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专业化经济可以带来长期平均成本节约,整合化经济可以产生交易费用节约,两条费用曲线的交叉点决定了煤、电纵向交易关系最优形式的选择。影响专业化经济效率的主要因素是生产技术和专用性人力资本价值,影响整合化经济效应的主要因素是交易技术和制度环境。对应于不同的因素特征,煤、电企业纵向交易关系最优形式选择存在差异,并随影响因素特征变化而动态演化。
Specialized economy can bring about long-term average cost savings. Integrated economy can result in transaction cost savings. The intersection of the two cost curves determines the optimal choice of vertical trading relationship between coal and electricity. The main factors that affect the economic efficiency of specialization are the production technology and the value of dedicated human capital. The main factors that affect the economic integration are trading technology and institutional environment. Corresponding to the different factors, there is a difference in the optimal choice of vertical trading relationship between coal and electricity enterprises, and it dynamically evolves with the change of the characteristics of the influencing factors.