企业战略的性质及治理效应
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摘要
企业战略和战略管理理论经过半个多世纪的发展，已经形成了战略理论丛林。然而，企业战略理论在近些年似乎遇到了瓶颈，其以人格化企业为基本分析单位的研究范式难以准确回答诸如企业战略为什么会存在，企业战略的根本性质是什么这样的问题。本文遵循主流企业理论的研究范式，将企业看作是各种生产要素投入者之间的契约束，以交易或契约为基本分析单位，探讨了企业战略的基本问题。本论文的研究目的是，以交易或契约为基本分析单位，根据企业理论、交易成本经济学、代理理论以及其他相关理论，结合传统的企业战略及战略管理理论的研究结论，概括出企业战略的内涵，探明企业战略存在的原因，掌握企业战略的根本性质，探寻出企业战略的治理效应；在为企业战略理论做出贡献的同时，最终指导企业战略管理和公司治理的实践活动。
本论文以理论研究为主，实证研究为辅。在理论研究的过程中，第三章是本文逻辑框架的核心，这一章结合第一章的研究背景和第二章的理论回顾及对企业战略内涵的界定着重论证了企业战略的起源问题，提出企业战略的两个根本性质：组织理性和可靠承诺，并初步探讨了企业战略的治理效应。在第三章的基础上，本文的第四章和第五章分别论证了企业战略的组织理性和可靠承诺的性质；第六章则从战略制定和战略实施两个方面论述了企业战略过程的治理效应。本文的实证研究目的是为了进一步检验理论研究归纳和演绎的结论。在第七章，本文首先用内容分析法分析了研究样本的正式战略陈述的内容，证实了企业战略陈述确实体现了组织理性和可靠承诺的根本性质；其次，本文用统计分析法和回归分析法检验了企业战略对企业代理成本及经理与股东的激励相容的影响，以及企业战略实施结果对企业价值及经理离职的影响。通过实证研究，本文进一步证实了理论研究的大部分结论。
本文的第一个研究结论解释了企业战略存在原因。以交易或契约为基本分析单位，本文认为企业的中心签约人或经理在事前考虑自身及其他签约人的理性确定未来资源配置的决策、目标和计划并作出承诺，能够在企业之内形成共同目标，产生理性预期并促进信息传递，从而减少经理的卸责或敲竹杠行为，降低管理成本。所以，本文认为企业出现之后，企业战略之所以会出现的原因是，企业战略能够节省管理成本（在企业内部组织资源所花费的成本）。
根据对企业战略起源的分析，本文第二个结论认为企业战略的根本性质是组织理性和可靠承诺。在现代公司中，由于企业战略在事前形成，所以在战略形成过程中经理不得不接受来自股东、董事会和其他利益相关者的影响，公司各利益相关主体会达成战略共识。战略共识的达成源于企业各相关利益主体之间不仅仅存在利益分歧，更重要的是存在利益一致性，战略共识体现了组织理性的性质。企业的组织理性代表了企业组织中各种相关利益主体理性利益的协调和折衷。虽然企业各利益主体因为组织理性而达成了战略共识，但资源配置的实际权威仍然掌握在经理手中，所以要保证组织理性的达成，还需要经理对未来资源配置的决策、目标和计划作出承诺。由于对经理的激励机制和监督机制的存在，增大了经理违约的成本，强化了对违约的惩罚，所以战略承诺具有可靠性，可靠承诺是企业战略的另一根本性质。
本文的第三个结论认为，公司治理是确保股东获得满意的剩余收益，维护经理和其他利益相关者的正常利益，促进公司核心机构内外部契约达成的机制。企业战略的组织理性能够提高经理与股东的激励相容程度，减少剩余损失；企业战略的可靠承诺，能够为董事会提供监督经理的工具，降低监督费用和保障支出；因此，企业战略能够降低代理成本，促进契约达成，发挥治理效应。具体来说，企业战略过程的治理效应可以体现在战略制定和战略实施两阶段的过程中，表现在战略过程可以促进股东权益保护、提高董事会效率、（在一定程度上）替代激励机制、引入利益相关者关系治理以及强化外部治理机制等方面。
本文的创新体现在三个方面：第一，突破了传统企业战略理论以企业为基本分析单位，假设企业人格化的研究范式，而以交易或契约为基本分析单位，探讨企业的战略问题，因此很容易深入探讨企业战略的起源、企业战略的根本性质等基本问题；第二，突破了传统企业战略理论以竞争优势解释企业战略起源的做法，把企业看作是契约束，以节省管理成本来解释企业战略的产生原因，显然能够摆脱传统战略理论在解释战略起源方面的困境；第三，突破了传统企业战略与公司治理关系的论述中片面强调公司治理影响战略的观点，提出企业战略能够发挥治理效应的观点。
After more than half a century’s development, a jungle of strategictheories has been formed with regard to firm strategy and strategicmanagement. However, in recent years, the firm strategy theories seem tohave encountered a bottleneck—the traditional paradigm which takes apersonified firm as the basic analytical unit seem to be incapable ofgiving a satisfying answer to such questions as why firm strategy existsand what its nature is. This thesis follows the mainstream paradigm of thetheory of the firm, viewing the firm as a bundle of contracts amongvarious investors who input production factors; and taking not apersonified firm but transaction or contract as the basic analytical unit itexplores the basic issues of firm strategy. Therefore, this thesis, takingtransaction or contract as the basic analytical unit, and based on theTheory of the Firm, Transaction Cost Economics, Agency Theory and other relevant theories, together with findings from the firm strategy andstrategic management theories, aims to summarize the concept of firmstrategy, seek evidence for its existence, grasp its nature and investigateits governance effects; and ultimately to guide the practice of strategicmanagement and corporate governance as well as to contribute to thetheory of firm strategy.
This thesis is mainly a theoretical research supplemented by anempirical research. In the theoretical research, Chapter3is the core of thelogical framework. By combining the research background in Chapter1and the literature review and definition of firm strategy in Chapter2,Chapter3focuses on exploring the origin of firm strategy, proposing twoaspects of its nature—organizational rationality and credible commitment,and investigating the governance effects of firm strategy. On the basis ofChapter3, the two aspects of nature of firm strategy—organizationalrationality and credible commitment are demonstrated respectively in Chapter4and Chapter5; while in Chapter6, the governance effects ofthe firm strategy process are discussed from the two stages of strategyformulation and strategy implementation. The empirical research of thisthesis is to further test the inductive and deductive conclusions from thetheoretical research. In Chapter7, firstly, by analyzing the officialstatement of the strategy in the study samples by means of contentanalysis, this thesis confirms that the statement of firm strategy indeedreflects the nature of organizational rationality and credible commitment;secondly, statistical analysis and regression analysis are used to examinethe impact of firm strategy on the agency costs in companies and on theincentive alignment between managers and shareholders, and the impactof the outcome of strategy implementation on corporate value andmanagers' turnover. Through empirical study, this thesis further confirmsmost conclusions of the theoretical research.
The first conclusion of this thesis explains the reason to theexistence of firm strategy. By taking transaction or contract as the basicanalytical unit, this thesis believes that the central party to the contractsor the managers of the firm will ex ante consider the rationality of theirown and other contractors' to determine the future decisions, objectivesand plans regarding resource allocation and make commitmentssubsequently, which helps form a common goal and a rationalexpectation within the firm, and facilitates the transmission ofinformation, thereby reducing managers' shirking and holdup behaviorsand decreasing the management costs. Therefore, this thesis believes,after the appearance of the firm, the reason to the existence of firmstrategy lies in the saving of management costs—costs spent onorganizing resources within the firm.
Based on analysis about the origin of firm strategy, the secondconclusion of this thesis is—the nature of firm strategy lies in organizational rationality and credible commitment. In moderncorporations, since a firm's strategy is formulated ex ante, managers haveto accept influence from shareholders, the board of directors and otherstakeholders in formulating the strategy, thus the final strategy would bea consensus among all corporate stakeholders. The reason to therealization of such a consensus lies in the fact that among all types ofstakeholders, there is not only interest divergence, there is also and moreimportantly, interest consistency, therefore a strategic consensus reflectsthe organizational rationality. The organizational rationality impliescoordination and compromise of rational interest among all stakeholdersof the firm. Although the strategic consensus is reached among allstakeholders under the dynamism of organizational rationality, the actualauthority of resource allocation is still rested in the managers; therefore,to guarantee the realization of organizational rationality managers stillneed to make commitments to future decisions, objectives and plans regarding resources allocation. Since the presence of the incentive andsupervision mechanism on managers can increase their default cost andstrengthen penalties for their breach of the contracts, the strategiccommitment is credible; therefore credible commitment constitutesanother aspect of the nature of firm strategy.
The third conclusion of this thesis believes that corporategovernance is the mechanisms that ensure shareholders get satisfyingresidual earnings, managers and other stakeholders get normal interestsand the contracts inside and outside the corporate core structure can bereached. The organizational rationality aspect of firm strategy canimprove the extent of incentive alignment between managers andshareholders and then reduce the residual loss; the credible commitmentaspect of firm strategy, on the other hand, can provide the board ofdirectors a tool to supervise managers, thus reducing both the monitoringexpenditures and the bonding expenditures; therefore, the firm strategy can reduce agency costs, promote the realization of the contract, andexert governance effects. Specifically, the governance effects of the firmstrategy process can be reflected in two stages—strategy formulation andstrategy implementation, which shows that the firm strategy process canpromote the protection of shareholders' interests, improve the efficiencyof the board of directors, substitute the incentive mechanisms (to acertain extent), introduce the governance of stakeholders' relationship,and strengthen the external governance mechanisms.
