价格支持、交易成本与市场整合

Price Support,Transaction Cost and Market Integration

空间市场整合反映了一定区域市场化水平、贸易自由化水平和市场效率,是体现价格政策改革成功与否的重要标志。本文利用万德数据库的日度玉米价格数据,分析玉米价格支持政策对玉米空间市场整合的影响,研究显示:(1)玉米价格支持政策的取消从整体上降低了区域之间的交易成本,提高了空间市场整合水平;(2)政策产区与销区的交易成本降低幅度最大,其次为非政策产区与销区之间;(3)政策产区内部之间的交易成本在数值上不降反增,但是这种政策价形成的"价格共移"并不是由分隔市场相互影响而形成的真正市场整合,而是政策价扭曲使得分隔市场价格的高度一致。玉米价格支持政策影响空间市场整合的机制为价格支持政策通过价格干预,扭曲了分隔市场的套利空间,抑制了整体市场的空间市场整合,但是对政策产区、非政策产区和销区之间的空间市场整合水平的影响是异质性的。

Spatial market integration is an important indicator of the success of current price policy reform, which reflects the level of regional marketization, trade liberalization and market efficiency. This paper uses the daily maize price data of the Wande database to analyze the impact of maize price support policy on the spatial integration of the maize market. The research shows that(1) the abolition of maize price support policy generally reduces the transaction cost of maize among regions, as well as improves the integration level of maize spatial market.(2) The largest decline of average transaction cost is between policy production areas and sales area, followed by non-policy production area and sales area.(3)The average transaction cost between cities in policy implemented areas does not decrease but increases. However, the "price co-movement" formed by the policy price is not a real market integration formed by the interaction of the segregated markets, but the high consistency of the prices between the segregated markets caused by the distortion of the policy price. The mechanism between the corn price support policy and spatial market integration level is that grain price support policy distorts the arbitrage space between different separated markets through the intervention of grain price, inhibits the spatial market integration of the whole market. However, the policy has a heterogeneous impact on the spatial market integration level among policy production areas, non-policy production areas and sales areas.