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中文摘要：
专业化经济可以带来长期平均成本节约，整合化经济可以产生交易费用节约，两条费用曲线的交叉点决定了煤、电纵向交易关系最优形式的选择。影响专业化经济效率的主要因素是生产技术和专用性人力资本价值,影响整合化经济效应的主要因素是交易技术和制度环境。对应于不同的因素特征，煤、电企业纵向交易关系最优形式选择存在差异，并随影响因素特征变化而动态演化。
英文摘要：
Specialization can lead to long-term average cost savings, integration can generate transaction costs savings. The intersection of two cost curve determines the best form of vertical trading relationship of coal and power. The major factors of affecting specialization are production technology and specific human capital value, the main factors of affecting integration are the trading technology and the system environment. Characteristics corresponding to different factors, the best vertical trading relationships coal and power companies to select are different, and with the characteristics of changes in factors affecting dynamic evolution.
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