Enterprise theoryyesNew Institutional EconomicsOne of the important theories of.Coase was the first to establish the enterprise theory of new institutional economics. He believes that enterprises areprice mechanism A substitute for.Alchian and Demsetz disagreed with Coase's view that enterprises are a kind ofTeam production。Along Coase's thinking,Zhang WuchangIt is proposed that the enterprise is a form of contract selection;Williamson believes that enterprises are a kind ofBureaucratic organization。After the 1970s and 1980s, economists further analyzed the impacttransaction cost They believe that enterprises are the product of incomplete contracts.These studies have gradually improved the enterprise theory.
Proposition of enterprise theory
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1937Ronald Coase (R.H. Coase) Published groundbreaking works《Nature of the enterprise》, creatively use transactionscost analysis This paper expounds the relationship between the enterprise and the market, and expounds the reasons for the existence of the enterprise.
Transaction cost, in short, is the cost of exchange activities, that is, to reach an agreement or completeexchangeConsumableeconomic resources 。
Under the condition of incomplete information and subject to subjective and objective factors, if the transaction is to meet the interests of both parties,Transaction contractIt becomes very complicated. In order to pursue a complete contract, it is bound to increase the corresponding costs.As a result, due to the high cost of market contracts, some transactions are carried out within the enterprisetransaction mode。Market and enterprise are two alternative means of resource allocation.The differences between them are as follows: in the market, the allocation of resources is regulated by the price mechanism;In the enterprise, resources are allocated throughEnterprise management authorityManagement coordination of is completed.Starting from the efficiency of resource allocation, in order to save transaction costs, some transactions are completed through the market, some transactions are completed within the enterprise, and the choice of where to complete depends on the cost of market pricing and the enterprise'sOrganizational costsThe balance between them.
To sum up, the remarkable symbol of an enterprise is that it is a substitute for the price mechanism and an organization that replaces the market for resource allocation.
