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本文考察了制度经济学交易费用理论的两个关键概念和两种分析路径,结合煤炭企业间横向并购和煤电企业间纵向并购的具体问题,研究交易费用理论对企业并购类型决策的适用性。研究表明,如果直接从“交易费用———并购决策”路径研究,交易费用理论对横向并购、纵向并购和混合并购等三种企业并购决策均适用;而如果从“资产专用性———交易费用———并购决策”路径研究,交易费用理论对企业纵向并购决策的适用性很强,混合并购次之,横向并购很弱。
This paper examines two key concepts and two approaches of transaction cost theory in institutional economics. Combining with the cross-border M & A and vertical M & A between coal enterprises, this paper studies the applicability of transaction cost theory to M & A type decisions. The research shows that the transaction cost theory can be applied to M & A decisions of horizontal mergers and acquisitions, vertical mergers and acquisitions, and mergers and acquisitions, both directly from the research on the path of “transaction costs - M & A decision” - Transaction Costs - M & A Decision "Path Research, Transaction Costs Theory has strong applicability to vertical merger and acquisition decisions, followed by mergers and acquisitions, and horizontal mergers and acquisitions are weak.