How to Design Income and Commodity Taxes in a Multi-Sector Economy?—Enlightenment to China’s Tax System Reform摘 要: 本文在一个两部门内生工资，能力为私人信息，且劳动者在部门间自由流动的一般均衡模型中，研究了兼顾效率与公平的劳动所得税与商品税组合，以及一国税制应该如何随经济的变化而调整。考虑到部门间的技术差异、内生工资、人口流动和差异化的商品税，我们扩展了标准的Mirrlees税收公式。结论指出：①差异化的商品税可以通过缩小工资差距来促进收入再分配，此时高能力劳动者密集部门的商品税率应较高；②商品税率分摊了所得税的收入再分配职能，使得所得税的边际税率曲线变得较为平坦；③所得税与商品税税率均与收入的整体分布和要素间的替代弹性有关。作为本文研究的一个应用，我们基于2007年与2013年的中国城乡家庭收入调查数据进行了数值模拟。分析发现：随着部门间收入差距的缩小和部门内部收入差距的扩大，部门间商品税税率差距应缩小，而所得税在收入再分配中的作用将变得更加重要。若将农业部门的税率视为零，本文结论说明：相比于2007年，2013年非农商品的最优税率在下降，同时最优所得税在高收入段的累进性应提高。此外，本文还说明了为何对低收入段征收的边际税率不宜过低。Abstract : In a dual economy with a continuum of endogenous wages, we provide both optimal income tax and commodity tax formulas with sufficient statistics. We treat the sector with higher income and lower substitution elasticity between labor factors as urban areas, while the other one as rural areas. We find that both commodity and income tax depend on wage elasticities with respect to labor inputs. Higher commodity tax rate should be levied on the goods produced by high-ability individual relative intensive sector, which in turn makes income tax flatter. Considering endogenous wages, labor mobility and commodity taxes, we generalize the standard optimal income tax formula. The numerical simulation is based on a survey data on urban and rural household income in China in 2007 and 2013. We find that urban commodity tax is always higher than rural commodity tax, while the difference is relatively smaller in 2013. Besides, given the substitution elasticity between labor factors in urban areas, the difference between the commodity tax rates of urban and rural areas are increasing with the decrease of substitution elasticity in rural area.Keywords: Optimal Taxation; Tax Structure; General EquilibriumLI Wenjian(School of Economics, Zhejiang University)WENG Xi(Guanghua School of Management, Peking University)FU Chunyang(School of Economics, University of Chinese Academy of Social Sciences)Price Dispersion and Return on Investment—An Empirical Study of the Real Estate Market in Beijing摘 要: 本文运用2008—2017年北京市二手房交易数据，研究了小区层面的资产投资回报异质性和价格分化现象。结果显示，房产投资回报率体现出显著的异质性，揭示了中国房产市场有持续的价格分化现象。本文也发现房价分布具有肥尾特征，并测算了相应的帕累托指数。在去杠杆稳步推进、房产税可能出台等宏观经济背景下，本文的实证研究结果具有重要的政策意义。Abstract: This paper study the heterogeneous returns on investment and the price dispersion in the real estate market, using the pre-owned house transaction data in Beijing from 2008 to 2017. Results show that the returns to real estate investment have significant heterogeneity, and reveal that China’s real estate market has price dispersion. We also find that the distribution of house prices has a fat tail, and calculate the Pareto index. These results have important policy implications in the background of deleveraging and possible implementation of real estate taxes.Keywords: Housing Price Dispersion; Heterogeneous Returns on Investment; Fat TailCHEN Xirong（School of International Trade and Economics, University of International Business and Economics）SHEN Yifan（School of Economics and Management, Tongji University）QIN Ziming, ZHU Shenghao（School of International Trade and Economics, University of International Business and Economics）Will Cheap Labor Replace Automation Technology?