Research On The Influence Of Credit Investigation System On Transaction Cost

The famous economist, Wu Jinglian once pointed out that credit is the life of market economy. The core of market mechanism allocating resources is transaction, which should be based on contract and credit. Along with the complication of transaction, the increasingly expanding market relation sets up mutually united credit relation. Credit becomes the "chain" and "ligament" which connect complicated relation of various trade corpuses. So we can say market economy is also credit economy. When credit system was weak, in pursuit of maxima benefits, some market corpuses would choose opportunism strategy by all means, such as violating agreement, cheating, escaping and discarding debt, etc. If this situation went on, the latent dealers would lose confidence, or expense more information cost, maintaining cost. Then transaction cost would rise sharply, and the market couldn't operate effectively.From the angle of "Contractual Man", Williamson put forward that transactions in market should all depend on clear or dark contracts, and bounded rationality and opportunism are the core factors of transaction cost. Based on that, the article adopts integrated qualitative and quantitative research methods after reviewing plentiful related literatures. The paper firstly studies the related theories of credit investigation and transaction cost, and put forward that transaction cost can be sized by information cost, contract operating cost and maintaining cost. Secondly, through setting up one-off game and repetitive game theory model and studying past theories, the paper analyzes the mechanism of credit investigation system decreasing transaction cost.Through issuing questionnaires, the study collects data of credit investigation system's validity and transaction cost. Based on that, the paper adopts mathematical statistical software, such as SPSS 13.0, Lisrel 8.70, and Eviews 3.1, and carries out Item Analysis, Factor Analysis, Granger Causality Test, Multiple Regression and AHP-IMP Model. Then the paper gets the relationship model of credit investigation system decreasing transaction cost. All these demonstrate the relationship between them, and enlighten China's credit investigation system further perfecting as the reference suggestions.