The Study Of Joint Investment Force And Coorperation Stability Of Zhejiang Private Enterprises

Zhejiang is a province of private economy, but the private enterprises'"low, small, scattered," seriously impede the economic development. Regardless of the financial crisis in the past or "the twelfth five" in the usher, small-scale, low-skilled, low value-added private enterprises have closed down, therefore the industrial transformation and upgrading is particularly urgent, and become the focus of government and business again. The joint investment of private enterprises a breakthrough of Zhejiang's economic transformation and upgrading, and it plays an increasingly important role in economic development. The good news is abundant private capital, over and over investment boss, has laid a solid foundation for the joint of the company. But the joint investment of private enterprises is seriously lack of initiative, and the joint force is clearly insufficient. Even private enterprises had taken the joint investment, most of them were unstable, and finally they were end in failure, return to the origin alone. In the international background of multinational companies seize global market increasingly and domestic background of being caught up by other provinces, the state-owned enterprises only need the government lead to co-operate and keep stable, but the joint development of small private enterprises lacks not only lead people, but also joint investment initiative and stability. Therefore, the research for the force and stability of the joint investment of Zhejiang's private enterprises, is undoubtedly of great practical significance for Zhejiang's economic development, simultaneously providing empirical support for investment decision-making and policy formulation of private enterprises in Zhejiang Province.At first, this paper introduces the transaction cost theory, property rights control theory as well as applying Grossman-Hart model to analyze and solve the problem of insufficient power of joint investment. Then through Olson model analysis, obtain an equilibrium solution of collective action dilemma. Making use of infinitely repeated games with two independent companies to get a strategy that ensure the joint investment long-term and stable. In the case of Asset-specific investment, creatively using combined model of Grossman-Hart and game to obtain a strategy that inhibits opportunistic behavior, so that enterprises can maintain long-term stability of the joint investment. In addition, with the development of private economy in Zhejiang Province and typical cases of joint investment to illustrate that joint investment is an important approach to make Zhejiang private enterprises bigger and stronger.