基于交易成本视角的资产剥离方式选择

本文通过将交易成本经济学的原理引入资产剥离方式选择的研究，从交易成本的视角探索企业管理者如何在不同的资产剥离方式之间选择。以2002—2008年沪市制造类上市公司173起资产剥离事件为样本，使用Logistic回归方法分析了交易成本对资产剥离方式选择的影响。研究发现交易成本与资产剥离方式之间存在相关性，在做出剥离的决策后，企业通常选用分拆的方式来重组资产专用性较高的资产，而外部不确定性比较低时更倾向于选择直接出售资产。

The impact of trasaction cost on the choice of divestiture alternatives

This study extends the transaction cost economics(TCE)rationale to the choice of divestiture alternatives and exmaine how firms choose between selloffs and spinoffs. According to the logic of transaction cost economics, several factors determine the cost of assets divestment. These factors include uncertainty and frequency of asactions, although the most important is asset specificity. A statistically siginificant relationship was found to exist between the divestiture alternatives and these characteristics...