笔者以上海市金字塔型国有控股集团为样本,在控制了代理成本之后,对纵向分支机构管控的另一影响因素即知识成本进行了分析。通过对纵向管控链条上知识存量、知识转移以及二者之间关系的进一步分解,提出了适用于不同管控成本的、集权程度不同的3种纵向管控模式,并分别对其具体控制手段进行了总结。 Taking Shanghai pyramid-type state-owned holding group as sample, after controlling the agency cost, the author analyzes another influencing factor of vertical affiliates, namely, the cost of knowledge. Through the further decomposition of the knowledge stock, knowledge transfer and the relationship between them in the vertical control chain, three kinds of vertical control modes which are suitable for different control costs and different degrees of centralization are put forward, and the concrete control measures are summarized respectively .