Transfer Pricing and Ownership Structure
研究了联合所有的生产单元中，上游企业向下游市场销售投入品时，转移定价高于实际成本导致总利润下降，而税收和关税政策可缓解这种组织低效。
We study the performance of jointly owned production units where upstream firms sell inputs to a downstream final market producer. It is found that, compared to integrated firms, co‐ownership leads to overinvoicing of input prices (transfer prices), resulting in lower aggregate profits. Tax and tariff policy may lessen the organizational inefficiencies of jointly owned firms. The analysis suggests that firms must have other reasons for forming jointly owned production units than those guided by production efficiency and benefits from delegation of decision‐making.