摘要
通过分析人力资本的剩余索取权及资本收益的安排问题,得出由股东拥有企业全部剩余索取权只是分析框架下的一个特例,真正影响各利益相关者剩余索取权分配比例的内在因素是他们在资本市场上的稀缺性、各自所承担风险的差别以及公司治理对资本收益的安排。结论是随着生产力的发展,人力资本所有者对产出的分享比例不断上升;公司治理的改革应建立在产权明晰的基础上,根据收益风险对等的原则进行治理机制的创设和调整。
This paper analyzes all firm residuals on Human capital and the arrangement of return on capital. The results show that shareholders taking all firm residuals is only a special case, the intrinsic determinants such as corporate governance and its change, scarcity of the capital and risk play an important role in allocating firm residuals to all related stake-holders, It suggests that competitive markets and perspicuous property right should be attached importance to in improving corporate governance in China.
出处
《管理科学》
CSSCI
2005年第6期24-29,共6页
Journal of Management Science
