企业并购:基于相对交易成本视角的初步研究

Merger: The Preliminary Study Based on the Relative Transaction Cost

科斯提出的交易成本理论可以用于解释商业活动在企业和市场之间的转换,强调了节约交易成本是企业形成的一个重要因素,但却忽略了组织能力亦是制度选择中的重要变量。该文将交易成本的节约和企业组织能力的提高结合起来,从相对交易成本的角度考察并购的成因,一方面用相对交易成本来解释企业与市场的替代关系,另一方面从相对交易成本的变化来探索并购的可预测性。

The theory of transaction cost raised by Coase can be applied to explain the transformation of business activities between the firm and market, and it emphasizes that saving the transaction cost is an important factor which causes the emerging of firm. However, it ignores that the capability of organization is also an important factor in this institute choice. This paper integrates the saving of transaction cost and the promotion of organizational capability, and explores the motive of merger based on the relative transaction cost. On the one hand, it explains the substitution between firm and market. On the other hand, it also explores the predictability of merger from the variation of relative transaction cost.