摘 要: 与现有文献主要关注自动化技术是否替代劳动力不同，本文认为自动化技术进步与劳动力市场的潜在影响是相互的。具体地，本文检验廉价劳动力是否也可以替代自动化技术。利用2004年欧盟扩围、新成员国廉价劳动力大规模流入英国这一外生冲击，本文发现英国国内受冲击更大的职业或行业使用自动化设备的可能性更低。深入探究发现，歧视使得劳动力移民的工资低于均衡水平，促使企业用相对廉价的劳动力移民来替代自动化技术。本文还利用爱尔兰受到的同一冲击作为工具变量排除了潜在内生性问题。当以机器人安装数量作为自动化技术应用的替代度量时，结果依然稳健。机制检验表明，在劳动力移民与英国本土劳动力工资差距更大的职业中替代效应越大。本文一方面指出劳动力价格可以影响自动化技术应用，是对自动化技术和劳动力之间关系的重要补充；另一方面也具有重要的政策含义，即中国在推进以自动化为核心的智能制造过程中，劳动力等政策也会反过来影响自动化技术的应用。Abstract: Unlike much of the existing literature, which focuses primarily on the potential for automation technology to replace labor, we believe that progress in automation technology and the labor market are equally important. By taking advantage of the 2004 enlargement of the European Union and the subsequent influx of cheap labor from new member states into the UK, we find that occupations or industries that were more impacted by this influx are less likely to adopt automation equipment. Further analysis indicates that discrimination keeps the wages of immigrant labor below equilibrium, incentivizing firms to substitute automation with less expensive immigrant labor. To eliminate potential endogenous problems, we also use the same shock that Ireland experienced as an instrumental variable. Even when using robot installations as an alternative metric for the application of automation technology, the results remain robust. Our mechanism test reveals a larger substitution effect in occupations where the wage gap between immigrant and local labor is greater. Our findings highlight the importance of labor price in determining the adoption of automation technology, providing a valuable supplement to existing research on the relationship between automation technology and labor. This study also has important policy implications, indicating that in the promotion of intelligent manufacturing with automation as the core, policies relating to labor will, in turn, affect the adoption of automation technology.Keywords: Cheap Labor; Automation; UK; EU EnlargementLIU Qing（National Academy of Development and Strategy, Renmin University of China）XIAO Baigao（School of Economics, Renmin University of China）Beyond Information: The Display Effect of Price History摘 要: 随着数据可视化越来越普遍，消费者的决策愈发可能受到信息视觉展示方式的影响。本文通过一系列的实验探索和验证了历史价格特征对消费者购买的影响依赖于视觉展示的效果。实验结果表明，最后一次价格变化的方向对消费者购买决策的影响容易受到价格变化的视觉幅度（VMPC）和时间跨度的视觉长度（VLTH）的影响，而价格变化次数对消费者的影响效果则对 VMPC（相较于VLTH）更敏感。此外，当视觉幅度（VMPC） 较小且视觉长度（VLTH）较长时，价格变化在视觉上不甚明显且与当前价格的视觉相关性不强。在这种视觉展示下，本文发现较长的历史价格时间跨度对消费者购买意愿有显著的正向影响。Abstract: As data visualization has become increasingly common, consumers’ decisions are more likely to be influenced by a visualized reality. In this paper, we demonstrate and explore how the effects of price history attributes on consumer purchase are sensitive to visual display through a series of experiments. The experimental results suggest that the effect of the direction of the last price change is sensitive to both visual magnitude of price change (VMPC) and visual length of time horizon (VLTH), and the effect of price change times is more sensitive to VMPC than to VLTH. Besides, when VMPC is small and VLTH is long so that price changes are less visually salient and less visually relevant to the current price, we find that a longer time horizon under such visual display has significantly positive effect on consumers’ purchase likelihood.