纵向一体化是市场与合约的必然演化形式吗——基于转换成本视角的实证检验

Vertical Integration is Inevitable Evolution Form of Market and Contract:An Empirical Test from the Perspective of Switching Cost

从转换成本视角分析市场、合约与纵向一体化的演化关系。在GHM模型基础上放松双边关系专用性的假设,构建数理模型,运用69家米业公司与947个水稻种植户的交易数据检验了数理模型提出的假说。结果表明:企业和农户转换成本越高,越可能选择合约;纵向一体化会使转换成本较高的一方受益,使转换成本较低的一方受损;随着转换成本增加,纵向一体化不一定优于合约,合约不必然向纵向一体化演化;无论是商品契约还是要素契约,交易双方转换成本越高,交易关系越稳定。

The paper analyzes the evolution of market,contract and vertical integration.We construct mathematical model by relaxing hypothesis of bilateral relational specificity based on GHM model.We test our mathematical model hypothesis with transaction data between 69 rice enterprise and 947 rice farmers.The conclusion is that it is more possible for enterprise and farmer to choose contract when their switching cost is higher,and the transactor with higher switching cost will benefit from vertical integration,and the transactor with lower switching cost will get loss from vertical integration,with the increasing of switching cost,vertical integration is not necessarily better than contract,and vertical integration is not necessarily next evolution form of contract,whether it is commodity contract or factor contract,it will be stable when bilateral transactors' switching cost is high.