交易环境属性、主体特征与纵向一体化

Transaction's Background,Attributes,Body Modes and Firm's Vertical Integration Level

本文以交易成本经济学框架为理论基点,选取我国工业行业和上市企业数据,构建动态面板模型,多层次深入分析决定企业纵向一体化程度的关键因素。研究认为,①不同类型的企业和行业的纵向一体化水平具有不同变化特征,且企业的纵向一体化水平具有动态变动特征。②解释企业纵向一体化水平变动的综合框架应包括三大类因素:交易环境、属性和主体特征。③资产专用性水平对纵向一体化的影响产生滞后效应,且大部分维度对不同特征的企业影响方向有所差异。本文的研究结果对我国不同类型的企业兼并重组等纵向一体化决策具有借鉴意义。

This paper from a transaction cost economics perspective,combs vertical integration＇s research category,theory and method,then constructs dynamic panel data models and analyzes the key factors on enterprises＇ vertical integration level.This research would be meaningful reference for China＇s different types of enterprises＇ combination and reorganization＇s decision.This paper forms the following conclusions： ①The different types of enterprise and industry＇s vertical integration has the different change trend and is dynamically changing.②The comprehensive frame to explain the vertical integration level change should include three headings： transaction environment,attribute and main body characteristic.③The specialized assets have the lagging influence on the vertical integration level.The majority of dimensions have the difference direction＇s influence on different enterprises and we need to grasp millimicro characteristic.