中文摘要：

煤炭企业、电力企业和政府三方围绕电煤价格的争执与博弈持续不断。在交易成本理论和契约理论的框架下，通过中美两国的比较，对中国煤电纵向交易方式进行权衡与选择。研究表明：同美国一样，中国的煤电纵向交易关系应以长期契约机制为主；与美国不同，中国电煤长期契约应以市场价格调整机制为主，以降低履约风险。

英文摘要：

The conflict among coal enterprises, electric power enterprises and the government on the price has been lasting for a long time. Within the framework of the theory of transaction cost and contract theory, this paper makes tradeoffs and choices on the vertical transaction relations of coal and electricity enterprises through the comparison between China and U. S.. The research shows that like U.S., China should make long-term contract machanism as its major vertical transaction re- lations for coal and electricity enterprises, while different from U.S., the long-term contract in China should be based on ad- justment mechanism of market price in order to let the performance risk of the contract down.