信任何以促进企业分工和发展？——一个交易成本经济学分析框架和微观证据

摘要/Abstract

摘要： 经典的交易成本理论在外生给定的机会主义水平下，研究资产专用性对交易成本和经济组织形式的影响。本文首先将信任因素引入经典的交易成本经济学分析框架，分析认为高水平信任意味着更低的机会主义行为倾向，进而可以节约交易成本，降低一体化水平，并且通过促进纵向分工和专用性资产投资两种机制提升经营绩效。继而以中国沪、深两市2007—2021年制造业上市公司为样本进行实证研究，发现在信任水平更高的地区，企业交易成本和纵向一体化水平更低，而专用性资产比重和总资产报酬率更高。以上结论在解决内生性问题以及一系列稳健性检验后仍然成立。此外，社会信任对企业纵向一体化的影响在法律环境较差的地区、竞争性行业、平均资产专用性水平更高的行业和非国有企业中更加明显。本文揭示了社会信任不但可以降低交易成本促进企业纵向分工，从而影响企业边界，而且还会激励企业进行更多高生产率的专用性资产投资。

关键词: 社会信任, 资产专用性, 交易成本, 分工, 纵向一体化

Abstract: Classical transaction cost theory studies the optimal economic organization form and its impact on transaction costs under the given level of opportunism and asset specificity. This paper first introduces trust into the classic transaction cost economics analysis framework, and argues that higher level of trust means lower opportunistic behavior tendency, which can save transaction costs and reduce the level of integration, and improve firm performance by promoting vertical division of labor and specific asset investment. Then, using the listed manufacturing companies in Shanghai and Shenzhen Stock Exchanges of China from 2007 to 2021 as sample, the empirical study finds that in regions with higher trust, the transaction costs and vertical integration level of enterprises are lower, while the proportion of specific assets and the return on total assets are higher. The above conclusions are still valid after solving endogeneity problem and a series of robustness tests. The impact of social trust on enterprise vertical integration is more obvious in regions with poor legal environment, competitive industries, industries with high average asset specificity and non-state-owned firms. This paper reveals that social trust can not only reduce transaction costs and promote the vertical division of labor of enterprises, thus affecting the boundaries of enterprises, but also encourage firms to invest in more highly productive specific assets.

Key words: social trust, asset specificity, transaction costs, division of labor, vertical integration

高翔, 丁茜. 信任何以促进企业分工和发展？——一个交易成本经济学分析框架和微观证据[J]. 管理评论, 2024, 36(4): 49-62.

Gao Xiang, Ding Xi. How can Trust Promote the Division of Labor and Development of Firms?—A Transaction Costs Economics Framework and Micro Evidence[J]. Management Review, 2024, 36(4): 49-62.

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