虚拟产权与企业家激励

不同于产权学派现有的观点，文章认为对企业家起激励作用的并非产权本身，而是通过产权带来的剩余索取权。文章提出“虚拟产权”这一概念，并通过一个正式模型比较分析了“虚拟产权”和真实产权在激励作用中的主要区别．结论为在预期最大获利大于预期最大亏损时，真实产权的激励作用不如“虚拟产权”：而在预期最大亏损大于预期最大获利时，“虚拟产权”相对于真实产权激励不足。文章的目的是为企业家激励和国有企业改革提供一个有益的思路。

Hypothesized Ownership and Incentive For Entrepreneurs

This paper,differs from the argument of ownership school,is going to talk about the incentive active of ownership.We believe that the residual claims which are caused from ownership play an important role in incentive.We put forward the notion of hypothesized ownership,and compared the difference of incentive activity between hypothesized ownership and real ownership: when the maximization of anticipate gain is bigger than that of loss,real ownership is worse than hypothesized ownership,and when the maximization of anticipate loss is bigger than that of gain,hypothesized ownership is worse than real ownership.We hope that our hardworking can supply an useful reference to the incentive of entrepreneurs and the innovation of state-owned enterprises.