The innovations of this thesis lie in three aspects: First, this thesisbreaks through the paradigm of traditional firm strategy theory whichtakes the firm as the basic analytical unit by assuming a personified firm,but discusses the strategic issues of firms by taking transaction orcontract as the basic analytical unit, making it easy to profoundly studysuch basic issues as the origin of firm strategy as well as its nature.Second, this thesis breaks through the practice of traditional firm strategy theory which attributes the origin of firm strategy to competitiveadvantage, but views the firm as a contract bundle and attributes theexistence of firm strategy to saving of management costs, thus apparentlyget out of the plight of traditional theories in this regard. Third, this thesisbreaks through the traditional perspective in discussing the relationshipbetween firm strategy and corporate governance which places one-sidedemphasis on impact of corporate governance on firm strategy, arguingthat firm strategy can also exert governance effcets.
本论文以理论研究为主，实证研究为辅。在理论研究的过程中，第三章是本文逻辑框架的核心，这一章结合第一章的研究背景和第二章的理论回顾及对企业战略内涵的界定着重论证了企业战略的起源问题，提出企业战略的两个根本性质：组织理性和可靠承诺，并初步探讨了企业战略的治理效应。在第三章的基础上，本文的第四章和第五章分别论证了企业战略的组织理性和可靠承诺的性质；第六章则从战略制定和战略实施两个方面论述了企业战略过程的治理效应。本文的实证研究目的是为了进一步检验理论研究归纳和演绎的结论。在第七章，本文首先用内容分析法分析了研究样本的正式战略陈述的内容，证实了企业战略陈述确实体现了组织理性和可靠承诺的根本性质；其次，本文用统计分析法和回归分析法检验了企业战略对企业代理成本及经理与股东的激励相容的影响，以及企业战略实施结果对企业价值及经理离职的影响。通过实证研究，本文进一步证实了理论研究的大部分结论。
本文的第一个研究结论解释了企业战略存在原因。以交易或契约为基本分析单位，本文认为企业的中心签约人或经理在事前考虑自身及其他签约人的理性确定未来资源配置的决策、目标和计划并作出承诺，能够在企业之内形成共同目标，产生理性预期并促进信息传递，从而减少经理的卸责或敲竹杠行为，降低管理成本。所以，本文认为企业出现之后，企业战略之所以会出现的原因是，企业战略能够节省管理成本（在企业内部组织资源所花费的成本）。
根据对企业战略起源的分析，本文第二个结论认为企业战略的根本性质是组织理性和可靠承诺。在现代公司中，由于企业战略在事前形成，所以在战略形成过程中经理不得不接受来自股东、董事会和其他利益相关者的影响，公司各利益相关主体会达成战略共识。战略共识的达成源于企业各相关利益主体之间不仅仅存在利益分歧，更重要的是存在利益一致性，战略共识体现了组织理性的性质。企业的组织理性代表了企业组织中各种相关利益主体理性利益的协调和折衷。虽然企业各利益主体因为组织理性而达成了战略共识，但资源配置的实际权威仍然掌握在经理手中，所以要保证组织理性的达成，还需要经理对未来资源配置的决策、目标和计划作出承诺。由于对经理的激励机制和监督机制的存在，增大了经理违约的成本，强化了对违约的惩罚，所以战略承诺具有可靠性，可靠承诺是企业战略的另一根本性质。
本文的第三个结论认为，公司治理是确保股东获得满意的剩余收益，维护经理和其他利益相关者的正常利益，促进公司核心机构内外部契约达成的机制。企业战略的组织理性能够提高经理与股东的激励相容程度，减少剩余损失；企业战略的可靠承诺，能够为董事会提供监督经理的工具，降低监督费用和保障支出；因此，企业战略能够降低代理成本，促进契约达成，发挥治理效应。具体来说，企业战略过程的治理效应可以体现在战略制定和战略实施两阶段的过程中，表现在战略过程可以促进股东权益保护、提高董事会效率、（在一定程度上）替代激励机制、引入利益相关者关系治理以及强化外部治理机制等方面。
本文的创新体现在三个方面：第一，突破了传统企业战略理论以企业为基本分析单位，假设企业人格化的研究范式，而以交易或契约为基本分析单位，探讨企业的战略问题，因此很容易深入探讨企业战略的起源、企业战略的根本性质等基本问题；第二，突破了传统企业战略理论以竞争优势解释企业战略起源的做法，把企业看作是契约束，以节省管理成本来解释企业战略的产生原因，显然能够摆脱传统战略理论在解释战略起源方面的困境；第三，突破了传统企业战略与公司治理关系的论述中片面强调公司治理影响战略的观点，提出企业战略能够发挥治理效应的观点。
After more than half a century’s development, a jungle of strategictheories has been formed with regard to firm strategy and strategicmanagement. However, in recent years, the firm strategy theories seem tohave encountered a bottleneck—the traditional paradigm which takes apersonified firm as the basic analytical unit seem to be incapable ofgiving a satisfying answer to such questions as why firm strategy existsand what its nature is. This thesis follows the mainstream paradigm of thetheory of the firm, viewing the firm as a bundle of contracts amongvarious investors who input production factors; and taking not apersonified firm but transaction or contract as the basic analytical unit itexplores the basic issues of firm strategy. Therefore, this thesis, takingtransaction or contract as the basic analytical unit, and based on theTheory of the Firm, Transaction Cost Economics, Agency Theory and other relevant theories, together with findings from the firm strategy andstrategic management theories, aims to summarize the concept of firmstrategy, seek evidence for its existence, grasp its nature and investigateits governance effects; and ultimately to guide the practice of strategicmanagement and corporate governance as well as to contribute to thetheory of firm strategy.
This thesis is mainly a theoretical research supplemented by anempirical research. In the theoretical research, Chapter3is the core of thelogical framework. By combining the research background in Chapter1and the literature review and definition of firm strategy in Chapter2,Chapter3focuses on exploring the origin of firm strategy, proposing twoaspects of its nature—organizational rationality and credible commitment,and investigating the governance effects of firm strategy. On the basis ofChapter3, the two aspects of nature of firm strategy—organizationalrationality and credible commitment are demonstrated respectively in Chapter4and Chapter5; while in Chapter6, the governance effects ofthe firm strategy process are discussed from the two stages of strategyformulation and strategy implementation. The empirical research of thisthesis is to further test the inductive and deductive conclusions from thetheoretical research. In Chapter7, firstly, by analyzing the officialstatement of the strategy in the study samples by means of contentanalysis, this thesis confirms that the statement of firm strategy indeedreflects the nature of organizational rationality and credible commitment;secondly, statistical analysis and regression analysis are used to examinethe impact of firm strategy on the agency costs in companies and on theincentive alignment between managers and shareholders, and the impactof the outcome of strategy implementation on corporate value andmanagers' turnover. Through empirical study, this thesis further confirmsmost conclusions of the theoretical research.
The first conclusion of this thesis explains the reason to theexistence of firm strategy. By taking transaction or contract as the basicanalytical unit, this thesis believes that the central party to the contractsor the managers of the firm will ex ante consider the rationality of theirown and other contractors' to determine the future decisions, objectivesand plans regarding resource allocation and make commitmentssubsequently, which helps form a common goal and a rationalexpectation within the firm, and facilitates the transmission ofinformation, thereby reducing managers' shirking and holdup behaviorsand decreasing the management costs. Therefore, this thesis believes,after the appearance of the firm, the reason to the existence of firmstrategy lies in the saving of management costs—costs spent onorganizing resources within the firm.
Based on analysis about the origin of firm strategy, the secondconclusion of this thesis is—the nature of firm strategy lies in organizational rationality and credible commitment. In moderncorporations, since a firm's strategy is formulated ex ante, managers haveto accept influence from shareholders, the board of directors and otherstakeholders in formulating the strategy, thus the final strategy would bea consensus among all corporate stakeholders. The reason to therealization of such a consensus lies in the fact that among all types ofstakeholders, there is not only interest divergence, there is also and moreimportantly, interest consistency, therefore a strategic consensus reflectsthe organizational rationality. The organizational rationality impliescoordination and compromise of rational interest among all stakeholdersof the firm. Although the strategic consensus is reached among allstakeholders under the dynamism of organizational rationality, the actualauthority of resource allocation is still rested in the managers; therefore,to guarantee the realization of organizational rationality managers stillneed to make commitments to future decisions, objectives and plans regarding resources allocation. Since the presence of the incentive andsupervision mechanism on managers can increase their default cost andstrengthen penalties for their breach of the contracts, the strategiccommitment is credible; therefore credible commitment constitutesanother aspect of the nature of firm strategy.
The third conclusion of this thesis believes that corporategovernance is the mechanisms that ensure shareholders get satisfyingresidual earnings, managers and other stakeholders get normal interestsand the contracts inside and outside the corporate core structure can bereached. The organizational rationality aspect of firm strategy canimprove the extent of incentive alignment between managers andshareholders and then reduce the residual loss; the credible commitmentaspect of firm strategy, on the other hand, can provide the board ofdirectors a tool to supervise managers, thus reducing both the monitoringexpenditures and the bonding expenditures; therefore, the firm strategy can reduce agency costs, promote the realization of the contract, andexert governance effects. Specifically, the governance effects of the firmstrategy process can be reflected in two stages—strategy formulation andstrategy implementation, which shows that the firm strategy process canpromote the protection of shareholders' interests, improve the efficiencyof the board of directors, substitute the incentive mechanisms (to acertain extent), introduce the governance of stakeholders' relationship,and strengthen the external governance mechanisms.
The innovations of this thesis lie in three aspects: First, this thesisbreaks through the paradigm of traditional firm strategy theory whichtakes the firm as the basic analytical unit by assuming a personified firm,but discusses the strategic issues of firms by taking transaction orcontract as the basic analytical unit, making it easy to profoundly studysuch basic issues as the origin of firm strategy as well as its nature.Second, this thesis breaks through the practice of traditional firm strategy theory which attributes the origin of firm strategy to competitiveadvantage, but views the firm as a contract bundle and attributes theexistence of firm strategy to saving of management costs, thus apparentlyget out of the plight of traditional theories in this regard. Third, this thesisbreaks through the traditional perspective in discussing the relationshipbetween firm strategy and corporate governance which places one-sidedemphasis on impact of corporate governance on firm strategy, arguingthat firm strategy can also exert governance effcets.
