풴믹뒡샭싛뛔웳튵탔훊뗄첽쳖햪ꆡ튪:풴믹뒡샭싛틔풴벰웤쳘탔ퟷ캪퇐뺿뛔쿳,죏캪웳튵횮쯹틔듦퓚쫇평폚죋샠뗄죏횪쓜솦쫇폐쿞뗄,쟒쫇듦퓚닮틬뗄,헢떼훂쇋쫐뎡붻틗뗄쪧킧,뛸ퟩ횯쓚늿욵랱뗄붻틗늻뷶폐샻폚횪쪶돉놾뗄붵뗍,뮹폐샻폚짧믡놾뗄믽샛ꆣ쿠펦뗘,웳튵뇟뷧퓲좡뻶폚웳튵풴ꆢ쓜솦뗄듳킡벰횪쪶돉놾뗄룟뗍ꆣ풴믹뒡샭싛뗄늿럖쪵횤퇐뺿뷡맻횧돖쇋웤볙쮵,떫평폚웤닉좡뗄쫇쫂뫳볬퇩뗄랽램,탭뛠컊쳢뮹폐듽폚뷸탐룼캪짮죫뗄첽쳖ꆣ맘볼듊:풴믹뒡샭싛;웳튵탔훊;웳튵듦퓚;웳튵뇟뷧훐춼럖샠뫅:F272ꆡꆡꆡꆡ컄쿗뇪쪶싫:A컄헂뇠뫅:100622815(2005)0220052205ꆡꆡퟔ뿆쮹(Coase,1937)랢뇭웤뺭뗤횮ퟷꆶ웳튵뗄탔훊ꆷ틔틔벰캬돖뺺헹폅쫆ꆣ쯼죏캪웳튵뗄돖탸뺺헹폅쫆폫웤쯹펵살,틑폐늻짙톧헟뾪쪼듓늻춬뗄뷇뛈첽쳖웳튵뗄뺭볃탔훊,폐뗄풴쫇폐맘뗄,떫쫇럱쯹폐뗄풴뚼쫇죧듋훘튪쓘?죧쿖틑탎돉쇋듺샭샭싛ꆢ닺좨샭싛ꆢ붻틗돉놾샭싛ꆢ뷸뮯샭싛뗈맻늻쫇,퓲싺ퟣ쓄킩쳘탔뗄풴닅쓜돖탸뗘뒴퓬ퟢ뷰쓘?잰럖횧[1]ꆣ틔컖쓉럆뛻뗃[2]캪듺뇭뗄톧헟쯹쳡돶뗄풴믹뒡웚풴믹뒡샭싛퓚듋랽쏦ퟷ쇋뷏캪짮죫뗄퇐뺿,횱떽냍쓡맩샭싛(Resource-basedview,RBV)퓚헢뷼20쓪뗄쪱볤샯튲쓉돶틔쿂쯄룶뇪ힼ[4],벴폐볛횵탔ꆢ쾡폐탔ꆢ늻췪좫쒣럂탔벰좡뗃쇋뿬쯙뗄랢햹,돉캪잰웚웳튵샭싛뗄훘튪늹돤[3]ꆣ놾컄늻뿉쳦듺탔ꆣ뫳살뗄탭뛠톧헟듳뛠틔냍쓡뗄헢벸룶뇪ힼ벰쓢뻍풴믹뒡샭싛뛔웳튵뗄듦퓚벰웳튵뗄뇟뷧뗈웳튵샭싛욤쳘삭럲[5]쯹쳡돶뗄믱좡뿉돖탸뺺헹폅쫆뗄쯄룶쳵볾,벴닺컊쳢뷸탐닻쫍ꆣ짺ퟢ뷰뗄풴틬훊탔ꆢ쫂뫳캪캬돖ퟢ뷰뛔뺺헹뗄쿞훆ꆢ캪좷ꆡꆡ튻ꆢ풴믹뒡샭싛뗄럖컶뛔쿳벰볙짨잰쳡놣돉놾뗍폚ퟢ뷰뛸뛔뺺헹뛔쫖뗄쫂잰쿞훆ꆢ캪좷놣ퟢ뷰평웳튵펵폐뛸뷸탐뗄풴엤훃틔듯떽늻췪좫틆뚯뗈,뛔풴뷸탐풴믹뒡샭싛틔풴벰웤쳘탔ퟷ캪ퟔ벺뗄퇐뺿뛔쿳ꆣ쇋럖샠,뷸뛸쟸뇰뫎훖풴닅쓜믱뗃뺺헹폅쫆ꆣ헢훖퇐뺿볌듳뛠쫽톧헟쫇듓맣틥짏좥샭뷢헢튻럖컶뛔쿳,벴쯼쫇횸릹돉돐쇋역싞쮹뗄쮼쿫[6],벴뛔풴뷸탐쾸럖쫇쪮럖뇘튪뗄,럱웳튵쯹폐뗄잿쿮믲죵쿮뗄틲쯘,냼삨쇋컯풴ꆢ죋솦풴퓲죧맻쮵쪲쎴풴뚼뿉뒴퓬돖탸뗄뺺헹폅쫆뻍뫁컞틢틥쇋ꆣ뫍ퟩ횯풴[2],믲냼삨쯹폐뗄닺ꆢ쓜솦ꆢퟩ횯돌탲ꆢ웳튵쳘떫뛔웳튵풴쳘탔뗄퇐뺿쪵볊짏튲쫇튻룶폫웳튵탔훊뫜폐탔ꆢ탅쾢ꆢ횪쪶뗈[4]ꆣ뿉볻쒿잰풴믹뒡샭싛뮹늢늻쿱뇈뷏맘뗄훷쳢,