关键词：历史价格；历史价格图表；视觉现实；购买意愿Keywords: Price History; Price Chart; Visualized Reality; Purchase LikelihoodZHU Yongmin, ZHANG Zhe, LI Lingfang (Ivy) (School of Management, Fudan University)CHEN Yuxin (Business Division, New York University Shanghai)The Impact of Matching Fund on Charity-based Online Crowd-funding:Dynamic Analysis and Empirical Evidence摘 要:在线众筹平台可以利用网络汇聚慈善性捐助以辅助公益性项目融资，近年来得到了长足发展，获得了社会的普遍关注，在基于社会协调机制的“第三次分配”的实践中起到了积极推动作用。在线慈善众筹过程中，平台可以借助企业和基金会的大额捐款对个人捐款进行匹配，即匹配捐款机制。匹配捐款能否有效刺激个人捐款，是一个值得探讨的重要问题。一方面，经典的公共品理论指出，公共品的非排他性导致个人捐助者有“搭便车”的动机，企业的匹配捐款会“挤出”个人捐款。另一方面，动态公共品博弈产生的“跨时策略互补”效应会激发个体多捐助。本文采用一个离散公共品的动态自发供给模型来分析匹配捐款如何影响个人捐款额。模型分析显示，在“搭便车”动机与“跨时策略互补”效应的共同作用下，匹配捐款是否产生“挤出”效应取决于公益项目是否具有较高的内在质量。项目质量较高时，即达成目标筹款金额的内生预期时间较短时，则匹配捐款可以提升个人捐款额。本研究利用慈善众筹网站Kiva的项目捐款微观数据，建立预测模型和构造项目质量的动态测量。实证分析结果支持基于理论模型分析得到的假说。Abstract: How to attract participation and elicit contributions in charity-based online crowd-funding has remained a challenging problem for a long time. Leveraging on corporate or individual funds to set up a matching fund mechanism has been widely adopted as a popular approach to motivate lenders’ donations. This study examines how the matching fund mechanism affects individual lenders’ contribution, theoretically and empirically. On the one hand, the classical tenet of public economics claims that each individual relies on peers to contribute more and enjoy the project. Hence, an outsider’s contribution via the matching fund mechanism should decrease individual lenders’ contribution due to the “free-riding” problem. On the other hand, the “strategic complements across time” effect in the framework of dynamic provision of public goods results in more contributions from individual lenders. Our theoretical model illustrates that which of the two opposing effects dominates hinges crucially on the intrinsic quality of a project. When the endogenous completion time of a project is short, it has high intrinsic quality and getting matched is more likely to crowd-in individual lenders’ contribution. Otherwise, for a project with low intrinsic quality, getting matched may crowd-out individual lenders’ contribution. Using real-time data from Kiva.org, a well-known charity-based crowd-funding platform, we find that the empirical results provide supportive evidence for the theoretical predictions.关键词：慈善性众筹；匹配捐款；公共品；动态博弈；“挤出”和“挤入”效应Keywords: Charity-Based Crowd-Funding; Matching Fund; Public Good Provision; Continuous-Time Game; Crowding-in and Crowding-out EffectSHEN Ji, YE Lei, WANG Chong (Guanghua School of Management, Peking University)From Two-sided Market to Multi-sided Market—The Influence of Platform Expansion on its Pricing Strategies摘要:与传统企业不同，平台企业主要是通过增加市场的边数吸引更多不同种类的用户来实现扩张。这种扩张策略会受到平台企业的市场势力以及用户的归属状况的影响。因此，本文研究了完全垄断和寡头垄断两种市场结构下，平台扩边对其价格策略的影响。我们发现，当平台扩展市场边数时，交叉网络效应带来的用户规模增加，会让垄断性平台保持对原有用户的定价；而对于寡头平台，不论用户是单归属还是多归属，选择扩边的平台的定价尽管高于没有扩边的平台，但因为扩边带来的交叉网络效应，却能够吸引更大规模的用户群体。上述结论的政策含义是：平台企业通过增加市场边数的扩展策略不应给予严格的限制。