Abstract

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Author(s):: ZHANG Wei-dong; BU Cai-qi; School of Economics,Huazhong University of Science and Technology,Wuhan 430074,Hubei,China

Keywords:: sharing economy; sharing transaction cost; social relationship; resource allocation; institutional innovation 

Abstract:: To reveal the theoretical and institutional basis of sharing economic development,based on the theory of transaction cost,the institutional basis of sharing economy from exclusive to sharing,and the economic logic of sharing economy superior to the traditional market commodity exchange in the consumption field with excess capacity were analyzed,and the similarities and differences among commodity exchange,traditional leasing and sharing economy were compared from the driving factors,institutional structure,institutional characteristics and core connotation of sharing economy and on the basis of grasping the core connotation.The research shows that the core connotation of sharing economy is the connection and formation of social relationship and common consciousness,the new form of efficient use of excess capacity,and the rational choice to realize scale economy based on the zero marginal cost platform; at present,many problems in the field of sharing economy are the lack of efficiency of institutional arrangements,the lack of sustainability of business models,and the fact that institutional innovation lags behind the technological advancement of shared platforms which leads to the noncooperative development between the two.Constructing the institutional basis of sharing economy and solving the imbalance of institutional innovation are the core essence of the sound development of sharing economy.