쯼캪룼뫃뗘샭뷢웳튵뗄뺭볃탐캪웰쇋훘듳뗄ퟷ돉쫬뗄웳튵샭싛(죧붻틗돉놾뺭볃톧)쓇퇹폐럇뎣쏷좷뗄퇐폃ꆣ뺿뛔쿳풴믹뒡샭싛폫붻틗돉놾뺭볃톧튻퇹볙뚨죋샠탐캪쫇,돽쇋ꆰ풴ꆱ횮췢,쿱ꆰ쓜솦ꆱꆢꆰ횪쪶ꆱꆢꆰ놾ꆱꆢꆰ닺ꆱ뗈뚼놻튻킩풴믹뒡샭싛뗄횧돖헟쯹닉쓉,늢쟒뛔헢킩룅쓮폐쿞샭탔뗄,죏캪쓜릻듸살돖탸뺺헹폅쫆뗄풴ꆢ쓜솦ꆢ횪쪶룷돖벺볻,벴쪹쪹폃뗄쫇춬튻뗄쫵폯,늻춬뗄톧헟뛔웤쯹ퟷ뗈뚼뻟폐튻뚨뗄볪쒬탔,짵훁쫇죋샠쯹컞램죏횪뗄ꆣ떫쯼뛔돶뗄뷢쫍튲췹췹늻춬ꆣ놾컄늻ힼ놸퓚듋첽쳖헢튻믹놾뗄컊폚ퟔ샻ꆪꆪꆪ믺믡훷틥뫍쓦쿲톡퓱헢튻볙짨돖폐튻훖쪮럖뷷쳢,쿖뷶붫맣틥뗄ꆰ풴ꆱퟷ캪헢튻톧엉뗄퇐뺿뛔쿳ꆣ짷뗄첬뛈[3],죧Foss뗈(1995)뻍쎻폐맘힢떽죋샠뗄ퟔ샻탐풴믹뒡샭싛붫웳튵쫓캪튻룶풴뗄벯뫏,웤퇐뺿뗄훘캪;Simon(1985)뾼싇떽뚯믺뗄든죵탔,떫믘뇜쇋믺믡훷틥;튪쒿뗄퓚폚뷢쫍웳튵캪뫎듦퓚닮틬탔틔벰죧뫎캬돖뺺헹폅Carnegie(1985)뗈튲춬퇹뫜뷷짷,죏캪쯼늢늻쫇웳튵ힷ쟳뗄쫆ꆣ뛔폚잰튻룶컊쳢튻룶훷튪쒿뇪ꆣퟜ뗄살쮵,듳뛠풴믹뒡샭싛컄쿗뛔믺믡훷,쯼뷨훺쇋뷸뮯싛뗄튻킩퇐뺿돉맻,벴닮틬뮯뗄풴?뢳,퓚슷뺶틀삵뗄ퟷ폃쿂탎돉쇋웦틬뗄ퟩ횯틥뇭쪾돶퇡뛱,쯹틔쿠뛔폚믺믡훷틥뗄볙짨,쯼룼잿뗷뗄쫇맟샽ꆣ떫룼뛠뗄컄쿗퓚폚퇐뺿웳튵죧뫎닅쓜믱좡뺺헹폅쫆죋샠뗄폐쿞샭탔ꆣ,
ꆡꆡ뛾ꆢ웳튵캪뫎듦퓚:풴믹뒡샭싛뗄닻쫍쪶닮틬탔듦퓚뗄잰쳡쿂,닺짺튻훖킭춬ퟷ폃ꆣ웳튵쓚늿횪쪶뗄쳦듺킧펦폫뮥늹킧펦붫뒴퓬탂뗄룼룟벶뗄훇솦놾,뷸뛸뛔웳튵탔훊뗄샭뷢뿉틔듓믹놾뗄럖컶떥캻돶랢,붫웳튵폐훺폚퓚튻뚨돌뛈짏뿋럾폐쿞샭탔뗄훆풼ꆣ웤듎,쿠뛔폚쫐쏨쫶돉캪럖컶떥캻뗄ퟛ뫏쳥[3],죧듋뻍뿉틔붫웳튵쫓캪튻쾵뎡췢늿붻틗,맍풱폫웳튵횮볤뗄돖탸뗄뷡뫏쪹뗃맜샭헟룼폐쇐붻틗웵풼뗄벯뫏(붻틗돉놾뺭볃톧)ꆢ튻쾵쇐쿠맘풴뗄벯샻폚믱뗃맘폚맍풱뗄쿠뛔헦쪵뗄탅쾢,뛸헢뇘좻튲폐훺폚퓚뫏(풴믹뒡샭싛)ꆢ튻쾵쇐맟샽뗄벯뫏(뷸뮯맛)ꆣ풴믹뒡튻뚨돌뛈짏붵뗍횪쪶뗄볪쒬탔돌뛈,뷸뛸룼볓돤럖뗘샻폃쒬샭싛튲춬퇹뿉틔뛔듋컊쳢ퟷ돶믘듰ꆣ믡탔죋솦놾쯹닺돶뗄룷쿮럾컱[8]ꆣ퓙듎,쿠뛔폚쫐뎡붻틗,쫗쿈ꆰ웳튵ퟩ횯쓚늿룼뛠뗄붻틗믺믡붫닺짺튻훖맟샽(routine)뫍맦,웳튵캪뫎듦퓚ꆱ헢튻컊쳢뿉틔듓햽싔풴뗄쫐뎡붻틗탔살럖컶ꆣ쯹캽햽싔풴쫇횸뻟폐틔쿂쳘탔뗄풴랶,헢붫폐훺폚뷸튻늽럅듳톧쾰쟺쿟킧펦ꆣ뗚쯄,웳튵ퟩ횯뮹:(1)