交易费用、资产专用性与企业融资决策

Transaction Costs Asset Specificity and the Decision of Corporate Financing

资产专用性对企业融资决策有显著的影响。在交易费用理论框架内我们研究了与企业融资决策之间的关系,发现专用性资产最好以权益融资为佳。因为其交易成本相对于债务融资方式而言较低,并可防止未来的冲突,避免机会主义行为并保持竞争优势。我们通过对上海制造业的实证研究验证了这个结论,但得出了相反的结论。

Asset specificity has an important impact on the decision of corporate financing. In the well - known transaction costs framework we analyze the relationship between asset specificity and corporate financing, and we. find it is optimal to use equity financing for specific asset, because its transaction cost is lower than debt financing. Furthermore, it can prevent potential future conflicts, avoid opportunistic behavior and keep its competitive advantage.