Vertical Integration and Technology: Theory and Evidence
基于不完全契约模型，利用英国制造业工厂数据，发现下游行业技术强度与纵向一体化正相关，上游行业技术强度则负相关，且成本占比越大相关性越强。
We study the determinants of vertical integration. We first derive a number of predictions regarding the relationship between technology intensity and vertical integration from a simple incomplete contracts model. Then, wein vestigate these predictions using plant-level data for the UK manufacturing sector. Most importantly, and consistent with the theoretical predictions, we find that the technology intensity of downstream (producer) industries is positively correlated with the likelihood of integration whereas the intensity of upstream (supplier) industries is negatively correlated with it. Also consistent with theory, both correlations are stronger when the supplying industry accounts for a large fraction of the producer's costs. These results are generally robust and hold with alternative measures of technology intensity, with alternative estimation strategies, and with or without controlling for a number of firm-and industry-level characteristics. © 2010 by the European Economic Association.