引文
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[2]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[3]Prahalad C K, Hamel G. The Core Competence of the Corporation, Harvard Business Review,1990,68(3):
[4]79-91.Conner K R, Prahalad C K. A Resource-Based Theory of the Firm: Knowledge versus Opportunism.Organization Science,1996,7(5):477-501.
[5]Jacobson R. The "Austrian" School of Strategy. The Academy of Management Review,1992,17(4):782-807.
[6]Schumpeter J A. The Theory of Economic Development. Cambridge, MA: Harvard University Press,1934.
[7]Schumpeter J A. Capitalism, Socialism and Democracy. New York: Harpers,1942.
[1]Nelson R R, Winter S G. An Evolutionary Theory of Economic Change, Cambridge, MA: Harvard UniversityPress,1982.
[2]主要的研究很多，如Hannan M T, Freeman J. Structural Inertia and Organizational Change. AmericanSociological Review,1984,49(2):149-164；Simon H A. Strategy and Organizational Evolution. StrategicManagement Journal,1993,14(Special Issue):131-142；Lovas B, Ghoshal S. Strategy as Guided Evolution.Strategic Management Journal,2000,21(9):875-896.
[3]有关企业家式战略早期的研究主要有：Minkes A L, Foxall G. R. Entrepreneurship, Strategy, andOrganization: Individual and Organization in the Behaviour of the Firm. Strategic Management Journal,1980,1(4):295-301；Miller D, Friesen P H. Innovation in Conservative and Entrepreneurial Firms: Two Models ofStrategic Momentum. Strategic Management Journal,1982,3(1):1-25； Murray J A. A Concept ofEntrepreneurial Strategy. Strategic Management Journal,1984,5(1):1-13.
[1]Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[2]Mintzberg H, Ahlstrand B, Lampel J. Strategy Safari: A Guided Tour through the Wilds of StrategicManagement. New York: The Free Press,1998.
[1]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,
[2]1999,20(12):1087-1108.Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[3]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[4]Demsetz H. The Structure of Ownership and the Theory of the Firm. Journal of Law and Economics,1983,26(2):375–390.
[1]Coase R H. The Problem of Social Cost. Journal of Law and Economics,1960,3(1):1-44.
[2]有关交易成本经济学的文献很多，如：Williamson O E. The Vertical Integration of Production: MarketFailure Considerations. The American Economic Review,1971,61(2):112-123； Williamson O E.Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics,1979,22(2):233-261.
[1]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[2]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[3]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[4]Liebeskind J P. Knowledge, Strategy, and the Theory of the Firm. Strategic Management Journal,1996,17(S):93-107.
[5]Conner K R, Prahalad C K. A Resource-Based Theory of the Firm: Knowledge versus Opportunism.Organization Science,1996,7(5):477-501.
[1]Porter M E. What is Strategy? Harvard Business Review,1996,74(6):61-78.
[2]MacCrimmon K R. Do Firm Strategies Exist? Strategic Management Journal,1993,14(Special Issue):113-130.
[3]Inkpen A, Choudhury N. The Seeking of Strategy Where it is Not: Towards a Theory of Strategy Absence.Strategic Management Journal,1995,16(4):313-323.
[1]Williamson O E. Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law andEconomics,1979,22(2):233-261.
[2]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[3]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[4]Smith A. The Wealth of Nations(Cannan ed.1904)(lst ed. London1776). NY: Bantam Dell,2003,940-941.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Cheung S N S. The Theory of Share Tenancy: With Special Application to Asian Agriculture and the First Phaseof Taiwan Land Reform. Chicago: University of Chicago,1969.
[3]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[3]有关利益相关者理论的研究很多，如：Freeman R E. Strategic Management: A Stakeholder Approach. MA:Piaman Publishing Inc.,1984；Donaldson T, Preston L E. The Stakeholder Theory of the Corporation:Concepts, Evidence, and Implications. The Academy of Management Review,1995,20(1):65-91.
[1]OECD. OECD Principles of Corporate Governance.1999.
[2]La Porta R, Lopez-de-Silanes F, Shleifer A. Corporate Ownership Around the World. The Journal of Finance,1999,54(2):471-571.
[3]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,
[4]Inc.,1980.Hill C W L, Snell S A. External Control, Corporate Strategy, and Firm Performance in Research-IntensiveIndustries. Strategic Management Journal,1988,9(6):577-590.
[5]例如：Rindova V P. What Corporate Boards Have to Do with Strategy: A Cognitive Perspective. Journal ofManagement Studies,1999,36(7):953-975；Stiles P. The Impact of the Board on Strategy: An EmpiricalExamination, Journal of Management Studies,2001,38(5):627-650.
[1]Mintzberg H, Ahlstrand B, Lampel J. Strategy Safari: A Guided Tour through the Wilds of StrategicManagement. New York: The Free Press,1998.
[1]Ansoff H I. Strategies for Diversification. Harvard Business Review,1957,35(5):113-124.
[2]Rumelt R P. Strategy, Structure, and Economic Performance, Cambridge, MA: Harvard University Press,1974.
[3]Chandler Jr A D. Strategy and Structure: Chapeters in the History of the American Industrial Enterprise.Cambridge, MA: MIT Press,1962.
[4][5]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[6]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[7]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[1]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Powell T C. Competitive Advantage: Logical and Philosophical Considerations. Strategic Management Journal,2001,22(9):875-888.
[1]Yin X, Zajac E J. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in FranchisingArrangements. Strategic Management Journal,2004,25(4):365-383.
[1]Chandler Jr A D. Strategy and Structure: Chapeters in the History of the American Industrial Enterprise.Cambridge, MA: MIT Press,1962.
[2]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[3]Chaffee E E. Three Models of Strategy. The Academy of Management Review,1985,10(1):89-98.
[4]Miles R E, Snow C C, Meyer A D, Coleman Jr H J. Organizational Strategy, Structure, and Process. TheAcademy of Management Review,1978,3(3):546-562.
[5]Hall D J, Saias M A. Strategy Follows Structure! Strategic Management Journal,1980,1(2):149-163.
[1]Grinyer P H, Yasai-Ardekani M, Al-Bazzaz S. Strategy, Structure, the Environment, and Financial Performancein48United Kingdom Companies. The Academy of Management Journal,1980,23(2):193-220.
[2]Bourgeois III L J. Strategy and Environment: A Conceptual Integration. The Academy of Management Review,
[3]1980,5(1):25-39.Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
[4]Hambrick D C. Environment, Strategy, and Power Within Top Management Teams. Administrative ScienceQuarterly,1981,26(2):253-275.
[5]Hambrick D C. Environmental Scanning and Organizational Strategy. Strategic Management Journal,1982,3(2):159-174.
[1]Smart C, Vertinsky I. Strategy and the Environment: A Study of Corporate Responses to Crises. StrategicManagement Journal,1984,5(3):199-213.
[2]Miller D. Configurations of Strategy and Structure: Towards a Synthesis. Strategic Management Journal,1986,7(3):233-249.
[3]Dess G G, Origer N K. Environment, Structure, and Consensus in Strategy Formulation: A ConceptualIntegration. The Academy of Management Review,1987,12(2):313-330.
[4]Jones G R, Hill C W L. Transaction Cost Analysis of Strategy-Structure Choice. Strategic Management Journal,1988,9(2):159-172.
[1]Miller D, Droge C, Toulouse J. Strategic Process and Content as Mediators between Organizational Context andStructure. The Academy of Management Journal,1988,31(3):544-569.
[2]Habib M M, Victor B. Strategy, Structure, and Performance of U.S. Manufacturing and Service MNCs: A
[3]Comparative Analysis. Strategic Management Journal,1991,12(8):589-606.Farjoun M. Towards an Organic Perspective on Strategy. Strategic Management Journal,2002,23(7):561-594.
[4]Yin X, Zajac E J. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in FranchisingArrangements. Strategic Management Journal,2004,25(4):365-383.
[5]Galan J I, Sanchez-Bueno M J. The Continuing Validity of the Strategy-Structure Nexus: New Findings,1993-2003. Strategic Management Journal,2009,30(11):1234-1243.
[1]Hirshleifer J. Price Theory and Applications.2nd Ed., Englewood Cliffs, NJ: Prentice-Hall,1980.
[1]Penrose E. The Theory of the Growth of the Firm. Oxford MA: Blackwell,1959.
[2]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[3]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,Inc.,1980.
[1]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[2]Barney J B. Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science,1986,32(10):1231-1241.
[3]Prahalad C K, Hamel G. The Core Competence of the Corporation, Harvard Business Review,1990,68(3):79-91.
[4]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[1]Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[2]Markides C C, Williamson P J. Related Diversification, Core Competencies and Corporate Performance.Strategic Management Journal,1994,15(S):149-165.
[3]Oliver C. Sustainable Competitive Advantage: Combining Institutional and Resource-Based Views. StrategicManagement Journal,1997,18(9):697-713.
[1]Langlois R N, Foss N J. Capabilities and Governance: The Rebirth of Production in the Theory of EconomicOrganization. Kyklos,1999,52(2):201-218.
[2]Lengnick-Hall C A, Wolff J A. Similarities and Contradictions in the Core Logic of Three Strategy ResearchStreams. Strategic Management Journal,1999,20(12):1109-1132.
[3]Denrell J, Fang C, Winter S G. The Economics of Strategic Opportunity. Strategic Management Journal,2003,24(10):977-990.
[4]Mesquita L F, Anand J, Brush T H. Comparing the Resource-Based and Relational View: Knowledge Transferand Spillover in Vertical Alliances. Strategic Management Journal,2008,29(9):913-941.
[1]Wang H C, He J, Mahoney J T. Firm-Specific Knowledge Resources and Competitive Advantage: The Roles ofEconomic-and Relationship-Based Employee Governance Mechanisms. Strategic Management Journal,2009,30(12):1265-1285.
[2]Arikan A M, McGahan A M. The Development of Capabilieies in New Firms. Strategic Management Journal,2010,31(1):1-18.
