摘要
纵向一体化可以很好地解决物质资本的专用性问题,然而对人力资本专用性造成的“套牢”无能为力。通过降低交易双方对一般性投资的激励,从而提高专用性投资的激励,联合所有权使得“套牢”的收益最小而成本最高。因此,联合所有权不仅可以解决物质资本专用性问题,也是解决人力资本套牢问题的有效途经。
Vertical integration can effectively resolve the problem of physical capital specificity, but it is helpless to resolve the hold up problem of human capital specificity. Through decreasing the incentive to make general investments and increasing the incentive to make specific investments, joint asset ownership minimizes the benefits of hold up and maximizes the costs of hold up. Thus, joint asset ownership not only can resolve the problem of physical capital specificity, but also is an effective way to resolve the hold up problem of human capital.
出处
《中国工业经济》
CSSCI
北大核心
2004年第9期80-86,共7页
China Industrial Economics
关键词
资产专用性
套牢
人力资本
纵向一体化
联合所有权
capital specificity
hold up
human capital
vertical integration
joint asset ownership
