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HKEJ Column

Home Research Thought Leadership HKEJ Column

Misunderstanding about Sharing Economy

8 May 2019
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對共享經濟的誤解

共享經濟是一個相對較新的概念和現象,因而往往被人誤解,或會帶來很嚴重的後果。共享經濟也因為好處很多,以致被很多人濫用。本文將以中國的共享單車為例,深入探討這個問題。

2014年3月,北京大學的戴威和他的幾位同學成立了後來被稱之為小黃車的ofo。最初ofo只是在大學校園裏提供小範圍的短途服務,不允許用戶將單車騎出校園。創始團隊最初希望得到2千萬元人民幣的資金來開展業務,但並沒有引起資本市場的關注。2016年6月,該公司開始將服務擴展到市區,投資就開始大量湧入,公司的業務立刻快速增長。為了在短時間內提高市場份額,ofo為用戶提供使用單車的現金獎勵;數字顯示,大約70%用戶都獲得有關優惠。大量的現金獎勵加上單車的維修費,令公司成本負擔過重。結果,在2018年,該公司難以向用戶退款和支付單車生產商費用,接近破產邊緣,投資者因而大感失望。

ofo 失敗並不是單一事件。ofo 的主要競爭對手摩拜已被美團收購。據報導,從 2018年4月4日至30日,摩拜總收入以人民幣計算為1.47億元,折舊3.96億元,經營成本1.58億元,總虧損4.07億元,日虧損達1500萬元。

一窩蜂效尤背景

對此,我們要問很多問題。共享單車失敗的原因是什麼?是否因為這樣的一種商業模式價值不高?資本在其中的地位和作用是什麼?共享單車業務失敗,是否表明共享經濟難以成功?雖然要找出一個很完整的答案殊非易事,我卻認為答案關乎一般人對共享經濟(特別是共享單車)的嚴重誤解。

簡單來說,人們覺得共享單車是一個很偉大的發明,對個人對社會都大有好處,所以商業價值一定很高,政府也會大力支持,於是一窩蜂湧進這個市場,競爭過大之餘,對社會也造成很大的負面影響。資本市場在其中又發揮推波助瀾的作用,令問題迅速惡化,結果釀成泡沫出現,繼而破裂。2017 年,中國就有 190 家共享經濟的企業得到投資者青睞,獲得大量資金。現在,共享經濟五花八門,除了共享單車外,還有共享汽車、共享辦公室、共享雨傘和共享按摩椅等等。

上述問題可從幾個角度分析。首先,我們看到的是競爭過烈。去過內地的人一定會記得,每個城市到處都可以看見密密麻麻的單車,但是競爭為什麼會過大呢?我相信有下面幾點原因:進入門檻低、融資容易、商業模式把大部分成本轉移給別人,以及政府沒有妥善監管等等。

一家共享單車公司並不需要有高技術,只需要有企業生產大量的單車,然後建立一個互聯網平台,用戶使用手機就可以租用。該公司也可以給單車生產商訂單,讓生產商先墊資自行生產。另一方面,可要求每一單車用戶繳付押金。這樣,該公司幾乎不用什麼資金就可打入市場。再者,當資本市場看好共享單車的前景時,就會大量投資,該共享單車公司可藉此補貼用戶,爭取市場份額。在這個前提下,隨之出現融資—燒錢—再融資—再燒錢的現象。當很多公司也爭相效法,基於價格競爭,以致無利可圖,時間一長,有些公司漸漸挺不住,只好倒閉退場。

從根本對症下藥

如果政府進行監管,就會減少過度競爭,但政府為什麼要介入呢?或者說,政府有什麼充分理據干預自由市場經濟呢?答案非常簡單:政府有理由介入,也應該介入。當市場過分競爭的時候,太多單車停在路上,更有不少到處亂放,就會產生經濟學上所謂「負面界外效應」(negative externality)。這是由於單車公司和用戶都沒有考慮到他們的行為對別人造成的影響;況且他們佔用的是公共資源,政府理應介入。事實上,政府沒有介入,主因是沒有能力,或未能及時覺察問題所在和它的嚴重性。如果實行監管,例如要求共享單車公司派人把單車擺放在固定位置,否則就罰款。為免增加成本,這些公司就不會在市面推出那麼多單車了,也就不會靠大量現金獎勵來吸引用戶。最直接的監管,就是控制單車的數量和公司的數目。

那麼,上面的分析跟對共享經濟的誤解有何關連?現在的所謂「共享單車」,其實並不是「共享」,而只不過是一種租賃而已。傳統的租賃是怎樣的?一家公司購入很多單車,然後開店,讓用戶到店舖先交押金,然後租用單車,用後交回店舖,支付有關租賃費後,即取回押金。現在的共享單車公司,依然需要生產大量單車,不同的是,借助互聯網的科技,它們根本不用開一家或幾家實體店,而用戶可以到處找到單車,也可到處歸還單車,付費方式亦方便。

然而,真正的共享經濟應該是共享閒置的物品,而不是透過不斷生產而提供租賃。這樣,共享經濟才不會產生資源浪費和上述共享單車所帶來的不良結果。當然,內地的共享單車,雖然也不是真正意義上的共享經濟,但只要監管得好,也可以健康地發展,給消費者和社會帶來莫大好處。其實,經過這幾年的學習和總結,內地政府也看到了這一點。今年4月29日,廣州公共交易資源中心就發佈了《廣州市2019年互聯網租賃自行車運營商招標公告》,準備通過公開招標方式確定3家租賃單車運營商,投放互聯網租賃單車運營配額,總數40萬輛。從中可看出兩點:第一,這是互聯網租賃,而不是共享單車。第二,必須控制運營商和單車的數量;這也正是我在上文指出的監管方法。
丘東曉 香港大學經濟及工商管理學院副院長兼鍾瀚德基金教授(經濟發展學)

(本文同時於二零一九年五月八日載於《信報》「龍虎山下」專欄)

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