消费契约的双重特性与大企业危机

消费契约具有长期契约特征，不但企业对消费者的购买激励具备投资特征，消费者也会在购买过程中形成专用性资产。通过转移成本壁垒，企业和消费者被封闭在一种双边的长期契约关系当中，这种关系造成了消费契约的相对稳定性。但同时由于契约的不完全性，一旦消费者预期专用性资产变为沉没成本，潜在消费者将转投其他企业，造成企业的迅速倒闭。如果大企业不能采取有效措施，小的失误可能会演变成大的危机；由于大企业存在着危机的外部性．因此需要相应的公共政策。     

企业间网络的效率边界:经济组织逻辑的重新审视

企业间网络是一种既不同于市场也不同于企业科层的组织形式，它是一些经过筛选的独立的企业通过正式契约和隐含契约所构成的互相依赖、同担风险的长期合作的交易模式。本文综合交易成本理论以及企业能力理论对影响企业网络边界的因素分别进行了阐释，对资产专用性、企业能力、不确定性等因素对企业边界的影响机制进行了分析。随着资产专用性的逐步提高，在其他条件不变的情况下，交易的治理机制逐步从市场过渡到企业网络，当资产专用性进一步提高时，企业科层将替代企业网络。当企业之间的能力是互补但不相似时，交易将通过企业网络来进行。同时，产品需求的不确定性也将导致企业间网络组织的出现。     

零售企业规模无边界的理论与实证分析--以沃尔玛为例

企业规模理论在企业战略联盟及企业网络化环境下受到质疑，学术界提出了企业无边界理论．零售企业尤其是沃尔玛的快速扩张又提出了另一种无边界理论。这是两种不同性质的无边界理论。就单个企业的边界来说．生产企业和流通企业存在本质的区别．生产企业的资产专用性和技术跳跃所带来的沉没成本制约了生产企业的规模扩张．而流通企业的资产通用性和技术稳定性使流通企业避免了威廉姆森的企业“复制和有选择性控制的不可能性”命题的局限。本文通过沃尔玛的规模扩张的案例．建立影响企业规模因素的模型并进行实证分析．提出了零售企业规模无边界的命题。     

理解企业外包决策的一个概念框架

企业在进行外包决策时，应该比较外包的总成本与内部生产的总成本。总成本由生产成本、谈判成本和机会主义成本构成。谈判成本和机会主义成本统称治理成本，其大小取决于产品的复杂性、市场的可争夺性和资产专用性三个因素。按照产品复杂性和资产专用性的不同，可以将企业的外包环境分成四种类型，在不同类型的外包环境下，外包企业应该采取不同的措施。     

基于组织模块化与技术模块化“同构/异构”协同的跨边界研发网络架构北大核心CSSCI

组织模块化和技术模块化之间的匹配关系,是设计与架构跨边界研发网络的关键,因而成为通过拓展研发网络边界进行技术追赶的中国企业必须面临并处理的战略问题。本文通过探索性多案例分析,探究全球化情境下组织身份差异及单体技术与系统技术差距带来的双重影响,解构组织模块化和技术模块化间同构/异构的协同方式,建立基于组织模块化和技术模块化协同的跨边界研发网络架构。一方面,本文指出组织模块化和技术模块化的拼合式协同、聚拢式协同、获取式协同、整合式协同是规避由组织身份差异以及单体与系统技术差距带来障碍的重要方式,同时这四种协同方式体现同构/异构的范式;另一方面,本文发现了接受、减弱、回避、整合四种组织身份管理响应机制以保障同构/异构协同的实现。最后,从跨边界研发网络架构障碍克服与协同运作机制以及跨边界研发网络架构设计规则的二元性两个角度阐述了本文结论的启示意义。     