[3]薛有志等.公司治理伦理研究.天津：南开大学出版社，2011.
[1]Freeman R E. Strategic Management: A Stakeholder Approach. Marshfield, MA: Piaman Publishing Inc.,1984.
[2]Chakravarthy B S. Measuring Strategic Performance. Strategic Management Journal,1986,7(5):437-458.
[3]Venkatraman N, Ramanujam V. Measurement of Business Performance in Strategy Research: A Comparison ofApproaches. The Academy of Management Review,1986,11(4):801-814.
[4]Clarkson M B E. A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. TheAcademy of Management Review,1995,20(1):92-117.
[5]Donaldson T, Preston L E. The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications.The Academy of Management Review,1995,20(1):65-91.
[1]Campbell A, Alexander M. What’s Wrong with Strategy? Harvard Business Review.1997,75(6):42-51.
[2]Mitchell R K, Agle B R, Wood D J. Toward a Theory of Stakeholder Identification and Salience: Defining thePrinciple of Who and What Really Counts. Academy of Management Review,1997,22(4):853-886.
[1]L wendahl B, Revang. Challenges to Existing Strategy Theory in a Postindustrial Society. Strategic
[2]Management Journal,1998,19(8):755-773.Frooman J. Stakeholder Influence Strategies. The Academy of Management Review,1999,24(2):191-205.
[3]Hendry J R. Stakeholder Influence Strategies: An Empirical Exploration. Journal of Business Ethics,2005,61(1):79-99.
[4]Jawahar I M, McLaughlin G L. Toward a Descriptive Stakeholder Theory: An Organizational Life CycleApproach. The Academy of Management Review,2001,26(3):397-414.
[1]Meyer K E. Stakeholder Influence and Radical Change: A Coordination Game Perspective. Asia Pacific Journalof Management,2004,21(1-2):235-253.
[2]Rodgers W, Gago S. Stakeholder Influence on Corporate Strategies over Time. Journal of Business Ethics,2004,52(4):349-363.
[3]Eesley C, Lenox M J. Firm Responses to Secondary Stakeholder Action. Strategic Management Journal,2006,27(8):765-781.
[4]Reynolds S J, Schultz F C, Hekman D R. Stakeholder Theory and Managerial Decision-Making: Constraintsand Implications of Balancing Stakeholder Interests. Journal of Business Ethics,2006,64(3):285-301.
[5]Murillo-Luna J L, Garcés-Ayerbe C, Rivera-Torres P. Why Do Patterns of Environmental Response Differ? AStakeholders’ Pressure Approach. Strategic Management Journal,2008,29(11):1225-1240.
[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第10篇：德姆塞茨.企业理论再考察.姚海鑫，邢源源译.北京：商务印书馆，2008.
[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第5篇：科斯.企业的性质：影响.姚海鑫，邢源源译.北京：商务印书馆，2008.
[2]张五常.经济解释（卷二）：供应的行为.香港：花千树出版有限公司，2002.
[1]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[2][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第5篇：科斯.企业的性质：影响.姚海鑫，邢源源译.北京：商务印书馆，2008.
[3]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[1]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[2]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[2]Teece D J. Economies of Scope and the Scope of the Enterprise. Journal of Economic Behavior andOrganization,1980,1(3):223-247.
[3]Dundas K N, Richardson P R. Corporate Strategy and Concept of Market Failure. Strategic ManagementJournal,1980,1(2):177-188.
[4]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration.The Journal of Political Economy,1986,94(4):691-719.
[5]Mahoney J T. The Choice of Organizational Form: Vertical Financial Ownership Versus Other Methods ofVertical Integration. Strategic Management Journal,1992,13(8):559-584.
[1]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,1999,20(12):1087-1108.
[2]Penrose E. The Theory of the Growth of the Firm. Oxford MA: Blackwell,1959.
[1]在组织竞争、组织管理和企业成长领域，跟能力理论关系密切的资源基础论和演化理论在20世纪80年代出现，发展相当迅速。
[2]Liebeskind J P. Knowledge, Strategy, and the Theory of the Firm. Strategic Management Journal,1996,17(S):93-107.
[3]Foss N J. Firms, Incomplete Contracts, and Organizational Learning. Human Systems Management,1996,15(1):17–26.
[1]Conner K R, Prahalad C K. A Resource-Based Theory of the Firm: Knowledge versus Opportunism.Organization Science,1996,7(5):477-501.
[1]Hodgson G M. Competence and Contract in the Theory of the Firm. Journal of Economic Behavior andOrganization,1998,35(April):179–201.
[2]Langlois R N, Foss N J. Capabilities and Governance: The Rebirth of Production in the Theory of EconomicOrganization. Kyklos,1999,52(2):201-218.
[3]Williamson O E. The New Institutional Economics: Taking Stock, Looking Ahead. Journal of EconomicLiterature,2000,38(3):595-613.
[1]Jacobides M G, Winter S G. The Co-Evolution of Capabilities and Transaction Costs: Explaining the
[2]Institutional Structure of Production. Strategic Management Journal,2005,26(5):395-413.Carter R, Hodgson G M. The Impact of Empirical Tests of Transaction Cost Economics on the Debate on theNature of the Firm. Strategic Management Journal,2006,27(5):461-476.
[3]Levinthal D A, Wu B. Opportunity Cost and Non-Scale Free Capabilities: Profit Maximization, CorporateScope, and Profit Margins. Strategic Management Journal,2010,31(7):780-801.
[4]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第5篇：科斯.企业的性质：影响.姚海鑫，邢源源译.北京：商务印书馆，2008.
[2]Rumelt R P, Schendel D E, Teece D J. Fundamental Issues in Strategy: A Research Agenda. Boston, MA:Harvard Business School Press,1996.
[1]如：Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123；Williamson O E. Franchise Bidding for Natural Monopolies-inGeneral and with Respect to CATV. The Bell Journal of Economics,1976,7(1):73-104.
[2]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Williamson O E, Wachter M L, Harris J E. Understanding the Employment Relation: The Analysis ofIdiosyncratic Exchange. The Bell Journal of Economics,1975,6(1):250-278.
[4]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[1]Williamson O E. Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law andEconomics,1979,22(2):233-261.
[2]有关治理和治理结构的文献在第三节中回顾，这里暂不梳理。
[3]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[4]Williamson O E. Credible Commitments: Using Hostages to Support Exchange. The American EconomicReview,1983,73(4):519-540.
[5]Riordan M H, Williamson O E. Asset Specificity and Economic Organization. International Journal of IndustrialOrganization,1985,3(4):365-378.
[1]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Williamson O E. Corporate Finance and Corporate Governance. The Journal of Finance,1988,43(3):567-591.
[3]Shelanski H A, Klein P G. Empirical Research in Transaction Cost Economics: A Review and Assessment.
[4]Journal of Law, Economics,&Organization,1995,11(2):335-361.Noorderhaven N G. How to Make Transaction Cost Economics More Balanced and Realistic. The Academy ofManagement Review,1996,21(4):924-925
[5]Roberts P W, Greenwood R. Integrating Transaction Cost and Institutional Theories: Toward a Constrained-Efficiency Framework for Understanding Organizational Design Adoption. The Academy of ManagementReview,1997,22(2):346-373.
[1]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,1999,20(12):1087-1108.
[2]Nickerson J A, Hamilton B H, Wada T. Market Position, Resource Profile, and Governance: Linking Porter andWilliamson in the Context of International Courier and Small Package Services in Japan. Strategic ManagementJournal,2001,22(3):251-273.
[3]David R J, Han S. A Systematic Assessment of the Empirical Support for Transaction Cost Economics. StrategicManagement Journal,2004,25(1):39-58.
[4]Williamson O E. Transaction Cost Economics and Business Administration. Scandinavian Journal ofManagement,2005,21(1):19-40.
[1]Carter R, Hodgson G M. The Impact of Empirical Tests of Transaction Cost Economics on the Debate on theNature of the Firm. Strategic Management Journal,2006,27(5):461-476.
[2]Smith A. The Wealth of Nations(Cannan ed.1904)(lst ed. London1776). NY: Bantam Dell,2003,940-941.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Jensen M C. A Theory of the Firm: Governance, Residual Claims, and Organizational Forms. Cambridge, MA:Harvard Business Press,2000,童英译.企业理论——治理、剩余索取权和组织形式.上海：上海财经大学出版社，2008.
[2]在张五常的论文“Cheung S N S. The Contractual Nature of the Firm. Journal of Law and Economics,1983,
26(April):1-21.”中，他把企业看作是要素市场契约代替了产品市场契约。
[3]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Fama E F. Agency Problems and the Theory of the Firm. Journal of Political Economy,1980,88(2):288-307.
[2]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):
301-325.
[3]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[1]Amihud Y, Lev B. Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal ofEconomics,1981,12(2):605-671.
[2]Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeover. The American Economic
[3]Review,1986,76(2):323-329.Williamson O E. Corporate Finance and Corporate Governance. The Journal of Finance,1988,43(3):567-591.
[4]Eisenhardt K M. Agency Theory: An Assessment and Review. The Academy of Management Review,1989,14(1):57-74.
[5]Jensen M C, Murphy K J. Performance Pay and Top-Management Incentives. The Journal of Political Economy,1990,98(2):225-264.
[1]Zajac E J. CEO Selection, Succession, Compensation and Firm Performance: A Theoretical Integration andEmpirical Analysis. Strategic Management Journal,1990,11(3):217-230.
[2]Tosi H L, Katz J P, Gomez-Mejia L R. Disaggregating the Agency Contract: The Effect of Monitoring,Incentive Alignment, and Term in Office on Agent Decision Making. The Academy of Management Journal,1997,40(3):584-602.
[3]Langlois R N, Foss N J. Capabilities and Governance: The Rebirth of Production in the Theory of EconomicOrganization. Kyklos,1999,52(2):201-218.
[4]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[1]La Porta R, Lopez-de-Silanes F, Shleifer A. Corporate Ownership Around the World. The Journal of Finance,1999,54(2):471-571.
