中文摘要：

文章以人际关系理论为基础，实证性地检验了农户与收购商之间的私人关系对收购商投机行为的影响作用。研究发现，市场不确定会增强收购商的投机行为，而构成私人关系的三个维度（人情、面子和信任）会抑制收购商的投机行为，同时人情和信任还会减弱市场不确定性对收购商投机行为的影响作用，而面子在其中的作用并不显著。文章最后对研究结论做了进一步讨论，并指出实践意义，以及未来研究的方向。

英文摘要：

Based on the theory of guanxi in China, this paper studies empirically the effect of guanxi between the agricultural product buyers and the farmers on the speculative behavior of the agricultural product buyers. Findings show that market uncertainty facilitates the speculative behavior of the agricultural product buyers, and the three dimensions, renqing, mianzi and trust, could inhibit opportunistic behavior of the agricultural product buyers. Meanwhile, renqing and trust have negative moderating role on the effect of market uncertainty on speculative behavior, but the moderating role of mianzi is not significant. Finally, the paper carries on further discussion, and points out the practical implication and future research direction.