A transaction costs theory of equity joint ventures
提出股权合资企业的交易成本理论，区分了规模合资与关联合资，解释了两类合资企业在市场失灵和资产不可分性下的形成原因。
Abstract This paper presents a transaction costs theory of equity joint ventures. It distinguishes between ‘scale’ and ‘link’ JVs. Scale JVs arise when parents seek to internalize a failing market, but indivisibilities due to scale or scope economies make full ownership of the relevant assets inefficient. Link JVs result from the simultaneous failing of the markets for the services of two or more assets whenever these assets are firm‐specific public goods, and acquisition of the firm holding them would entail significant management costs.