Efficient performance by companies with mixed ownership: Privatization and divestiture of a vertically integrated public monopoly
Efficient performance by companies with mixed ownership: Privatization and divestiture of a vertically integrated public monopoly
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混合所有制公司的高效绩效：垂直整合的公共垄断的私有化和剥离
DOI：
10.1111/apce.12330
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发表时间：
2021
期刊：
影响因子：
--
通讯作者：
Shinji Yane
中科院分区：
文献类型：
--
作者：
Sanford V. Berg;Makoto Okamura;Haruka Yane; Shinji Yane
本文研究了垂直整合的公共垄断的私有化和剥离模式。该框架用于得出如何利用混合公司来促进有效成果的一般条件，而无需假设理想的社会规划者或私营企业的卓越成本绩效。这些条件表明，针对混合（公私合作）公司的有效公共政策取决于基本成本和需求条件。结果表明：（1）当下游部门的线性（弹性）需求曲线足够平坦且边际成本相对较大（向上倾斜）时，垂直一体化的私人垄断比任何混合公司的组合都更有效率； （2）当下游企业边际成本不变时，上游上市公司和下游上市公司可以取得第一最佳结果； (3)上游企业的部分私有化比下游企业采取部分私有化能实现更高的福利。这些主张背后的直觉是通过使用成本和需求的标准特征来提供的。虽然基础设施部门私有化和剥离对公共政策的影响尚不明确，但结果强调了在制定和实施公共政策时了解成本和需求条件的重要性。
This paper examines a model of privatization and divestiture of a vertically integrated public monopoly. The framework is used to derive general conditions of how mixed companies might be used to promote efficient outcomes without assuming either an ideal social planner or superior cost performance of private enterprise. The conditions suggest that efficient public policy towards mixed (public‐private partnership) companies depends on basic cost and demand conditions. The results indicate that: (1) a vertically integrated private monopoly can be more efficient than any combination of mixed companies when there is a sufficiently flat linear (elastic) demand curve and relatively greater (upward sloping) marginal cost for the downstream sector; (2) an upstream public and downstream public firm can achieve the first best outcome when the downstream firm has constant marginal costs; and (3) a partial privatization of the upstream firm achieves higher welfare than taking that action for the downstream firm. The intuition behind the propositions is provided using standard features of cost and demand. While the implications for public policy regarding privatization and divestiture in infrastructure sectors are not definitive, the results underscore the importance of understanding cost and demand conditions when developing and implementing public policies.
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DOI：
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