资产配置、治理机制与资产专用性

Asset Allocation,Governance Mechanism and Asset Specificity

资产专用性是交易成本经济学中一个核心概念,较为抽象,具体评价和刻画它对于将威廉姆森交易成本经济学理论应用于实践及进一步理论探讨具有重要意义。在一个资产组合和治理选择匹配的框架内对资产专用性进行数理模型化分析,对专用性之于资产组合和治理选择的影响作了深入探讨。资产的高度专用属性导致投资者在签约时加入互相唯一锁定条款,以及由专用投资合约方造成的背约损失或者专用投资合约方背约收益决定的最大惩罚成本条款,这些条款使专用性投资能够实现以及专用性投资者收益得到保障。

Asset specificity is a core and very abstract concept in Transaction Cost Economy. It＇s of significance to evaluate and describe it in terms of applying and further developing TCE. By modeling the coordination of the asset deployment and governance selection, the significance of asset specificity is obvious：high asset specificity makes the investors add single inter- locking terms and the maximum penalty cost terms decided by default losses caused by the contractor of specific investment or profits earned by him/her when contracting. Under these terms the specific assets can be actualized and the income of specific investors can he guaranteed.