Abstract: CPFR(Collaborative Planning Forecasting & Replenishment)has become the new focus of supply chain research in recent years. In the paper, CPFR is defined as a relation specific IT system between firms. This system not only can help firms to get strategic income and competitive income through information sharing, but also can achieve control and inspiration along with report, trust and adaptation without resorting to ownership,thus provide an alternative hybrid governance mode.

Key words: CPFR, information sharing, relational contract, governance