资产专用性、可占用准租与资本结构的关系研究

基于资产的专用性而产生的可占用准租是对专用性资产所有者的一种重要的激励机制,它不仅激励投资者进行人力资本的投资,还为这种投资设定了一个方向,从而使资本具有相应的专用性特征.可占用准租在资产专用性遇到不同情况时,有可能会被其他人分割,从而影响到投资者的投资收益,为了保护专用性资产投资者的利益,投资者可与企业签订长期合约,或将专用性资产以权益形式投资于企业,从而保证自身的准租金不会被分割.资产的专用性通过这种准租金的分割保护机制对企业的资拳结构产生着影响.而人力资本作为专用性资产中最为典型的资本,也同样在资本结构中发挥着一定的影响作用.     

基于资产专有性的企业控制权配置

主流的西方企业理论从资产专用性角度来研究企业控制权分配,无法很好解释企业控制权分配与企业参与者收益之间的相互关系.本文认为资产专用性和专有性是资产的二重性,资产专有性才是企业控制权的源泉,企业内部控制权在物质资本所有者与人力资本所有者之间分配取决于两者资产的专有性强弱,而不同资产所有者对企业控制权的实现形式取决于其资产拥有者行使控制权所获得收益和付出的成本大小.     

从社会资本角度看个体人力资本的部分可抵押性

对人力资本是否具有抵押性的争论,其实质是关于人力资本是否有权要求对组织租金进行分配。从社会资本的角度对这一命题在中国文化环境背景下进行分析具有一定的现实意义。社会资本中的个体社会资本是人力资本的一个组成部分。同时,由于个体社会资本本身的价值性、不可转让性、专用性、封闭性和规范约束性使得人力资本所有人所具备的个体社会资本部分可具有抵押性,有权对组织租金提出分配要求。     

人力资本在公司治理中的地位分析

企业治理结构是企业产权制度安排体现，当下企业所有权问题是企业发展核心问题，人力资源在企业发展中占据重要位置，特别是当前互联网+的技术革命，让中国的商业中人力资本的作用越来越大，从而影响到企业的创新能力。混合所有制的提出，就是把实物资本，人力资本等各种资源都参与到公司治理中，从而发挥更大的效率，人力资产产权同企业产权紧密联系，深刻影响企业剩余分配。企业治理结构发生改变，文章分析人力资产产权在企业治理中的地位。     

供应链联盟的关系专用性资产投资

供应链联盟对供求关系双方起着越来越重要的作用,企业间的紧密协作必然伴随关系专用性资产的投资。该种投资能为企业带来可占用的租金,需要关系专用性资产保护机制以维持租金的创造。通过分析关系专用性资产保护期以及企业之间交易量和交易范围对该种资产的影响,提出了相应的保护机制。     

新兴产业人力资本专用性投资影响因素分析及其启示--信达商情公司人员流动性案例研究

人力资本进行专用性投资存在制度困境,本文联系案例对此问题进行相关调查和研究,并运用声誉理论、资产专用性转化理论以及人的有限理性假设理论,发现提供人力资本所有者的较高收入(包括剩余分享权)虽可诱使人力资本的专用性投资,但并不是问题的全部,促进新兴产业人力资本的专用性投资更是一个综合性、多因素制约的相互作用的结果。     

人力资本产权与剩余价值分享

随着科学技术、生产方式的发展,人力资本在高新技术企业中的作用和地位越来越重要,人力资本 产权逐渐被提出并得到一定程度的确认,人力资本开始分享企业所有权。本文从人力资本与物力资本的功能比 较角度分析人力资本产权的合理性,得出高新技术企业人力资本参与企业剩余价值分配的必然性结论。     

关于人力资本产权分配公司治理权力的探讨

20世纪中期开始,企业逐步向知识型企业转变,员工也逐步向知识型员工转变。知识型员工在服务于特定企业的过程,通过学习将自己本身与企业专用的知识相结合,即人力资本专用性投资。企业内部获得了人力资本产权收益权,才能获得企业所有权,获得的人力资本收益权越大,其在企业所有权安排中的剩余索取权和控制权配置份额相应的也越大。本文探讨了公司治理中的权力结构,并从理论层面着力分析了人力资本产权在公司治理的重要性以及人力资本产权将如何分享企业剩余索取权。     

人力资本产权与剩余价值分享

随着科学技术、生产方式的发展，人力资本在高新技术企业中的作用和地位越来越重要，人力资本产权逐渐被提出并得到一定程度的确认，人力资本开始分享企业所有权。本文从人力资本与物力资本的功能比较角度分析人力资本产权的合理性，得出高新技术企业人力资本参与企业剩余价值分配的必然性结论。     