[2]Claessens S, Djankov S, Lang L H P. The Separation of Ownership and Control in East Asian Corporations.Journal of Financial Economics,2000,58(1-2):81-112.
[3]Johnson S, La Porta R, Lopez-de-Silanes F, Shleifer A. Tunneling. The American Economic Review,2000,90(2):22-27.
[4]Donaldson L. The Ethereal Hand: Organizational Economics and Management Theory. The Academy ofManagement Review,1990.15(3):369-381.
[1]Donaldson L, Davis J H. Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns.Australian Journal of Management,1991,16(1):49-64.
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[1]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[2]邹统钎，周三多.战略管理思想史.天津：南开大学出版社，2011.
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[1]Freeman R E. Strategic Management: A Stakeholder Approach. MA: Piaman Publishing Inc.,1984
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[2]Fiegenbaum A, Hart S, Schendel D. Strategic Point Theory. Strategic Management Journal,1996,17(3):219-235.
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[1]Gunz H P, Jalland R M. Managerial Careers and Business Strategies. The Academy of Management Review,1996,21(3):718-756.
[2]Zhang Y, Rajagopalan N. Explaining New CEO Origin: Firm versus Industry Antecedents. The Academy ofManagement Journal,2003,46(3):327-338.
[1]Yin X, Zajac E J. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in FranchisingArrangements. Strategic Management Journal,2004,25(4):365-383.
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[1]薛有志，顿曰霞，周杰.中国上市公司多元化经营与公司治理的协同演进研究——来自中国沪市制造业上市公司的实证检验.经济与管理研究，2007，(10):12-17.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[3]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[1]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[3]罗宾逊夫人曾经在其《不完全竞争经济学》(Robinson J. Economics of Imperfect Competition. London:MacMillan.2nded.,1969)中指出，在股份公司中，没有任何单个个人对企业的最终控制负责。
[1]在张五常的著作《经济解释·卷三·制度的选择》（张五常.经济解释（卷三）：制度的选择.香港：花千树出版有限公司，2002）中，他认为风险和信息成本高是一回事。
[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[2]Easterbrook F H, Fischel D R. The Economic Structure of Law. Cambridge, MA: Harvard University Press,1991.张建伟，罗培新译.公司法的经济结构.北京：北京大学出版社，2005.
[1]如：Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[1]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[2]Coase R H. The Problem of Social Cost. Journal of Law and Economics,1960,3(1):1-44.
[3]Cheung S N S. The Contractual Nature of the Firm. Journal of Law and Economics,1983,26(April):1-21.
[4]Williamson O E. Comparative Economic Organization: The Analysis of Discrete Structural Alternatives.Administrative Science Quarterly,1991,36(2):269-296.
[1]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[3]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[4]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]见《中华人民共和国个人独资企业法》，1999.
[2]见《中华人民共和国合伙企业法》，2006.
[1]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[3]见《中华人民共和国公司法》，2005.
[4]Easterbrook F H, Fischel D R. The Economic Structure of Law. Cambridge, MA: Harvard University Press,1991.张建伟，罗培新译.公司法的经济结构.北京：北京大学出版社，2005.
[5]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[6]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[7]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[8]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[1]Teece D J. Economies of Scope and the Scope of the Enterprise. Journal of Economic Behavior andOrganization,1980,1(3):223-247.
[2]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[4]Fama E F. Agency Problems and the Theory of the Firm. Journal of Political Economy,1980,88(2):288-307.
[5]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]在本文中，“经理”一词一般指的是以总经理为核心的经理层，在有的情况下单指总经理或CEO。
[2]Fama E F, Jensen M C. Organizational Forms and Investment Decisions. Journal of Financial Economics,1985,14(1):101-119.
[1]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[2]在不分古典企业还是现代公司时，中心签约人指的是古典企业的业主/合伙人或者现代公司的核心机构。
[3][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第10篇：德姆塞茨.企业理论再考察.姚海鑫，邢源源译.北京：商务印书馆，2008.
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[1]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[2]张维迎.企业的企业家——契约理论.上海：上海三联书店、上海人民出版社，1995.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[1]刘汉民.企业理论、公司治理与制度分析.上海：上海三联书店、上海人民出版社，2007.
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[4]在法玛和詹森（Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):301-325）的论文中，将广义的决策程序分为四个步骤：提议、审批、执行和监督。
[1]刘汉民.企业理论、公司治理与制度分析.上海：上海三联书店、上海人民出版社，2007.
[2]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[3]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[4]也可以理解为，因为契约不完备，经理会利用手中的剩余控制权对股东敲竹杠。
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[3]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[1]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[2]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[3]Chandler Jr A D. The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA:Harvard Business Press,1977.
[4]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration.The Journal of Political Economy,1986,94(4):691-719.
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[1]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[2]OECD. OECD Principles of Corporate Governance.1999.
[1]Judge Jr W Q, Zeithaml C P. Institutional and Strategic Choice Perspectives on Board Involvement in theStrategic Decision Process. The Academy of Management Journal,1992,35(4):766-794.
[1]Westphal J D, Fredrickson J W. Who Directs Strategic Change? Director Experience, the Selection of NewCEOs, and Change in Corporate Strategy. Strategic Management Journal,2001,22(12):1113-1137.
[1]转引自：张五常.经济解释（卷一）：科学说需求.香港：花千树出版有限公司，2001.
[2]Alchian A A. Uncertainty, Evolution, and Economic Theory. The Journal of Political Economy,1950,58(3):211-221
[1]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Simon H A. Administrative Behavior, New York: Macmillan Co.,1957.
[1]Eisenhardt K M. Agency Theory: An Assessment and Review. The Academy of Management Review,1989,14(1):57-74.
[2]张五常.经济解释（卷二）：供应的行为.香港：花千树出版有限公司，2002.
[3]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
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[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[1]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
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[2]Williamson O E. Corporate Finance and Corporate Governance. The Journal of Finance,1988,43(3):567-591.
[3]国内也有些学者将“holdup”翻译作“套牢”。
[4]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
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[1]Maslow A H. A Theory of Human Motivation. Psychological Review,1943,50(4):370-396.
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[1]Jensen M C, Meckling W H. The Nature of Man. Journal of Applied Corporate Finance,1994,7(2):4-19.
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[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[3]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[4]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):301-325.
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[2]Amihud Y, Lev B. Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal ofEconomics,1981,12(2):605-671.
[3]Hill C W L, Snell S A. External Control, Corporate Strategy, and Firm Performance in Research-IntensiveIndustries. Strategic Management Journal,1988,9(6):577-590.
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[2]这一假设是合理的，因为经理对公司进行大量投资，意味着经理至少会成为公司显著的大股东。
[1]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
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[1]Jensen M C, Murphy K J. Performance Pay and Top-Management Incentives. The Journal of Political Economy,1990,98(2):225-264.
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[1]如：Mintzberg H. Strategy Formulation as a Historical Process. International Studies of Management&Organization,1977,7(2):28-40；Hart S. An Integrative Framework for Strategic-Making Processes. TheAcademy of Management Review,1992,17(2):327-351；Hitt M A, Tyler B B. Strategic Decision Models:Integrating Different Perspectives. Strategic Management Journal,1991,12(5):327-351.
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[1]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):
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[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
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[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]外部效应或外部性问题是经济学中的一个经典问题，参见：Buchanan J, Stubblebine W C. Externality.Economica,1962,29(N. S.):371-384；Turvey R. On Divergences between Social Cost and Private Cost.Economica,1963,30(119):309-313.
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[5]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
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[1]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[2]Winter S. Knowledge and Competence as Strategic Assets. The Competitive Challenge, Teece D (ed.). Centerfor Research in Management: Berkeley, CA,159-184,1987.
[1]Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeover. The American EconomicReview,1986,76(2):323-329.
[2]Knight F H. Risk, Uncertainty, and Profit.1921.安佳译.风险、不确定性与利润.北京：商务印书馆，2010.
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[1]Williamson O E. Credible Commitments: Using Hostages to Support Exchange. The American EconomicReview,1983,73(4):519-540.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
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[1]Rumelt R P. Strategy, Structure, and Economic Performance. Cambridge, MA: Harvard Business School Press,1974.
[2]按：威格里(Wrigley L)曾经在1970年的博士论文中提出这一观点，但该文未公开发表。
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[1]见陈寿著《三国志·蜀志·诸葛亮传》。
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[2]本质上两者是一回事，本文为了更清晰地讨论而将其分开。
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[3]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,1999,20(12):1087-1108.
[4]Snow C C, Hambrick D C. Measuring Organizational Strategies: Some Theoretical and MethodologicalProblems. The Academy of Management Review,1980,5(4):527-538.
[1]见《孙子兵法》的《始计》、《谋攻》、《势篇》等篇。
[2]邹统钎，周三多.战略管理思想史.天津：南开大学出版社，2011.
[3]Hart B H. Strategy. New York: Praeger,1967.
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[1]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[2]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[3]Chandler Jr A D. Strategy and Structure: Chapeters in the History of the American Industrial Enterprise.Cambridge, MA: MIT Press,1962.
[4]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
[1]Penrose E. The Theory of the Growth of the Firm. Oxford MA: Blackwell,1959.
[2]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[1]Barney J B. Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science,1986,32(10):1231-1241.
[2]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[3]Prahalad C K, Hamel G. The Core Competence of the Corporation, Harvard Business Review,1990,68(3):
[4]79-91.Conner K R, Prahalad C K. A Resource-Based Theory of the Firm: Knowledge versus Opportunism.Organization Science,1996,7(5):477-501.
[5]Jacobson R. The "Austrian" School of Strategy. The Academy of Management Review,1992,17(4):782-807.
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[7]Schumpeter J A. Capitalism, Socialism and Democracy. New York: Harpers,1942.
[1]Nelson R R, Winter S G. An Evolutionary Theory of Economic Change, Cambridge, MA: Harvard UniversityPress,1982.
