Put forward the concept of "building economy" (2004)
After returning to China in 2002, Professor Cao Heping began to study China's economic problems. Through research, he found that "feudal economy" is an ambiguous term, and the "enfeoffment economy" in western history is different from the "organizational economy" in ancient China. He believes that China's "building economy" has its inherent vitality, and published "Historical Inheritance and Contemporary Competition of China's Building Economic System" in the fifth issue of Economic Research in 2004, and put forward the academic concept of China's rise through strict mathematical logic, becoming the first person to put forward the concepts of "building economy" and "China's rise". This paper was selected in Selected Papers of Peking University University of Economics (2000-20 1 1) published in May, 2065438.
Innovating the Theory of Information Economics (2005)
2 1 At the end of the first decade of the century, information economics began to be sought after in China, but it has not yet formed a discipline system. Professor Cao Heping keenly saw the defects in the development of information economics and put forward that "information rent is the dimension of information asymmetry", just as the concept of utility is the dimension of the concept of rational man. This is an innovative point of view. He expounded and demonstrated this view in two papers: Analysis of Information Rent (Journal of Peking University, Philosophy and Social Sciences Edition, No.3, 2005, pp.85-93) and Behavior Characteristics and Regulation Approaches of Multinational Enterprise Clusters in the Second Growth Stage (China Social Sciences, No.5, 2006, pp.77-85).
The proposal of information rent in China gives many solutions to practical problems, and Professor Cao Heping takes the lead in explaining the behavior characteristics of multinational enterprise groups. As a whole, multinational enterprise groups have crossed the "entry" norm of China economy, and entered the high-speed growth period after market expansion after the localization of technology and supply chain management, that is, the "second growth stage" of multinational enterprise groups in China. Compared with the initial stage, the "second growth stage" of multinational enterprise groups has its own behavior characteristics, and it is also the world experimental site for the docking of developed and developing economies. In view of this, Professor Cao Heping pointed out that there is an important market behavior mechanism behind the behavior characteristics of multinational enterprise groups pursuing profits by using network resources: they can get another kind of reward different from ordinary profits-information rent. Core technology shielding, patent fee system, brand marketing strategy and so on all contain the content of rent-seeking with it as a tool. In the "second growth stage", multinational enterprise groups use integrated network to support brand marketing in order to obtain rent by looking for information asymmetry. In the sense of contract, it is justified for multinational enterprise groups to obtain high returns through market networking. Multinational enterprise groups seek market networking through technological progress and management innovation at a certain cost, which should be understood as seeking compensation for the cost of invention and innovation through "buying and selling" contracts and obtaining appropriate incentives for high profits. However, after the completion of market network construction, the natural monopoly of network resources makes its replacement cost extremely high, and the process of Lena's price increase may turn the execution of the above contract into a loss of interest; Using comprehensive marketing network and brand advantages to obtain information rent may go too far.
Professor Cao Heping revealed the inside story of multinational companies' profit from the angle of information rent. The information rent-seeking of multinational enterprise groups is realized through non-monopoly market competition. First, it obtains the information superiority position through the breakthrough of knowledge boundary, and then it obtains the rent by shielding information and monopolizing resources. The former provides positive externalities for the society while collecting appropriate intellectual property rewards (the so-called externalities refer to the influence of a person on others in his own production and consumption activities. If it is a good influence, it is called positive externality or external economy, if it is a bad influence, it is called negative externality or external diseconomy), which is greater than the payment cost paid by society. The latter causes the cost of maintaining network resources.
Developing Pricing Economic Theory (2006)
In China, Professor Cao Heping first put forward the concept of "price economy". On June 29th, 2006, he gave a keynote speech entitled "Pan-financial industry and the formation of pricing economy" at the "International Advanced Financial Forum" sponsored by China Economic Reform Society and School of Finance of Nanjing University of Finance and Economics, and put forward the concept of "pricing economy" for the first time. Subsequently, he gave a keynote speech entitled "Financial Innovation and the Formation of Pricing Economy" at the Third China Economic Growth and Economic Security Strategic Forum held in 65438 on February 9 of the same year. Professor Cao Heping believes that the economic components (Lena's principle of price increase) that have the ability to depress the price elasticity of consumer demand often have pricing power, and the economy that combines pan-financial industrial clusters such as banks, securities, futures and insurance with post-workshop economic industrial clusters such as logistics procurement, supply chain management and information technology integration often has all-round pricing power, which is the pricing economy.
In today's economic globalization and deepening division of labor, the strategic choice to compete for commodity pricing power lies in whether the future orientation of China's economy will be led by traditional manufacturing clusters-towards a "blue-collar" economy, or whether advanced information processing industries based on digital libraries will lead traditional industrial clusters-towards a digital and information processing economy. The strategic consequence of choosing the former is to bring China's industrial clusters to the low end of the world industrial chain. Choosing the latter strategy may make China's industrial development fit in with the new round of structural changes in the world's industry in the past 15 years, and move towards the index and information economy era in which per capita income and industrial development go hand in hand. To complete this great historical transformation, China needs to make major adjustments in its strategic choice, vigorously develop the modern industrial cluster of "bank-securities-futures-insurance-index financial derivatives", that is, "long-chain finance", and make China develop from a world "production workshop" to a "pricing center", so as to make China's future economic orientation consistent with the development trend of the world economy and move towards the forefront of the world economy.
