资产专用性、沉没投资与治理结构分析——基于交易成本与企业能力的观点

Asset Specificity,Sunk Investment and Governance Structure Analysis:Views of Transaction Costs and Firm Capabilities

经典治理结构理论过于关注交易成本而具有片面性,治理结构分析应包括交易成本和企业能力两方面。资产专用性与沉没投资具有内在的关联性,沉没投资影响企业的能力和交易属性。通过对交易属性进行扩展,建立基于交易成本和企业能力的治理结构分析框架和用于实证检验的模型。

The traditional analysis of governance structures is limited to transaction costs only. Actually, it should involve both firm capability and transaction costs. Assets specificity and sunk investment are closely related to each other, and sunk investment influnces a firm＇s capabilities and attributes of transaction. Through expandition of the attributes of transaction, a new framework of governance analysis and a model for emperical test are proposed.