the effects of government regulations and internal governance on the efficiency of accounting firms are studied using DEA-Tobit two-stage analysis framework and difference-in-difference(DID)method using internal financial data of accounting firms(2006~2016)in Guangdong province,China.The research results demonstrate that Chinese accounting firms show low comprehensive efficiency and resource allocation efficiency.Government regulations are significantly negatively correlated with the efficiency of accounting firms;while proper internal governance contributes to the improvement of the efficiency and has positive regulating effects on the efficiency loss caused by government regulations.furthermore,the accounting firms that have larger size and higher business concentration have the lower efficiency.higher specialization and industrial agglomeration degrees contribute more to the improvement of the efficiency.The results obtained suggest that if the rigorous government regulations can facilitate internal governance and construction of accounting firms;playing self-governance role as partners.Furthermore,the efficiency loss caused by the strict external regulations can be reduced to some extent.展开更多
The telecommunications industry has been undergoing tremendous technological changes, and owning to continuous technological advancement, it has maintained sustained prosperity and development. In this paper, the inte...The telecommunications industry has been undergoing tremendous technological changes, and owning to continuous technological advancement, it has maintained sustained prosperity and development. In this paper, the interplay between technology, market and government in telecommunications is discussed briefly, and then we introduce technology and government into the traditional SCP(Structure – Conduct – Performance) paradigm to develop an industry analysis framework called TGM(SCP)(Technology – Government – Market(Structure – Conduct – Performance)). Based on this framework, we present the spiral coevolution model which elaborates on the interaction mechanism of technological innovation with government regulation and market dynamics from the perspective of industry evolution. Our study indicates that the development of the telecommunications industry is the result of the coevolution of technology, government regulation and market forces, and among the three actors, technology is the fundamental driving force. Relative to the "invisible hand"(market) and "visible hand"(government), we conceptualize technology as the "third hand", which fundamentally drives the development of telecommunications industry in coordination with the other two hands. We also provide several policy implications regarding these findings.展开更多
Frequent extreme weather events like drought,etc.in the context of climate change present huge challenges to agricultural production.To find out if farmers have taken measures against them and identify governments'...Frequent extreme weather events like drought,etc.in the context of climate change present huge challenges to agricultural production.To find out if farmers have taken measures against them and identify governments'impact on their response measures are the foundation of and key to further improving relevant policies and farmers'responsiveness.Taking the North China Plain as an example,the study analyzes farmers'responses to fre-quent climate change-induced drought,and assesses the impacts of governments'early-warning,policy support and other factors on farmers'responses based on questionnaire survey data and an econometric approach.The results show that:(1)Farmers are responsive to drought,and they are more likely to take measures as the degree of drought deepening.(2)Governments'regulation affects farmers'responses,although only part of its regulation measures has remarkable effects.Governments'early-warning messages can increase the possibility of farmers'responding to drought,however,only when they get the early-warning in all the processes including before,during,and after disasters can the effects be significant.Currently,as the primary channel through which early-warning information is released,tele-vision cannot change farmers'behaviors significantly.Early-warning is most effective when spread via two or more types of channels.In addition,governments'(especially town and village level institutions')policy support has certain impacts on farmers'responses to drought,yet with less prominent effects in disaster years than in normal years;to provide subsidies,as a regulation measure,can encourage farmers'initiative a lot in adopting response measures,but most of the farmers haven't got support from any institutions.Both the structure and strength of government regulation need to be improved.(3)Farmers with different conditions respond differently.Farmer households in irrigation areas,those whose farmland is lower fragmented,and those with numerous agricultural family members tend to take response measures.The study can provide scientific reference to the making of relevant regulation policies under the background of acidifications.展开更多
