The major findings include:(1) By using fuel as the base indicator of relative efficiency, we found the following input factors' distribution inefficiency for domestic airlines: The distribution inefficiency of labor and capital input factors differs from airline to airline, and is becoming more severe with time; the distribution inefficiency of other factors does not differ very much among airlines but varies with time. It is inefficient from 1989 to 1995 but becomes more efficient during 1996 to 1997;(2) Airline companies have higher economies of density before 1996, but tend to show a constant return to density in 1997 when considering allocative distortions. The technical efficiency of input factors as a whole has declined after the open-air policy;(3) The costs of airlines are increasing significantly due to their distribution inefficiencies;(4) The instrument variable generated through a quasi price function does not have significant influence on cost; this may imply that airline companies in this time period did not exhibit the phenomena of high-quality high-price.

其主要結(jié)論如下：(1)藉由相對(duì)燃油分配效率探討各投入要素之分配扭曲情形發(fā)現(xiàn)：勞動(dòng)和因定投入要素之分配無(wú)效率因公司別而有所不同456小视频，且隨時(shí)間而嚴(yán)重，唯民國(guó)86年稍有改善乐播三级黄三区视频免费；其他要素之分配無(wú)效率則較不因公司別而有所不同日韩手机福利写真在线观看，但亦隨時(shí)間發(fā)生變化，初期為無(wú)效率国家aaaa级黄片，在民國(guó)85污污色色、86年則較具效率；(2)若考慮分配扭曲情形下欧美性爱欧美精品二区，國(guó)內(nèi)航空業(yè)在民國(guó)85年之前具有較高之密度經(jīng)濟(jì)色影音，民國(guó)86年則趨向固定密度報(bào)酬5566综合网；此整體投入要素之技術(shù)效率而官，在天空開(kāi)放政策后其技術(shù)效率隨時(shí)間變化而下降国产在线.c，但就燃油投入要素平均技術(shù)進(jìn)步率而言国产精品不卡一区，則其技術(shù)效率逐年增加且幅度明顯；(3)航空公司因分配無(wú)效率所造成成本增加的情形相當(dāng)明顯亚洲色呦呦在线；(4)準(zhǔn)價(jià)格工具變數(shù)對(duì)成本之影響并不明顯美女视频色网站国产，此可能反映在此期間國(guó)內(nèi)航空公司似乎并未趨向於高品質(zhì)高價(jià)格之現(xiàn)象。

The economic growth accounting of China's provinces between 1990 and 2004 finds some results like the following: no matter whether human capital was introduced or not, there were technological inefficiencies in most provinces'economic activity which were pure technological inefficiencies or scale technological inefficiencies; technological change, capital deepening and human capital accumulating all promoted labor productivity, but technological efficiency change played a negative role during these years as a whole; the descending order of provincial difference of labor productivities'changes brought out by each factor was technological change, capital deepening, technological efficiency change and human capital accumulating; each province's pure technological efficiency change or scale efficiency change not only had different size, but also different evolution route.

中國(guó)各省在1990～2004年間的經(jīng)濟(jì)增長(zhǎng)核算結(jié)果表明：不論是否引入人力資本色污网站免费在线观看，大多數(shù)省份的經(jīng)濟(jì)活動(dòng)都存在著技術(shù)無(wú)效率特级婬片欧美国语高清视频一，這既包括純技術(shù)無(wú)效率，也包括規(guī)模無(wú)效率国产在线精品永久网址；技術(shù)進(jìn)步五月婷婷久久久、資本深化和人力資本積累都促進(jìn)了勞動(dòng)生產(chǎn)率的提高，而技術(shù)效率的變化整體上來(lái)說(shuō)在其中起阻礙作用又色又污视频网站；各因子引致的勞動(dòng)生產(chǎn)率變化的省際差異從大到小依次為技術(shù)進(jìn)步YouJizz丰满熟妇短视频、資本深化、技術(shù)效率的變化和人力資本積累色欲又色又爽一二三在线视频观看；各省的純技術(shù)效率或規(guī)模效率的變化不僅大小不同国产精品永久免费自在线观看，而且它們的演變路徑也不一樣。

"The problem is how to motivate managers to disgorge the cash rather than investing it below the cost of capital or wasting it on organizational inefficiencies." The solution to this problem can, in some circumstances, be debt financing.

