「釋義」

交易成本是指達(dá)成一筆交易所要花費(fèi)的交易對(duì)象成本之外的成本，也指買(mǎi)賣(mài)過(guò)程中所花費(fèi)的全部時(shí)間和貨幣成本。

交易成本理論是由諾貝爾經(jīng)濟(jì)學(xué)獎(jiǎng)得主科斯(Coase, R.H., 1937)所提出，交易成本理論的根本論點(diǎn)在于對(duì)企業(yè)的本質(zhì)加以解釋。

由于交易成本泛指所有為促成交易發(fā)生而形成的成本，因此很難進(jìn)行明確的界定與列舉，不同的交易往往就涉及不同種類(lèi)的交易成本。

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「應(yīng)用場(chǎng)景」

改善融資、簽約和國(guó)際交易。

Improving financing, contracting, and international transactions.

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如果通過(guò)區(qū)塊鏈在公司之間共享庫(kù)存、資訊和財(cái)務(wù)流，參與方將有可能在供應(yīng)鏈融資、簽約和開(kāi)展國(guó)際業(yè)務(wù)方面獲得重大收益。

When inventory, information, and financial flows are shared among firms through a blockchain, significant gains in supply chain financing, contracting, and doing business internationally are possible.

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考慮一下融資問(wèn)題。向企業(yè)提供營(yíng)運(yùn)資金和貿(mào)易信貸的銀行面臨著一個(gè)眾所周知的問(wèn)題，即關(guān)于借款公司的業(yè)務(wù)、資產(chǎn)質(zhì)量和負(fù)債的信息不對(duì)稱(chēng)問(wèn)題。例如，一家公司可能以同一項(xiàng)資產(chǎn)為抵押向幾家銀行借錢(qián)，或?yàn)槟骋荒康纳暾?qǐng)貸款，然后將其用于另一目的。銀行設(shè)計(jì)其流程來(lái)控制此類(lèi)風(fēng)險(xiǎn)，而這增加了交易成本，放慢了資本的使用，并減少了小公司可獲得的資本。這種阻礙因素不僅不利于銀行，也不利于需要廉價(jià)營(yíng)運(yùn)資金的公司。

Consider the matter of financing. Banks that provide working capital and trade credit to firms face a well-known problem of information asymmetry regarding a borrower firm’s business, the quality of its assets, and its liabilities. For example, a company might borrow money from several banks against the same asset, or request a loan for one purpose and then use it for another. Banks design their processes to control such risks, which increases transaction costs, slows down access to capital, and reduces the capital available to small firms. Such frictions are detrimental not only to banks but also to firms that need cheap working capital.

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以上文字選自《哈佛商業(yè)評(píng)論》中文版2020年5月刊《用區(qū)塊鏈打造透明供應(yīng)鏈》

艾米·米克（Amy Meeker）丨文

馬冰侖?丨編輯?