The incomplete contract and asset specificity cause the hold-up problem in transaction, which brings about the rising of production cost and transaction cost.

不完全契约和资产专用性引致了交易中的敲竹杠问题，带来生产成本和交易成本的上升。

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Thus, joint asset ownership not only can resolve the problem of physical capital specificity, but also is an effective way to resolve the hold up problem of human capital.

因此，联合所有权不仅可以解决物质资本专用性问题，也是解决人力资本套牢问题的有效途经。

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Vertical integration can effectively resolve the problem of physical capital specificity, but it is helpless to resolve the hold up problem of human capital specificity.

纵向一体化可以很好地解决物质资本的专用性问题，然而对人力资本专用性造成的“套牢”无能为力。

youdao

Vertical integration can effectively resolve the problem of physical capital specificity, but it is helpless to resolve the hold up problem of human capital specificity.

纵向一体化可以很好地解决物质资本的专用性问题，然而对人力资本专用性造成的“套牢”无能为力。

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