323的方式表達(dá)："問(wèn)題是如何激發(fā)管理者交出現(xiàn)金91人人摸人人干人人操，而不是投資于低于資本成本或者浪費(fèi)在組織機(jī)構(gòu)的低效率上"這個(gè)問(wèn)題的解決方案www.slgxq.com，在某種情況下，是融資債券黄色网站高清视频。

Based on the theory of agency, the theory of property rights and the theory of the ownership structure of the firm, Michael C. Jensen developed a hypothesis of free cash flow. He points out "Conflicts of interest between shareholders and managers over payout policies are especially severe when the organization generates substantial free cash flow. The problem is how to motivate managers to disgorge the cash rather than investing it at below the cost of capital or wasting it on organization inefficiencies."

在借鑒資本結(jié)構(gòu)論日韩视频在线免费播放、公司控制權(quán)市場(chǎng)論、契約論等研究成果的基礎(chǔ)上國產黃噴潮在線觀看，詹森提出了自由現(xiàn)金流量理論操亚洲无码视频，該理論主要討論了股東與管理者之間存在的代理成本問(wèn)題，認(rèn)為股東應(yīng)該"促使管理者吐出這些現(xiàn)金国产盗摄无遮挡裸体视频，而不是將剩余現(xiàn)金以低于資本成本的收益率進(jìn)行投資嘿咻嘿咻无码免费视频，或者在低效率的組織中耗費(fèi)"。

Mexico's president, Felipe Calderón, sent police to shut down Luz y Fuerza del Centro, a state-owned electricity firm where featherbedding and inefficiencies cost the government $3 billion a year. The electricians' union protested.

墨西哥總統(tǒng)卡爾德龍命令警方強(qiáng)行關(guān)閉了一家國(guó)有電力公司Luz y Fuerza del Centro黄色视频看黄色免费网，其超額雇工和低效率使政府每年損失30億美元欧美18一19sex性外，這也引起了電工工會(huì)的抗議。

Rude awakening 猛然醒悟 Mexico's president, Felipe Calderón, sent police to shut down Luz y Fuerza del Centro, a state-owned electricity firm where featherbedding and inefficiencies cost the government $3 billion a year.

墨西哥總統(tǒng)卡爾德龍命令警方強(qiáng)行關(guān)閉了一家國(guó)有電力公司Luz y Fuerza del Centro12345aa一级黄色网站，其超額雇工和低效率使政府每年損失30億美元cao免费在线视频官网，這也引起了電工工會(huì)的**。

Ishrat Husain, governor of the State Bank of Pakistan, discussed Pakistan's government-owned banks, which have had the more common experience, particularly its agricultural development bank: high nonperforming loans, overstaffing and other inefficiencies, and poor customer service.

巴基斯坦國(guó)家銀行行長(zhǎng)伊什拉特·侯賽因?qū)Π突固鼓切┚哂懈喙餐?jīng)歷的國(guó)有銀行、特別是農(nóng)業(yè)發(fā)展銀行進(jìn)行了探討：不良貸款居高不下国产三级片自拍、人員臃腫和其他低效率現(xiàn)象91网站最新网址，以及糟糕的顧客服務(wù)等。

The bad news: There will be more shortages and gross inefficiencies in the allocation of resources.

壞消息：將會(huì)有更多的資源短缺和嚴(yán)重的低效率的資源分配日韩一级特黄大片本道。

It also highlighted the gross inefficiencies in quality control of China's fragmented and rapidly growing dairy industry.

它還突顯出在线免费观看日本y码视频网站，在中國(guó)分散但快速增長(zhǎng)的乳制品行業(yè)，質(zhì)量控制的效率嚴(yán)重低下九九国产精品久久久久久。

But to the extent that nations, or influential elements of the economic sector within nations, can continue to make money off of the inefficiencies and transaction cost generating events arising from differences in territorially based values or regulatory regimes in a world increasing tending toward a free movement of capital standard, we will continue to suffer through manipulation of these inefficiencies.

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