剩余索取权配置:高新技术企业专有性人力资本的有效约束

本文提出高新技术企业区别于传统企业的重要特征之一,就是人力资本具有从专用性向专有性的动态转变.而这一转变使专有性人力资本采取机会主义行为的可能性增加.这成为制约高新技术企业持续发展的一个重要因素.因此,高新技术企业治理面临着新的挑战.本文从高新技术企业人力资本特征转变入手,分析控制权回报这一激励机制的不足之处,并提出剩余索取权配置是解决高新技术企业专有性人力资本激励的关键所在.

Allocation of Residual Claim and Governance of Exclusive Human Capital in Hi-tech Enterprises

The characteristic of human capital transform from specificity to exclusiveness, which makes opportunism taken by exclusive human capital more impossible, and is the new challenge the high technology enterprise faced. This paper analyses the shortcoming of the return of control rights as an incentive mechanism and puts forward that the allocating residual claim is the key to invigorate the exclusive human capital in high technology enterprises.