Transaction Cost Accounting Research Problem

This paper, takes the Coase’s transaction costs theory as the theoretical basis, combining with the existing enterprise accounting system, and the finical data disclosured by the financial statements, to tentatively establish a enterprise transaction cost model with accounting data, and using the data of china’s estate industry, to analyze the relationships between the transaction costs and enterprise boundary, enterprise growth, the economic growth in china.Because the measurement process of transaction costs has many problems, such as the diversified definition of transaction cost, the reliability of the data sources, etc. Firstly,we combine with some famous institutional economists theories of Coase, Williamson and ZhangWuchang to define the micro transaction cost concept as "the cost except material conversion in the enterprise operation". Then, using the modern enterprise accounting measurement theory mechanism to explain that the accuracy, completeness, independence and reliability of modem accounting data are all in line with the requirements of the transaction cost measurement.After that, we take an analysis on the enterprise process with the "Contract" economic theory, and summarize each contract to accounting subject. Finally, according to Commons’s trade theory, we establish the accounting measurement model of transaction cost and put forward the empirical hypothesis. This paper proposes four empirical hypothesis which are respectively related with the size of the enterprise, the enterprise growth rate, competitiveness and macro economic growth and selects real estate industry in China as the sample data for analysis.Through empirical analysis, this paper get the following conclusions:Firtly, in the real economy system, the marginal transaction costs of the largest enterprise are not the biggest in the same industry which means there is not significant positive correlation between transaction costs and enterprise scale. Secondly, single enterprise’s average transaction costs present a quadratic function relation (U) with the enterprise growth. There is a best enterprises expand speed which makes the enterprise haves the lowest average transaction costs. Thirdly, Tobin Q which substitute enterprise competitiveness has not obvious negative correlation relationship with average transaction costs. Last, the transaction cost accounting for the proportion of output increased year by year before2002in our country, which demonstrate that the faster economic development, the higher cost of trading ratio is. However, following China’s entry into the WTO in2002, China’s internal and external economic environment has changed. In order to adapt to the competition of the international market and improve the trade efficiency, the transaction cost ratio fell dramatically.According to this study, we put forward relevant policy suggestions. First, each enterprise should forecast the best growth rate according to historical data and the data in the industry bench enterprises. The second, on the basis of Tobin Q, China’s capital market has huge bubble which should cause the attention of securities regulators. The third, our country should strongly encourage the development of "the service industry", to accelerate the reform of the economic structure, speed up the specialization division and improve transaction cost share of output ratio.