늻췪놸틆뚯탔,벴튪듓쒿잰뗄풴쯹폐헟쓇샯믱좡룃붫평폚훘뢴뗄붻틗듙쪹짧믡놾뗄쳡룟,짧믡놾뗄믽샛폖풴쫇뫜삧쓑뗄[5]쳡룟쇋탐뚯뗄킧싊늢붵뗍쇋붻틗돉놾,뛸헢폖뷸튻늽듙뷸쇋,헢뿉맩틲폚풴뗄폐탔,벴튻쿮풴폃폚웳튵쳘뚨뗄탨튪틔훂뛔웤쯻웳튵쎻폐뛠짙볛횵붻틗ꆣ춬쪱,춨맽뷨훺짧믡놾,춨맽늻뛏뗄ퟩ뫏ꆢ붻뮻뫍릵;(2)늻췪놸쒣럂탔,벴웤쯻웳튵퓚뢴훆놾웳튵풴쪱붫쏦쇙뫜듳뗄춨,훇솦놾튲뗃틔쳡짽,뛸웳튵ퟩ횯쓚늿뗄훇솦놾쫇뿉틔늻좷뚨탔,헢뿉맩틲폚붻틗훐평폚볪쒬탔ꆢ뢴퓓탔ꆢ폐탔뗄뇤잶죫폚샻틦쿠맘헟횮볤뗄짧믡놾뗄[9]ꆣ듦퓚뛸떼훂뗄풭틲늻쏷ꆪꆪꆪ맜샭탐캪폫뺭볃뷡맻횮볤뗄틲웳튵ퟩ횯훎샭뗄쿠뛔폐킧탔,튲뿉틔듓럇뺭볃뗄뷇뛈살맻맘솪탔컞램좷뚨;(3)늻뿉쳦듺탔뷢쫍,뇈죧평폚죋쏇뛔뗀뗂뫍쯻쏇쯹쳡릩뗄뿉릲쿭뗄탎쿳폐,벴쒣럂헟컞램ퟶ떽틔늻춬뗄랽쪽ꆢ늻춬뗄풴훆뚨쿠춬뗄햽싔ꆣ햽싔풴뗄헢킩쳘튻훖욫뫃[10],춨맽닎폫헟뗄ꆰퟔ컒뇭퇝ꆱ뫍웤쯻뗄쮼쿫뇭듯,탔퓚훷맛짏룼틗듙뷸믺믡훷틥ꆢ뗀뗂컊쳢ꆢ웛욭폫튪킮뗈컊웳튵훐뗄룷돉풱뗄톧쪶뫍쿠뮥볤뗄킭뗷뻍믡놻뷡릹뮯ꆢ놻ퟩ쳢횯뮯,횪쪶뗄뒴퓬폫틆뗄쯙뛈뫍킧싊튲붫틲듋뛸뗃떽쳡,ퟮ훕붫떼훂쫐뎡뗄쪧쇩,폚쫇튲뻍탨튪틔웳튵ퟩ횯뗈웤쯻훎샭믺훆좥쳦듺쯼ꆣ떫쪵볊짏,벴쪹쎻폐믺믡훷틥,웳튵룟ꆣ죧삳놾쮹첹(1987)튲퓸잿뗷맽붨솢폚탅죎믹뒡횮짏뗄ퟩ횯죔뿉쓜듦퓚,틲캪믺믡훷틥늢쎻폐췪좫뗘쿻돽쯹폐뗄쒦웳튵ퟩ횯쿠뛔폚쫐뎡룼폐킧,컷쏉퓲잿뗷쇋웳튵ퟩ횯뗄쫗뒴닁ꆣ평폚죋샠죏횪쫀뷧뗄폐쿞탔,틔벰ퟔ컒뇭듯뗄늻돤럖뺫짱ꆢퟩ횯뗄죏춬룐뫍훒돏룐쪤폚떥뒿뗄뺭볃놨돪ꆣ늻맽헢탔훖럇뺭볃뷢쫍컞램뷢쫍ퟔ랢뗄뫏풼폫맍펶뫏풼뗄닮틬ꆣ,벴튻룶죋쯹쓜릻뇭듯돶살뗄풶풶횻쫇웤쯹횪뗄튻늿럖[7],쯹틔쎿룶죋뗄횪쪶ퟜ폐튻늿럖뇘좻쫇쮽폐뗘햼폐ퟛ짏쯹쫶,풴믹뒡샭싛뛔웳튵ퟩ횯탎돉뗄뷢쫍뿉틔춨,헢뻍틢캶ퟅ닎폫헟쯹펵폐뗄횪쪶늻뿉뇜쏢뗘듦퓚닮틬ꆣ헢훖맽쿂춼살룅삨(춼1)ꆣ늢쟒평짏쫶럖컶뿉횪,퓚풴믹뒡샭닮틬탔떼훂죎뫎탂쿮쒿뗄톡퓱뚼늻믡ퟔ뚯탎돉,뇈죧튪ꆰ랢싛쿂,웳튵뗄릦쓜튲붫랢짺뇤뮯,벴쯼펦쿲틔쿂벸룶랽쏦:쿖ꆱ닎폫헟뗄쳘탔뻍뇘탫춨맽뎤웚뗄ꆢ럑솦뗄첸에,냼삨뛔랢튻쫇ퟛ뫏/킭뗷룶쳥횪쪶;뛾쫇뒴퓬뻟폐짧믡탔훊뗄탂횪쪶;웰죋뗄럖컶벰웤쯹틀뻝횪쪶뗄뇭듯ꆣ쇭췢닎폫헟룶쳥횪쪶죽쫇놣뮤쓑틔퓚쫐뎡뮷뺳훐춨맽램맦살놣뮤뗄훇솦닺좨ꆣ뗄닮틬튲붫듙쪹쯻쏇ퟷ돶늻춬뗄에뛏믲풤웚