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借鉴美国和日本企业治理的有益经验,本文对决定最优部分所有权安排的因素进行了模型化分析。最优部分所有权诱致农户进行定制产品的专用性投资,并且持续地生产供特定公司使用的投入品。本文分析的结论是,以一定比例股权联结的部分所有权安排,是有别于长期契约安排的另一种有效的履约机制。这种最优部分所有权是激励公司和农户进行关系专用性投资、减少不确定性和机会主义行为的一种可信承诺,也是最大化企业交易价值的制度安排。
Drawing on the beneficial experiences of corporate governance in the United States and Japan, this article models the factors that determine the optimal portion of ownership arrangements. Optimal partial ownership induces farmers to make specialized investments in customized products and continually produce inputs for use by a particular company. The conclusion of this paper is that the partial ownership arrangements linked by a certain percentage of shares are another effective compliance mechanism that is different from the long-term contractual arrangements. This optimal partial ownership is a credible commitment to motivate firms and farmers to invest in specific relationships, reduce uncertainty and opportunism, as well as institutional arrangements that maximize the value of business transactions.