[2]主要的研究很多，如Hannan M T, Freeman J. Structural Inertia and Organizational Change. AmericanSociological Review,1984,49(2):149-164；Simon H A. Strategy and Organizational Evolution. StrategicManagement Journal,1993,14(Special Issue):131-142；Lovas B, Ghoshal S. Strategy as Guided Evolution.Strategic Management Journal,2000,21(9):875-896.
[3]有关企业家式战略早期的研究主要有：Minkes A L, Foxall G. R. Entrepreneurship, Strategy, andOrganization: Individual and Organization in the Behaviour of the Firm. Strategic Management Journal,1980,1(4):295-301；Miller D, Friesen P H. Innovation in Conservative and Entrepreneurial Firms: Two Models ofStrategic Momentum. Strategic Management Journal,1982,3(1):1-25； Murray J A. A Concept ofEntrepreneurial Strategy. Strategic Management Journal,1984,5(1):1-13.
[1]Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[2]Mintzberg H, Ahlstrand B, Lampel J. Strategy Safari: A Guided Tour through the Wilds of StrategicManagement. New York: The Free Press,1998.
[1]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,
[2]1999,20(12):1087-1108.Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
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[1]Coase R H. The Problem of Social Cost. Journal of Law and Economics,1960,3(1):1-44.
[2]有关交易成本经济学的文献很多，如：Williamson O E. The Vertical Integration of Production: MarketFailure Considerations. The American Economic Review,1971,61(2):112-123； Williamson O E.Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law and Economics,1979,22(2):233-261.
[1]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[2]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[3]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[4]Liebeskind J P. Knowledge, Strategy, and the Theory of the Firm. Strategic Management Journal,1996,17(S):93-107.
[5]Conner K R, Prahalad C K. A Resource-Based Theory of the Firm: Knowledge versus Opportunism.Organization Science,1996,7(5):477-501.
[1]Porter M E. What is Strategy? Harvard Business Review,1996,74(6):61-78.
[2]MacCrimmon K R. Do Firm Strategies Exist? Strategic Management Journal,1993,14(Special Issue):113-130.
[3]Inkpen A, Choudhury N. The Seeking of Strategy Where it is Not: Towards a Theory of Strategy Absence.Strategic Management Journal,1995,16(4):313-323.
[1]Williamson O E. Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law andEconomics,1979,22(2):233-261.
[2]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[3]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[4]Smith A. The Wealth of Nations(Cannan ed.1904)(lst ed. London1776). NY: Bantam Dell,2003,940-941.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
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[3]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[3]有关利益相关者理论的研究很多，如：Freeman R E. Strategic Management: A Stakeholder Approach. MA:Piaman Publishing Inc.,1984；Donaldson T, Preston L E. The Stakeholder Theory of the Corporation:Concepts, Evidence, and Implications. The Academy of Management Review,1995,20(1):65-91.
[1]OECD. OECD Principles of Corporate Governance.1999.
[2]La Porta R, Lopez-de-Silanes F, Shleifer A. Corporate Ownership Around the World. The Journal of Finance,1999,54(2):471-571.
[3]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,
[4]Inc.,1980.Hill C W L, Snell S A. External Control, Corporate Strategy, and Firm Performance in Research-IntensiveIndustries. Strategic Management Journal,1988,9(6):577-590.
[5]例如：Rindova V P. What Corporate Boards Have to Do with Strategy: A Cognitive Perspective. Journal ofManagement Studies,1999,36(7):953-975；Stiles P. The Impact of the Board on Strategy: An EmpiricalExamination, Journal of Management Studies,2001,38(5):627-650.
[1]Mintzberg H, Ahlstrand B, Lampel J. Strategy Safari: A Guided Tour through the Wilds of StrategicManagement. New York: The Free Press,1998.
[1]Ansoff H I. Strategies for Diversification. Harvard Business Review,1957,35(5):113-124.
[2]Rumelt R P. Strategy, Structure, and Economic Performance, Cambridge, MA: Harvard University Press,1974.
[3]Chandler Jr A D. Strategy and Structure: Chapeters in the History of the American Industrial Enterprise.Cambridge, MA: MIT Press,1962.
[4][5]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[6]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[7]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[1]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Powell T C. Competitive Advantage: Logical and Philosophical Considerations. Strategic Management Journal,2001,22(9):875-888.
[1]Yin X, Zajac E J. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in FranchisingArrangements. Strategic Management Journal,2004,25(4):365-383.
[1]Chandler Jr A D. Strategy and Structure: Chapeters in the History of the American Industrial Enterprise.Cambridge, MA: MIT Press,1962.
[2]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[3]Chaffee E E. Three Models of Strategy. The Academy of Management Review,1985,10(1):89-98.
[4]Miles R E, Snow C C, Meyer A D, Coleman Jr H J. Organizational Strategy, Structure, and Process. TheAcademy of Management Review,1978,3(3):546-562.
[5]Hall D J, Saias M A. Strategy Follows Structure! Strategic Management Journal,1980,1(2):149-163.
[1]Grinyer P H, Yasai-Ardekani M, Al-Bazzaz S. Strategy, Structure, the Environment, and Financial Performancein48United Kingdom Companies. The Academy of Management Journal,1980,23(2):193-220.
[2]Bourgeois III L J. Strategy and Environment: A Conceptual Integration. The Academy of Management Review,
[3]1980,5(1):25-39.Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
[4]Hambrick D C. Environment, Strategy, and Power Within Top Management Teams. Administrative ScienceQuarterly,1981,26(2):253-275.
[5]Hambrick D C. Environmental Scanning and Organizational Strategy. Strategic Management Journal,1982,3(2):159-174.
[1]Smart C, Vertinsky I. Strategy and the Environment: A Study of Corporate Responses to Crises. StrategicManagement Journal,1984,5(3):199-213.
[2]Miller D. Configurations of Strategy and Structure: Towards a Synthesis. Strategic Management Journal,1986,7(3):233-249.
[3]Dess G G, Origer N K. Environment, Structure, and Consensus in Strategy Formulation: A ConceptualIntegration. The Academy of Management Review,1987,12(2):313-330.
[4]Jones G R, Hill C W L. Transaction Cost Analysis of Strategy-Structure Choice. Strategic Management Journal,1988,9(2):159-172.
[1]Miller D, Droge C, Toulouse J. Strategic Process and Content as Mediators between Organizational Context andStructure. The Academy of Management Journal,1988,31(3):544-569.
[2]Habib M M, Victor B. Strategy, Structure, and Performance of U.S. Manufacturing and Service MNCs: A
[3]Comparative Analysis. Strategic Management Journal,1991,12(8):589-606.Farjoun M. Towards an Organic Perspective on Strategy. Strategic Management Journal,2002,23(7):561-594.
[4]Yin X, Zajac E J. The Strategy/Governance Structure Fit Relationship: Theory and Evidence in FranchisingArrangements. Strategic Management Journal,2004,25(4):365-383.
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[1]Hirshleifer J. Price Theory and Applications.2nd Ed., Englewood Cliffs, NJ: Prentice-Hall,1980.
[1]Penrose E. The Theory of the Growth of the Firm. Oxford MA: Blackwell,1959.
[2]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[3]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,Inc.,1980.
[1]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[2]Barney J B. Strategic Factor Markets: Expectations, Luck, and Business Strategy. Management Science,1986,32(10):1231-1241.
[3]Prahalad C K, Hamel G. The Core Competence of the Corporation, Harvard Business Review,1990,68(3):79-91.
[4]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[1]Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[2]Markides C C, Williamson P J. Related Diversification, Core Competencies and Corporate Performance.Strategic Management Journal,1994,15(S):149-165.
[3]Oliver C. Sustainable Competitive Advantage: Combining Institutional and Resource-Based Views. StrategicManagement Journal,1997,18(9):697-713.
[1]Langlois R N, Foss N J. Capabilities and Governance: The Rebirth of Production in the Theory of EconomicOrganization. Kyklos,1999,52(2):201-218.
[2]Lengnick-Hall C A, Wolff J A. Similarities and Contradictions in the Core Logic of Three Strategy ResearchStreams. Strategic Management Journal,1999,20(12):1109-1132.
[3]Denrell J, Fang C, Winter S G. The Economics of Strategic Opportunity. Strategic Management Journal,2003,24(10):977-990.
[4]Mesquita L F, Anand J, Brush T H. Comparing the Resource-Based and Relational View: Knowledge Transferand Spillover in Vertical Alliances. Strategic Management Journal,2008,29(9):913-941.
[1]Wang H C, He J, Mahoney J T. Firm-Specific Knowledge Resources and Competitive Advantage: The Roles ofEconomic-and Relationship-Based Employee Governance Mechanisms. Strategic Management Journal,2009,30(12):1265-1285.
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[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第10篇：德姆塞茨.企业理论再考察.姚海鑫，邢源源译.北京：商务印书馆，2008.
[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第5篇：科斯.企业的性质：影响.姚海鑫，邢源源译.北京：商务印书馆，2008.
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[1]Williamson O E. Strategy Research: Governance and Competence Perspectives, Strategic Management Journal,1999,20(12):1087-1108.
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[1]在组织竞争、组织管理和企业成长领域，跟能力理论关系密切的资源基础论和演化理论在20世纪80年代出现，发展相当迅速。
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[1][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第5篇：科斯.企业的性质：影响.姚海鑫，邢源源译.北京：商务印书馆，2008.
[2]Rumelt R P, Schendel D E, Teece D J. Fundamental Issues in Strategy: A Research Agenda. Boston, MA:Harvard Business School Press,1996.
[1]如：Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123；Williamson O E. Franchise Bidding for Natural Monopolies-inGeneral and with Respect to CATV. The Bell Journal of Economics,1976,7(1):73-104.
[2]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Williamson O E, Wachter M L, Harris J E. Understanding the Employment Relation: The Analysis ofIdiosyncratic Exchange. The Bell Journal of Economics,1975,6(1):250-278.
