纵向一体化与联合所有权--通用-费希尔公司收购案例研究

纵向一体化可以很好地解决物质资本的专用性问题,然而对人力资本专用性造成的"套牢"无能为力.通过降低交易双方对一般性投资的激励,从而提高专用性投资的激励,联合所有权使得"套牢"的收益最小而成本最高.因此,联合所有权不仅可以解决物质资本专用性问题,也是解决人力资本套牢问题的有效途经.     

国有企业经理人的激励机制理论框架分析

一、股票期权是否适合激励国企经理人 ?经理人可以看作是企业中的一种人力资本的投资 ,因此也属于一种专用性的投资。根据威廉姆斯(1975 ,1979,1980 )和克莱因等 (1978)提出的资产专用性理论 ,在与人力资本的买方签订委托———代理合同时 ,这种专用性投资事先的竞争被事后的垄断或买方独家垄断所取代 ,那么 ,人力资本创造出来的准租金无疑也将属于垄断方即买方所有。此外 ,由于契约的规定 ,经理人将在一定时期内被“套牢”在企业中 ,付出的是机会成本。考虑到失去准租金以及套牢这两个因素 ,人力资本的买方需要采用激励机制来弥补经理人的…     

基于资本治理理论的企业所有权安排--股东至上理论与利益相关者理论的逻辑统一

企业所有权安排有两种不同的理论流派：“股东至上”理论和利益相关者理论。公司中的利益相关者应分为资本所有者和其他利益相关者两类,只有资本所有者才是企业所有权的主体。因此,两大理论并不是绝对对立和冲突的,在企业所有权安排上,都统一于“资本”这个概念,都是基于资本治理理论下的企业所有权安排问题。物质资本和人力资本所有者在企业所有权中的最优配置份额,取决于各个资本的谈判力。物质资本和人力资本都应纳入“企业治理”范畴,不能强调一方而忽视另一方,并根据资本作用的不同．对不同企业实施分类治理,合理地安排企业所有权,以实现资本所有者利益最大化。     

隐性契约、专用性投资与资本结构

隐性契约以商品所有权分割为存在前提。专用性投资是企业传递履约动机与履约能力信息的重要通道，受资产专用性与隐性负债导致较高债务融资成本的双重约束，专用性投资应主要依靠权益融资。实证研究表明，专用性投资强度与资本结构呈负相关，隐性契约对资本结构产生影响。本文研究结论为企业融资政策选择提供了新依据。     

对一元股份制和二元股份制的比较

资本所有者仅以物质资本为客体的股权联合、集中所形成的股份制是一元股份制。这种企业制度没有改变劳动者的雇佣劳动地位，劳动者的劳动力仍然是商品，没有分享企业利润的权利，因此，这种企业制度不符合公有制的要求。资本所有者在承认物质资本股权的基础上，承认劳动力作为人力资本投入企业并享有股权，这种企业制度称之为二元股份制。它不仅解决了劳动者与生产资料所有权相分离的矛盾，而且解决了劳动者的劳动职能与生产资料所有权和剩余劳动所有权相分离的矛盾，实现了联合起来的劳动者占有全部生产力的目标，是公有制的最佳实现形式。     

论企业人力资本产权价值的实现

一、企业人力资本产权价值的表现形态产权经济学理论认为 ,一种资本所有权 ,一般是归这种资本的投资者所有 ,并且凭此而具有收益权。但在人力资本产权中由于人力资本和人力资源投资过程具有特殊性 ,使人力资本产权变得非常复杂。比如说 ,由于人力资本投资的对象和客体是人 ,无论由谁来进行这种投资 ,都需要承载者本人进行投资 ,付出一定的体力、精力和时间。这就出现了人力资本承载者与其人力资本投资者如何去瓜分人力资本所有权问题。但在多数情况下 ,人力资本承载者往往凭借其在人力资本形成过程中的特殊地位 ,最终实际拥有人力资本所有权…     

