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本文借用费茨罗 (Fitzroy)和穆勒 (Mueller)建立的用“非流动性”来分析企业内部结构的模型 ,揭示“非流动性”与风险承担之间的内在关系。进而说明长期合约的本质即是通过降低合约方的流动性 ,来达到激励和约束的双重功效 ,使人力资本获得的剩余收益真正成为风险收益。由于人力资本的边际贡献不同、对企业的主导作用不同 ,而只有边际报酬递增、对企业具有主导作用的异质型人力资本才应当成为企业长期合约的激励主体。
This article uses the model of “non-liquidity” established by Fitzroy and Mueller to analyze the internal structure of an enterprise and reveals the intrinsic relationship between “illiquidity” and risk-taking. Then it shows that the essence of long-term contract is to reduce the contractual liquidity to achieve the dual effect of incentive and restraint, so that the residual gain of human capital can truly become the risk return. Because of the marginal contribution of human capital, the leading role of the enterprise is different. Only the marginal return increases, the heterogeneous human capital that has the leading role to the enterprise should become the main body of the long-term contract.