늻춬뗄뷡맻,늢쟒퓚뇭듯맛뗣믲쳡릩쇏쪱벴쪹듦폐돤럖뗄탅죎튲췹췹컞ꆡꆡ죽ꆢ풴믹뒡샭싛뛔웳튵뇟뷧뗄닻쫍램쿻돽쯹폐룶쳥볤횪쪶뫍에뛏뗄닮틬ꆣ쪵볊짏,틬틩폀풶늻뷢쫍웳튵ힷ쟳뗄믮뚯랶캧쫇샭뷢닺튵ퟩ횯뗄뫋탄ꆣ웳믡쿻돽,벴쪹랢웰죋뺡ퟮ듳뗄얬솦,벴쪹춨맽돏쪵뗄탐캪뺡튵뇟뷧랴펳뗄쫇웳튵폫쫐뎡횮볤뗄맘쾵,벴쓄킩믮뚯붻평쫐솦뗘뛔웤쯻죋뷢쫍웤샭평,춬쪱튲벫솦뗘좥샭뷢쇭튻룶닎폫뎡췪돉,쓄킩믮뚯폖붻룸웳튵췪돉ꆣ쿖듺웳튵샭싛훷튪쫇듓헟뗄뒦뺳ꆣ돏쪵뗄탐캪,냼삨ퟮ듳뿉쓜뗘뷒슶쿠맘쫽뻝,늢ퟝ쿲튻쳥뮯뗄뷇뛈살첽쳖헢튻컊쳢뗄,떫평폚웤볙짨죋샠쎻늻쓜좷놣튻룶ꆰ뿍맛뗄헦쪵ꆱ뻍믡돶쿖,쟒놻쯹폐닎폫헟쟡틗폐뫏ퟷ,늢닉폃뇈뷏뺲첬럖컶램뗈늻ퟣ뛸쫜떽풴믹뒡샭싛뗘죏횪떽ꆣ쯹틔탅쾢뒦샭뫍횪쪶뇭듯뗄뻖쿞붫닺짺횪쪶믹횧돖헟뗄엺움[1]ꆣ뒡뗄붻틗돉놾,뛸햽싔풴뗄쳘탔폖볓듳쇋붻틗뗄쓑뛈,헢ꆡꆡ1.풴폫웳튵돉뎤뻍쪹뗃돏쪵뗄룶쳥튲늻쓜쟡틗듯돉뫏풼,폚쫇탨튪뷨훺웤쯻튪뷢쫍풴폫웳튵뇟뷧뗄맘쾵,쫗쿈뻍펦럖컶풴뛔웳뗄훎샭믺훆틔뺡뿉쓜뗘뷢뻶헢튻삧뺳ꆣ튵돉뎤쫇럱뻟폐펰쿬,웳튵뺭펪뇟뷧횻쫇웳튵돉뎤뗄뷡맻뇭퓚풴믹뒡샭싛뾴살,웳튵ퟩ횯늢늻쫇뛔쫐뎡쪧냜뗈췢쿖뛸틑ꆣ쫗쿈,웳튵풴붫펰쿬웳튵뗄돉뎤랽쿲ꆣ헢뇭쿖퓚짺쟩뿶뗄놻뚯랴펦,뛸쫇쯼놾짭뻍뻟폐튻훖뇈뷏폅쫆(벴캪쪲웳튵쟷폚뷸죫폫떱잰풴쿠맘뗄풴쇬폲[2];튲쟷폚뷸죫뻟쎴늻뿉틔쮵쫇평폚웳튵ퟩ횯뗄쪧냜뛸떼훂쇋쫐뎡뗄탎돉쓘)ꆣ폐쿠쯆컄뮯쳘헷뗄쫐뎡,늢삩헅떽폫풴쿠맘뗄튵컱훐좥ꆣ쫗쿈,웳튵늻춬폚쫐뎡,쯼쫇춨맽맍펶맘쾵뛸탎돉뗄,헢쪹뗃튲뻍쫇쮵,쫇럱닉좡ퟝ쿲튻쳥뮯닟싔,웤에뛏뇪ힼ퓚폚쯹뷸맍풱뇘탫ퟱ듓맍훷뗄좨췾ꆣ퓚듋맍펶맘쾵뗄훆풼쿂,웳튵붫죫떽뗄춶죫욷튪폐쓜솦틔룼뗍짺닺돉놾뷸탐짺닺ꆣ죧죽탇돉캪튻룶톧쾰탍뗄ퟩ횯,튻랽쏦룷돉풱횮볤뗄횪쪶붫닺짺튻뗧ퟓ릫쮾,뷼살삩헅웤햽싔튵컱떥풪늢퓚튻룶맣랺뗄뗧ퟓ쇬훖쳦듺킧펦,벴쇓뗈횪쪶붫놻폅뗈횪쪶쯹좡뗞[8],쇭튻랽쏦웳폲뷸탐솪쏋,헢쫇평폚쯼맀볆쯹뷸죫뗄쿠맘믮뚯볤폐탭뛠뮥튵쓚늿욵랱붻틗뮹붫탎돉튻훖횪쪶뗄뮥늹킧펦,벴퓚퓊탭횪늹탔,쟒헢쓜듙뷸ퟩ횯뗄벯쳥톧쾰,쳡룟웤햽싔톡퓱믺믡(죧53
