【作者】 孔灵柱；

【导师】 张屹山；

【作者基本信息】 吉林大学 ， 数量经济学， 2012， 博士

【摘要】 在社会生活中，经济主体资源和权力禀赋的非对等现象是普遍存在的，而且利益分配结构往往受到行为人权力结构的影响，所以我们认为，资源、权力以及利益分配之间存在内在联系和逻辑必然。在市场中，分配表现为交易各方对利益的占有关系，这实质上又取决于商品的交易价格，即交易价格的形成、变动在一定程度上体现的是市场参与者对利益的竞争。上述想法可以总结为，经济主体凭借所掌控的资源形成的对其他经济主体的影响力和控制力，或称经济权力，能够对市场交易施加影响，通过交易价格进而对交易者之间的利益分配产生影响。上述逻辑并非作者的主观臆断，现实交易中，这种情况应该是广泛存在的。有鉴于此，本文分析了权力因素对交易者的行为选择、交易进程以及交易价格的影响。为避免引起歧义，需要澄清的一个问题是，我们讨论的是交易价格及其影响因素，而非传统意义上的价值或均衡价格。通过分析权力的内涵、经济学研究的权力范式，探讨交易价格的分配功能，并基于利益竞争视角分析交易者的行为选择，数理模型的演绎结果表明，权力因素对交易进程和交易价格都具有重要影响，并详细分析了构成权力的不同要素与交易价格的关系。这些尝试性的研究试图给出更接近现实经济生活的理论分析，也为深入研究经济权力及其影响作用提供理论参考。综上所述，本文研究所涉及的内容可以总结为以下两个方面：一是经济理论方面。首先，明确市场交易价格的分配属性，即从利益分配角度看，不同交易价格体现了交易各方对利益的不同占有关系，分析和阐述从资源、权力到交易价格和利益分配的理论逻辑。其次，分析金融市场的微观结构，即主要金融市场的参与者、参与者的资源、经济权力、行为方式及对交易价格的影响等问题，为构建数理模型提供思想基础。再次，对汇率、利率和证券交易价格的理论分析，包括这些金融商品交易价格所体现的利益竞争和利益分配关系，上述金融商品交易价格的决定理论和局限，以及基于本文视角对交易价格决定过程和影响因素的分析。二是数理模型方面。首先，构建数理模型，按照上述理论设想，主要采用博弈论方法对交易价格的形成过程进行理论建模，包括对传统模型的改进和重新演绎。其次，对博弈模型求解，分析均衡解的性质，在此过程中明确交易价格的权力影响因素以及作用机制，并揭示其现实经济含义，这也是论文研究的意义所在。对于上述相关内容，本文研究得到以下几个主要结论：第一，资源、权力因素对交易者的行为选择、市场交易过程以及交易价格存在影响，这是基于理性经济主体“利己”理念所得出的必然推论。在市场交易过程中，交易者的行为选择以利益最大化为目的，所以在可能的情况下，他们一定会利用所拥有的资源、权力对市场交易施加影响，进而实现利益目标。第二，交易价格具有分配属性。本文指出，市场交易价格具有二元性，一方面能够反映或部分反映商品的价值信息，另一方面，交易价格具有利益分配属性，即商品交易价格的高低，反映交易双方通过交易而获得的利益情况，交易价格的调整变动，引起的是交易双方收益情况的变动。在现实生活中，交易价格很多时候已经被异化为交易者进行利益竞争和分配的工具。第三，国家博弈是现代汇率决定的重要影响因素。在现代开放经济条件下，国家间的贸易、投资、就业和技术等方面相互依存，每个国家都拥有对其他国家的经济权力，出于对国际经济利益的竞争，国家间基于经济权力的博弈必然会对汇率产生影响。本文构造的数理模型证明，国家的经济权力越大，在汇率变动中越能够争取到有利于自身的结果，进而获得更大的国际经济利益，即真实汇率对相关利益方的影响状态与各方经济权力对比状态同构。第四，借贷双方的定价权会影响市场利率，正规金融市场的定价权主要受市场结构和产品类型决定，非正规金融市场的定价权与期限、风险等因素有关。从利益竞争角度分析，经济主体间的博弈会对市场利率施加影响，本文的模型演绎结果显示，定价权较大的微观主体在决定利率的博弈过程中具有优势，或者说最终的市场利率将更有利于实现具有较大定价权主体的利益。第五，资金和信息等资源对证券交易价格具有重要影响。在证券市场中，部分投资者凭借资金和信息等资源优势形成了对证券交易价格的影响力和控制力，凭此可以影响甚至改变其他投资者的预期，进而影响市场供求，最终影响证券的交易价格，即部分投资者具有对市场交易的利益分配施加影响，进而获得超额利润的可能。更多还原

