【Abstract】 The rent-seeking theory has its unique explanatory power, but it is not spared with limitations. The author used a case in the treasury transportation industry to discuss the limitations of the rent-seeking theory and, on the basis of the capital asset combination theory as well as the neo-institutional economy, proposed dynamic combination of institutional factors as a new perspective. It was contended that, any institution being an important factor, such factors combined would impact the profit or risk outcomes of business activities. Therefore, enterprises would be motivated to apply the method of combining factors in production to the institutional sector, i.e., trying to dynamically combine institutional factors in order to enhance profits and reduce risks associated with their activities.更多还原