춼1ꆡ햽싔풴폫웳튵뗄탎돉탂닺욷톡퓱),늢틲듋뛸쳡룟릫쮾벯쳥횪쪶듦솿,ퟮ훕붵뗍짺샭뷢쓜솦,헢킩닅쫇뻶뚨탔뗄틲쯘ꆣꆰ웳튵횮쯹틔닉좡튻쳥닺돉놾[11]ꆣ웤듎,웳튵풴듦솿붫펰쿬떽웳튵뗄돉뎤쯙뛈ꆣ뮯,샭평튻뚨쫇캴튻쳥뮯뗄튵컱떥풪컞램틔ퟮ짙뗄ꆢ뫏샭뗄역싞쮹뷢쫍뗀[6],폃폚맍펶뫍뾪랢맜샭헟쓜솦뗄쪱볤뫃뇈쫇돉놾붫탅쾢뒫뗝룸쯻쏇뗄릩펦짌ꆱ[16],뛸헢폫붻틗쮫랽좱랦웳튵돉뎤뗄훆뚯웷,퓚맜샭헟믱좡돤럖뗄웳튵쯹탨튪뗄룷훖튻룶릲춬뗄짌튵컄뮯ꆢ뫏쫊뗄릹쓮뫍맦랶ꆢ릲춬뗄볛횵맛벰쓜솦횮잰,평폚엠폽믮뚯볈튪샋럑엠폽헟뗄쪱볤,폖튪뮨럑탂쒿뇪듦퓚뇘좻뗄맘쾵,틲캪퓚헢훖쟩뿶쿂쮫랽늻쫇쮵춬튻훖뗄맜샭헟뗄쪱볤,틔훂웳튵뗄돉뎤붫퓝쪱뗘뗸죫뗍마,횻폐떱폯퇔,췹췹쎻폐릵춨뗄쓜솦,틔훁폚쫐뎡뛔웳튵쿫튪쪲쎴쫇탂뗄맜샭풴뫍쓜솦뗃틔랢햹쇋,쯼쏇닅믡볓쯙웳튵뗄돉뎤ꆣꆰ늻쫬쾤뗄ꆱꆣ죧듋춨맽튻쳥뮯뗄랽쪽뻍폐훺폚뮺뷢평폚솽춬퇹,볈폐뗄ퟩ횯맟샽[12]뫍놾뗄믱좡쓜솦뛔웳튵돉뎤쯙뛈룶훷쳥퓚쪵볹뿲볜폫죏횪뿲볜훐듦퓚늻뿉뿘뗄닮틬탔쯹듸튲폐쿠쯆뗄펰쿬ꆣ틲듋튻탄쿫돉뎤뗄웳튵뺭뎣놻웈좥헒떽뿋살뗄붻틗돉놾컊쳢ꆣ헽죧Foss쯹퇔ꆰ:횻폐튻쳥뮯뗄웳튵닅럾풴쾡좱뗄랽램[13]ꆣퟮ뫳,웳튵볤풴뗄닮틬쪹뗃룷웳튵좷쟐뗘횪뗀쯼쿫튪쪲쎴,쿠맘횪쪶튲놻잿폐솦뗘ꆮ벷돶ꆯ웳짺닺믮뚯ꆢ짺닺돉놾룷늻쿠춬[14],뷸뛸쟽뚯쇋닺욷/럾컱뗄닮튵,늢놣쇴퓚쯼뗄쓜솦횮훐ꆱ[16]ꆣ틬,뛸평폚릺싲헟뺭뎣횻욫뫃폚쒳튻킩풴엤훃뗄닺욷,폚쫇웤듎,퓚헻뫏횪쪶뗄맽돌훐튲붫닺짺뚯첬뗄붻틗돉놾,웳튵벨킧뗄닮틬뮯뻍ퟔ좻돶쿖쇋[2],뛸닮틬뗄돖뻃탔폖틀삵쯹캽뚯첬붻틗돉놾뻍쫇횸쓇킩ꆰ쮵럾ꆢ첸에ꆢ킭뗷벰뷌폽췢늿폚뺺헹헟믱좡쿠쯆풴뗄쓑틗돌뛈[4]ꆣퟛ짏쯹쫶,웳튵풴릩펦짌뗄돉놾ꆱ[17]ꆣAnoopMadhok퓸붫붻틗돉놾럖돉솽폫웳튵뗄돉뎤횮볤듦퓚뇘좻뗄틲맻맘쾵ꆣ샠[18]:(1)붻틗돉놾I샠탍,쯼냼삨쓇킩뒫춳뗄폫붻틗돉놾맛ꆡꆡ2.풴믹뒡샭싛쿂웳튵뇟뷧뗄좷뚨쿠맘뗄돉놾,죧쯑톰ꆢ톡퓱ꆢ움볛ꆢ첸에벰횴탐돉놾,헢틑맣캪룹뻝풴믹뒡맛볙짨,벴횪쪶쫇뻟폐쒬믡탔뗄ꆢ룶쳥쫇폐죋횪ꆣ헢훖돉놾뗄랢짺쫇평폚쯼볙뚨듦퓚잱퓚뗄믺믡훷틥,쿞샭탔뗄,웳튵ퟝ쿲폫쮮욽뇟뷧뻍뿉틔룹뻝횪쪶샻폃뗄쿠뛔폚쫇탨튪헽쪽뗄훎샭ꆣ(2)붻틗돉놾II샠탍,쯼맣랺뗘짦벰킧싊살럖컶[15]ꆣ뇈죧,볙짨췪돉쒳닺욷뗄짺닺탨튪AꆢB솽룶떽훂솦폚쮵럾ꆢ엠통ꆢ뷌떼벰톧쾰뗄돉놾,쫇폫ꆰ뷌폽ꆱ폐맘,뷗뛎,죧맻캬돖B뷗뛎뗄짺닺탨튪샻폃A뷗뛎훐쯹쪹폃뗄횪폫죏횪쓜솦폐맘뗄ꆣ쯹틔폐쿞샭탔쿠뛔폚믺믡훷틥룼뿉쓜쪶,뛸쫐뎡컞램폐킧뗘뮻횪쪶,듋쪱A뫍Bퟝ쿲쿠쇚뷗뛎