Abstract: In contrast to traditional firms, platform firms expand primarily by extending market boarders to attract different types of users. This expansion strategy is affected by the platform’s market power and the affiliation status of their users. This paper studies the influence of platform’s expansion on its pricing strategy in the case of monopoly platform and oligopoly platform. We found that when the platform extends market boarders, the increment in the user scale by the cross-network effect will make the monopolistic platform tend to maintain the price of its original users. Oligopoly platforms, whether the user is single-homed or multi-homed, can attract a larger scale of user group brought by the cross-network effect, although the price of platforms with extended market boarder is higher than that of platforms without extended market boarder.关键词：双边市场；平台企业；平台市场扩边；用户归属Keywords: Two-sided Market; Platform; Market Extension; User AffiliationWANG Yong, ZHANG Weiyi（Institute of Economics, School of Social Sciences, Tsinghua University）YAN Jiaqi （The People’s Bank of China）摘 要:政府的政策往往难以准确度量，地方政府有许多正式或非正式的政策工具可以使用，导致这一问题在中国更为突出。本文提出可以通过计算各省官方报纸中提到“专利”一词的文章数量，并用总文章数量对其平减调整，以此来衡量政府支持创新的政策力度。基于此本文研究了这些创新政策措施对2001—2010年上市公司的专利活动的影响。由于各省发生的救灾活动可能会争夺政府对创新的关注和资源，因此本文利用其作为工具变量来处理政策的内生性问题。结果显示，政府的创新政策在增加了上市公司专利申请数量的同时并没有降低其质量，这种影响在广延边际上最为突出。此外，非国有企业对创新政策的反应更强烈，部分原因是它们更有可能处于广延边际。Abstract: Government policies are often difficult to measure. This is especially true in China, where local governments have numerous, formal or informal, policy tools at their disposal. This paper propose a measure of pro-innovation policy effort by counting the number of articles mentioning “专利” (patent) in each official provincial newspaper and deflating it with a proxy for the number of total articles. We then examine the effect of such policy measures on the patenting activities of listed firms from 2001 to 2010. To deal with policy endogeneity, we adopt an instrumental variable approach that leverages on the possibility that provincial-level disaster relief activities compete for governmental attention and resources devoted to innovation. Our results show that innovation policies increase the number of patent applications filed by listed firms without reducing their quality. This effect is most salient on the extensive margin. Non-state-owned enterprises (SOEs) are more responsive to innovation policies, partly because they are more likely to be on the extensive margin.Keywords: Innovation Policy；Patents；Local GovernmentsXIAO Mo（Eller College of Management, the University of Arizona）YUAN Han（School of Business, Sun Yat-sen University）One Ti Multiple Xiang：Environment Change and Organizational Adaptation摘 要:组织如何适应环境变化是管理研究中的一个经典话题。本文整合了组织惯性与动态适应的视角，借用中国文化中“体”和“相”的概念，通过对网宿科技的案例分析，揭示了组织在发展和演进过程中的“不变”与“变”。“不变”的方面是组织在创立和发展过程中形成的一些类似DNA的东西，包括企业定位、核心能力、盈利模式等，这些构成了企业的“体”；而“相”则是组织随着环境（尤其是技术和市场）的变化而选择的具体的产品或服务，是“变”的方面。“体”通过使能和约束机制影响“相”的转变；而“相”的转变则通过加强、丰富和调整等机制反过来影响“体”，二者的动态关系构成了组织的变迁。本文认为“一体多相”揭示了组织（尤其是专业化的组织）适应的一般规律，不仅对组织理论和战略适应的文献做出了贡献，也会给中国企业目前在面临转型升级时的战略选择带来启发。Abstract: How do organizations adapt to environmental change? Borrowing the concept of Ti (essence) and Xiang (faces) from Buddhism and building on the case analysis of Wangsu, we identify the elements of stability and change. The stable elements are established during the process of the firm’s founding and development, including identity, business model and core competency, which compose the Ti, while the Xiang are products or services the firm chooses as an adaptation to the environment. The Ti affects