中国证券市场佣金制度研究_关于中国证券市场的SCP分析框架

©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(510632)(510120):(Mason)(Bain),,,,(Structure)(Conduct)(Performance)(SCP),,,,,:(),,:11,,,,,,()():CRn=ni=1XiPNi=1XiCRnn,n,,n=51020,:(1)2000,1012684(2)1,2000525198%,1037196%,,,(3),,93200256:CR475%65%75%50%65%()35%50%()30%35%30%(,1999,142)©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:%()CR532162251984811730151271871140CR1052173371966912149115461332165CR207610161187911465918164124150:2000,200151421,,,,,:(1),,,,,,,,,(2):2000,58011132684,2,1200044,,146,3;113,78,;105,19(3)(),,(4),,,,,(),;,31,,,,R(return)T(turnoverinvalue),R=CT,C,R=CT=Cf(Q,H)Q,H,04:©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()=f(Q,H)Pf(Q,H)=,;R(),;R(),:219982000:19982000(%)22825753152351652862454610763628153159()840113210310215084240186:2001,(http:PP)2,19982000,0186(,),1152(),115,1159,1186,,,41,,,,(),:1996,,,,,119:,,,,A,,,,()11,(1420025©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.),3()()()()A23151023155B24132413()3151035215521552525:2001,,;(http:PP)1990,:,,5,105,,,21(1):,:,,,,,,,,,(2),,,,,,,(3),,:,,24:©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),,,,,,,,21,,,,,,,,,,,,,31,,,,,,,,(2001),20%,19951999,60%,,,,,,,41,,,,,,,,,,,,,199714143%4312%3118%,(,1999),,,:11,,1995199721193%41121%3420025©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(),,,,,,,,,20006136,900,(20001088476,355),19981999(),,,?,,21,,,,,:,,,GDP40%,60005%,49%,18%,,(,2001),,,2,19982000,1152,,0186,,6%,2%,(,1999),,,31,1912,1986,100,40%,,,1986,WTO11,T44:©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.=f(Q,H)TH,,,200112,1418;3,22,THtht=f(Q,H):t=a0+a1ã+a2h19981200111tQh,:t=-2941163+61238%Q+93441040ht:(-71361)(91044)(131247)F:F=961215;:R=01902,R2=01814:(1)R=01902,R2=01814,t(2)F=961215,=5%,F2F(2,39)=3123F=961215F(2,39),a1=a2=0,t=-2941163+61238%Q+93441040h(3)a0a1a2t-7136191044131247,=5%,t-t=116849|t|116849,a0=a1=a2=0,,t=-2941163+61238%Q+93441040h,t19981200111ãLD,C,IQãn-ãn-1Dãn-1C,ILLn-Ln-1DLn-1,:ãn-ãn-1Dãn-1=31708E-03-51336E-04C+21156E-04i+01372Ln-Ln-1DLn-1t:(41068)(-41322)(71600)(41059)F:F=351274,:R=01783,R2=0161221(1)t=-2941163+61238%ã+93441040h,dtdã=61238%,,(),0106238();dtdh=93441040,,,5420025,,,,QL(http:PP)©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.()(2):F=ãn-ãn-1Dãn-1-31708E-03+51336E-04C-21156E-04i-01372Ln-Ln-1DLn-1(),ãnLn,ãn-1Ln-1()dtdã=61238%,,dãndLn=d(ãn-ãn-1)d(Ln-Ln-1)=9F9(Ln-Ln-1)9F9(ãn-ãn-1)=-01372DLn-11Dãn-1=01372ãn-1Ln-1=0137266171821303102=118893dtdL=dtdãdãdL=61238%0137266171821303102=011179,L(),011179,2137,28144()dtdã=61238%,,dãndC=d(ãn-ãn-1)dC=-9F9C9F9(ãn-ãn-1)=-51336E-041Dãn-1=-Dãn-151336E-04dtdC=dtdãdãdC=61238%(-Dãn-151336E-04),2011,200111ãn-16617182dtdC=dtdãdãdC=61238%(-2011661718251339E-04)=-4143,C(1),4143,89104,1068152(41432011P12P),2000(63628153)1168%,,,,,,,,,,,,,()64:©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.:,,,,,21,,,,,,,,,31,,,,,41,,,,,()11,,,,,,,21,,,,,,(),,,31,,,,,20011116,,,,,41,,(65)7420025©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(Colson,1974),,,,,,1996:,,C.,1992:,,,1997:,5,2000:,5,1992:,,,1994:,,,1998:,Davis,L.E.andNorth,D.C.,1971,InstitutionalChangeandAmericanEconomicGrowth,CambridgeUniversityPress.ElizabethColson.,1974,TraditionandContract:TheproblemofOrder.Chicag:Adeline.North,D.andThomas,R.P.,1970,AnEconomicTheoryoftheGrowthoftheWesternWorld.EconomicHistoryReview23.(:)(:)(47),2001:,67,1999:,,2001:,512,1999:,3,1999:,,1999:,71,1995:,,1999:,,2001:,8,2001:,829,2001:,726,2001:,130,2001:,515Brucem.Collinsetal.,1991,AmethodologyformeasuringTransactionCost,FinancialAnalystsJournal,March2April.(:)(:)5620025©1994-2010ChinaAcademicJournalElectronicPublishingHouse.Allrightsreserved.(DepartmentofAppliedEconomicsGuanghuaSchoolofManagement,PekingUniversity)Weexaminethepolicyimplicationsofinternationalmulti2marketoligopolywhereahomefirmhavingincreasingmarginalproductioncostisamonopolistinthehomemarketandaduopolistwithaforeignfirmintheforeignmarket.WefindthattheoptimalpolicycombinationforthehomegovernmentunderBertrandcompetitionconsistsofadomesticproductionsubsidyandanexporttax,butunderCournotcompetitionconsistsofaproductionsubsidyandanexportsubsidy.Asabyproductofouranalysis,weshowthatanexporttaxrebatewillalwaysaggravatethedomesticmarketdistortionandcannotdefinitelyincreasethenationalwelfare.KeyWords:Multi2marketoligopoly;Pricecompetition;Quantitycompetition;IndustrialandTradepolicy;ExporttaxrebateJELClassification:D430,F130,L130TheNego