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企业的资产专用性在交易成本经济学中有重要意义,尤其是在纵向一体化的研究中更为突出,资产专用性一旦形成,就很难被转移,并且随着资产专用性的增加,企业所面临的代理问题、机会主义风险、行业退出壁垒等也会相应增加。学者们对于资产专用性与资本结构的研究,暂未得出统一结论。国外学者对资产专用性与企业资本结构的研究,基本上是在交易成本经济学的基础上进行的,结论较为一致,但资产专用性程度很难准确度量以及变量之间内生性等问题都是影响研究结果的重要方面。
The asset specificity of the enterprise is of great significance in the economics of transaction costs, especially in the study of vertical integration. Once the asset specificity is formed, it is hard to be transferred, and as the asset specificity increases, the enterprise The problems facing the agency, opportunistic risks, industry exit barriers will also be increased accordingly. Scholars for the study of asset specificity and capital structure, yet come to a unified conclusion. Foreign scholars on asset specificity and corporate capital structure research, basically based on transaction cost economics, the conclusion is more consistent, but the degree of asset specificity is difficult to accurately measure and variables such as endogenous problems are Important aspects affecting research results.