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任何组织制度安排都需要费用 ,要确定资源配置的最佳方式 ,就必须考虑到交易费用。产权经济学对现代企业组织结构的演变提供了有力的解释 ,企业并购也在那里找到了合理的逻辑。作者从分析交易费用与产权制度安排入手 ,说明企业作为一种组织的出现是节约市场交易费用的非市场制度的创新 ,而企业并购在本质上也是为了节省交易费用而进行的一种合约选择。企业并购是管理上的协调代替市场机制的协调 ,其目的是为了节省交易费用 ,是一种能产生交易费用效应的企业自组织创新。
Any organization system arrangement requires costs. To determine the best way to allocate resources, transaction costs must be considered. The economics of property rights provide a powerful explanation for the evolution of modern enterprise organizational structure, and mergers and acquisitions of companies have found a reasonable logic there. The author starts with an analysis of transaction costs and property rights arrangements to illustrate that the emergence of an organization as an organization is a non-market system that saves on market transaction costs. Innovation is essentially a contractual choice that is made to save transaction costs. M&A is the coordination of management in place of the market mechanism. Its purpose is to save on transaction costs and is an enterprise self-organizational innovation that can generate transaction cost effects.