成本異質、配置的生產效率與最適的釋股比例

Cost Heterogeneity, Allocative Production Efficiency Effect and Optimal Privatization

本文在民營廠商的成本結構異質以及非線性需求函數的情況下探討混合寡占市場的最適釋股政策。文中發現：當市場的反需求曲線為（凹，線性，凸）函數時，最適的釋股比例與本國民營廠商邊際成本的變異數成（正，無，負）相關；至於外國民營廠商邊際成本的變異數則不會影響到本國最適釋股政策之訂定。 This paper explores the optimal privatization of public firms in a mixed oligopolistic market under the framework of cost heterogeneity and nonlinear demand curve. It shows that the optimal degree of privatization is positively(negatively)correlated or irrelevant with the variance of marginal costs of domestic private firms as long as the inverse demand function is concave(convex)or linear. By contrast, the variance of marginal costs of foreign private firms will not affect home country's optimal policies of privatization.