뻍떼훂붻틗돉놾II샠탍ꆣ풴믹뒡맛뗄톧헟붫헢훖뚯첬뗄붻뿉틔ퟛ뫏샻폃떽춬튻웳튵쓚늿,틲캪ퟛ뫏쓇킩쫐뎡쯹컞램폐틗돉놾돆캪횪쪶돉놾(know][11]ledgeco[1st),쯼쫇럖컶웳튵킧뗘ퟛ뫏뗄폐뮯뗄뻟폐쿠쯆쳘탔뗄횪쪶붫폐훺폚쳡룟횪쪶뇟뷧뗄튻룶뫋탄횸뇪[1]ꆣ횪쪶돉놾훷튪쳥쿖폚웳튵쓚늿뗄뗄맦쒣킧펦뫍킭춬킧펦ꆣ헢뻍쫇쮵,풴믹뒡맛퓚럖컶웳튵톧쾰맽돌횮훐,틲캪톧쾰맽돌늻뷶탨튪쪱볤,뛸쟒평폚웤뷡뗄뇟뷧뗄쪱뫲,틑붫풴뗄ꆰ쫕틦ꆱ튲뾼싇뷸좥쇋ꆣ맻벰뷡맻쯹닺짺뗄킧폃늻쓜췪좫뗘쫂잰뻶뚨,쯹틔뚯첬톧쫗쿈,붻틗닎폫헟뗄죏횪쓜솦뗄닮틬뮯붫듙뷸튻쳥뮯뗄쾰맽돌쫇늻컈뚨뗄ꆣ쯹틔퓚풴믹뒡맛뾴살,횪쪶돉놾붫좡탎돉ꆣ죋샠뗄죏횪쓜솦쫇폐쿞뗄,뛸쟒쫇닮틬뮯뗄,폚쫇듦뻶폚틑폐뗄횪쪶듦솿,떱톧쾰맽돌쫇잿쇒뗘뮥늹쪱,벴톧쾰퓚탅쾢늻뛔돆,뫏풼튲뻍늻뿉쓜쫇췪놸뗄ꆣ럇췪놸뫏풼쫇뷢맽돌쫇뮥쿠틀삵쪱,헢뻍ퟮ폐샻폚붫룷쿮믮뚯ퟩ횯퓚늻췪놸쫍웳튵뇟뷧뗄튻룶뇘튪쳵볾,떫풴믹뒡맛늻춬폚붻틗돉놾뫏풼뗄뷡릹쓚늿,춨맽벯훐뮯살뿘훆,벴훃폚춬튻닣벶뷡릹맛뗄쫇,쯼늢늻벯훐폚평폚럇췪놸탔뛸닺짺뗄잱퓚뗄믺믡훷쿂,틲캪듋쪱뗄횪쪶듦솿횮볤뗄킭뗷ퟷ폃뗄킧펦룼듳,쟒헢틥믲뗀뗂컊쳢,쯼죏캪퓚뻶뚨쫇닉좡ퟔ훆뮹쫇췢릺뗄뻶닟폖뷸튻늽붵뗍뫳탸뗄믱좡횪쪶(톧쾰)뗄돉놾ꆣ쪱,닎폫헟횮볤쫇럱쓜릻듯돉튻훖쒬웵뗄죏횪쓜솦ꆢ릲춬뗄ퟜ뛸퇔횮,풴믹뒡맛잿뗷뗄쫇웳튵뗄짺닺뫍릵춨,퓚54
좷뚨웳튵뗄뇟뷧쪱펦틔뺻쫕틦ퟮ듳뮯캪뇪ힼ,볈튪쪹횪쪶돉풴뛔돉뎤뗄쿞훆췢,풴믹뒡샭싛뮹쎻폐쾵춳뗘쳡돶떽뗗놾뫍짺닺돉놾ퟮ킡뮯,폖튪쪹쫕틦ퟮ듳뮯(릫쪽(3)),뛸늻쫇쫇쓄킩틲쯘쿞훆쇋웳튵뇟뷧ꆣ늻맽뿉틔뿏뚨뗄쫇,폫쓇훖믘웳튵뗄붻틗폫벤샸,폚쫇훮죧ꆰ믺믡훷틥돉놾ꆱ뗈횸뇪늢럇쯼뇜뗄ꆢ쿻벫뗄훷쇷웳튵샭싛늻춬,풴믹뒡샭싛닉좡쇋튻훖뗄훷튪쓚죝,짵훁늻볓틔뾼싇,믲헟쫓캪뫣뚨늻뇤뗄틲쯘ꆣ훷뚯뗄ꆢ샖맛뗄ꆢ볛횵뒴퓬떼쿲뗄첬뛈좥뛔듽웳튵ퟩ횯,쯤좻풴믹뒡맛뛔웳튵뇟뷧뗄뷢쫍죔뒦폚뫜늻돉쫬뗄뷗뛎,쯼튲폐쯹욫웄,틲캪쪵볊짏뫜쓑업돽뺭볃탐뚯헟뿉쓜잱퓚뗘쯤튲폐튻킩톧헟뾪쪼쇋듋랽쏦뗄쪵횤퇐뺿,떫쫇쫽솿늢늻쫜ퟔ샻떼쿲탐캪뗄쟽뚯(믲춬쪱쫜떽ퟔ샻떼쿲폫릲샻떼쿲뗄뛠[19]ꆣ맛뗣횮튻쫇죏캪퓚뻶뚨웳튵뇟뷧뗄햽싔톡퓱훐,짺쟽뚯),떫쯼뗄퇐뺿쫓뷇컞틉뻟폐샯돌놮뗄틢틥[8]ꆣ닺돉놾붫웰ퟅ뻶뚨탔뗄ퟷ폃ꆣ죧Walker뫍Weber뛔ퟔ훆뮹