不完全契约下的企业边界理论研究及其应用

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摘要

企业边界是现代企业理论研究的重要课题之一, 这个理论难题也一直困扰着

经济学家们，鉴于涉及企业边界的现实经济问题是复杂而动态的，关于企业边界

的理论随着时间的发展也在不断的进步，很多问题有待进一步研究深化。之前产

生的各种模型对企业边界理论做出了相当的贡献，但他们大多采用产权理论来分

析企业边界，本文将通过行为学的方式研究企业边界，也将不完全契约理论与企

业边界结合起来研究，开拓一种思路，研究一种新途径。

众所周知的产权理论模型、不完全契约模型，它们的分析框架是强有力的，

但它们无法回避的一个缺陷在于组织结构、科层还有授权等组织特征在模型中完

全被抽象掉了。在本文的模型中，加入了一些行为学方面的相关因素，建立了负

面情绪影响模型，使得本文可以探讨企业上下级之间的相互影响问题。由于负面

情绪的产生会导致企业收益的减少，使得企业决策者不得不去考虑上下级互相产

生的负面情绪对决策的影响。

本文也基于负面情绪影响模型，加入了对组织结构的分析，本文形成的委派

模型是对过去模型中未提到的组织结构部分的一种补充和创新，这也使得本文的

模型可以分析委派结构对企业决策的影响，从而影响企业边界问题。

在文章的后面部分是模型与实际的匹配问题。案例选择了在最近发生的一个

国人都非常关注的例子，那就是 2010 年吉利收购沃尔沃轿车公司的案例，我们认

为吉利对沃尔沃轿车公司的并购是符合本文的模型。本文在国内的同类研究中也

属于较为新颖的范畴，结论证明我们建立的模型基本符合事实，并且模型对事实

也有一定的指导作用。

关键词：不完全契约企业边界兼并吉利沃尔沃

ABSTRACT

The research of firm boundary is one of the most important subjects in modern

enterprise theory. This research is now still bothering economists and as time goes by,

and they merged into several schools of though. Due to the complexity and dynamic of

the reality, there must be some new thoughts to catch up with. The exiting literature on

firm, based on incomplete contracts and property rights, emphasizes that the ownership

of assets - and thereby firm boundaries - is determined in such a way as to encourage

relationship-specific investments by the appropriate parties. It is generally accepted that

this approach applies to owner-managed firms better than to large companies. In this

paper, we attempt to broaden the scope of the property rights approach by developing a

simple model with behavior factors.

Former economists made some progress, Grossman-Hart-Moore theory is one of

the most outstands theory that I can talk about. Therefore it is unable to include firm

structure as reference point as we did. We added some behavior factors to our model

and we use shading model to reflect people’s unhappiness in work. Shading model is

key to decision making progress, and huge shading is able to make deal not happen.

In our basic model decisions are ex post non-contractible; in an extension we use

the idea that contracts are reference points to relax this assumption. We show that firm

boundaries matter. Nonintegrated firms fail to account for the external effects that their

decisions have on other firms. An integrated firm can internalize such externalities, but

it does not put enough weight on the private benefits of managers and workers. We

explore this tradeoff in a model that focuses on the difficulties companies face in

cooperating through the market if the benefits from cooperation are unevenly divided;

therefore, they may sometimes end up merging. We show that the assumption that

contracts are reference points introduces a friction that permits an analysis of delegation.

Then we build a new model which includes the aspect of firm structure called

delegation. Boss resigns his right to unit managers to make decisions, and we found this

delegation in some way is better than integrated or nonintegrated corporations. Because

we build a first best area, we found out that integrated corporations tend to cooperate

too much and nonintegrated firms tend to cooperate too little, and delegation made

fewer mistakes.

At the end of our work, we plan to try running our model to test if it is good

enough to analysis reality. The recent news of big merge is Geely annex Volvo, and we

think it is a good case for our study. We apply our model to the merger. Although some

of the details we cannot get, we searched on the internet and still get plenty of them. We

think it is enough for us to do the test model thing, so we did it. This is for the first time

we use this model to deal with our country’s business. We found our model fit the facts

very well and is able to provide some guideline to the reality.

Keywords：Incomplete Contract, Firm Boundary, Merger, Geely,

Volvo.

中文摘要

ABSTRACT

第一章绪论 .........................................................1

§1.1 企业边界简介 .............................................. 1

§1.2 不完全契约理论简介 ........................................ 2

§1.3 文献综述 .................................................. 4

§1.4 问题的提出以及研究目的 .................................... 7

§1.5 本文结构 .................................................. 8

§1.6 创新意义 ................................................. 10

第二章企业边界基本模型的建立 ......................................11

§2.1 企业合作的基础模型 ....................................... 11

§2.2 分析一体化是否合作的情况 ................................. 14

§2.3 合作的更详细分析 ......................................... 15

§2.4 对个人收益的另一种解释（加入员工后的分析） ............... 16

§2.5 加入受负面情绪影响的模型 ................................. 17

第三章委派结构模型 ................................................19

§3.1 委派结构简析 ............................................. 19

§3.2 委派结构的在确定与不确定条件下的讨论 ..................... 21

第四章吉利收购沃尔沃案例应用 ......................................23

§4.1 吉利与沃尔沃的销售境况 ................................... 23

§4.1.1 吉利和沃尔沃轿车在中国的销售情况 ..................... 23

§4.1.2 吉利和沃尔沃轿车在全世界的销售情况 ................... 23

§4.2 运用基本模型对此案例的分析 ............................... 24

§4.2.1 非一体化不合作 ....................................... 24

§4.2.2 非一体化合作 ......................................... 25

§4.2.3 一体化不合作 ......................................... 25

§4.2.4 一体化合作 ........................................... 26

§4.3 合并后仍然分开经营现状的解释 ............................. 26

§4.4 负面情绪影响模型的应用 ................................... 27

§4.5 委派结构的应用 ........................................... 28

第五章相关的对策建议 ..............................................31

§5.1 政策层面对策建议 .......................................... 31

§5.2 企业层面对策建议 .......................................... 31

§5.2.1 从理论出发寻找适合自身的发展道路 ..................... 31

§5.2.2 合理使用模型预测分析企业未来战略 ..................... 31

§5.2.3 企业管理者应当关注来自各方面的负面情绪 ............... 31

§5.2.4 要关注一体化后的附加效益 ............................. 32

第六章结论 ........................................................34

参考文献 ............................................................36

在读期间公开发表的论文和承担科研项目及取得成果 ......................40

致谢 ................................................................41

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摘要：

摘要企业边界是现代企业理论研究的重要课题之一,这个理论难题也一直困扰着经济学家们，鉴于涉及企业边界的现实经济问题是复杂而动态的，关于企业边界的理论随着时间的发展也在不断的进步，很多问题有待进一步研究深化。之前产生的各种模型对企业边界理论做出了相当的贡献，但他们大多采用产权理论来分析企业边界，本文将通过行为学的方式研究企业边界，也将不完全契约理论与企业边界结合起来研究，开拓一种思路，研究一种新途径。众所周知的产权理论模型、不完全契约模型，它们的分析框架是强有力的，但它们无法回避的一个缺陷在于组织结构、科层还有授权等组织特征在模型中完全被抽象掉了。在本文的模型中，加入了一些行为学方面的相关因素，建...

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