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The relationship between business and the market and its modern evolution - Comment on the enterprise market complementary perspectives (1)


The relationship between the enterprise and the market is a theoretical circle a subject of long discussions. In recent years, with the organization and the production of changes in the way of social organization, the problem again caused controversy. Coase was for enterprises to save on transaction costs point of view on alternative market mechanisms, suggested that the enterprise and the market is a complementary relationship between the (Huanggui Tian, ​​Zheng-All, 2002), rather than replace each other between the point of view. Some people think that business-to-market substitution is essentially a low-level market, senior market alternative, that business is essentially the evolution of the market to upgrade their own (the whole Zheng, 2000). Raised these issues, enterprises will deepen the relationship between the market requires us to reality, to further clarify the relationship between business and the market. Chinese papers League finishing. First, the symbiotic relationship between business and the market Manchester • American economist, Professor Thurow has pointed out that the global gap type of large enterprises and enterprise (Niche Player) is the most efficient of today's global competition, the two kinds of organizational form. The polarization in the enterprise scale trend of economic globalization have so-called Some domestic scholars (eg Huang Guitian) based on the realities of enterprise market while expanding the scale and the phenomenon of business is to deny the Coase on transaction cost savings of alternative views on the market. Coase theory that goes against the logic and reality, between the enterprise and the market are complementary, not substitutes. In fact, this point of view in terms of method, or from the conclusion of view, are worthy of further scrutiny. Coase both the enterprise and the market as the alternative mode of resource allocation, the transaction costs of resource allocation as the principle of choice. This actually provides a method of analysis tools and analysis that the internal transaction costs and management costs compared to illustrate the nature of the business and corporate boundaries. In fact, Coase emphasized that business and markets are alternative possibilities, does not mean denying the complementarity between them. Between the enterprise and the market already there is a symbiotic relationship, both conflicting side and a unified side. Embodies the unity of the two side of the phase dependence exists, but also reflected on the coordinating role of the complementarity. Enterprise and the market can be expressed in symbiotic and complementary relationship between the size of the business relationship with the market size, but can not turn, just from the business scale and market size up to determine the relationship between enterprises and markets complementary relationship. From the static point of view, an economy that total economic activity unchanged, within the organization to increase economic activity, coordinated by the market mechanism would mean the reduction of economic activity. Or, conversely, if the business through market mechanisms rather than the organization and coordination of economic activities less costly, more efficient, it means relative to the size of the market in terms of firm size will increase. Between firm size and the size of the market and therefore he is a cancellation up to this relationship. From a dynamic perspective, the existence of several different situations: First, as the total economic growth, the occurrence of alternative markets business scope of the market will not necessarily shrink. In the event of business-to-market substitution, the original transactions by different enterprises by economic activity to complete, was This does lead to a reduction of market relations. However, the rapid growth of total economic activity, more steady stream of new economic activities to market and promote the development of market relations, the market has the potential to expand both the size and scale of enterprises. Development of transnational corporations provide examples of this. For McDonald's, for example,[link widoczny dla zalogowanych], 119 countries and territories around the world has opened more than 26,800 restaurants. Since 1990, China's first McDonald's restaurant opened in Shenzhen so far, has been in Beijing, Guangzhou and Shanghai, has opened more than 40 cities and towns more than 260 restaurants. McDonald's stores in the world increases, the performance of the direct expansion of business scale, and the market is the increase in trading activity. Aside of the such as enterprise clustering, strategic alliances, virtual companies and logistics firms. Produce these new forms of organization, the direct participation in economic activities, to some extent replaced the original from the traditional economic activities of enterprises. Second, the stock adjustment from the economic point of view, a variety of mergers and acquisitions (Mergers and Acquisitions, referred to as M & A,) the result is not necessarily a market decline in trading volume. Mergers and acquisitions are essentially a business transaction of property rights will lead to changes in the relationship between equity owned. Mergers and business enterprises to obtain all of the merged businesses and assets, and assume all debts and liabilities. The merged enterprise as an economic entity ceased to exist, which means that the original market transactions between enterprises were replaced by the merged enterprise. The acquired businesses were acquired through the purchase of shares to holding companies, only the money paid for shares is limited to holding investment risk. Economic entity acquired company still exists, which means that the acquired company can continue as an independent profit center and corporate units into circulation. Because of its equity relationship changes, the acquired companies have acquired businesses in general, subject to the strategic arrangements, reflected in the acquired company to improve management, increase innovation and research and development work, through sharing of experiences acquired businesses and complementarity between the effect, to gain further economies of scale and enhance competition in the market and trading, market trading volume thus increased. So, overall, the incidence of corporate M & A deal size does not necessarily lead to the decrease of the market, even in the case of mergers, there may be the case that the surviving company after the merger because the strengthening of competitive position , into a new industry to reduce barriers to new markets, or achieve diversification, making transactions in the market has become increasingly active, even more than the total transaction prior to the merger of the companies have a market transaction volume combined. The following table summarizes all of these cases is simple. Table 1 business relationships with the market changes and a list of substitutes <P class=MsoNormal style= <P class=MsoNormal style=Relations <P class=MsoNormal style=organizations appear to undertake certain economic functions, a broad market alternative enterprises Note: The table represents the last column in each case, the enterprise and market relations between the main representative. Above analysis shows that the period of economic growth, companies will not replace the market scope of the market decline, it is not only between the enterprise and the market scale of the changes to show the complementary relationship between the two, and thus deny the business and of substitution between markets. Between enterprises and the market is always dynamic and complementary relationship, its development process is based on between enterprise and market forces to form their own alternative to the process. And this alternative process is dynamic, you can replace the enterprise market, companies can also be a market substitute. Under the conditions of the symbiotic relationship, the two substitution or replacement trend can occur. The relationship between business and the market characteristics are embodied in the modern development of this alternative on the evolution of the relationship, not only has internal consistency, and displays a new type of super-market contractual relationship.