在食品行业,纵向一体化与企业收益水平之间并没有体现出应有的正相关关系,这也许是因质量检测而导致的交易成本在缺乏有力监管的环境中,并没有真正地显现出来。而食品企业的成长性与纵向一体化之间存在大约两年时滞的正相关关系,这是因为中国食品行业的地域性所导致的。 In the food industry, there is no positive correlation between vertical integration and the level of corporate income. This is perhaps because the transaction costs caused by quality testing have not really emerged in the absence of a strong regulatory environment. However, there is a positive correlation between the growth and vertical integration of food enterprises for about two years. This is due to the regional nature of China’s food industry.