In this paper, the mechanisms and principles of economic regulation from the classical and modem approaches standpoints were analyzed, the typical for world economic theory trends of the government＇s economic role el...In this paper, the mechanisms and principles of economic regulation from the classical and modem approaches standpoints were analyzed, the typical for world economic theory trends of the government＇s economic role elaboration, of the government regulatory authority, reducing in favor of market self-organization was argued. The transnationalization as a factor of government regulation mechanisms modernization was estimated and the perspectives of government and MNC interactions development in the modem world were evaluated. The recommendations for improving the government economical regulation infrastructure and mechanisms due to the conditions of economy globalizing, transnational business developing, technologies progressing were presented展开更多
Building energy efficiency is a long-term strategy to achieve sustainable development, but the inconsistencies of main interests during the implementation lead to the need for government regulation in building energy ...Building energy efficiency is a long-term strategy to achieve sustainable development, but the inconsistencies of main interests during the implementation lead to the need for government regulation in building energy conservation. Implementation of building energy efficiency of government regulation covers three aspects of construction and involves relevant participators, so the paper analyzes interests and roles of the related subjects in building energy saving, explore the motivations and its conversion mechanism of each player, and dissect the game relationship of associated earnings of developers' and consumers' behaviors selection under government control. Finally, the paper proposes basic requirements of building incentive policies for related subjects under government control to regulate the main behaviors of subjects in building energy efficient buildings and achieve energy efficiency goals and balance of all parties' benefits.展开更多
Government regulations has great significance to establish the corresponding business rules for the market operation. However, as a ＂latent variable＂ in statistical area, government regulations has no direct method ...Government regulations has great significance to establish the corresponding business rules for the market operation. However, as a ＂latent variable＂ in statistical area, government regulations has no direct method to measure. Firstly, this paper constructs the observation indexes of government regulation at macro level. Secondly, it establishes the SEM to measure the effects of government regulation on economic development. Finally, policy implications about measuring government regulation are illustrated.展开更多
＂Independent Audit basic norms＂ pointed out independent audit is the CPA entrusted by law, to be conduct an independent review of the accounting statements and related information and issue the audit opinion.＂ In t...＂Independent Audit basic norms＂ pointed out independent audit is the CPA entrusted by law, to be conduct an independent review of the accounting statements and related information and issue the audit opinion.＂ In the stock market, an independent audit is an important means to achieve fair presentation of financial statements by SFC-authorized accounting firm to conduct an independent audit of listed companies. In the open accounting services market, the independent audit is the most occupied audit resources, the most important business, and therefore the business is also subject to severe supervision of the SFC. Its value lies in perform forensic of the financial statements information of listed companies, and the higher the quality, the more it can reduce the risk of material misstatement of the financial statements, which is the need to strengthen and improve audit quality. Our independent audit market originated in the 1980s, along with the reform and opening up, China＇s economy is experiencing rapid growth, the demand for high quality audit increasingly enhanced. Audit activities have the nature of external and information asymmetry. External audit refers to it have an impact to investors, government departments and the other public stakeholders. Information asymmetry refers to the information asymmetry between the auditor and the audited entity, but due to the presence of asymmetric information and other reasons, the interests of stakeholders will be hurt by false information Government regulation as a model audit industry control, either in foreign or domestic, have played an irreplaceable role, especially in the socialism of China, plays a leading role. For example, when Enron bankruptcy United States speedly issue SOX in 2002 to strengthen the role of government regulation, effectively preventing the conspiracy of the CPA and the audited entity and improve audit quality. Visiblely, the role of government regulation in the audit market is very important.展开更多
