Transaction Cost and Resource-Based Explanations of Joint Ventures: A Comparison and Synthesis
从资源基础视角解释合资企业的形成，并与交易成本理论比较，发现两者互补，进而尝试综合两种理论以兼顾成本与收益。
Transaction cost theory has been the dominant theoretical lens used in the study of joint ventures. The purpose of this paper is to explain the formation of joint ventures from the resource-based perspective and to compare this perspective with transaction cost theory. By focusing on the cost aspect of a transaction, the transaction cost logic explains joint ventures in terms of market failure for intermediate inputs, asset specificity, and high uncertainty over specifying and monitoring performance. Putting more emphasis on the benefit side of a transaction, resource-based theory regards joint ventures as a means of exploiting and developing a firm's resources. The transaction cost and resource-based explanations are, to a certain extent, complementary. Taking the stance of theoretical pluralism, an attempt is made to synthesize the two theories into a more comprehensive perspective which takes both costs and benefits into account.