The cooperation between railway company and express delivery company in China is in its initial stage and the cooperation model is immature. This paper studied the key factors influencing the cooperation model between railway company and express delivery company based on the transaction cost perspective and analyzed the model decision among them under different circumstances through a choice model. In this paper, three factors are extracted in the end, including the specific asset, the organizational structure of railway industry and the quantity of business participants. When there is a requirement of specific assets investment, express delivery companies prefer to build the industrial alliance instead of the contract model to reduce the opportunism risk and increase the cooperation benefit. While express delivery company will adopt the quasi-integration strategy only when the savings of transaction cost or the extra benefit of this model is big enough, especially bigger than the sum of investment of transport facilities and the operating cost. When the organizational structure of railway industry is integration, the transaction cost of contract model is bigger. The equilibrium of the cooperation model between railway company and express delivery company is to adopt the industrial alliance model.

我国铁路公司与快递公司的合作处于起步阶段，合作模式不成熟。本文基于交易成本视角研究了铁路公司与快递公司合作模式的关键影响因素，并通过选择模型分析了不同情况下铁路公司与快递公司合作模式的决策。本文最后提取了三个因素，包括特定资产、铁路行业的组织结构和业务参与者的数量。当有特定资产投资需求时，快递企业更倾向于建立产业联盟而不是合约模式，以降低机会主义风险，增加合作收益。而快递公司只有在这种模式节省的交易成本或额外收益足够大，特别是大于运输设施投资和运营成本之和时，才会采用准整合策略。铁路行业组织结构一体化时，契约模式的交易成本较大。铁路公司与快递公司合作模式的均衡点是采用产业联盟模式。