摘要
基于双边随机前沿思想,本文对水权价格进行了分解,并利用水权市场的交易数据对市场的信息不对称程度及其对交易双方议价能力的影响进行了实证分析。结果显示:中国水权市场存在严重的信息不对称,导致了水权实际成交价偏离基准价格,交易中拥有信息较多的一方议价能力越强,能够掠夺更多剩余。具体来看,水权买方的议价能力会促成实际成交价低于基准价36.42%,而卖方的议价能力导致实际成交价高于基准价57.12%,即使在两者相互作用下,成交价仍高于基准价20.70%。由于样本异质性,东部地区水权交易净剩余最小,中部地区最大,东部地区买方议价能力显著强于中、西部地区。不同交易类型间的净剩余差异较小,两者相差仅2.4个单位。但不同交易平台间的净剩余则存在较大差异,国家级交易中心产生的样本对应平均净剩余要高出区域级交易中心4.16个单位。中国水权市场中的信息不对称促成了水权实际定价高于基准价格,抑制了水权市场的交易活跃性,严重影响了水资源的合理配置。本文的政策启示在于:改善水权市场中的信息不对称程度、调动交易的活跃性需政府有效参与其中,强化市场监管、交易补贴等外部矫正机制,充分拓宽当前的信息公布和获取渠道,向市场参与者提供真实有效的交易信息。
Using the trading data of water market, we make an empirical analysis on the bargaining power between traders of the market through two-tier stochastic frontier model. The results show that: the information asymmetry between the two sides of the transaction will cause the actual transaction price to deviate from the fair price, and the one with more information has stronger bargaining power, which can plunder more surplus. Specifically, the bargaining power of the buyer makes the price lower than the fair price 36.42%, while the bargaining power of the seller makes the price 57.12% higher than the fair price. The interaction between them finally makes the price 20.70% higher than the fair price. As the existence of heterogeneity, the net surplus of the trade in the eastern region is the smallest, and the largest in the central region, suggesting the bargaining power of the buyers in the eastern part is stronger than that in the central part. The trade type of the trading market has a slight impact on the net surplus. From the level of trading market, the average net surplus of samples produced by national trading centers is slightly higher than that of regional trading centers. Information asymmetry leads to the actual pricing higher than the benchmark price, which is not conducive to mobilizing the market activity, and seriously affects the rational allocation of water resources. The policy enlightenment of this paper are as follows: in order to solve the hypocritical expensive price and mobilize the activity of transaction, the government should take more part in market monitoring and subsidy. The government should also broaden the current information channels and provide real and effective trading information to market participants.
作者
许长新
杨李华
XU Chang-xin;YANG Li-hua(College of Business,Hohai University,Nanjing Jiangsu 211100,China)
出处
《中国人口·资源与环境》
CSSCI
CSCD
北大核心
2019年第9期127-135,共9页
China Population,Resources and Environment
基金
国家自然科学基金项目“虚拟水贸易视角下区域农业水土资源耦合模型研究”(批准号:51279058)
中央高校基本科研业务费“基于乡村振兴战略的我国农村水利TFP效应空间演化研究”(批准号:2018B31214)
