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现代企业理论将企业视为一个人力资本与非人力资本的特别合约。参与签约的要素所有者在法律上具有完全平等的签约地位,但现实中法律对财产所有权的保护以及人力资本与非人力资本产权特征的差异,使得不同要素所有者在实际缔约过程中并不处于同等地位,非人力资本所有者不仅在企业缔约初期处于主导地位,拥有企业的初始剩余控制权与剩余收益分配权,而且这种初始状态决定了企业运行过程中剩余权力在不同要素所有者之间的调整仍然要受到非人力资本所有者效用函数的约束,企业剩余权力的最终分享状态在非人力资本所有者效用最大化的时点上达到极限。
Modern enterprise theory treats the enterprise as a special contract between human capital and non-human capital. In fact, the legal protection of property ownership and the difference of property rights between human capital and non-human capital make the different factor owners not to be in the process of actual signing In the same status, the owner of non-human capital not only dominates the initial stage of the enterprise contract, but also owns the initial residual control right and the residual income distribution right of the enterprise, and this initial state determines that the residual power of the enterprise during the operation is between the different elemental owners The adjustment still needs to be restrained by the utility function of non-human capital owners, and the ultimate sharing state of the residual power of the enterprise reaches the limit when the utility of non-human capital owners is maximized.