ISEMSeminar:

Part One:Decision Analysis on CDM Project Investments

Part Two:Market Structures and Profit Sharing along the Global Supply Chains

Speaker: JingLi & Li Su

Time: 1:30pm,Nov. 13, 2013

Place:ISEM Conference Room (3rd floor, Chengming Building)

题目：

第一部分：清洁发展机制的投资决策分析

 第二部分：全球产业链下的市场结构和利润分割

主讲人：黎菁（国际经管学院助理教授）

苏立（国际经管学院助理教授）

时间：2013年11月13日（周三）下午1:30

地点：国际经管学院会议室（诚明楼三层）

主办方：国际经管学院

Part One

DecisionAnalysis on CDM Project investments

Jing Li

Abstract:The Clean Development Mechanism (CDM) is a mechanism defined in the Kyotoprotocol that incentivizes parties to the protocol to fund sustainabledevelopment projects in countries that are not party to the protocol. Weanalyze a target contract financing structure for different CDM projects inorder to see under what conditions the financing structure is efficient and toexplore the contract's allocation of profit among the firms. In the two broadcategories of CDM projects we consider, we find the optimal investment decisionfor the investor and for the overall system. We also analyze how the residualvalue of technology would affect the financing, target contract's efficiencyand allocation of profit.

清洁发展机制的投资决策分析

黎  菁

摘要：清洁发展机制（CDM） 是《京都议定书》引入的一种灵活机制，目的是为了鼓励缔约方（发达国家）投资位于非缔约方（发展中国家）的 二氧化碳减排项目。这篇文章分析了在两种主要类别的清洁发展机制下，项目融资合同的有效性以及利润在双方之间的分配。我们分别找到了对投资者和整个系统的最优投资额。研究同时发现，融资大小，合同有效性以及利润分配均取决于技术参数。

主讲人简介

黎菁，首都经济贸易大学国际经管学院助理教授。本科及硕士毕业于华中科技大学，博士毕业于伊利诺理工大学。主要研究方向为Environmental Finance和Corporate Finance。

PartTwo

MarketStructures and Profit Sharing along the Global Supply Chains

Li Su

Abstract:In this paper we develop a model of global supply chain to study the differentprofitability between intermediate input suppliers and final good producers.Differences in market structures are shown to be main driving forces inprofitability differences along the global supply chain. Applying Melitz andOttaviano (2008)’s framework of heterogeneous firms into the problem, we modelthe downstream (final good) market as the monopolistic competition, while theupstream (intermediate input) market in Oligopolistic (Cournot) competition. Weshow how increases in the entry cost in the upstream market and segmentationsin the final good market increases (decreases) the market power of intermediateinput (final good) producers, which increase (decrease) the profitability ofintermediate input (final good) producers. We also show how increases in thedemand of the final good affect the price of the intermediate input, whichdetermines the profit sharing between intermediate input and final goodproducers. Using firm level data from the Chinese steel industry, we calibratethe model. Our results show a 20% increase in the final good demand wouldinduce 25% increase in the input price. Our results also suggest the regionaltrade costs in the Chinese steel market are about three times as firm’s averagemarginal cost, and a 10% decrease in regional trade costs would lower the inputprices by 22%.

全球产业链下的市场结构和利润分割

苏  立

摘要：本文构造了一个国际供应链的模型来研究中间产品供应商和最终消费品生产者之间的利润率的差异。我们发现，市场结构是利润率差别的主要决定因素。我们将Melitz and Ottaviano(2008)的 异质性厂商模型融入我们的模型中。其中，下游市场（最终产品）以垄断竞争为特点，而上游市场（中间产品）则是以寡头竞争（古诺模型）为特点。我们的模型解释了上游市场的进入壁垒以及下游市场的区域分割是如何影响上游厂商的市场力，从而影响这些厂商的利润率。我们同时分析了下游市场对最终产品的需求如何推动 上游市场的中间产品的市场价格，从而决定了利润在中间产品厂商和最终产品厂商的分配。最后，我们利用中国钢铁行业的企业微观数据估计了我们的模型。我们的结果显示，在我国，对于钢铁的需求上涨20%将导致中间产品（铁矿石）的价格上涨25%。另一方面，我国的钢铁行业存在较高的区域间的贸易壁垒：区域间的平均贸易成本是生产边际成本的3倍，而区域间贸易成本下降10%将会导致上游市场价格下降22%。

主讲人简介

 苏立，首都经济贸易大学国际经管学院助理教授，博士毕业于俄克拉荷马大学。主要研究方向为国际贸易和产业组织。