The party＇s Third Plenary Session of the eighteen proposed to fully and properly perform the functions of the government, stressed that the government management to prior approval is more things in the post regulatio...The party＇s Third Plenary Session of the eighteen proposed to fully and properly perform the functions of the government, stressed that the government management to prior approval is more things in the post regulation, the implementation of the ＂Wide into standard＂. From the current regulation, there exists a single way, too microcosmic law enforcement problems, can not meet the needs of the development of society and economy. Regulators should take to promote the benefits of a socialist market economy as the goal to improve administrative efficiency as a means of regulatory authorities. Highly centralized regulatory approach taken by improving the legal system, refme the regulatory content, improve government regulation.展开更多
Foreigners Included Foreign employees in China will be entitled to the same social insurance benefits as Chinese nationals when the new Social Insurance Law goes into effect on July 1, 2011,according a senior official...Foreigners Included Foreign employees in China will be entitled to the same social insurance benefits as Chinese nationals when the new Social Insurance Law goes into effect on July 1, 2011,according a senior official with the Ministry of Human Resources and Social Security. Target groups include foreign workers employed by Chinese and overseas-fund-展开更多
Tougher bank regulations New rules setting stricter criteria for lenders’ capital adequacy,provisions,leverage, and liquidity conditions are going to take effect at the beginning of 2012,according to the China Bankin...Tougher bank regulations New rules setting stricter criteria for lenders’ capital adequacy,provisions,leverage, and liquidity conditions are going to take effect at the beginning of 2012,according to the China Banking Regulatory Commission (CBRC). The banks are required to meet the new standards by the end of 2013 and the end of 2016 respectively.展开更多
Resource Tax Adjusted China will implement new resource tax rates for oil and gas from November 1, 2011,according to the State Council, China’s cabinet. The sales of crude oil and natural gas nationwide will be subje...Resource Tax Adjusted China will implement new resource tax rates for oil and gas from November 1, 2011,according to the State Council, China’s cabinet. The sales of crude oil and natural gas nationwide will be subject to a tax of between 5 percent and 10 percent. It will also impose a tax of 0.4-60 yuan ($0.06-9.4) per ton on rare earth ores and 8-20 yuan($1.2-3.1) a ton on coking coal. Taxes on other types of coal remained unchanged at 0.3-5 yuan展开更多
Stricter Rules for Foreigners A stricter provincial rule governing foreigners who live and work in south China’s Guangdong Province took effective on May 1 to tackle the problem of illegal immigration.People are enco...Stricter Rules for Foreigners A stricter provincial rule governing foreigners who live and work in south China’s Guangdong Province took effective on May 1 to tackle the problem of illegal immigration.People are encouraged to report wrongdoing like illegal entry,展开更多
Tax Exempted Import tax exemption on equipment used in oil and gas drilling programs was granted by the Chinese Government in order to support the drilling industry, according to a statement released on the website of...Tax Exempted Import tax exemption on equipment used in oil and gas drilling programs was granted by the Chinese Government in order to support the drilling industry, according to a statement released on the website of the Ministry of Finance on September 1. The statement said equipment,instruments, accessories and special purpose tools that domestic companies can’t produce and are directly used in exploration展开更多
Food Package Data China’s Ministry of Health stipulates that the amount of trans fat and other dietary information should be marked on the labels of packaged food in the country’s first national nutritional standard...Food Package Data China’s Ministry of Health stipulates that the amount of trans fat and other dietary information should be marked on the labels of packaged food in the country’s first national nutritional standard for food nutrition labeling, effective January 1,2013. The new regulation means food package labels will have to detail information on nutrition,including levels of energy,protein,fat,carbohydrate and展开更多
Combating IPR Infringements China’s Ministry of Public Security launched a new round of crackdown on intellectual property right infringements starting from November 2010 to March 2011. According to Liu Jinguo,Vice M...Combating IPR Infringements China’s Ministry of Public Security launched a new round of crackdown on intellectual property right infringements starting from November 2010 to March 2011. According to Liu Jinguo,Vice Minister of Public Security,the campaign will focus on combating against infringement of copyrights,trademarks and the patents. Meanwhile,they will fight against the pro-展开更多