进入权理论:能否成为公司治理的理论基础

本文认为，进入权理论为公司治理研究提供了一个新的视角，它使得我们对公司治理的理解更贴近于管理实践，但是．进入权自身的机会性使得进入权的配置机制中充满不确定。以至于它无法像设计的那样有效塑造当事人事后的讨价还价能力。不确定来自于：①关键资源的特征。关键资源应该是一束可分割的权利集，即使是一束虚拟的权利集：②对人力资本专用性投资的计量，包括对入力资本专用性投资程度的计量和对人力资本专用性投资绩效的计量。如果不能克服进入权的机会性所引致的不确定．它很可能只是一种可用于指导公司治理实践的思维方式，而不能成为公司治理的理论基础．至少现阶段如此。     

建设项目交易的资产专用性问题研究

论文以建设项目业主和总承包商之间的交易为研究对象,就建设项目交易资产专用性的界定、存在的误解、测度3个问题进行了探讨。从建设生产特征对其交易资产专用性界定的影响入手,论证了建设项目交易资产专用性主要来源于业主与总承包商间的依赖关系。在逐一分析现有建设项目交易资产专用性界定局限性的基础上,论证了过程专用性的适用性。特别地,对建设项目交易资产专用性界定上的一些错误观念进行了驳斥。通过模型化的建设项目交易准租,提出用区间[CQR-BQR,CQR]来测度建设项目交易资产专用性的大小。     

人力资本治理模式的选择--基于任务复杂性的分析

企业的存在、发展、成熟与衰退的演化过程蕴含着不同特征的任务。本文运用过程与效果两因素将任务的复杂性分成5阶(包括0阶)，深入地剖析了这5阶复杂性任务与资产的专用性，尤其是人力资本的通用性、专用性、专有性及通用的专有性之之间的对应关系，指出复杂性任务与人力资本的不同组合其治理成本存在着差异，其选择的治理模式也应有所不同。在此基础上，推断出相应的理论命题。     

关系契约与企业网络转型

关系契约是企业网络形成和运行的微观基础，它有两条形成途径：一是由专用性资产而形成的双方依赖．二是动用个体社会资本而锁定双方的关系。相应地，企业网络可分为契约型和关系型两大类。关系型企业网络是中国转型经济的特征，家族企业及其网络的发展和寻租性企业网络的大量出现是转型期的必然现象。关系型企业网络产生的根本原因是中国独特的家族文化。经济转型要求企业网络从关系型向契约型转变，实质就是从关系治理向契约治理的转变。为此，必须从产权和日常管理方面加强对家族企业和国有仓、止的管理。尤其要着力培育宏观社会资本．     

跨组织大舰模协作：特征、要素与运行相制

基于模块化技术的作用，资产专用性下降，垂直一体化企业被分解。全球价值链得到重构，跨组织大规模协作则逐渐成为组织间合作的重要形式．成为维基经济中财富创造的新引擎。它使企业能够利用群体智慧与自组织作为有力的杠杆来削减成本、快速创新，与顾客、合作伙伴共同实现价值的创造．从而顺利地构建起21世纪的商业平台。本文就跨组织大规模协作这种新型生产组织形式的特征、实现要素以及运行机制进行探讨．旨在为我国的企业发展与变革提供启示。     

The Substitutability of Real Estate Assets

This paper investigates the degree of substitutability between securitized real estate assets and real estate assets whose prices are appraisal-based. Given the insensitivity of unsecuritized asset's returns to the returns on stock market indices, equilibrium asset pricing models cannot be used to compare these two avenues of investment. Two assets are deemed substitutable if the information sets underlying unbiased, minimum error variance estimates of their pricing parameters are identical. The empirical evidence shows that the prices of the transactions-based assets—real estate investment trusts and the stock price index of the home building industry—follow a random walk while the prices of the appraisal-based assets—FRC/NCREIF indices—do not. The variance decompositions of the vector autoregressions also show that the level of economic activity helps predict the price indices of appraisal-based assets while the stock market index and the term structure of interest rates are better predictors of the prices of transactions-based assets     

Asset specificity and complementarity and MNE ownership strategies: The role of institutional distances

This study integrates transaction cost economics and institutional theory to propose a contingency model of multinational enterprises' design of ownership control. We posit that asset specificity and complementarity influence the design of ownership control, which is further affected by the institutional environment. Furthermore, we argue that regulatory distance and normative distance display differentiating moderations on the main effects. Regulatory distance strengthens the positive effect of asset specificity on ownership control while normative distance enhances the negative effect of asset complementarity on ownership control.     

