资本结构、企业所有权安排与人力资本激励

本文探讨了由于企业中股权资本与债权资本不同比例关系而形成了不同的企业资本结构,对企业所有权安排产生影响。为了有效的激励企业中的人力资本.必须对企业剩余索取权和控稍权做出最优分配。     

Economics,Democracy, and the Distribution of Capital Ownership

This article holds that widespread, practical access to capital acquisition is essential for sustainable widespread economic prosperity and democracy. The founders of the U.S.A. agreed that sustainable democracy required widespread ownership of land to provide a viable earning capacity sufficient to support robust participation in democratic government. The importance of widespread land ownership to individual prosperity and sustainable democracy was supported not only by the prevailing philosophical views of property, it was also apparent to the common man and woman. Compared to Europe, America offered widespread access to land ownership, higher wages, better work conditions, cheaper staples and greater individual freedom, equal opportunity, prosperity, and political participation. This conviction that widespread access to ownership is a necessary condition for widespread prosperity and sustainable democracy continued throughout most of the nineteenth century, but today public discourse reveals virtually no trace of this once universally held opinion. This article suggests that the disappearance of this conviction can be traced to an erroneous view shaped by neoclassical economics and Keynesian economics. According to this view, (1) the disappearance of the American frontier and industrialization made the goal of widespread capital ownership either impractical or of little or no economic significance and (2) by way of technological advance, sufficient earning capacity and consumer demand to promote growth and sustain democracy can be achieved, without widespread ownership, primarily through jobs and welfare. Although differing in many respects, both mainstream schools, along with Adam Smith’s classical economics, share one common but unstated economic assumption: the broader distribution of capital acquisition (in itself) has no fundamental relationship to the fuller employment of people and capital, the broader distribution of greater individual earning capacity, and growth. Contemporary thinking, shaped by these economic schools, also tacitly assumes that widespread capital ownership is not essential for the sustainable individual earning capacity needed to support robust democracy. This erroneous “ownership-neutrality assumption” (1) contradicts both the views of America’s founders and the colonial experience, and (2) provides theoretical justification for structuring capital markets and capital acquisition transactions to unfairly and dysfunctionally favor existing owners at the expense of broader ownership distribution, more widely shared prosperity, greater efficiency, ecologically friendly growth, and a vital democracy. America’s conscientious founders would be shocked by the diminished importance of the distribution of ownership in the mainstream analysis of prices, efficiency, production, growth, and democracy. Rather than enhancing democracy, they would view the “ownership-neutrality assumption” of mainstream economics as contributing to its deterioration and corruption. They would openly search for economic analysis built on an alternate assumption more consistent with their understanding of the requisite conditions for sustainable democracy. This article advances an economic analysis that suspends the ownership-neutrality assumption, replaces it with a “broader-ownership-growth assumption,” and suggests a voluntary market strategy for substantially broadening capital ownership, enhancing individual earning capacity, and providing the widespread economic prosperity needed for robust democracy.     

Economics,Democracy, and the Distribution of Capital Ownership

This article holds that widespread, practical access to capital acquisition is essential for sustainable widespread economic prosperity and democracy. The founders of the U.S.A. agreed that sustainable democracy required widespread ownership of land to provide a viable earning capacity sufficient to support robust participation in democratic government. The importance of widespread land ownership to individual prosperity and sustainable democracy was supported not only by the prevailing philosophical views of property, it was also apparent to the common man and woman. Compared to Europe, America offered widespread access to land ownership, higher wages, better work conditions, cheaper staples and greater individual freedom, equal opportunity, prosperity, and political participation. This conviction that widespread access to ownership is a necessary condition for widespread prosperity and sustainable democracy continued throughout most of the nineteenth century, but today public discourse reveals virtually no trace of this once universally held opinion. This article suggests that the disappearance of this conviction can be traced to an erroneous view shaped by neoclassical economics and Keynesian economics. According to this view, (1) the disappearance of the American frontier and industrialization made the goal of widespread capital ownership either impractical or of little or no economic significance and (2) by way of technological advance, sufficient earning capacity and consumer demand to promote growth and sustain democracy can be achieved, without widespread ownership, primarily through jobs and welfare. Although differing in many respects, both mainstream schools, along with Adam Smith’s classical economics, share one common but unstated economic assumption: the broader distribution of capital acquisition (in itself) has no fundamental relationship to the fuller employment of people and capital, the broader distribution of greater individual earning capacity, and growth. Contemporary thinking, shaped by these economic schools, also tacitly assumes that widespread capital ownership is not essential for the sustainable individual earning capacity needed to support robust democracy. This erroneous “ownership-neutrality assumption” (1) contradicts both the views of America’s founders and the colonial experience, and (2) provides theoretical justification for structuring capital markets and capital acquisition transactions to unfairly and dysfunctionally favor existing owners at the expense of broader ownership distribution, more widely shared prosperity, greater efficiency, ecologically friendly growth, and a vital democracy. America’s conscientious founders would be shocked by the diminished importance of the distribution of ownership in the mainstream analysis of prices, efficiency, production, growth, and democracy. Rather than enhancing democracy, they would view the “ownership-neutrality assumption” of mainstream economics as contributing to its deterioration and corruption. They would openly search for economic analysis built on an alternate assumption more consistent with their understanding of the requisite conditions for sustainable democracy. This article advances an economic analysis that suspends the ownership-neutrality assumption, replaces it with a “broader-ownership-growth assumption,” and suggests a voluntary market strategy for substantially broadening capital ownership, enhancing individual earning capacity, and providing the widespread economic prosperity needed for robust democracy.     