Controlling Traffic Chaos Beijing residents now need to apply to buy a car as new regulations,effective from January 1,became part of a series of new polices to curb mounting traffic chaos.Other regulations include li...Controlling Traffic Chaos Beijing residents now need to apply to buy a car as new regulations,effective from January 1,became part of a series of new polices to curb mounting traffic chaos.Other regulations include limited automobile registration and increased parking charges.According to the regulations issued by Beijing Municipal Commission of Transport,the city will license only 240,000 new vehicles in 2011,a third of the 700,000 new autos that hit Beijing roads in 2010.Eighty-eight percent of the quota will be distributed among first-time展开更多
Flour Additives Banned Two food additives,benzoyl peroxide and calcium peroxide,are prohibited from flour production starting May 1,according to a statement issued by China’s Ministry of Health on March 1. The decisi...Flour Additives Banned Two food additives,benzoyl peroxide and calcium peroxide,are prohibited from flour production starting May 1,according to a statement issued by China’s Ministry of Health on March 1. The decision was made in response to increasing public requests for natural food and less chemical additives,the statement said.In addition,with the improvement in the country’s flour processing and wheat planting tech-展开更多
Energy-efficient retrofitting(EER)of existing buildings has significant potential for addressing energy and environmental issues.However,the traditional market trading model is characterized by an inefficient dissemin...Energy-efficient retrofitting(EER)of existing buildings has significant potential for addressing energy and environmental issues.However,the traditional market trading model is characterized by an inefficient dissemination of critical information,which leads to insufficient incentives for market participants to trade.To solve these problems,this study constructs a three-party evolutionary game model with energy saving service companies(ESCO),homeowners,and trading information platforms as the main players,analyzes the interaction and evolution of the three parties'strategies under the scenario of government rewards and penalties,and explores the effects of the three parties'initial willingness and changes of model parameters on the evolution of their strategies.There are some findings as follows:first,the positive transactions of homeowners and ESCOs have less influence on the platform side;second,compared with homeowners,the government penalties have more obvious constraints on the platform side and ESCOs;third,government subsidies and EER revenues are the important factors influencing the speed of the evolution of three-party strategies,fourth,platform service compensation,the factors governing cost and benefit sharing are pivotal in determining the alignment of strategic choices among the three parties involved.Based on the research conclusions.This study offers theoretical guidance for the advancement of platform-based market transactions for EER.展开更多
In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities...In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.展开更多
基金supported by the National Natural Science Foundation of China under Grant No.72362001,titled'Compensation Incentive Mechanism of Accounting Firms:Theoretical Framework,Incentive Effect TestOptimization Reconstruction,'and the Guangxi Philosophy and Social Sciences Planning Project under Grant No.21BGL013,titled'Research on the Incentive Effects and Mechanisms of State-owned Capital Reverse Mixed Reform Promoting High-quality Development of Private Enterprises.
文摘Currently,governments across the world are tightening the regulations on accounting industry.In such a context,the effects of government regulations and internal governance on the efficiency of accounting firms are studied using DEA-Tobit two-stage analysis framework and difference-in-difference(DID)method using internal financial data of accounting firms(2006~2016)in Guangdong province,China.The research results demonstrate that Chinese accounting firms show low comprehensive efficiency and resource allocation efficiency.Government regulations are significantly negatively correlated with the efficiency of accounting firms;while proper internal governance contributes to the improvement of the efficiency and has positive regulating effects on the efficiency loss caused by government regulations.furthermore,the accounting firms that have larger size and higher business concentration have the lower efficiency.higher specialization and industrial agglomeration degrees contribute more to the improvement of the efficiency.The results obtained suggest that if the rigorous government regulations can facilitate internal governance and construction of accounting firms;playing self-governance role as partners.Furthermore,the efficiency loss caused by the strict external regulations can be reduced to some extent.
