抵押模型在关系专用性合约中的应用

Application of Mortgage Model in Asset Specificity Contract

为寻找有效的专用性合约治理方案,减少合约过程中的租金耗散,提高合约效率,对"敲竹杠"治理的抵押措施进行研究.通过数理推导详细分析抵押模型对减少准租金挤占的传导机制.并根据450份合约数据,运用Probit回归,对抵押措施在现实中的应用进行检验.结果为抵押措施能够有效减少"敲竹杠"机会主义行为,以每单位约2.46的力度减少准租金挤占发生的概率.

In order to find the appropriate regulation for Asset specificity contract, reducing cost dissipation, enhancing contract efficiency, this paper makes a research on mortgage, one of the way to solve the ＂hold-up＂ problem. We analyse the transmission mechanism from mortgage to ＂hold-up＂ by mathematical derivation, and then,using Probit regression examine their relationship in the real word by 450 data.The conclusion is that mortgage can prevent ＂hold-up＂ happened, and it will reduce the probability of ＂hold-up＂ by about 2.46 per unit.