[4]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[1]Williamson O E. Transaction-Cost Economics: The Governance of Contractual Relations. Journal of Law andEconomics,1979,22(2):233-261.
[2]有关治理和治理结构的文献在第三节中回顾，这里暂不梳理。
[3]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[4]Williamson O E. Credible Commitments: Using Hostages to Support Exchange. The American EconomicReview,1983,73(4):519-540.
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[2]Williamson O E. Corporate Finance and Corporate Governance. The Journal of Finance,1988,43(3):567-591.
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[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
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[2]在张五常的论文“Cheung S N S. The Contractual Nature of the Firm. Journal of Law and Economics,1983,
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[1]薛有志，顿曰霞，周杰.中国上市公司多元化经营与公司治理的协同演进研究——来自中国沪市制造业上市公司的实证检验.经济与管理研究，2007，(10):12-17.
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[3]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[1]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[3]罗宾逊夫人曾经在其《不完全竞争经济学》(Robinson J. Economics of Imperfect Competition. London:MacMillan.2nded.,1969)中指出，在股份公司中，没有任何单个个人对企业的最终控制负责。
[1]在张五常的著作《经济解释·卷三·制度的选择》（张五常.经济解释（卷三）：制度的选择.香港：花千树出版有限公司，2002）中，他认为风险和信息成本高是一回事。
[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[2]Easterbrook F H, Fischel D R. The Economic Structure of Law. Cambridge, MA: Harvard University Press,1991.张建伟，罗培新译.公司法的经济结构.北京：北京大学出版社，2005.
[1]如：Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[1]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[2]Coase R H. The Problem of Social Cost. Journal of Law and Economics,1960,3(1):1-44.
[3]Cheung S N S. The Contractual Nature of the Firm. Journal of Law and Economics,1983,26(April):1-21.
[4]Williamson O E. Comparative Economic Organization: The Analysis of Discrete Structural Alternatives.Administrative Science Quarterly,1991,36(2):269-296.
[1]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[3]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[4]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]见《中华人民共和国个人独资企业法》，1999.
[2]见《中华人民共和国合伙企业法》，2006.
[1]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[3]见《中华人民共和国公司法》，2005.
[4]Easterbrook F H, Fischel D R. The Economic Structure of Law. Cambridge, MA: Harvard University Press,1991.张建伟，罗培新译.公司法的经济结构.北京：北京大学出版社，2005.
[5]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[6]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[7]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[8]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration,The Journal of Political Economy,1986,94(4):691-719.
[1]Teece D J. Economies of Scope and the Scope of the Enterprise. Journal of Economic Behavior andOrganization,1980,1(3):223-247.
[2]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[4]Fama E F. Agency Problems and the Theory of the Firm. Journal of Political Economy,1980,88(2):288-307.
[5]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]在本文中，“经理”一词一般指的是以总经理为核心的经理层，在有的情况下单指总经理或CEO。
[2]Fama E F, Jensen M C. Organizational Forms and Investment Decisions. Journal of Financial Economics,1985,14(1):101-119.
[1]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[2]在不分古典企业还是现代公司时，中心签约人指的是古典企业的业主/合伙人或者现代公司的核心机构。
[3][美]威廉姆森，温特编.企业的性质——起源、演变和发展.第10篇：德姆塞茨.企业理论再考察.姚海鑫，邢源源译.北京：商务印书馆，2008.
[1]Ansoff H I. Corporate Strategy. New York: Mc-Craw Hill Company,1965.
[2]Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[1]Bowman E H, Helfat C E. Does Corporate Strategy Matter? Strategic Management Journal,2001,22(1):1-23.
[1]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[2]张维迎.企业的企业家——契约理论.上海：上海三联书店、上海人民出版社，1995.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Alchian A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[3]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[1]刘汉民.企业理论、公司治理与制度分析.上海：上海三联书店、上海人民出版社，2007.
[1][2]Harris M, Raviv A. The Design of Securities. Journal of Financial Economics,1989,24(2):255-287.Hart O. Firms, Contracts and Financial Structure. Oxford: Oxford University Press,1995.
[3]Lazonick W, O’Sullivan M. Maximizing Shareholder Value: A New Ideology for Corporate Governance.Economy and Society,2000,29(1):13-35.
[4]在法玛和詹森（Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):301-325）的论文中，将广义的决策程序分为四个步骤：提议、审批、执行和监督。
[1]刘汉民.企业理论、公司治理与制度分析.上海：上海三联书店、上海人民出版社，2007.
[2]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[3]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[4]也可以理解为，因为契约不完备，经理会利用手中的剩余控制权对股东敲竹杠。
[2]Frooman J. Stakeholder Influence Strategies. The Academy of Management Review,1999,24(2):191-205.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Coase R H. The Nature of the Firm. Economica,1937,4(N. S.):386-405.
[3]Coase R H. The Nature of the Firm: Meaning. Journal of Law, Economics,&Organization,1988,4(1):19-32.
[1]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The AmericanEconomic Review,1971,61(2):112-123.
[2]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[3]Chandler Jr A D. The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA:Harvard Business Press,1977.
[4]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration.The Journal of Political Economy,1986,94(4):691-719.
[1]Amihud Y, Lev B. Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal ofEconomics,1981,12(2):605-671.
[2]Levinthal D A, Wu B. Opportunity Cost and Non-Scale Free Capabilities: Profit Maximization, CorporateScope, and Profit Margins. Strategic Management Journal,2010,31(7):780-801.
[1]Shleifer A, Vishny R. A Survey of Corporate Governance. The Journal of Finance,1997,52(2):737-783.
[2]OECD. OECD Principles of Corporate Governance.1999.
[1]Judge Jr W Q, Zeithaml C P. Institutional and Strategic Choice Perspectives on Board Involvement in theStrategic Decision Process. The Academy of Management Journal,1992,35(4):766-794.
[1]Westphal J D, Fredrickson J W. Who Directs Strategic Change? Director Experience, the Selection of NewCEOs, and Change in Corporate Strategy. Strategic Management Journal,2001,22(12):1113-1137.
[1]转引自：张五常.经济解释（卷一）：科学说需求.香港：花千树出版有限公司，2001.
[2]Alchian A A. Uncertainty, Evolution, and Economic Theory. The Journal of Political Economy,1950,58(3):211-221
[1]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[2]Simon H A. Administrative Behavior, New York: Macmillan Co.,1957.
[1]Eisenhardt K M. Agency Theory: An Assessment and Review. The Academy of Management Review,1989,14(1):57-74.
[2]张五常.经济解释（卷二）：供应的行为.香港：花千树出版有限公司，2002.
[3]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[1]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[1]Williamson O E. The Modern Corporation: Origins, Evolution, Attributes. Journal of Economic Literature,1981,19(4):1537-1568.
[2]Dembe A E, Boden L I. Moral Hazard: A Question of Morality? New Solutions,2000,10(3):257-279.
[3]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]Eisenhardt K M. Agency Theory: An Assessment and Review. The Academy of Management Review,1989,14(1):57-74.
[2]Williamson O E. Corporate Finance and Corporate Governance. The Journal of Finance,1988,43(3):567-591.
[3]国内也有些学者将“holdup”翻译作“套牢”。
[4]Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[5]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration.The Journal of Political Economy,1986,94(4):691-719.
[1]Maslow A H. A Theory of Human Motivation. Psychological Review,1943,50(4):370-396.
[1]Maslow A H. A Theory of Human Motivation. Psychological Review,1943,50(4):370-396.
[2]Alderfer C P. An Empirical Test of a New Theory of Human Needs: Organizational Behaviour and HumanPerformance,1969,4(2):142-175.
[3]Max-Neef M A, Elizalde A, Hopenhayn M. Human Scale Development: Conception, Application and FurtherReflections. New York: Apex Pr,1989.
[1]Jensen M C, Meckling W H. The Nature of Man. Journal of Applied Corporate Finance,1994,7(2):4-19.
[2]Denis D J, Denis D K, Sarin A. Agency Problems, Equity Ownership, and Corporate Diversification. TheJournal of Finance,1997,52(1):135-160.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[3]Alchian A A, Demsetz H. Production, Information Cost, and Economic Organization. The American EconomicReview,1972,62(5):777-795.
[4]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):301-325.
[5]La Porta R, Lopez-de-Silanes F, Shleifer A. Corporate Ownership Around the World. The Journal of Finance,1999,54(2):471-571.
[1]Claessens S, Djankov S, Lang L H P. The Separation of Ownership and Control in East Asian Corporations.Journal of Financial Economics,2000,58(1-2):81-112.
[2]Amihud Y, Lev B. Risk Reduction as a Managerial Motive for Conglomerate Mergers. The Bell Journal ofEconomics,1981,12(2):605-671.
[3]Hill C W L, Snell S A. External Control, Corporate Strategy, and Firm Performance in Research-IntensiveIndustries. Strategic Management Journal,1988,9(6):577-590.
[4]La Porta R, Lopez-de-Silanes F, Shleifer A. Corporate Ownership Around the World. The Journal of Finance,1999,54(2):471-571.
[1]Kroll M, Wright P, Toombs L, Leavell H. Form of Control: A Critical Determinant of Acquisition Performanceand CEO Rewards. Strategic Management Journal,1997,18(2):85-96.
[2]这一假设是合理的，因为经理对公司进行大量投资，意味着经理至少会成为公司显著的大股东。
[1]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[2]Williamson O E. The Economic Institutions of Capitalism. New York: Free Press,1985.
[3]Fama E F. Agency Problems and the Theory of the Firm. Journal of Political Economy,1980,88(2):288-307.
[4]Baysinger B, Hoskisson R E. The Composition of Boards of Directors and Strategic Control: Effects onCorporate Strategy. The Academy of Management Review,1990,15(1):72-87.
[1]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,Inc.,1980.
[2]Bowman E H. Some Reflections on Corporate Strategy and Corporate Governance. International Studies ofManagement&Organization,1979,9(4):100-107.
[3]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):301-325.