基金supported by Major Program of the National Social Science Foundation of China under Grant No.15ZDB154National Basic Research Program of China (973 Program) under Grant No. 2012CB315805
文摘The telecommunications industry has been undergoing tremendous technological changes, and owning to continuous technological advancement, it has maintained sustained prosperity and development. In this paper, the interplay between technology, market and government in telecommunications is discussed briefly, and then we introduce technology and government into the traditional SCP(Structure – Conduct – Performance) paradigm to develop an industry analysis framework called TGM(SCP)(Technology – Government – Market(Structure – Conduct – Performance)). Based on this framework, we present the spiral coevolution model which elaborates on the interaction mechanism of technological innovation with government regulation and market dynamics from the perspective of industry evolution. Our study indicates that the development of the telecommunications industry is the result of the coevolution of technology, government regulation and market forces, and among the three actors, technology is the fundamental driving force. Relative to the "invisible hand"(market) and "visible hand"(government), we conceptualize technology as the "third hand", which fundamentally drives the development of telecommunications industry in coordination with the other two hands. We also provide several policy implications regarding these findings.
基金National Natural Science Foundation of China,No.41430636,No.41590841National Program on Key Basic Research Project(973 Program),No.2012CB95570001
文摘Frequent extreme weather events like drought,etc.in the context of climate change present huge challenges to agricultural production.To find out if farmers have taken measures against them and identify governments'impact on their response measures are the foundation of and key to further improving relevant policies and farmers'responsiveness.Taking the North China Plain as an example,the study analyzes farmers'responses to fre-quent climate change-induced drought,and assesses the impacts of governments'early-warning,policy support and other factors on farmers'responses based on questionnaire survey data and an econometric approach.The results show that:(1)Farmers are responsive to drought,and they are more likely to take measures as the degree of drought deepening.(2)Governments'regulation affects farmers'responses,although only part of its regulation measures has remarkable effects.Governments'early-warning messages can increase the possibility of farmers'responding to drought,however,only when they get the early-warning in all the processes including before,during,and after disasters can the effects be significant.Currently,as the primary channel through which early-warning information is released,tele-vision cannot change farmers'behaviors significantly.Early-warning is most effective when spread via two or more types of channels.In addition,governments'(especially town and village level institutions')policy support has certain impacts on farmers'responses to drought,yet with less prominent effects in disaster years than in normal years;to provide subsidies,as a regulation measure,can encourage farmers'initiative a lot in adopting response measures,but most of the farmers haven't got support from any institutions.Both the structure and strength of government regulation need to be improved.(3)Farmers with different conditions respond differently.Farmer households in irrigation areas,those whose farmland is lower fragmented,and those with numerous agricultural family members tend to take response measures.The study can provide scientific reference to the making of relevant regulation policies under the background of acidifications.
文摘In this paper, the mechanisms and principles of economic regulation from the classical and modem approaches standpoints were analyzed, the typical for world economic theory trends of the government＇s economic role elaboration, of the government regulatory authority, reducing in favor of market self-organization was argued. The transnationalization as a factor of government regulation mechanisms modernization was estimated and the perspectives of government and MNC interactions development in the modem world were evaluated. The recommendations for improving the government economical regulation infrastructure and mechanisms due to the conditions of economy globalizing, transnational business developing, technologies progressing were presented
基金supported by the National Natural Science Foundation of China (Grant No. 71171141)Post-funded Projects of Social Science Planning in Tianjin (Grant No. TJGLHQ1403)
文摘Building energy efficiency is a long-term strategy to achieve sustainable development, but the inconsistencies of main interests during the implementation lead to the need for government regulation in building energy conservation. Implementation of building energy efficiency of government regulation covers three aspects of construction and involves relevant participators, so the paper analyzes interests and roles of the related subjects in building energy saving, explore the motivations and its conversion mechanism of each player, and dissect the game relationship of associated earnings of developers' and consumers' behaviors selection under government control. Finally, the paper proposes basic requirements of building incentive policies for related subjects under government control to regulate the main behaviors of subjects in building energy efficient buildings and achieve energy efficiency goals and balance of all parties' benefits.
