Upstream SOEs in the mixed-ownership reform  

作　　者：Qian Liu Leonard F.S.Wang 

机构地区：[1]Institute of International Service Economy,Guangdong University of Foreign Studies,Guangzhou,China [2]Wenlan School of Business,Zhongnan University of Economics and Law,Wuhan,China

出　　处：《Economic and Political Studies》2022年第4期462-475,共14页经济与政治研究（英文版）

基　　金：the Philosophy and Social Science Planning Project of Guangdong Province[Grant No.GD20XYJ07];the Young Innovative Talents Project in General Universities of Guangdong Province[Grant No.2020WQNCX017].

摘　　要：This article explores possible options of the upstream mixed-ownership reform with imperfect substitute products in a vertically related market composed of one upstream SOE and two downstream profit-maximising retailers.Its focus is not only on incorporating the issue of privatisation into a vertical market structure,but also on extending the traditional upstream–downstream competition model by allowing the active contribution of retailers to enhance values at different costs.It finds that in a vertically related market where retailers’effort matters,the socially optimal policy towards the upstream SOE is partial privatisation regardless what product differentiation is involved,but the specific degree of privatisation is negatively correlated to the level of effort costs.By contrast,in a vertically related market without retailers’effort,the government tends to choose full nationalisation of the firm.

关 键 词：Mixed ownership-reform vertically related market partial privatisation retailers’effort 

分 类 号：F271[经济管理—企业管理] F276.1[经济管理—国民经济]