쫇췢릺뗄쪵횤퇐뺿뷡싛뇭쏷[19],짺닺돉놾쿠뇈붻틗돉놾룼ꆡꆡ쯄ꆢ뷡쫸폯벰쮼뾼볓훘튪;Langlois뫍Robertson튲춬퇹랢쿖[20],퓚퓧웚뗄웻뛔폚웳튵ퟩ횯뿉틔듓늻춬뗄뷇뛈,죧닺좨맘쾵ꆢ캯췐듺뎵탐튵,뢣쳘횮쯹틔ퟝ쿲튻쳥뮯뷸죫엤볾훆퓬,헢쫇평폚퓚샭맘쾵ꆢ붻틗돉놾뗈좥퇐뺿,늢쟒헢킩늻춬뗄퇐뺿럖횧뚼틑틽죫뿉틆뚯짺닺쇷쮮쿟뫳뢣쳘릫쮾뻍뿉틔틔룼뗍뗄돉놾짺좡뗃늻짙뗄돉맻,캪첽쯷웳튵ퟩ횯헢튻뫚쿤ퟷ돶쇋튻킩쇮죋닺엤볾(맦쒣늻뇤)ꆣ맛뗣횮뛾쫇죏캪짺닺볛횵솴훐뗄쓜솦헱럜뗄릱쿗ꆣ뛸뺭볃톧놾짭쯹맘힢뗄쫇붫풴엤훃룸폐짺쿎뷓탔붫쫇뻶뚨웳튵뇟뷧뗄튻룶맘볼탔틲쯘ꆣ죧Chandler닺솦뗄뺭볃믮뚯헟,헢뻍쮵쏷듓풴헢튻뷇뛈좥퇐뺿웳튵ퟩ퓚뚨솿퇐뺿뫳횸돶[21]:웳튵뗄뇣샻짨쪩뫍벼쟉(뛸늻쫇쓚늿횯뫜뿉쓜쫇튻룶뫜뫃뗄뎢쫔ꆣ역싞쮹(1959)뛔웳튵맜샭훎샭뗄벤샸돉놾쿠뛔폚쫐뎡훎샭뗄벤샸돉놾)쫇뻶뚨쪲쎴펦풴폫웳튵돉뎤횮볤뗄싟벭맘쾵뷸탐쇋뾪뒴탔뗄퇐뺿ꆣ놾컄퓚웳튵쓚늿췪돉,쪲쎴폖펦퓚쫐뎡훐췪돉뗄ퟮ훘튪뗄틲쯘ꆣ죏캪ퟷ캪웳튵샭싛뗄뗚컥룶럖횧뗄풴믹뒡샭싛[22]퓚뷢쫍퓚풴ퟩ뫏맜샭훐,닺욷믲풴뛠풪뮯톡퓱뇘탫룹뻝뛌웚뻹웳튵캪뫎듦퓚틔벰떽뗗쫇쪲쎴틲쯘쿞훆쇋웤맦쒣뫍랶캧랽뫢킧펦(헽죧닺욷ퟩ뫏)뫍룼짮풶뗄뎤웚삩헅쓜솦살움볛ꆣ쏦ퟷ돶쇋첽쯷탔뗄퇐뺿ꆣ떫뫁컞틉컊,듓풴뷇뛈살첽쳖웳헢훖쏴뷝햽싔뿉맩틲폚죕놾웳튵뗄햽싔쮼쿫,뇈죧튪쿫뷸죫튵탔훊쫆뇘쏦쇙탭뛠뗄컊쳢,룹놾뗄컊쳢뻍쫇떽뗗쫇쪲쎴틲볆쯣믺닺튵,쫗쿈뻍뇘탫뾪랢폫킾욬쿠맘뗄벼쟉,뛸헢쫇죕쯘뻶뚨튻룶웳튵뗄짺닺벯뫏쓘?낢싞뫍맾뛷퓸쪮럖쏷좷뗘놾웳튵룼죝틗뷸죫뗄닺튵,틲캪쯼쏇틑뺭펵폐쇋듋쇬폲쯹탨횸돶맽[23]ꆰ:짺닺뿉쓜탔벯뫏쫇웳튵맘폚뇤짌욷뗄뿉쓜탔뗄튻킩벼쟉ꆣ튲폐톧헟쫔춼듓횪쪶뗄붻틗쓑뛈폫붻틗욵싊뗄횪쪶ힴ첬뗄쏨쫶ꆱꆣ볈좻짺닺뿉쓜탔벯뫏쫇횪쪶,쓇쎴헢돶랢,첽쳖웳튵뇟뷧컊쳢,벴죧맻닎폫헟횮볤뗄횪쪶붻틗뇈튻횪쪶뗄탔훊뫍ힴ첬쫇헢퇹뗄?쯼퓵퇹쯦쪱볤뛸뇤뮯?퓚뷏삧쓑(뻟폐쒬믡탔),쟒튪쟳붻틗뗄욵싊뇈뷏룟,퓲ퟮ뫃닉튻룶룸뚨뗄쪱볤샯,튻쟐횪쪶뗄ힴ첬뚼튻퇹싰?뛔듋,헽춳좡튻쳥뮯뗄훎샭쒣쪽,뛸죧맻닎폫헟횮볤뗄횪쪶붻틗럇뎣볲뗄뺭볃샭싛쎻폐뾼달ꆣ쓉뛻즭뫍컂쳘횸돶횪쪶듦퓚폚ퟩ횯떥(뻟폐쏷컺탔),쟒튪쟳붻틗뗄욵싊늻첫룟,퓲ퟮ뫃닉좡쫐뗄맟샽횮훐[12],떫맟샽훐뗄뫎훖횪쪶뿉쓜돉캪웳튵쓜솦?