员工持股:基于人力资本产权的薪酬策略分析

人力资本产权的特征决定了对其所有者进行激励的重要性。尽管人力资本产权有各种实现形式,但从现实的企业制度安排来看,人力资本产权股权化,即将人力资本的贡献折合为一定数量的股份,与物质资本共同分享企业所有权是一种比较流行的趋势。员工持股制度既提高了员工的归属感又有利于人力资本正态效应的发挥,在一定程度上肯定了人力资本参与分配,是承认和实现人力资本产权的重要薪酬策略。     

企业专用性人力资本与企业绩效——基于我国上市公司的实证研究

文章利用我国上市公司的数据,以总经理为研究对象,以总经理的企业任期作为企业专用性人力资本的替代变量,研究企业专用性人力资本与企业绩效之间的关系,结果表明：企业专用性人力资本与企业绩效之间呈U型关系,即随着企业专用性人力资本的增加,企业绩效呈现出先下降后上升的态势。因此,为了提高企业的绩效水平,企业应对新雇佣的总经理进行在职培训,采取各种措施激励其进行企业专用性人力资本投资,并保护其投资的准租不被侵占;搭建良好的信息交流平台,减少企业内部的交易成本,以有效缩短总经理与企业之间的磨合期,促进隐性知识的转化与学习。     

风险管理与人力资本投入的研究

通过研究公司的破产风险对于员工事前人力资本投入的影响 ,指出风险的增大必然导致员工对专用性人力资本投入的减少和一般性人力资本投入的增加 ,员工一旦拥有了控制监督的权利 ,就会增加公司专用性人力资本的投入 ,同时减少一般性人力资本的投入     

人力资本专用性投资与知识型企业治理设计

在人力资本重要性日益上升的背景下,知识型企业的治理结构有必要作出调整以激发人力资本更多地进行专用性投资。本文针对这一问题展开了理论探讨,通过构造模型,文章从三个方面探讨了激发人力资本专用性投资的途径:分享利润或所有权、事后谈判、保障人力资本利益。     

Industry-Specific Human Capital,Occupation and Firm Size: Evidence from Taiwan

This paper investigates the importance of various types of human capital and highlights the role played by industry tenure in determining wages in Taiwan. It also aims to offer possible explanations as to why industry-specific human capital is much less significant than it is in the United States. Empirically, it is found that, other things being equal, accumulating industry tenure decreases earnings for both the least-skilled workers and those employed in mid-sized firms. Industry-specific skills are not yet deeply implemented in most occupations and firms of all sizes. This might also account for the remarkable level of labor reallocation among industries that is observed in Taiwan. Furthermore, the capital stock accumulated through education is found to be the most crucial in determining wages in all estimations and a factor considered the engine of growth during the miraculous development of Taiwan's economy. However, the importance of other types of human capital on earnings – namely, general labor market experience and firm-specific human capital, varies substantially across groups.     

人力资本配置的系统研究

人力资本配置本质上是人力资本产权的市场交易行为。从系统论的角度看 ,对人力资本配置的系统研究存在着明显的层次结构性特征 ,即有效的人力资本配置问题的研究路径应遵从由企业向产业、地区、国家和全球方向逐级推进的逻辑顺序。     

Subnational institutions,political capital,and the internationalization of entrepreneurial firms in emerging economies

This study advances the institution-based view of strategy by integrating it with firm-specific capability considerations. In particular, we investigate the integrative influence of subnational-level home country institutional environments and firm-level political capital, as an important way to seek resources, on emerging economy entrepreneurial firms’ internationalization. With data from Chinese entrepreneurial firms, we find that the development of subnational institutional environments in the home country is related to firms’ degree of internationalization. Furthermore, while political capital with low-level governments enhances the effect of subnational institutions on internationalization, political capital with high levels of government has no such moderation effect. Theoretical and empirical contributions and implications are discussed.     

Human capital and structural upheaval: A study of manufacturing firms in the west bank

