Trade Media And Commodity Pricing: Analytical Framework And Study Based On Domestic Tax

The world economy witnessed the universal commodity price rise and fluctuation and its deep influence over word economic development over the past few years. As an obligolistic nation in international commodity market, China is facing the coexisting dilemma of weak pricing power and obligolistic position, which greatly influences China's trade gains and balanced growth. The realization, adjustment mechanism and policy choice of international commodity pricing is this thesis's main issue.Using the historical analysis , institutional analysis, mathematical analysis and econometrical methods, this thesis studies the pricing process, shaping and shifting of trade media, its influences over pricing and optimal choice of trade media based on producer-trade media-consumer's trichotomy analytical framework started with international market microstructure analysis. Still, this thesis pays attention to China's trade media shaping and shifting, and then empirically analyzes its influences; lastly strategy muster is put forward.This thesis has eight chapters. Chapter 1 introduces the background, contents, core concept and structure of this thesis. The literatures of international commodity pricing are reviewed in Chapter 2. Chapter 3 poses the concept of trade media started with international market microstructure analysis, and then advances the producer-trade media-consumer's trichotomy analytical framework, and explores the mechanism of trade media's influence over pricing. Chapter 4 empirically analyzes the commodity market structure from the national and micro perspective, and integrates those features of international commodity market with above analytical framework thus exploring the commodity pricing process, and finally studies the shaping and shifting of commodity trade media based on cotton and petroleum trade case. In Chapter 5, this thesis theoretically and empirically studies domestic tax trade media's influence over commodity pricing. Chapter 6 explores the optimal tax rate and tax system trade media choice by mathematical model, and analyzes the political dynamics of domestic tax reform by China's fuel tax reform case study. Chapter 7 empirically analyzes the shaping, shifting and its influences of China commodity trade media, in which China's commodity trade market structure and optimal economies of scale are studied, and Chinese rare earth and coke export market power is also analyzed by econometric methods. In chapter 8, this thesis poses China's main pricing strategy from the perspective of efficiency-enhancing and rent-shifting trade media, and then concludes the main findings; lastly some further study suggestions are advanced.The main innovation of this thesis includes five aspects. Firstly, this thesis explored trade intermediation's function mechanism, and advanced the producer-trade media-consumer's trichotomy analytical framework by defining nation as cell actors, thus pricing process of merchandise trade can divided into producer-trade media tache and trade media-consumer tache, the corresponding bid-ask spread being trade media's gains, which is the result of many factor's influence together. And by distinguishing efficiency-enhancing and rent-shifting trade media, this thesis analyzed the pricing mechanism of trade media.Secondly, this thesis ascertained the market structure difference between national perspective and micro perspective, and found that there exists different market structure combination. The effectiveness of national policy is highly affected by micro commodity market structure, and the latter being constrained by its optimal economies of scale. So the optimal economies of scale result provide empirical evidence with commodity policy choice.Thirdly, this thesis theoretically and econometrically confirmed the hypothesis posed by Bergstrom (1982) and OECD (2004), which means that domestic tax could negatively affect international commodity price, but the extent of its influence over pricing being correlated with market structure. The empirical result could explain the domestic oil tax rate choice of EU, U.S.A and Japan. Because of the opposition of energy interests group and the American consumer's sensitiveness, American actual tax rate is quite low, while EU and Japan's oil tax rate being the opposite just because of the strong support of energy interests group and environmentalist.The Fourth is that this thesis estimated the optimal domestic tax rate of obligolistic nation, and then confirmed the departure between actual tax rate and optimal value, and also put forward the choice criterion of commodity tax system. The result shows that, EU's actual tax rate is close to the optimal value, and American tax rate is far lower than optimal value while Japan being the opposite. This thesis also found that ad valorem tax could more stabilized consumer oil price than specific tax in China.Finally, this thesis empirically studied the shaping and shifting of China's commodity trade media and its influences. The empirical result shows that, there exist the coexisting phenomenon of rare earth's weak market power and coke's strong market power, even if the production and trade market structure is all competitive. The main reason is concerned with the difference between rare earth and coke virtual trade media function. And this thesis posed comprehensive commodity pricing strategy muster from the perspective of efficiency-enhancing and rent-shifting trade media respectively.The author will go deep into the research in several aspects in future: exploring the different shifting form of trade media and the other factors influencing commodity pricing, further extending correlative mathematical model of this thesis, and studying those micro commodity production and trade firm and industry more particularly.