Abstract: Regulatory design is an important foundation for improving corporate governance and modernizing governance capabilities. A well-designed regulatory framework deeply influences the efficiency of firms, the reshaping of industrial patterns, and the improvement of social welfare. The efficiency-oriented revenue cap regulation is a regulatory design based on the concept of high-quality development and the institutional construction of “from existence to excellence”. In order to evaluate its practical effects, this article uses the stochastic frontier analysis framework to measure the efficiency changes of China's power grid companies, based on which the counterfactual analysis is applied to simulate the cost and welfare effects of implementing the new regulatory model. The empirical results show that the efficiency-oriented revenue cap regulation is not a zero-sum game and can bring about regulatory reform dividends. Therefore, further optimizing the existing electricity transmission and distribution price regulation model can not only reform the hidden inefficiencies in the industry but also transform them into important sources for promoting high-quality development in the industry, achieving corporate efficiency changes, and improving social welfare.

Key words: System Design, RPI-X Regulation, Efficiency Change, Stochastic Frontier Model, Welfare Improvement

摘要： 本文利用随机前沿分析框架测算中国电网公司的效率变革,在此基础上选择反事实分析法,模拟实施新型规制模式的成本效应和福利效应。实证结果表明,效率导向型收入上限规制不是零和博弈,能带来监管改革红利。据此,进一步优化现有输配电价规制模式,不仅可改革输配电行业中被掩盖的低效率环节,还可将其转化为推动行业高质量发展的重要源泉,实现电网公司的效率变革和社会福利的改善。

关键词: 监管设计, RPI-X规制, 效率变革, 随机前沿模型, 福利改善