A Choice of Contract in the Course of Agricultural Industrialization:the Contract of Commodity or the Contract of Factor--Thinking Based on a Model of Grossman-Hart-Moore
农业产业化经营中契约形式的选择:要素契约还是商品契约——一种基于G-H-M模型的思考

In this thesis, a model of Grossman-Hart-Moore is applied to analyze an issue about a choice of contract between an enterprise and a farm in the agricultural industrialization. With a series of assumption and demonstration, some conclusion is reached: in the course of agricultural industrialization, whether the contract of factor or the contract of commodity is suitable to adopt in the link between an enterprise and a farm, is not possibly decided by no condition, but by some concrete conditions. In detail, first of all, if the decision made by a farm in the investment has no elasticity, the contract of factor is suitable to adopt; secondly, if the investment of a farm is relatively lack of productivity, the contract of factor is feasible to take; thirdly, if the asset of an enterprise and the asset of a farm is independent of each other, the contract of commodity is suitable to adopt; fourthly, if the human capital of a manager in an enterprise is essential, the contract of factor is feasible to adopt; and finally, if human capital both in an enterprise and in a farm is necessary, whether the contract of factor or the contract of commodity is feasible. If the assumption about fund and risk preference of an enterprise is broadened, whether the contract of factor or the contract of commodity is adopted will be possibly decided by the desire of an enterprise in the coupling between an enterprise and a farm.