Firms in various worldwide locations are repeatedly subjected to radical political, economic, and social upheavals, including changes in administrative governance, new economic paradigms, natural disasters, and warfare. Perhaps because of the difficulty of conducting research in these environments, little is known regarding the unique requirements of entrepreneurs and their business organizations in such troubled locations. Reliable research and information is necessary in order to design and assess methods of providing institutional support both during, and after, such turmoil.Based on data collected from field interviews over a six-month period, this article examines the characteristics of the owners of 64 small manufacturing businesses that have undergone or were experiencing radical political and economic upheaval in the West Bank town of Ramallah in the Palestinian Territories. The objective of the study is to examine characteristics that influence and assist an entrepreneur's resource allocation decision-making processes. This was done by comparatively assessing the effects on profitability of both firm and individual assets in a highly constrained rapidly changing environment. Understanding this allocation process will lead to more effective targeted assistance in regions experiencing or exiting environmental transitions and upheavals.Human capital theory is utilized in this study as a framework for understanding the comparative response of owners to reallocate resources under the stressful environment of the pre- and post-intifada West Bank territories. While human capital has been well studied in literature examining resource allocation in “typical” competitive environments, our understanding of the influence of human capital in transitional environments is quite limited.This study provides some useful, and perhaps surprising results, from both theoretical and practical perspectives. Owner's human capital (coded from formal education) was found to impact profitability only with the micro firms studied (those with three or fewer employees), however, it is possible that this finding reflects dilution of human capital in comparatively larger small and medium-sized enterprises (SMEs). One interesting departure from similar studies is that experience was not found to affect the profitability of the firm. Plant capital, on the other hand, was found to be associated with the profitability of only larger SMEs, controlling for business age and experience of the owner. This finding is significant because, presently, institutions such as the World Bank, NGOs and national development agencies focus their efforts primarily on providing credit to small businesses, whereas training and education currently are somewhat out of favor.A model is proposed in this study comparing resource requirements according to both the size and the productivity/technological level of the firm. The object is to explain the reduced importance of human capital and experience in environments of radical transition, specifically the arbitrary nature and lack of predictability of transitional governance, and the increased importance of financial capital only with large SMEs. It is argued that skills acquired in functional expertise do not necessarily prepare an entrepreneur for the abrupt environmental transformations characteristic of tumultuous political events. This research suggests that owners are in a better position to maximize their cognitive skills in decision making within smaller organizations. However, these skills are naturally diffused and so less effective at influencing the outcomes of somewhat larger organizations. Larger SMEs are necessarily more capital intensive and more bureaucratic, and so the cumulative human capital at the organizational level may be more important to allocative efficiency than the human capital of the individual firm owner. Further, larger SMEs require organizational expertise that may not be captured in the individual level characteristics of entrepreneurs.This research suggests that efforts to support such environments should carefully consider the size of the firms in question before designing and implementing programs of assistance, differentiating microenterprises from small businesses. In particular, the findings of this study suggest that smaller firms experiencing rapid environmental upheaval will benefit most from formal education, training and advice. Larger firms, in contrast, appear to benefit most from loans providing traditional capital support, and from advice across the entire firm's human capital base, particularly regarding organizational management and delegation skills.     

人力资本部分替代了货币资本吗——基于资本结构视角的实证研究

现代公司金融理论指出,在一个和谐可持续发展的公司治理环境中,人力资本应当与货币资本共同拥有剩余索取权(Myers,2001).为检验中国公司的治理结构是否存在人力资本替代货币资本的趋势,文章利用中国信息技术行业上市公司的数据,基于资本结构理论提出了新的研究假设并进行了实证检验.检验结果表明,中国上市公司不存在人力资本部分替代货币资本的趋势;在我国,建设和谐的、可持续发展的公司治理结构仍然任重而道远.     

Some Features of the Early Merger Movements in British Manufacturing Industry

This paper argues that a number of non-conventional types of foreign direct investments – such as free-standing firms – that fit awkwardly in models where multinational firms arise to exploit abroad their firm-specific advantages, can be explained by looking at the role of these institutions in the international transfer of financial capital. The paper develops a theory to explain why a particular form of transfer will be used based on the choice between price and hierarchical transfer on one hand, and intermediated versus non-intermediated transfer on the other. Hierarchical transfer (equity) will be favoured when transaction costs in the market for investible funds are high. Intermediation will take place when there is considerable asymmetry between savers and investors. Non-intermediated equity transfers (free-standing firms) will arise to finance projects offering no collateral (hence equity) but of low scale and known technology (hence non-intermediated).     

Do Japanese MNCs use expatriates to contain risk in Asian host countries?

We investigate the impact of host-country risk on the expatriation strategies of multinational firms, using data on Japanese subsidiary firms in manufacturing industries in 13 host countries in Asia. We find that country risk is negatively correlated with the degree of expatriation and that, rather than host-country risk, firm-specific factors (particularly capital intensity, ownership share of parent firms in subsidiaries and the age of the venture) explain most of the variation in the degree to which subsidiaries rely on Japanese expatriates. Contrary to previous studies, the capital intensity of production is a key explanatory firm-specific variable that correlates positively with the degree of expatriation. Japanese multinational companies do not rely on expatria127=tes to off-set host-country risk, but to mitigate risk to parent investment in subsidiaries.