论文部分内容阅读
市场的本质是交易,但在信息不完备时,很多有利可图的交易无法达成。本文通过对转型经济中合约执行机制有关理论与实证文献进行梳理后发现,正式合约执行机制能解决或减轻交易的信息不完备。当正式合约执行机制不存在或不适用时,非正式合约执行机制能补充或替代正式合约执行机制,从而提高市场效率;但非正式合约执行机制有时会产生排他性和价格合谋。因而,在转型经济中,采取积极而切实的措施发展司法体系就至关重要。
The essence of the market is trading, but when the information is incomplete, many profitable deals can not be reached. Through combing the relevant theoretical and empirical literatures about the contract enforcement mechanism in transitional economy, we find that the formal contractual enforcement mechanism can solve or reduce the incompleteness of the transaction information. When formal contract enforcement mechanisms do not exist or do not apply, informal contract enforcement mechanisms can complement or replace formal contract enforcement mechanisms to increase market efficiency; however, informal contract enforcement mechanisms sometimes produce exclusivity and price collusion. Therefore, in a transitional economy, it is crucial to take active and effective measures to develop the judicial system.