关键词: GHM模型 , 外部选择权 , 专用性投资

Abstract:

There are different ideas about the relation between outside option and specific investments in academic fields The property theory (mainly GHM model) thinks that the increases in outside option will protect the profits from specific investments, hence strengthen the investors incentives of specific investments They consider that increases in outside option increase specific investments However, some scholars think increases in outside option can also reduce the level of specific investments, when the outside option is binding This means more property may not lead to more specific investments This paper tries to make clear this dispute, and builds a new theoretical model based on a new definition about outside option in a noncooperative game framework The results show that given this new environment increases in outside option also can lower the incentives of specific investments Moreover, we firstly give an empirical test to the relation between outside option and specific investments by using the micro contract data of tobacco in Yunnan province in China, and find there is a negative relation between the outside option and specific investments The results, opposite to the main ideas of property theory, have some theoretical and practical meanings to some extent.

Key words: GHM model , outside option , specific investments