뎡뗄훎샭쒣쪽,뛸웤쯻쟩뿶쿂닉좡튻훖훐볤훎샭믺훆,죧햽쫇벼쫵탔횪쪶싰?죧맻쫇뗄뮰,쪲쎴퇹뗄뇪ힼ뿉틔퓚ꆰ벼쫵싔솪쏋폫뫏ퟷ믲헟쳘탭뺭펪뗈,퓲쫇뇈뷏뫃뗄ꆣ짏뿉쓜뗄ꆱ폫ꆰ벼쫵짏늻뿉쓜뗄ꆱ짺닺믮뚯횮볤탎돉튻쳵쿊쏷풴믹뒡맛훁짙폫붻틗돉놾샭싛벰웤쯻웵풼샭싛튻퇹,뷧쿞?컞싛횪쪶퓚웳튵ퟩ횯뗄랶캧쓚쫇쪲쎴몬틥,횪쪶뗄ힴ튲춬퇹쓜믘듰웳튵뗄듦퓚ꆢ뷡릹벰뇟뷧뗈컊쳢[21],떫뛔폚첬뿏뚨쫇틗뇤뗄,쓇쎴튻룶웳튵펵폐뗄횪쪶폫웤쯻웳튵펵폐풴믹뒡맛튲늻쫇컞뿉횸퓰뗄ꆣ떱풴믹뒡맛뗄횧돖헟쯦웤뗄횪쪶퓵쎴솪쾵?웳튵뗄뇟뷧뻍쫇횪쪶뫍풴뗄뇟뷧싰?쮼쿫쳡돶튻쾵쇐폐틢틥뗄룅쓮,죧쒬믡탔횪쪶ꆢ훇솦쒣쪽ꆢퟩ죧맻풴뫍쓜솦틔벰횪쪶뻶뚨쇋웳튵뗄뇟뷧,쓇쎴웳튵뗄헢횯톧쾰ꆢ웳튵컄뮯벰웤쯻샠쯆맛뗣쪱,쯻쏇늢캴쿪뺡뗘뷢쫍킩풴ꆢ쓜솦뫍횪쪶놾짭뗄뷧쿞폖퓚쓄샯?벴쪹컒쏇쓜퓝쪱캪쪲쎴헢킩릤ퟷ룼뫃믲룼닮뗘ퟩ횯퓚튻룶튻쳥뮯뗄웳튵퓚룅쓮짏뷢뻶늿럖컊쳢,떫퇐뺿헟폖죧뫎닅쓜뿋럾훮죧풭틲(AB)훐뛸늻쫇퓚솽룶ퟔ훎뗄웳튵훐(A뫍B),틲캪헢킩횪쪶늻쏷ꆢ슷뺶틀삵뗈쒣뫽늻쟥뗄볬퇩쓑쳢쓘?뗈뗈ꆣ죧맻훮죧쳘탔늢럇캪웳튵ퟩ횯쯹뛀폐,닺튵쟸폲ꆢ웳튵췸싧벰웤쯻훎듋샠뗄룷훖컊쳢죔뻃늻뷢뻶,퓲웳튵튲붫죔뻉쫇튻룶쎻폐뷒샭탎쪽튲펵폐듋쳘탔ꆣ폖죧,햽싔맜샭훐뗄풴믹뒡맛죏뾪뗄뫚쿤ꆣ캪,릺싲랽폫릩펦랽뗄쿠뛔쓜솦쫇뻶뚨ퟝ쿲튻쳥뮯뗄훘튪틲쯘,틲캪웳튵펵폐늻춬뗄쓜솦,쯼쏇뿉틔틔늻춬뗄돉놾횴탐닎뾼컄쿗:쿠춬뗄믮뚯ꆣ쯦ퟅ쓜솦뗄쿠뛔뇤뮯,웳튵뇟뷧튲펦쿠펦뗘뗷[1]ꆡ,IncompleteContractsandOr2헻,떫쪵볊짏,뻍쒿잰뛸퇔,풴믹뒡맛뗄퇐뺿랽램뮹컞램뷸ganizationalLearning[R].DruidWorkingPaper,탐폐킧뗘풤닢,횻쓜쫂뫳뷢쫍,쯹틔풴믹뒡맛럇뎣폐뇘튪1996:96.랢햹튻룶쏷컺뗄뇪ힼ틔본뇰웳튵쓜솦늢뛔웤쳘헷뮯,튲탨쳡[2]ꆡWernerfelt,-BasedViewofFirm[C].릩룼뛠뗄낸샽[20]ꆣ1984,(ed.),Resource,firms,andStrat2ퟜ쳥뛸퇔,풴믹뒡샭싛뷢쫍웳튵탔훊뗄싟벭늢쎻폐뗃::116ꆫ130.떽랢햹,떽쒿잰캪횹,튲탭돽쇋역싞쮹(1959)쯹쳡떽뗄맜샭[3]ꆡ:Govern255
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