The Belt And Road Construction Based On The Theory Of Transaction Costs

The "One Belt and One Road" initiative was proposed by President Xi Jinping in 2013.After several years of development,the three principles of " the Belt and Road " and the six economic corridors and two key directions have been clarified.The AIIB and the silk road fund have also been established,and "the Belt and Road" has reached a stage of rapid development.“The Belt and Road" initiative is ultimately an initiative of cooperative institutional arrangements,involving multiple countries and economies,and the problems facing regional economic cooperation are more prominent.It is of great significance to analyze them from the perspective of transaction cost theory.Based on the theory of transaction cost,this paper makes a feasibility analysis of "the Belt and Road" construction,finds out its theoretical basis and preconditions,and analyzes the source of transaction costs in international cooperation based on the state as the subject of transaction behavior,namely the limited rationality,opportunism and asset specificity existing in the process of cooperation.In the study of the transaction costs of the Belt and Road,the transaction costs are divided into market transaction costs,management transaction costs and political transaction costs,and the specific theoretical analysis and interpretation are carried out.Based on the data of The World Economic Forum and the world bank,the transaction cost index system is set up,and regional research and empirical analysis are carried out on the major countries along the Belt and Road.It is believed that the transaction cost gap between the countries along the Belt and Road is relatively large,which is constrained by the economic foundation and geographical position.The market transaction cost can promote regional economic cooperation in the early stage of construction.Meanwhile,the BCIM economic corridor is a difficult point in the construction of "the Belt and Road".China and major oil countries have a great advantage in the construction of the Belt and Road.In the process of "the Belt and Road",we should build a large-scale information exchange platform,reduce the degree of information asymmetry,adapt to local conditions,develop gradient,implement different cooperation systems,and give full play to the advantages of national endowment.We should strengthen cooperation between government and enterprises,take advantage of international market forces,tripartite governance,overcome the problem of asset specificity,and reduce trade uncertainty and opportunistic behavior.We should strengthen exchanges with countries along the belt and road,increase mutual trust and increase the effectiveness of our commitments.We will continue to promote the development of the AIIB and the silk road fund,actively promote the establishment of development financial institutions,and provide financial support for the Belt and Road construction.