法制环境、关系网络与交易成本——来自中国上市公司的经验证据
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财经研究 2013 年 第 39 卷第 06 期, 页码：52 - 63
摘要
参考文献
摘要
以往的研究主要从信任视角解释商业关系网络对企业交易成本的影响,文章不同于以往的研究,通过构建商业关系网络和法律的互动分析框架,考察了在中国地区法制环境不均衡情况下,关系网络对交易成本和企业价值的影响。研究发现,关系网络有助于节约交易成本和提升企业价值,特别是在法制环境较差的地区作用更明显。文章研究表明,在转型经济环境中,企业关系网络已然成为法律制度缺失的一种替代保护机制。因此,从效率视角理解关系网络对于提升经济绩效、促进企业成长并最终促进中国经济增长的作用,无疑具有重要的理论价值。
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[2]樊纲,王小鲁,朱恒鹏.中国市场化指数——各地区市场化相对进程报告2011年报告[M].北京:经济科学出版社,2011.
[3]费孝通.乡土中国[M].上海:三联书店,1985.
[4]何小杨.我国家族企业中的“人际关系网”——现状及制度诱因[J].证券市场导报,2011,(11):54-66.
[5]刘凤委,张人骥,崔磊磊.地区市场化进程、市场分割与公司关联交易行为[J].财经研究,2007,(6):43-54.
[6]刘凤委,李琳,薛云奎.信任、交易成本与商业信用模式[J].经济研究,2009,(8):60-72.
[7]李增泉,叶青,贺卉.企业关联、信息透明度与股价特征[J].会计研究,2011,(1):44-51.
[8]王雎.跨组织资源与企业合作:基于关系的视角[J].中国工业经济,2006,(4):44-51.
[9]王少飞,周国良,何小杨,等.关系型投资与审计行为[J].财经研究,2010,(5):16-26.
[10]夏立军,陈信元.市场化进程、国企改革策略与公司治理结构的内生决定[J].经济研究,2007,(7):82-95.
[11]Allen F,Qian J,Qian M J.Law,finance,and economic growth in China[J].Journal of Financial Economics,2005,77(1):57-116.
[12]Allen F,Babus A.Networks in finance[EB/OL].http://ssrn.com/abstract=1094883,2008-08.
[13]Ball R,Kothari S P,Robin A.The effect of international institutional factors on prop-erties of accounting earnings[J].Journal of Accounting and Economics,2000,29(1):1-51.
[14]Banerjee S,Dasgupta S,Kim Y.Buy-supplier relationships and the stakeholder theory.of capital structure[J].Journal of Finance,2008,63(5):2507-2552.
[15]Choi C J,Lee S H,Kim J B.A note on countertrade:Contractual uncertainty and trans-action governance in transition economies[J].Journal of International Business Studies,1999,30(1):189-201.
[16]Claessens S,Djankov S,Fan J P H,et al.When does corporate diversification matter to productivity and performance?Evidence from East Asian[J].Pacific-Basin Finance Journal,2003,11(3):365-392.
[17]Coase R.The nature of the firm[J].Economica,1937,4(16):386-405.
[18]Doney P M,Cannon J P.An examination of the nature of trust in buyer-seller relation-ships[J].Journal of Marketing,1997,61(2):35-51.
[19]Dyer J H.Specialized supplier networks as a source of competitive advantage:Evidence from the auto industry[J].Strategic Management Journal,1996,17(4):271-292.
[20]Dyer J H,Singh H.The relational view:Cooperative strategy and sources of interor-ganizational competitive advantage[J].Academy of Management Review,1998,23(4):660-679.
[21]Greif A.Contract enforceability and economic institutions in early trade:The maghribi traders’coalition[J].American Economic Review,1993,83(3):525-548.
[22]Joskow P L.Asset specificity and the structure of vertical relationships:Empirical ev-idence[J].Journal of Law,Economics and Organization,1988,4(1):95-117.
[23]Kalwani M U,Narakesari N.Long-term manufacturer-supplier relationships:Do they pay off for supplier firms?[J].Journal of Marketing,1995,59(1):1-16.
[24]Khanna T,Thomas C.Synchronicity and firm interlocks in an emerging market[J].Journal of Financial Economics,2009,92(2):182-204.
[25]Klein B,Crawford R G,Alchian A A.Vertical integration,appropriable rents,and the competitive contracting process[J].Journal of Law and Economics,1978,21(2):297-326.
[26]Klein B.Why hold-ups occur:The self-enforcing range of contractual relationships[J].Economic Inquiry,1996,34(2):444-463.
[27]Kong X.Why are social network transactions important?Evidence based on the con-centration of key suppliers and customers in China[J].China Journal of Accounting Re-search,2011,4(3):121-133.
[28]Macaulay S.Non-contractual relations in business:A preliminary study[J].American Sociological Review,1963,28(1):55-69.
[29]McMillan J,Woodruff C.Interfirm relationships and informal credit in Vietnam[J].Quarterly Journal of Economics,1999,114(4):1285-1320.
[30]North D.Institutions,institutional change and economic performance[M].Cambridge University Press,1990.
[31]Rajan R G,Zingales L.Which capitalism?Lessons from the east Asian crisis[J].Jour-nal of Applied Corporate Finance,1998,11(3):40-48.
[32]Williamson O E.The economic institutions of capitalism[M].New York:Free Press,1985.
[33]Woodruff C.Establishing confidence in business partners:Counts,networks,and rela-tionships as pillars of support[R].Working Paper,Graduate School of International Re-lations and Pacific Studies UCSD,2002.
引用本文
郑军, 林钟高, 彭琳. 法制环境、关系网络与交易成本——来自中国上市公司的经验证据[J]. 财经研究, 2013, 39(6): 52–63.
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