| Since reform and open-up policy, China has experienced a rapid economic growth, but the extensive economic growth mode being characterized by high input and low efficiency has revealed the following drawbacks. Most industries are exposing the following problems as over production capacity, low productivity, slump profit, serious resource consumption and insufficient competitive advantage. The people’s livelihood situation is worrying and urban-rural income gap, consumption, education and housing costs are being increased year by year, which in the long run will endanger social stability and healthy development of economy. As the global climate change issues and China’s energy shortage problem increasingly warming, the idea of low-carbon economy has started receiving the widespread attention. In the face of the uncertainty and complex domestic and international economic environments, the active government control to adjust the economic structure is imperative. The scientific regulation is not only necessary and but also the policy process including suggestions, enactment, promulgation and implementation must be more scientifically measured, analyzed and comprehensively compared for the effective transformation of economic growth mode.In view of the above complex economic background during the start of "Twelfth Five-Year Plan", this doctor paper took the government’s economic policy, industry’s integration and firm’s vertical merge as the research objects, referred to the existing the domestic and international theories and empirical methods, combined with the three main theoretical frameworks of Institutional Economics as Institutional Evolution, Transaction costs and Property Right and studied the developing characteristic, trend, cause and effect of Policy Innovations, Industry Integration, Enterprise Vertical Merge and Property Right Change.This study will contribute to the in-depth study of the intrinsic laws of Policy Innovations, Industrial Integration and Vertical integration, to enriching the existing theories of Policy Innovations, Industrial Integration and Vertical integration, and to helping the relevant government departments to formulate a reasonable adjustment and control measures for the health and harmonious development of China’s economy and the adjustment of industrial structure.The main research work includes as follows.Firstly this paper developed the two kinds of Policy Innovation Mode (one is to promote output and efficiency, the other is to promote the equal distribution) on the basis of Bromley’s theory framework of public policy, chose the main measurable performance indicators mostly to reflect the targets of economic development mode’s transformation, and measured the marginal coefficients to estimate the main policy instrument variables’ effect on above performance indicators via STATA11.0through constructing the dynamic models based on provincial panel data from1981to2008in China. After the logic justifications and empirical testing, the following results were obtained by us.1) The traditional economic growth mode with low efficiency, low rewarding and high energy wastes must be replaced by the new economic development mode with high efficiency, strong innovations, people’s happiness and continuous development, but it is not workable fully relying on market mechanism’s facilitation and it is also not consistent with the concept of scientifically development if the government adopts and implements different varieties of economic policies withoui pla(?)ing and-intentrons.2) The different kinds of policy target need be coordinated to put under an umbrella of the long period planning of China’s economic growth mode’s transformation. For example, it is not allowed to promote the economic performance through a tentative citizen’s reward’s decrease as the economical running mechanism of stability and care considerations of most people’s welfare is a necessary condition of economic growth mode’s transformation.3) The different kinds of policy change mode need be set with the different varieties of policy instrument. But if we can’t make use of policy instruments well, parts of instruments possibly in some extends affect negatively another target with the same importance when to positively promote a target, so we need measure and compare the marginal effects of instruments closely connected with a policy target. In one word, wee need scientifically analyze a policy’s combined effects on the whole social system.Secondly the paper also summarized the existing literature about China’s Industrial Integration and proposed the present analysis frame, induced the characteristic and tendency based on2003-2008main public enterprises’M&A cases, proposed the different kinds of Integration Pattern, carried on the normative argument of formation mechanism of these different patterns and finally analyzed empirically each kind of pattern’s influence mechanism on enterprise’s efficiency. The following points were concluded.1) As a whole, we need judge whether the factors’shift caused by integration will be more effective than beforehand use.2) The same region’s and the same industry’s effective vertical integration will promote the long-term operation income growth rate generally, but the cross region’s supplementary integration will positively ROE and earnings rate. We need attention on the identical group’s integration transaction’s negative influence on long-term achievements.3) The resource and labor intensive