从合约理论来看，代理行是一种市场合约，海外分行是一种企业合约。
The agency is a kind of market contract while overseas branch is enterprise contract in terms of contract theory.
然后，对代理行和分行进行经济学分析。
Then, there is an economics analysis about agencies and branches.
然后，对代理行和分行进行经济学分析。
Then, there is an economics analysis about agencies and branches.
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