Abstract
Coase's transaction cost theory holds that enterprise and market are two organizational forms of transaction which can be mutually substituted.This paper, through the analysis on the role of enterprise and market in resource allocation, reachs that these two organizational forms of transaction do not only substitute, but also complement each other; and then introduce intermediary organization, expand the enterprise—market framework of Coase's transaction cost theory to the enterprise—intermediary organization—market framework. Using the improved Coase theory, this paper analyses the third-party online payment and its effect on transaction cost and transaction benefit of e-business.
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