|
济源翻译公司关键字：to put into legal sanctions; addition, since the relationship is very serious and lead to lower regulatory costs of buying. Thus, in the incentive to take high-strength regulation tools necessary to be especially careful. Compared with high incentives and low-incentive regulation is only a small room for the contract (the regulatory agencies to use private information less), and therefore not susceptible to the impact of regulation buy.Since China's current judicial system is not perfect, we must consider the other issues associated with: regulatory commitment. In reality, due to various causes that limit, the actual regulation of the contract period may be shorter than the full cycle, before the statutory changes necessary to renegotiate the contract: one is that when companies get high profits (however, let us not forget: high profits may be the consequences of high incentive regulation, which reminds us once again to inspire strength and information between the rent of a better trade-off), regulatory agencies will be great political pressure, so in a formal contract be terminated before the new round of negotiations, and re-negotiations will further increase the "ratchet effect" (ratchet effect), forcing companies to accept lower contract incentive regulation; In other cases, regulation may be due to the loss-making enterprises to consider all aspects of the aid (which is usually The so-called "soft budget constraint"), to avoid the worst happens and modify the contract in advance. In general, for high-incentive contract, whether corporate profits are high or low profits, ahead of the renegotiation of the contract will reduce the actual incentive regulation strength. Furthermore, in developing countries, especially China, we have to seriously consider the shadow price of public funds (marginal cost). Many economists have done a lot of estimates. Widely believed: for developed countries is concerned, the shadow price of public funds of 0.3 to 0.5, while for developing countries, generally much higher than this number. According to World Bank studies, developing countries, the shadow price of public funds is generally higher than 1, such as Malaysia is 1.2, the Philippines is 2.48, Thailand 1.54. According to Zhang Xinzhu (1995) estimated that China's shadow cost of public funds of 1.5 to 2.0. This shows that in China, the natural monopoly to provide products or services the price will certainly
|