Constructing China's Theory System of Property Right Transaction (2006)
Since 2006, he has been mainly engaged in financial development in China-research on property rights and private equity market in China. After 2006, together with Professor Brian Wright of Berkeley University in the United States, he participated in the research of "China Action Group" hosted by Joseph Stiglitz, the winner of the Nobel Prize in Economics in 200 1 year, and presided over the part of "Design Model of New System for Economic Growth in China", which later evolved into the research on the development of China property rights market. Over the years, he traveled all over the country, investigated most provincial-level property rights trading institutions, participated in guiding and planning to create a number of property rights exchanges, commodity exchanges and special commodity exchanges, and was the main founder of the theoretical system of property rights trading in China. China's capital market monographs Blue Book of Property Rights Market: China Property Rights Market Development Report and Blue Book of Private Equity Market: China Private Equity Market Development Report have been published year after year since 2009, which have played a leading role in policy interpretation, case analysis and development research.
Establish long-chain financial theory (20 10)
In the first decade of 2 1 century, Professor Cao Heping has been engaged in the research of supply chain management and supply chain finance for a long time, and later he derived this research into "long-chain finance" research. Since the end of 20 10, the concept of "long-chain finance" has been mentioned in many speeches and works, and the theory of long-chain finance has been put forward.
Professor Cao Heping believes that China's industrial chain has reached the world scale. It is conservatively estimated that in 20 12, China produced about 35% of the world's material products. However, the long-chain market in China is very short, which leads to a huge share of materials and products in China, but it can't get the corresponding benefits. Generally speaking, China produces 35% of the world's products, but only gets a 10% reward. Shortage of long-chain market does not mean that China market is small. The Sante market in China has reached 10000. Besides Shanghai Stock Exchange and Shenzhen Stock Exchange, there are 300 commodity exchanges and 500 property rights exchanges. However, although the number is large, most of them are Song-style shops. This reflects the current situation of China's national economic development-capital is not active in the real industry, but it flows well within the banking system-which is not a good phenomenon. To solve the lack of China's long-chain market, we must start with the development stage of the financial industry, otherwise, the long-chain market will always stay in the stage of store gathering and over-the-counter trading in the Song Dynasty.
The first stage of financial development is the credit finance of industrial and commercial enterprises. Commercial banks and their related financial institutions, state-owned banks, securities and futures, and insurance all do credit finance for industrial and commercial enterprises. At this financial stage, the effectiveness of credit is relatively limited. The second stage is industrial chain finance. Taking the development of industrial parks as an example, a commercial bank takes the lead in granting credit to many enterprises in industrial parks together with other commercial banks, that is, financial institutions in an industrial chain grant credit to commercial entities. China's industrial chain finance is still in its infancy. The third stage is intermediary finance. That is, credit granting, evaluation, credit granting, upgrading, guarantee, custody, replacement, etc. Be included in the broad modern financial industry chain. At present, there are too few intermediaries in domestic financial institutions, especially non-bank modern financial institutions, and there are too many restrictions in the development process. In the next 15 years, it is not surprising that a non-bank financial institution will surpass traditional banks in mobilizing credit. Ma Yun has made some progress in this respect. Although Alipay and Ali Finance are still in the low stage, they have already had an impact on the traditional banking industry. The fourth stage is the transition from the bilateral market to the third party market, which can be called exchange finance. The fifth stage is the finance formed by pricing and process database. Professor Cao Heping believes that in the five stages of development, the gradual development and improvement of the financial industry will make up for the shortage of the long-chain market and form the growth pole of economic development. At the same time, the formation of market long chain will promote the long-chain advantage of China's industry to play a role. The continuous improvement of the financial market can guide the capital flow to the national economic development more efficiently and accurately, and provide new endogenous power for the economic development of China.
Establish the theory of three quotients in the market (20 1 1)
Since 20 1 1, the theory of "three quotients in the market" has been put forward and established, and it has been used to guide the construction of property rights market, private equity market and local capital market in China. Professor Cao Heping pointed out that three market makers refer to market makers, market makers and price convergence quotient. Its function can be described as follows: given the physical boundary, information disclosure mechanism, trading rules and variables of entry and exit law, market makers are intermediaries to make transactions in the market (third-party market) active; Market maker is the intermediary to introduce OTC business into the market; Price convergence quotient is an intermediary to reduce transaction costs (such as settlement costs) and make prices converge. With the combination of three kinds of businesses, a third-party market-exchange economy has emerged, which transcends the real points of bilateral transactions (the wholesale logistics market is typical), the gathering of shops in the Song Dynasty (the Zhong Da cloth market is an example) and the OTC market (the commodity trading market in China). If the market maker's order is 1, the market maker's order is 10, and the price convergent order is 1000. Only when the three businesses are combined can the local capital market surpass the bilateral business and prosper.