[4]Hillman A J, Dalziel T. Boards of Directors and Firm Performance: Integrating Agency and ResourceDependence Perspectives. The Academy of Management Review,2003,28(3):383-396.
[1]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]Berle A, Means G C. The Modern Corporation&Private Property(1932), Transaction Publishers,2001.甘华鸣，罗锐韧，蔡如海译.现代公司与私有财产.北京：商务印书馆，2007.
[2]Johnson S, La Porta R, Lopez-de-Silanes F, Shleifer A. Tunneling. The American Economic Review,2000,90(2):22-27.
[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[2]Eisenhardt K M. Agency Theory: An Assessment and Review. The Academy of Management Review,1989,14(1):57-74.
[3]Baiman S. Agency Research in Managerial Accounting: A Survey. Journal of Accounting Literature,1982,1(2):154-213.
[4]Guasch J L,Weiss A. Self-Selection in the Labor Market. American Economic Review,1981,71(3):275-284.
[5]Salop J, Salop S. Self-Selection and Turnover in the Labor Market. Quarterly Journal of Economics,1976,90(4):619-628.
[6]Donaldson L, Davis J H. Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns.Australian Journal of Management,1991,16(1):49-64.
[7]Davis J H, Schoorman F D, Donaldson L. Toward a Stewardship Theory of Management. The Academy ofManagement Review,1997,22(1):20-47.
[1]Jensen M C, Murphy K J. Performance Pay and Top-Management Incentives. The Journal of Political Economy,1990,98(2):225-264.
[2]Tosi H L, Katz J P, Gomez-Mejia L R. Disaggregating the Agency Contract: The Effect of Monitoring,Incentive Alignment, and Term in Office on Agent Decision Making. The Academy of Management Journal,1997,40(3):584-602.
[1]如：Mintzberg H. Strategy Formulation as a Historical Process. International Studies of Management&Organization,1977,7(2):28-40；Hart S. An Integrative Framework for Strategic-Making Processes. TheAcademy of Management Review,1992,17(2):327-351；Hitt M A, Tyler B B. Strategic Decision Models:Integrating Different Perspectives. Strategic Management Journal,1991,12(5):327-351.
[1]Narayanan V K, Fahey L. The Micro-Politics of Strategy Formulation. The Academy of Management Review,1982,7(1):25-34.
[1]Fama E F, Jensen M C. Separation of Ownership and Control. Journal of Law and Economics,1983,26(2):
301-325.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]Baysinger B, Hoskisson R E. The Composition of Boards of Directors and Strategic Control: Effects onCorporate Strategy. The Academy of Management Review,1990,15(1):72-87.
[2]Judge Jr W Q, Zeithaml C P. Institutional and Strategic Choice Perspectives on Board Involvement in theStrategic Decision Process. The Academy of Management Journal,1992,35(4):766-794.
[3]Knight D, Pearce C L, Smith K G, Olian J D, Sims H P, Smith K A, Flood P. Top Management Team Diversity,Group Process, and Strategic Consensus. Strategic Management Journal,1999,20(5):445-465.
[1]Jensen M C, Meckling W H. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1976,3(4):305-360.
[1]外部效应或外部性问题是经济学中的一个经典问题，参见：Buchanan J, Stubblebine W C. Externality.Economica,1962,29(N. S.):371-384；Turvey R. On Divergences between Social Cost and Private Cost.Economica,1963,30(119):309-313.
[2]Coase R H. The Problem of Social Cost. Journal of Law and Economics,1960,3(1):1-44.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Porter M E. Competitive Advantage: Creating and Sustaining Superior Performance. NY: Free Press,1985.
[3]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):
[4]99-120.Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[5]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
[6]Lippman S A, Rumelt R P. Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency underCompetition. The Bell Journal of Economics,1982,13(2):418-438.
[1]Wernerfelt B. A Resource-Based View of the Firm. Strategic Management Journal,1984,5(2):171-180.
[2]Winter S. Knowledge and Competence as Strategic Assets. The Competitive Challenge, Teece D (ed.). Centerfor Research in Management: Berkeley, CA,159-184,1987.
[1]Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeover. The American EconomicReview,1986,76(2):323-329.
[2]Knight F H. Risk, Uncertainty, and Profit.1921.安佳译.风险、不确定性与利润.北京：商务印书馆，2010.
[1]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[2]Bourgeois III L J, Brodwin D R. Strategic Implementation: Five Approaches to an Elusive Phenomenon.Strategic Management Journal,1984,5(3):241-264.
[3]Earley P C, Lind E A. Procedural Justice and Participation in Task Selection: The Role of Control in MediatingJustice Judgments. Journal of Personality and Social Psychology,1987,52(6):1148-1160.
[1]Williamson O E. Credible Commitments: Using Hostages to Support Exchange. The American EconomicReview,1983,73(4):519-540.
[2]张维迎.产权·激励与公司治理.北京：经济科学出版社，2005.
[1]Chan S H, Kensinger J W, Keown A J, Martin J D. Do Strategic Alliances Create Value? Journal of FinancialEconomics,1997,46(2):199-221.
[2]Chan S H, Kensinger J W, Keown A J, Martin J D. When Do Strategic Alliances Create Shareholder Value?Journal of Applied Corporate Finance,1999,11(4):81-87.
[3]Korsgaard M A, Schweiger D M, Sapienza H J. Building Commitment, Attachment, and Trust in StrategicDecision-Making Teams: The Role of Procedural Justice. The Academy of Management Journal,1995,38(1):60-84.
[4]Andrews K R. The Concept of Corporate Strategy. Homewood, Illinois: Richard D. Irwin,1971.
[5]Hofer C W. Some Preliminary Research on Patterns of Strategic Behavior. Academy of ManagementProceedings,1973, August:46-59.
[1]Knight F H. Risk, Uncertainty, and Profit.1921.安佳译.风险、不确定性与利润.北京：商务印书馆，2010.
[1]Andrews K R. The Concept of Corporate Strategy (Revised Edition). Homewood, Illinois: Richard D. Irwin,Inc.,1980.
[1]Rumelt R P. Strategy, Structure, and Economic Performance. Cambridge, MA: Harvard Business School Press,1974.
[2]按：威格里(Wrigley L)曾经在1970年的博士论文中提出这一观点，但该文未公开发表。
[3]Grossman S J, Hart O D. The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration.The Journal of Political Economy,1986,94(4):691-719.
[4]Williamson O E. The Vertical Integration of Production: Market Failure Considerations. The American
[5]Economic Review,1971,61(2):112-123.Klein B, Crawford R G, Alchian A A. Vertical Integration, Appropriable Rents, and the Competitive ContractingProcess, Journal of Law and Economics,1978,21(2):297-326.
[6]Harrigan K R. Formulating Vertical Integration Strategies. The Academy of Management Review,1984,9(4):638-652.
[7]Rumelt R P. Diversification Strategy and Profitability. Strategic Management Journal,1982,3(4):359-369.
[1]Chandler Jr A D. Scale and Scope: the Dynamics of Industrial Capitalism. Cambridge, MA: Harvard UniversityPress,1990.
[2]如：Lang L H P, Stulz R E. Tobin's Q, Corporate Diversification and Firm Performance. Journal of PoliticalEconomy,1994,102(6):1248-1280；Berger P, Ofek E. Diversification’s Effect on Firm Value. Journal ofFinancial Economics,1995,37(1):39-65.
[3]Denis D J, Denis D K, Sarin A. Agency Problems, Equity Ownership, and Corporate Diversification. TheJournal of Finance,1997,52(1):135-160.
[4]Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeover. The American EconomicReview,1986,76(2):323-329.
[5]Bowman E H, Helfat C E. Does Corporate Strategy Matter? Strategic Management Journal,2001,22(1):1-23.
[6]Porter M. Competitive Strategy: Techniques for Analyzing Industries and Competitors. NY: Free Press,1980.
[1]Barney J B. Firm Resources and Sustained Competitive Advantege. Journal of Management,1991,17(1):99-120.
[2]Prahalad C K, Hamel G. The Core Competence of the Corporation, Harvard Business Review,1990,68(3):79-91.
3Teece D J, Pisano G, Shuen A. Dynamic Capabilities and Strategic Management. Strategic Management Journal,1997,18(7):509-533.
[1]Liebeskind J P. Knowledge, Strategy, and the Theory of the Firm. Strategic Management Journal,1996,17(S):93-107.
[1]见陈寿著《三国志·蜀志·诸葛亮传》。
[2]Slater S F, Olson E M. Strategy Type and Performance: The Influence of Sales Force Management. StrategicManagement Journal,2000,21(8):813-829.
[3]Murray A I. A Contingency View of Porter’s “Generic Strategy”. The Academy of Management Review,1988,13(3):390-400.
[1]Greve H R. Bigger and Safer: The Diffusion of Competitive Advantage. Strategic Management Journal,2009,30(1):1-23.
[2]Habib M M, Victor B. Strategy, Structure, and Performance of U.S. Manufacturing and Service MNCs: AComparative Analysis. Strategic Management Journal,1991,12(8):589-606.
[3]Hoskisson R E, Hitt M A, Johnson R A, Grossman W. Conflicting Voices: The Effects of InstitutionalOwnership Heterogeneity and Internal Governance on Corporate Innovation Strategies. The Academy ofManagement Journal,2002,45(4):697-716.
[4]Vanhaverbeke W, Duysters G, Noorderhaven N. External Technology Sourcing through Alliances orAcquisitions: An Analysis of the Application-Specific Integrated Circuits Industry. Organization Science,2002,13(6):714-733.
[5]Chan S H, Kensinger J W, Keown A J, Martin J D. When Do Strategic Alliances Create Shareholder Value?Journal of Applied Corporate Finance,1999,11(4):81-87.
[6]Miller D, Breton-Miller I L, Lester R H. Family ownership and Acquisition Behavior in Publicly-TradedCompanies. Strategic Management Journal,2010,31(2):201-223.
[1]Smith A. The Wealth of Nations(Cannan ed.1904)(lst ed. London1776). NY: Bantam Dell,2003,940-941.
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