新经济的人力资源定价问题

在初步讨论过“劳动定价问题”(参见《IT经理世界》2000年第19期)和“资本定价问题”(参见《计算机世界·IT财富))2000年11月6日)之后，我可以讨论“新经济”的“人力资本定价问题”了。所谓“人力资本”，原初含义是把人的知识和技能视为“资本品”，从而经济学家可以把资本投资理论应用于教育、健康、旅游、父母关爱等领域，为这些领域里的人类行为提供经济学解释。但是，以往的人力资本理论并不明确地定义人力资本的内涵，而只是将一切发生于劳动自身的可以提高劳动生产。     

人力资本主导范式下的两权融合与分离

所有权与经营权如何配置是影响和决定企业核心竞争力的基础制度问题,两权配置是否科学合理将从根本上关系着企业的兴衰成败。从整体看,企业所有权与经营权的制度安排有两种范式:一是物质资本主导下的传统制度范式;二是由人力资本所主导的新生制度范式。人力资本主导范式企业的两权配置需要实行人合物离模式,具体为:需要以人力资本所有权与经营权的完全融合为配置基础,在此基础上由人力资本主导的极致分离物质资本所有权与经营权的结合。人合物离模式集成了两权分离与两权融合两种配置模式的优势,将适应新经济的要求,其精髓在于该模式实现了以人为本与以利为本的有机结合,是现代企业制度发展的主流终极配置模式。     

河北省人力资本与经济增长关系研究

人力资本是推动经济增长的重要动力之一,由于人力资本投资具有外部效应,人力资本能够获得比物质资本更多的回报。本文根据人力资本外部性模型,对河北省人力资本在经济增长过程中的所发挥的作用进行实证分析,得出河北省经济仍属于物质资本驱动型的结论,河北省需要提升人力资本存量与人力资本水平,充分发挥人力资本对经济增长的促进作用。     

中国人力资本投资现状、问题和调整思路

西方人力资本理论家认为 ,资本采取两种形式即物质资本和人力资本 ,人力资本由劳动者的知识技能、健康等构成。在当今以科技和人才为依托的经济发展时期 ,人力资本日益成为经济发展的决定因素。纵览我国目前的人力资本投资现状 ,总体上表现为投资乏力 ,这无疑会影响我国经济持续稳定发展。因此有必要通过对我国目前的人力资本投资现状和问题作一剖析并在此基础上寻找调整的途径。我国人力投资的现状和问题随着社会经济的发展 ,我们越来越认识到人力资本在经济增长中的重要性 ,因而近年来我国人力资本投资总量大幅度上升 ,以政府投入为主 ,多…     

Human capital matters: Market valuation of firm investments in training and the role of complementary assets

Research summary: This article empirically examines the economic value to firms of investing in the training of their employees and firm‐level factors that influence how much the firms benefit. Event study methodology is used to obtain a measure of the economic impact of information regarding a firm's human capital management investments and policies. Subsequent regression analyses are then used to test hypotheses regarding possible complementary relationships between firm‐level factors and human capital investments. Results provide robust support for the proposition that effective investments in human capital and training matter, and that these human capital investments are more impactful when combined with complementary assets of R&D, physical capital, and advertising investments . Managerial summary: Do firm investments in training and the development of employee human capital matter with regard to financial performance? We find that, yes, these investments do matter. Our results show that managers who view employee human capital as an asset to be invested in and developed can expect to outperform those who view it as a cost to be minimized. In addition, we find that these human capital investments will be of even greater economic value to firms when they have made complementary investments in R&D, physical capital, and advertising . Copyright © 2016 John Wiley & Sons, Ltd.     

外部激励约束机制对企业代理成本的影响

在所有权和经营权相分离的组织中,如何降低代理成本是企业面临的现实课题。文章从资本市场、人才市场等角度提出了降低代理成本的外部激励约束机制,并且指出在当前我国的市场机制不完善的条件下,企业的激励约束机制还必须主要求助于内部激励约束机制。     

The use of asset specific investments to increase customer dependence: A study of OEM suppliers

Making asset specific investments without sufficient economic safeguards is usually seen as a poor managerial practice according to transaction cost economics. However, in practice, many suppliers still invest in asset specificity to satisfy their major customers' requirements, who do not make sufficient investment commitments. The objective of this study is to explore how suppliers that make asset-specific investments maintain long-term relationships with their customers and even make their customers reliant on them. Empirical analysis of data from a sample of Taiwanese original equipment manufacturer (OEM) suppliers shows a significant positive indirect effect of asset specificity on the dependence of customers on suppliers, mediated through joint learning capacity. In addition, a positive link between a proactive market orientation and the degree of customer dependence on the supplier was found. This investigation finds evidence that joint learning capacity and proactive market orientation play critical roles in linking asset specificity to customer dependence.     

