期刊名称：Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度：2007
卷号：2007
出版社：University of London
摘要：It is often argued that cooperative firms are financially less viable than
investor-owned firms. From a fundamental point of view, however, this does
not seem a fair comparison, since the market for firm ownership is usually
only available to investor-owned firms in our economy. This paper examines
potential roles of the market for ownership rights to cooperative firms,
particularly in capital procurement of the firm. We show that, with a wellfunctioning
membership market, consumer cooperatives are not necessarily
financially weaker than investor-owned firms. The consumer cooperative can
thus be a promising alternative to the investor-owned firm when the latter
type of the firm induces some serious market failure in the product market.
关键词：enterprise form, ownership market, capital procurement