Xiang through enabling and constraining, while the change of Xiang provides feedback to the Ti through reinforcement, enrichment, and adjustment. One Ti multiple Xiang captures the general rule of organizational adaptation.Keywords: Environment Change; Organizational Adaptation; One Ti and Multiple Xiang; Case StudyZHANG Jianjun,WANG Tiemin(Guanghua School of Management, Peking University)WANG Yue(Jesse H.Jones Graduate School of Business，Rice University)FENG Hanye(Shenzhen Guangzhiyuan Enterprise Management Co., Ltd)Public Attention, Environmental Law Enforcement and Pollution Prevention—A Experiment Based on the Central Environmental Protection Inspections in China摘 要:污染防治是发展中国家面临的重要问题，寻找和评估行之有效的环保政策是环境经济学的研究重点。本文通过双重差分方法识别了自2016年开启的第一轮中央环保督察对中国的污染防治的全面影响以及作用机制。研究发现，第一轮中央环保督察使得被督察城市的AQI、PM2.5、PM10、SO2显著改善，但CO、NO2和O3没有显著变化。中央环保督察通过自下而上的公众关注和自上而下的环保执法两条机制发挥作用。Abstract: Pollution prevention and control is an important issue facing developing countries. Finding and evaluating effective environmental protection policies is the focus of environmental economics. This paper uses the difference-in-difference method to identify the overall impact and mechanism of the first round of the Central Environmental Protection Inspections(CEPI) in China. We find that the first round of CEPI led to significant improvements in AQI, PM2.5, PM10 and SO2 in the inspected cities, but there were no significant changes in CO, NO2 and O3. CEPI functions through two mechanisms: bottom-up public attention and top-down environmental law enforcement.Keywords: Central Environmental Protection Inspections; Public Attention; Environmental Law EnforcementLANG Yongchun（Guanghua School of Management, Peking University; Business School, The University of Hong Kong）CHEN Yuyu, WANG Yulu（Guanghua School of Management, Peking University）Monetary Policy Evolution of Advanced Economies:A Review for 2008-2022摘 要:本文述评了2008—2022年间以美日欧为代表的发达经济体货币政策的演变，尤其是这一时期涵盖了2008年的国际金融危机和2020年初爆发的新冠疫情导致的全球公共卫生健康危机，正值世界百年未有之大变局的特殊阶段。本文从货币政策操作体制、货币政策目标以及货币政策工具和传导机制等维度对发达经济体的货币政策演变进行了全方位分析，尤其重点述评了2008年国际金融危机以来发达经济体推出的以量化宽松为首的非常规货币政策。最后，基于中国当前宏观经济面临的下行压力和多重挑战，探究了对中国的启示和政策建议。Abstract: This paper reviews the monetary policy evolution of advanced economies during 2008-2022, which is a special period with radical changes, and covers two global crisis: the 2008 Global Finance Crisis and the 2020 Covid-19 Pandemic. This paper provides a comprehensive analysis regarding three dimensions of monetary policy evolution of advanced economies: monetary policy implementation, monetary policy mandates, and policy tools and transmission channels, and particularly unconventional monetary policy like “Quantitative Easing”, conducted by central banks of advanced economies since the 2008 Global Finance Crisis. In the end, The paper also provides inspirations and suggestions to China, based on the multiple challenges and downturn pressures the Chinese economy is facing right now.关键词:货币政策操作；非常规货币政策； 演变；启示Keywords: Monetary Policy Implementation；Unconventional Monetary Policy；Evolution；InspirationXIAO Xiaolin（Guanghua School of Management, Peking University）诚挚邀请国内外专家、学者赐稿。相信在国内外学术共同体的努力下，《经济管理学刊》将成为汇聚全球重要经管理论和思想的平台，为中国的经管学术思想再添新翼，助力中国大地涌现出更多世界级的经济学和管理学研究与思想。
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