Pension-Plan Real Estate Investment in an Asset–Liability Framework

This study explores the role of pension-plan real estate investment in an asset–liability framework. By assuming that the pension-plan manager wishes to have assets of at least equal value to the liabilities at all points in time, an asset selection process is derived which depends on both the asset's covariance with other assets and its covariance with the liability stream. We generally find real estate not to be highly correlated with pension-plan liabilities. This finding is of general interest, since it helps to explain why pension-plan real estate investment is extremely limited and much smaller than one would expect if pension-plan investors cared only about the mean and variance of the real return to their invested wealth.     

The impact of strategic account managers' behaviors on relational outcomes: An empirical study

This paper explores the impact of some behaviors of strategic account managers on the relational outcomes of the relationships they are in charge of. Based on a review of literature on personal selling and strategic account management, we contribute to a greater understanding of the role of specific strategic account managers' behaviors in fostering synergistic solutions, role performance and customer trust. Results of the empirical study clearly show that the use of customer orientation has a strong influence on customer trust by increasing strategic account managers' role performance and stimulating synergistic solutions. Conversely, a selling orientation negatively affects synergistic solutions, thus decreasing customer trust. Finally, team selling has a positive impact on the attainment of synergistic solutions, thereby fostering customer trust. Based on these findings, managerial and research implications are discussed.     

Asset specificity and vertical integration in franchising

This study empirically tests transaction cost hypotheses with the use of data on publicly-owned franchised firms. We employ measures of the proportion of company-owned outlets for the degree of integration and brand name capital for the degree of asset specificity. The results suggest that for the sampled firms the degree of asset specificity is positively related to the degree of vertical integration. Additionly, increases in the real interest rate and firm growth rates are found to be positively related with vertical integration, while increases in unanticipated growth and firm experience are negatively related with vertical integration.     

纵向一体化与联合所有权——通用一费希尔公司收购案例研究

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。     

资产专用性视角下的资本结构动态分析

本文按照公司价值最大化思路建立考虑资产专用性和资本成本因素的资本结构动态模型，以资产专用性为视角考察资本结构动态过程的路径和原因。研究表明，资产专用性程度对公司资本结构动态演变的过程和结果都有深刻的影响，权益资本成本和负债资本成本的不同动态特性诱致公司资本结构动态演变。利用中国上市公司财务数据所进行的实证检验结果显著地支持本文的理论模型和结论。     

Wholly-owned vs. collaborative ventures for diversifying financial services

Recent empirical work has supported the Penrose-Teece view that firms diversify to exploit fully specific assets or capabilities. Where transactions costs permit, these economies of scope may be realized via input supply contracts among producers. However, asset specificities frequently create transactions costs which discourage market contracting and leave firms with a choice between collaborative ventures and wholly-owned new entry. This research uses the natural experiment of financial services deregulation to explore the collaborative-own entry choice for 292 new entries in 13 financial product markets. The results generally support our maintained hypotheses that specificity encourages full ownership while collaboration is used to ease a resource constraint.     

SPECIALIZED SUPPLIER NETWORKS AS A SOURCE OF COMPETITIVE ADVANTAGE: EVIDENCE FROM THE AUTO INDUSTRY

This study examines the relationship between interfirm asset specificity and performance in the auto industry. More specifically, I examine the extent to which differences in supplier–automaker asset specialization may explain performance differences between Japanese automakers (Nissan and Toyota) and U.S. automakers (Chrysler, Ford, General Motors). The findings indicate a positive relationship between supplier–automaker specialization and performance. In particular, the data suggest a positive relationship between interfirm human asset cospecialization and both quality and new model cycle time. Moreover, site specialization is found to be positively associated with lower inventory costs. The findings suggest that in the auto industry a tightly integrated production network characterized by proximity and a high level of human cospecialization will outperform a loosely integrated production network characterized by low levels of interfirm specialization.