交易成本理論及其在商業中的應用Transaction cost theory and its application to business

Beginnings of transaction theory：交易成本理論概述

Markets vs. hierarchies
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are

eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production. It is clear that

these are alternative methods for co-ordinating production.” (Coase, 1937, p.388)  http://ukthesis.org/dissertation_writing/Marketing/

Transaction costs：交易成本
Transactions costs: any costs above and beyond cost of production, such as cost of writing and enforcing contracts
Task
In pairs, identify examples of ‘transaction costs’ you incur when buying and selling a house.

Transaction cost assumptions交易成本的假設(1): Bounded rationality：有限理性

Bounded rationality: humans have limited capacity to fully evaluate all consequences and solve complex problems

Transaction cost assumptions交易成本的假設(2)：Opportunism：投機主義
Opportunism: individuals will seek to exploit opportunities to their own advantage BUT not all will do so all the time (hence difficult to determine opportunism ex ante –

before the event) especially problematic for transactions with small number of organisations - might lack concern over reputational effects

Problem with Coase’s transaction cost theory：科斯交易成本理論的問題

Idea that choice between market or firm (hierarchy) should be determined by relative transaction costs, i.e. lowest transaction cost mode should be preferred form,
How to measure and determine transaction costs?

Williamson: Dimensions of transactions
If markets are not fully competitive, dimensions of transactions are indicators of whether firm or market is preferred governance structure
Asset specificity：交易商品或資產的特殊性
Uncertainty：交易不確定性
Transaction frequency： 交易的頻率

1. Asset specificity：交易商品或資產的特殊性
Assets that are tailored to a specific transaction and that cannot easily be transferred to other transactions
1. Idiosyncratic investments in facilities
2. Idiosyncratic investments in equipment
3. Idiosyncratic investments in people
4. Idiosyncratic investments in branding

2. Uncertainty：交易不確定性
• Volume uncertainty: inability to accurately forecast volumes of demand/supply – firm or market?
• Technical uncertainty: rapid changes and unpredictability of technology – firm or market?
• Behavioural uncertainty: performance evaluation problematic, i.e. whether or not contract has been fulfilled – firm or market?#p#分頁標題#e#

3. Transaction frequency：交易的頻率
• Extent to which transactions are recurrent – if high recurrence rate, chose firm over market (overhead costs can be recovered)

Transaction cost framework：交易費用的框架
Default position in competitive markets：競爭激烈的市場的默認位置
Technological uncertainty：技術不確定性

Market
Search costs：搜尋成本 
Information costs：信息成本
Copyright protection：版權保護
Contract development and enforcement ：合同開發和執行

Example
Consider the example of oil companies operating in the Caspian sea region. The main markets for oil are in Europe and China. Using transaction cost theory, we can outline the

arguments for and against a strategy of forward vertical integration – i.e. oil companies taking over or building pipelines.

Limitations of transaction cost theory：交易成本理論的局限性
• Assumptions do not always hold – people behave ‘irrationally’
• Influence of social and other norms
• Assumption of ‘free choice’ not always met – government regulations
• Hybrid forms, relational governance?

Summary transaction cost theory：交易成本理論總結
• Tackles the question of how firm should organise boundaries with other firms – i.e. the choice of market vs hierarchy
• In fully competitive markets (many suppliers), with few/no transaction specific assets and high technological uncertainty, firms should chose market/ low integration

modes to externalise risk and minimise overheads
• Under conditions of small number of suppliers, proprietary and/or customised assets, and under volume and behavioural  uncertainty, firms should seek high firm

integration (internalisation) modes so as to minimise opportunism and transaction costs