国有企业改革中的人力资本产权问题

目前,国有企业改革到了非常重要的阶段,劳动力(特别是人才)使用、收入与分配制度、福利与保障制度等方面的改革都是经济体制改革的重要方面,而这些改革无一不与人力资本产权关系直接相关。文章主要从人力资本产权角度分析在中国国有企业制度建设过程中存在的忽视人力资本产权的一些问题,并提出相关的建议。     

知识性人力资本的特征

《中共中央关于制定国民经济和社会发展第十个五年计划的建议》指出：“随着生产力的发展，科学技术工作和经营管理作为劳动的重要形式，在社会生产中起着越来越重要的作用。在新的历史条件下，要深化对劳动和劳动价值理论的认识。”这就要求广大理论工作者，结合当前出现的新情况和新问题，运用马克思主义的基本原理和方法对劳动和劳动价值论进行新的研究和分析。随着知识经济的兴起，人们的生产方式、工作方式、学习方式、生活方式都发生了变化。所谓知识经济，是指建立在知识和信息的生产、分配和使用之上的经济。它是在新技术条件下，以…     

人力资本的市场失灵及其矫正

工业产品的生产一旦出现了市场失灵,其产量就会偏离帕累托最优水平;同理,人力资本投资如果存在市场失灵,那么,产量也不会实现帕累托最优。尽管度量人力资本还存在着技术困难,但只要正确认识并消除了市场失灵,做到既定资源投资到人力资本与物质资本上的边际报酬相等,帕累托最优水平的人力资本投资量仍可能实现。该文在全面认识人力资本市场的失灵后,从新古典主义、新兴古典主义、新制度主义经济学角度出发,分别给出了消除市场失灵,实现人力资本投资帕累托改进的措施。     

人力资本定价模型的建立及对人力资本积累的影响

随着高技术产业的迅速发展，经济的增长更直接地取决于对人力资本的运作和投资，由于我国人力资本市场的发展尚不成熟，有市无价是这一阶段的主要特征，本文在借鉴资本资产定价模型的基础上建立了人力资本定价模型，并分析了在此定价下对提高人口素质的作用及影响。     

分享经济的理念与员工持股计划

当代西方发达资本主义国家出现了公司职工以所谓劳动财产权来取得对公司股份的持有、并分享公司资产收益的“分享经济”或员工持股计划。该计划在缓和劳资关系、增加职工收入、提升企业经营绩效方面表现出了一定的积极作用。但在实行该计划的企业中,资本家的统治并未削弱。我国的员工持股计划还处在探索阶段。这就需要我们认真借鉴国外经验,并及时总结国内实践的经验教训,进一步制定和完善具有中国特色的员工持股计划的国家立法。     

人力资本的价值确认与计量研究

人力资本的计量分货币化与非货币化计量方式。价值确认属于货币化计量方式,单一的价值传递信号难以准确反映人力资本的价值,使用模型法综合各个信号对人力资本价值评价是确定人力资本价值的较为理想的方法。在人力资本的非货币化计量方式中,受教育年限是天然的计量尺度。     

The Capital Idea and the Scope of Economics

This paper traces the idea of Capital from Adam Smith to modern times and shows how different conceptions of Capital give rise to different approaches to economics and the range of problems that can be investigated. A structural, as opposed to a stock, approach to Capital is shown to be more conducive to a studies of business institutions and practices, and to rules, institutions and standards in a changing world.