Firm‐specific human capital investments as a signal of general value: Revisiting assumptions about human capital and how it is managed

Research summary : Prior scholarship has assumed that firm‐specific and general human capital can be analyzed separately. This article argues that, in some settings, this is not the case because prior firm‐specific human capital investments can be a market signal of an individual's willingness and ability to make such investments in the future. As such, the willingness and ability to make firm‐specific investments is a type of general human capital that links firm‐specific and general human capital in important ways. The article develops theory about these investments, market signals, and value appropriation. Then, the article examines implications for human resource management and several important questions in the field of strategic management, including theories of the firm and microfoundations of competitive advantage. Managerial summary : While managers don't often use the terms firm‐specific and general skills, they certainly recognize that investments employees make in their skill sets are more or less relevant to a specific firm. For instance, investing in specific relationships within a firm or learning a firm's proprietary software would be considered firm‐specific investments. While such skills may seem relevant only to the particular firm in which they were invested, these investments may also send valuable signals to competing firms that such employees are willing and able to make similar investments elsewhere. Hence, managers should be interested in determining if a potential hire has made prior firm‐specific investments to help them know whether that person might be likely to make such investments in his or her future place of employment. Copyright © 2016 John Wiley & Sons, Ltd.     

人力资本、不确定性与高新技术企业的治理

人力资本对高新技术的治理结构至关重要,从公司治理的角度看,人力资本具有以下四个方面的特征：人力资本和其所有者是不可分的,这就导致了人力资产是一种主动资产,可以由其所有者自由配置,人力资本具有不完全的替代性,可以通过资产专用性或形成一个组织来获取垄断势力,人力资本具备学习特征,可以通过“干中学”机制来实现报酬递增路径,人力资本又具有不确定性,体现在人力资本投入和产出之间的关系以及人力资本可能涉及到的团队生产方面。这些特征决定了高新技术企业的公司治理结构特征,比如合同设计必须权衡人力资本的垄断势力可能带来的交易成本和学习机制产生的报酬递增,合同必须面向未来,包含某种期权因素,重视团队激励等。但这些治理机制具有双重影响。     

信用风险监管资本测度优化

在巴塞尔新资本协议框架下的IRB模型基础上,通过违约相关性模型的推导,得出了降低信贷资产组合信用风险加权资产的一些有效途径;通过对同质类资产组合和异质类资产组合的风险集中度调整的方法,提出了风险分散的具体路径;通过由银行的资本总成本最小化约束模型和监管者破产银行数目最小化约束模型联合组成的激励相容模型,将银行出于内部风险管理目的而计算出来的风险价值,同监管当局出于监管目的而要求银行确定的监管资本有效地联系起来。     

资产专用性视角下的资本结构动态分析

本文按照公司价值最大化思路建立考虑资产专用性和资本成本因素的资本结构动态模型，以资产专用性为视角考察资本结构动态过程的路径和原因。研究表明，资产专用性程度对公司资本结构动态演变的过程和结果都有深刻的影响，权益资本成本和负债资本成本的不同动态特性诱致公司资本结构动态演变。利用中国上市公司财务数据所进行的实证检验结果显著地支持本文的理论模型和结论。     

The benefits of geographic sales diversification: How exporting facilitates capital investment

Many strategic investments require firms to make upfront outlays to generate profits at a later date. When firms have limited access to external capital, they have to rely on internally generated funds for these investments. In this case, their strategic investments are constrained by cash flow. I predict that by geographically diversifying sales (i.e., exporting), firms can relax this constraint because exporting signals more stable expected cash flows and firm quality, which can increase external capital providers' willingness to fund investments. Examining a representative sample of Spanish manufacturers from 1990 to 1998, I find support that exporting mitigates investment liquidity constraints allowing firms to make strategic investments they would not otherwise be able to make. This highlights how diversification can be a strategy to create and maintain competitive advantage. Copyright © 2011 John Wiley & Sons, Ltd.