关键词: 工业互联网, 治理机制, 交易成本

Abstract: The governance effectiveness of industrial internet enterprises is a core factor constraining the release of their values. However, the existing research literature primarily focuses on the economic contributions of industrial internet enterprises and lacks micro-level theoretical analysis of their governance mechanisms. Based on the transaction cost theory and by analyzing the transaction characteristics of industrial internet enterprises, this paper examines the governance structures and development models of different types of industrial internet enterprises. The findings reveal that the heterogeneous transaction characteristics of industrial internet enterprises determine their diverse governance logics: the infrastructure operation enterprises with high asset specificity, strong uncertainty, and high transaction frequency are more suited to a relational contract governance mechanism; the platform enterprises with lower asset specificity, weaker uncertainty, and lower transaction frequency are better adapted to a market contract mechanism; for the enterprises that combine the characteristics of both infrastructure operation and platform businesses, a hybrid mechanism serves as a more optimal governance mechanism. Furthermore, different governance structures require differentiated development models. The relational contract governance mechanism is more suitable for a development model led by leading enterprises, while a joint development model involving various enterprises under market contracts proves more effective. For the industrial Internet enterprises under a hybrid model, an ecological development model can be adopted in the industrial internet park, fostering an interdependent ecosystem within the park. Based on these findings, the government should improve the legal and standard systems, strengthen intellectual property and data-security protection, promote collaborative innovation among industries, academia and research institutions, and enhance talent development, thereby building an institutional and innovative ecosystem that supports the coordinated development of infrastructure operators, platform enterprises, and networked industrial enterprises.

Key words: industrial internet, governance mechanisms, transaction costs