【Abstract】 In social lives, the phenomenon of non-reciprocal on the endowment of resources and powerbetween economic entities is common. Considering the realities that the benefits distribution isaffected by the power structure between perpetrators, we believe that has the intrinsic link andlogical necessity between the resources, power and the distribution of benefits. In the market,distribution showed the possession relationship of interest, which in turn depends essentiallycommodity transaction price, the formation and change of transaction price reflects the marketparticipant’s competition on the benefits in part. In other words, the influence and control to othereconomic entities formed in the resources controlled by economic entities, or economic power,could influence the market transactions and thus impact the distribution of benefits through thetrading price. This logic is not this subjective assumptions, it should be widely recognized.Based on the above ideas, this paper analyzes the affect of power factors on the options oftrading behavior, trading process and transaction prices. There’s a need to clarify the fundamentalproblem is that our study is the transaction price and its influencing factors, rather than the valueor equilibrium price in traditional sense. By analyzing the meaning of power and the paradigm ofeconomic power, we point out the distribution function of the trading price, and analyze theoptions of trading behavior based on the perspective of interests competing, mathematical modelshows that power has significant impact on the transaction process and transaction price, and adetailed analysis is that the relationship between the different elements that constitute the powerand transaction price. These tentative study attempts to give a more realistic theoretical analysis ofeconomic life, and provide a theoretical reference on the in-depth study of economic power andinfluence. In summary, the content involved in this paper can be summarized as the following twoaspects:On the one hand is economic theory. First, we pointed out that the nature and effect ofmarket transaction prices specifically, the different of transaction price reflects the different ofdistribution relationship between transaction parties from the perspective of the benefitsdistribution, and elaborate clearly and completely the theoretical logic about resources, power tothe transaction price and benefits distribution. Second, we analyze the microstructure of financialmarkets, mean that the major participants of financial market, the resources, economic power,behavior of participants and impact on the transaction price, the purpose is that provide anideological basis for the analysis of the nature about financial commodity trading prices and buildmathematical models. Again, we analyze the exchange rate, interest rates and stock prices intheory, including the competing relationship and distribution nature of interests reflected bytrading price, and the trading prices decision theory and limitations about financial commodity,we also give a decision-making process of transaction price from our perspective, that is themodeling ideas in mathematical.On the other hand is mathematical modeling. First, we build mathematical model inaccordance with the above theoretical assumptions, and imitate the transaction price formationprocess in game theory mainly, including the improvement and re-interpretation of the traditionalmodel. Second, we solve the game model and analyze the nature of equilibrium solution, thefactors affecting transaction price and the mechanism of action was cleared in the process, and itsreal economic meaning was revealed, which is the significance of this study.We obtained the following main conclusions for the related content in this study:Firstly, affect of the resources and power factors on the options of trader’s behavior, theprocess of market transactions and the transaction price is exist, which is derived corollary basedon rational economic agents is self-interest. Maximize the benefits is purpose of the options oftrader’s behavior in the market trade process, so they will influence on market transactionsthrough resources and power, and achieve the target of interest. Secondly, transaction price has the distribution property. This paper points out that themarket transaction price with the duality, one that reflects the value information of goods or inpart, on the other hand that distribute the benefits, in the other words, the level of commoditytrading prices reflect the benefits obtained through the transaction, the adjustment in transactionprice lead to the change in earnings of both parties, so the transaction price has been alienated asthe tool of the interests competition and distribution between traders.Thirdly, the game between nations is important factors of the modern exchange ratedetermination. In the modern open economy, every country was interdependence in inter-statetrade, investment, employment and technology, and has the economic power of other countries,because to the competition of international economic interests, the game based on economicpower between countries will inevitably has an impact on the exchange rate.The model deductionshow that: the influence state of actual exchange rate relative to different parties is isomorphicwith the contrast state of different parties’s economic power, that is the larger national economicpower, they will strive for more favorable result in change of actual exchange rate and obtainmore economic benefits ultimately.Fourthly, the pricing power of both lenders and borrowers will affect the market interest rate,the pricing power was mainly affected by the market structure and product type in the formalfinancial market, and related to the term and risk in the informal financial market. Market interestrate was not entirely determined by supply and demand from the perspective of the benefitscompetition, the game between economic entities will influence market interest rate.The modeldeduction show that: the micro-agents with the larger pricing power are dominant during thegame of interest rate decision, or the real market interest rate is conducive to the interests of thesubject with the larger pricing power.Finally, the resources of capital and information have an important effect on stock prices. Inthe stock market, some investors with superiority in capital and information could influence andcontrol the stock prices, and even change the expectations of small and medium investors, therebyaffect the market supply and demand and impact securities transactions price ultimately, in other words, some investors have the chance that influence benefits distribution in market and thus reapexcessive profits.更多还原