【摘要】 传统的契约理论对纵向一体化的分析多从生产领域角度出发,忽略了流通领域中中间商的性质。交易费用理论分析认为,中间商的出现是因为当不确定性和产品的资产专用性程度较低时,它能比生产商与消费者直接交易节省费用;但是,中间商对市场的代替程度取决于投入品资产专用性程度;中间商人力资本的专用性决定了生产商自建销售队伍不能完全解决机会主义,现实中更多的交易是通过混合型组织来完成的。更多还原

【Abstract】 The analysis of vertical integration by traditional Contract Theory is usually from the view of production and the nature of middleman in circulation is overlooked. This article argues, with analysis by contract theory, that middleman exists because when uncertainty and asset specialty of product are low; middleman cuts down the cost in comparison with the transaction between producer and consumer. However the degree to which middleman replaces market depends on the degree of asset specialty of input. The special human assets of middleman determine that the producer can’t solve the opportunism by building it’s own distribution. In fact, most trades are done through hybrid organization.更多还原