industry can be developed through industry cluster within the same region. And the present major integration behaviors have not affected significantly the capital and technology intensive long-term achievements.Thirdly in face of major industries and enterprises’vertical integration already causing China’s government, industry field and scholars’widespread attention, there is still some difference on the cause of vertical integration and main body characteristic is neglected. This paper from a transaction cost economics perspective combed vertical integration’s research category, theory and method, constructed dynamic panel data models and analyzed the key factors on enterprises’vertical integration level. This research would be a meaningful reference for China’s different types of enterprises’combination and reorganization’s decision. Here the following points were concluded.1) The different types of enterprise and industry’s vertical integration has the different change trend and is dynamically changing.2) The comprehensive frame to explain the vertical integration level change should include three headings:transaction environment, attribute and main body characteristic.3) The specialized assets have the lagging influence on the vertical integration level and the majority of dimensions have the difference direction’s influence on different enterprises so we need to grasp millimicro factors.Though the different kind property right’s industry distribution rule in the standard economic theory has obtained the economical world’s general acceptance, this understanding does not remove the "Guo Jin Min Tui" property right arrangement presented during some special period in some competitive world. This paper finally reviewed the existing research, took "Huai Nan’s reorganization of Wu Hu Port" as a typical case, being supported by the theory of transaction cost and property right, applied the model of Williamson’s vertical integration to analyze the organization structure change’s influence on the enterprise’s inner cost and future performance and also carried on the comprehensive discussion in view of property right change’s potential influence on enterprise’s management cost. We emphasize the analysis pattern of "property rights plus structure change", which would much more systematically analyze institution change’s influence on the enterprise performance. The analysis conclusion was as follows:the property right change perhaps would bring extra cost, but as long as the enterprise adopts the effective corporate governance measures to urge the increased organization expenses less than increased benefits brought by the vertical integration, the "Guo Jin Min Tui" property right change would be not proved a failed choice in a short period.This paper main characteristics and innovation work include as follows.Firstly, the paper extends the Institutional Evolution theory framework to analyze in-depth the China’s Policy Innovation’s trend and effect. Though in some respect of North and Bromley’s Institutional Evolution theory in the important position, China is still a developing country and with times developing a theory is required to be more realistic and more in accordance with the state of a special point of the economic background. This paper combines the Institutional Evolution theory with China’s policy research results together, forms an inner link of means of policy and policy target, studies the development trend of policy change on the basis of the Policy Innovation theory and eventually provides feasible policy suggestions. This paper elaborates our country’s policy requirements under Twelfth Five-Year Plan policy, fully considers the main economic policy means’combined effect on the target of macroeconomic regulation, makes a horizontal comparison of the same policy means’marginal effect on the different policy targets to provide a more systematic Policy Innovation proposals. On the other hand, in this macroeconomic policy background and in reference with the domestic and abroad published literature, this paper analyzes the causes, characteristics and effect of industrial integration and merger of enterprises.Secondly, this paper combines properly the main economics theory such as Institutional Economics, Public Choice, Public economics and Industrial Organization, constructs the model suitable for China’s present conditions and adopts the different research methods for the different objects of study, such as the comprehensive use of Policy Innovation theory and dynamic panel model to study government policy’s effect, the Transaction Cost theory and cross-section data test to study Industrial Integration, the Transaction Cost and Dynamic Panel model to study the vertical integration and the Property Right analysis framework and case analysis to study the enterprise’s proper right’s change behavior. This paper has the important significance to the developments of innovative empirical research on government policy, industry integration and enterprise merge.Although this paper has made some achievements with relevant articles published in the Journals of China Industrial Economics, Economic Management, Macroeconomic Research, Research on Financial and Economic issues, but due to the knowledge and time limit this paper still needs some further improvement. In particular, it is necessary to study the microscopic variables causing a policy not satisfied by most people. |
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