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            雨楓軒原創文學網 - 純凈的綠色文學家園 !

            雨楓軒

            公司性質的思想發展

            時間:2013-03-13來源:網友提供 作者:張五常 點擊:

            (五常按:本文是《制度的選擇》第三章《合約的一般理論》的第九節。)


            一九三七年科斯發表《公司的性質》。該文的初稿寫于一九三二,他二十一歲。「交易費用」(transaction costs)一詞起自科斯之前,但他一九三七的《公司》是第一篇開門見山地處理交易費用的經濟學文章。一九九八年我發表《交易費用的范疇》,其中有一句常被行內朋友提及:「交易費用不是一個要獲得終生雇用合約的年輕經濟學教授應該嘗試研究的!」

            作為真實世界的局限交易費用很復雜,要經過多年跑廠跑市才有足夠的掌握。科斯從交易費用的角度看公司時只有二十一歲,掌握不夠深入。一九五二年該《公司》文章被編進紅極一時的《價格理論讀物》,于是大名,但上世紀六十年代科斯多次投訴沒有人讀。

            洛杉磯與芝加哥的思維

            一九六七年我在洛杉磯寫好《佃農理論》,其中有一節題為《交易費用、風險規避與合約選擇》。跟著到了芝加哥大學,找到重要的關于中國農業的合約資料,我以該題發揮,寫了一篇長文,一九六九年在科斯主編的《法律經濟學報》發表。文中我提出「卸責」(shirking)與風險規避(risk aversion)這兩個后來自己沒有再用的理念來補充交易費用,分析合約,文中提到科斯的《公司》,說跟我的合約選擇是一脈相承的,不少行內朋友讀科斯的舊作后找我研討。

            一九六八年阿爾欽造訪芝大,午餐中我向他提到正在困擾著我的兩個人一起抬石下山,雙方各把石的重量推到對方去的卸責行為。一九七二年阿師與德姆塞茨提出卸責需要監管,在《美國經濟學報》發表了該學報歷來被引用最多的文章。那時我放棄了「卸責」,認為難以驗證,轉向合約結構那方面想。

            一九七一年,多倫多大學的John McManus到我西雅圖的家小住,我提到二戰時母親帶著我在廣西逃難,在河上乘船,由多個纖夫在岸上用繩子拉著行,有人拿著鞭子監視。母親參與議定纖夫的工酬,對我說拿著鞭子的人是纖夫們聘請的。我不能肯定母親說的是實情,但McManus把這例子寫進他一九七五年發表的關于監管費用與機構組織的文章,再跟著廣西的纖夫在新制度經濟學中成了名。

            上述可見,公司的話題——即是為什么會有企業這種機構組織——是相當混亂的思想發展。一九六七至六九年在芝大,我跟科斯成為好友,多次跟他討論他一九三七年發表的《公司的性質》。似淺實深,他多番向我解釋我總是覺得不盡明白。該文的主旨是清楚的:因為交易費用的存在,公司替代市場。但公司是怎樣替代市場呢?這問題我跟不少當代的價格理論大師研討過,他們說懂,但最后我認為他們不是真的懂。到了一九七一年,阿爾欽、戴維德、施蒂格勒、弗里德曼等人都認為科斯的公司解釋可能牽涉到沒有什么解釋力的套套邏輯。

            一九八○年,科斯要退休,《法律經濟學報》征求文章為他的榮休出版一本結集,我在被邀之列。一九八一年底我寫好初稿,題為《公司的合約性質》,是在科斯一九三七的《公司的性質》加進「合約」一詞。征集文章推遲了時間,該結集一九八三年四月才出版,我交出去的被放在首位。科斯讀后來信,說那是他多年來讀過的一篇他學得不少的文章,可惜在大贊之后他又說:不同意我說的公司與公司之間不能分開。我提出的「公司無界說」巴澤爾當年肯定是對,但一九九○年在瑞典舉行會議時,集中著當代搞新制度經濟學的朋友,發言的幾個皆不同意公司無界。再后來楊小凱不僅同意,而且說在一些商學院我的看法成為一個新項目。

            發表了的文章我不再跟進,認為自己再也管不著。但我非常高興戴維德托朋友帶來一個口信,說:公司何物終于給史提芬畫上了句號。戴老這樣說,只他一個就足夠了!

            公司理論與公司無干

            經濟學有一個熱門題材,稱Theory of the Firm,關于生產成本與在競爭或壟斷的情況下的價格厘定。屬價格理論的核心分析,搞得一團糟,我在《收入與成本》與《受價與覓價》中清理了。然而,奇怪地,那所謂theory of the firm是關于生產及訂價,與那個firm字無干。我把「firm」譯作「公司」非常恰當。內地譯為「企業」(enterprise)不對。中語「公司」一詞源自莊子,意思是「聚多人共同運作」。企業可以只有一個人,公司不可以。

            英語firm字的來源不易考究。字典解「確定」,古老一點解「簽名」。科斯認為firm可能源自法文fermier,解中間人或農民。英語farm out解「判出去」——英國早期的tax farming是指政府抽稅判給代理人。這與雇用農民或租土地給農戶有相近之處。可見firm這個字不是指生產,而是指一種處理或安排的方法,或一種組織。

            奈特的貢獻

            科斯的「公司」思維源自他敬仰的芝加哥大學的奈特。一九三一年他拿著獎學金造訪芝加哥,聽了奈特幾課,不同意,苦思之后寫下了《公司的性質》的初稿。早上十年的一九二一,奈特出版了他的博士論文《風險、不確定與盈利》,絕對是經典,科斯背得出來。奈特認為「風險」(risk)有概率,可以買保險,但「不確定」「uncertainty」則無從估計,因而不能購買保險。我認為這二者是同一回事,分不開,而原則上任何未來的事項皆可買保險。說某些項目沒有保險市場不奇怪,因為原則上可以成市但實際上沒有市場的項目比天上的星星還要多。

            在「公司」這話題上,奈特的貢獻雖然不對,但重要。他認為因為有風險的存在,一個企業家或老板的出現,是用承擔風險的方法來賺取剩余收入,residual earning是也。即是說,一個老板把不同的員工集中在一起從事生產,大家一起謀取斯密說的分工合作帶來的巨利,而在有風險的情況下老板保障每個員工有固定的收入,自己承擔風險,賺取的剩余可以是正數也可以是負值,在這樣的安排下公司出現了。奈特之見,是盈利(profit)只能在有風險的情況下出現。那重要的風落盈利(windfall profit)概念是奈特的發明,不僅對,而且重要。盈利與利潤不同,后者是在競爭下決定了的應有的租值或利息回報。

            奈特提出的解釋公司何物的困難,是他提出的剩余(residual,不是馬克思的surplus value),雖然往往在公司出現,歸老板所有,但公司的出現不一定有正或負的剩余。分成合約沒有剩余,分股屬分成,也沒有剩余,而我們知道很多小生意的所謂「埋堆」是用股份制,不僅每個參與者沒有剩余可取,而主事的大老板可能要自己先拿一個固定的工資,其他讓股東們分吧。

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