文摘Government regulations has great significance to establish the corresponding business rules for the market operation. However, as a ＂latent variable＂ in statistical area, government regulations has no direct method to measure. Firstly, this paper constructs the observation indexes of government regulation at macro level. Secondly, it establishes the SEM to measure the effects of government regulation on economic development. Finally, policy implications about measuring government regulation are illustrated.
文摘＂Independent Audit basic norms＂ pointed out independent audit is the CPA entrusted by law, to be conduct an independent review of the accounting statements and related information and issue the audit opinion.＂ In the stock market, an independent audit is an important means to achieve fair presentation of financial statements by SFC-authorized accounting firm to conduct an independent audit of listed companies. In the open accounting services market, the independent audit is the most occupied audit resources, the most important business, and therefore the business is also subject to severe supervision of the SFC. Its value lies in perform forensic of the financial statements information of listed companies, and the higher the quality, the more it can reduce the risk of material misstatement of the financial statements, which is the need to strengthen and improve audit quality. Our independent audit market originated in the 1980s, along with the reform and opening up, China＇s economy is experiencing rapid growth, the demand for high quality audit increasingly enhanced. Audit activities have the nature of external and information asymmetry. External audit refers to it have an impact to investors, government departments and the other public stakeholders. Information asymmetry refers to the information asymmetry between the auditor and the audited entity, but due to the presence of asymmetric information and other reasons, the interests of stakeholders will be hurt by false information Government regulation as a model audit industry control, either in foreign or domestic, have played an irreplaceable role, especially in the socialism of China, plays a leading role. For example, when Enron bankruptcy United States speedly issue SOX in 2002 to strengthen the role of government regulation, effectively preventing the conspiracy of the CPA and the audited entity and improve audit quality. Visiblely, the role of government regulation in the audit market is very important.
文摘The party＇s Third Plenary Session of the eighteen proposed to fully and properly perform the functions of the government, stressed that the government management to prior approval is more things in the post regulation, the implementation of the ＂Wide into standard＂. From the current regulation, there exists a single way, too microcosmic law enforcement problems, can not meet the needs of the development of society and economy. Regulators should take to promote the benefits of a socialist market economy as the goal to improve administrative efficiency as a means of regulatory authorities. Highly centralized regulatory approach taken by improving the legal system, refme the regulatory content, improve government regulation.
文摘Foreigners Included Foreign employees in China will be entitled to the same social insurance benefits as Chinese nationals when the new Social Insurance Law goes into effect on July 1, 2011,according a senior official with the Ministry of Human Resources and Social Security. Target groups include foreign workers employed by Chinese and overseas-fund-
文摘Tougher bank regulations New rules setting stricter criteria for lenders’ capital adequacy,provisions,leverage, and liquidity conditions are going to take effect at the beginning of 2012,according to the China Banking Regulatory Commission (CBRC). The banks are required to meet the new standards by the end of 2013 and the end of 2016 respectively.
