关键词: 订单农业, 不完全合约, 期权合约, 专用性投资

Abstract: Contract farming, as a sales model of agriculture products on the basis of forward contracts, is said to be important for solving the circulation problem and realizing industrialized management of agriculture. However, its effect has been greatly reduced due to the commonly-seen contract breaches. In the premise of contract incompleteness, this article establishes a simple single-period conversation price model to show contract breaches are caused by the fact that both production condition and market condition are unpredictable. And this model is also aimed to prove there is a lack of specific investment in agriculture products, which lowers the probability of contract implementation and additional value generated by contract trade. On the basis of that, the paper provides a new type of agriculture products contract with the character of option. Through the corresponding renegotiation, this kind of option contract can not only protect farmers from market risks like traditional contracts do, but also solve tradition ones’ inefficiency problems resulted from one-sided contract breaches. At last, this paper demonstrates that under the option contract, both farmers and assemblers will make the optimal specific investment decisions. Accordingly, the low additional value problem, which is caused by insufficient specific investment, gets solved.

Key words: contract farming, incomplete contract, option contract, specific investment