文摘Resource Tax Adjusted China will implement new resource tax rates for oil and gas from November 1, 2011,according to the State Council, China’s cabinet. The sales of crude oil and natural gas nationwide will be subject to a tax of between 5 percent and 10 percent. It will also impose a tax of 0.4-60 yuan ($0.06-9.4) per ton on rare earth ores and 8-20 yuan($1.2-3.1) a ton on coking coal. Taxes on other types of coal remained unchanged at 0.3-5 yuan
文摘Stricter Rules for Foreigners A stricter provincial rule governing foreigners who live and work in south China’s Guangdong Province took effective on May 1 to tackle the problem of illegal immigration.People are encouraged to report wrongdoing like illegal entry,
文摘Tax Exempted Import tax exemption on equipment used in oil and gas drilling programs was granted by the Chinese Government in order to support the drilling industry, according to a statement released on the website of the Ministry of Finance on September 1. The statement said equipment,instruments, accessories and special purpose tools that domestic companies can’t produce and are directly used in exploration
文摘Food Package Data China’s Ministry of Health stipulates that the amount of trans fat and other dietary information should be marked on the labels of packaged food in the country’s first national nutritional standard for food nutrition labeling, effective January 1,2013. The new regulation means food package labels will have to detail information on nutrition,including levels of energy,protein,fat,carbohydrate and
文摘Combating IPR Infringements China’s Ministry of Public Security launched a new round of crackdown on intellectual property right infringements starting from November 2010 to March 2011. According to Liu Jinguo,Vice Minister of Public Security,the campaign will focus on combating against infringement of copyrights,trademarks and the patents. Meanwhile,they will fight against the pro-
文摘Controlling Traffic Chaos Beijing residents now need to apply to buy a car as new regulations,effective from January 1,became part of a series of new polices to curb mounting traffic chaos.Other regulations include limited automobile registration and increased parking charges.According to the regulations issued by Beijing Municipal Commission of Transport,the city will license only 240,000 new vehicles in 2011,a third of the 700,000 new autos that hit Beijing roads in 2010.Eighty-eight percent of the quota will be distributed among first-time
文摘Flour Additives Banned Two food additives,benzoyl peroxide and calcium peroxide,are prohibited from flour production starting May 1,according to a statement issued by China’s Ministry of Health on March 1. The decision was made in response to increasing public requests for natural food and less chemical additives,the statement said.In addition,with the improvement in the country’s flour processing and wheat planting tech-
基金supported by the National Natural Science Foundation of China(Grant No.71872122)the Late-stage Subsidy Project of Humanities and Social Sciences of the Education Department of China(Grant No.20JHQ095).
文摘Energy-efficient retrofitting(EER)of existing buildings has significant potential for addressing energy and environmental issues.However,the traditional market trading model is characterized by an inefficient dissemination of critical information,which leads to insufficient incentives for market participants to trade.To solve these problems,this study constructs a three-party evolutionary game model with energy saving service companies(ESCO),homeowners,and trading information platforms as the main players,analyzes the interaction and evolution of the three parties'strategies under the scenario of government rewards and penalties,and explores the effects of the three parties'initial willingness and changes of model parameters on the evolution of their strategies.There are some findings as follows:first,the positive transactions of homeowners and ESCOs have less influence on the platform side;second,compared with homeowners,the government penalties have more obvious constraints on the platform side and ESCOs;third,government subsidies and EER revenues are the important factors influencing the speed of the evolution of three-party strategies,fourth,platform service compensation,the factors governing cost and benefit sharing are pivotal in determining the alignment of strategic choices among the three parties involved.Based on the research conclusions.This study offers theoretical guidance for the advancement of platform-based market transactions for EER.
基金supported by the National Natural Science Fund (grant no. 70602011)the National Social Science Fund (grant no. 08CJY009)+2 种基金the support we have received from the IAPHD Project of Nanjing Universitythe Institution of Accounting and Finance of Shanghai University of Finance and EconomicsResearch Project 985 of the Institution of Economic Transition and Development of Nanjing University
文摘In a changing transition economy, Chinese government regulations that adopt the relatively simple bright line rule formula are enforceable in practice. Taking the early reform-oriented policies of the China Securities Regulatory Commission(CSRC) as an example, we find that the CSRC did not consider local enthusiasm for reform when allocating IPO resources because of the high enforcement costs involved. We also find that CSRC listed company regulations were enforced due to the lower costs involved in verifying regulatory violations, and that listed companies that completed the reform process were given priority in public refinancing. We present empirical evidence supporting the theoretical basis for the hypotheses outlined above. We also conclude that companies that completed the reform process in 2005 were of significantly higher quality and that the SEO regulation did not affect stock market efficiency. These findings enhance our understanding of the efficiency of government regulation in a transition economy.
