资本导向的公司治理模式识别和权变模型研究

本文认为,立足于由人力资本和物质资本构成的新资本观,根据资本权变因素,公司治理模式可划分为资本雇佣劳动型、劳动雇佣资本型、劳资双方共同治理型和利益相关资本多元共同治理型;依据实施监控的主体,公司治理可划分为股东主导型治理、债权人主导型治理、经理主导型治理、员工主导型治理和利益相关者共同治理。人力资本的谈判力是人力资本收益分配的主要权变因素,人力资本参与企业收益分配的过程是人力资本与物质资本博弈的过程,人力资本参与收益分配的方式和程度是双方博弈的直接产物。

Research on Mode Identification of Corporate Governance and Its Contingency Model Based on Capital-oriented

Based on the new view of the capital formed by human capital and material capital,the corporate governance modes can be divided into: material capital employing human capital,human capital employing material capital,human capital and material capital mutually governing and stakeholders' capital mutually governing. In the case of corporate governance dominated by the material capital,the owner of material capital is the principal,the owner of human capital is the agent,so the basis of the contract between principal and agent is the incentive to the principal and constraint to the agent;in accordance,the corporate governance modes are as follows: shareholder's governance mode dominated by the equity capital and creditor's governance mode dominated by the debt capital. The process of human capital taking part in the property ownership distribution of the firm is a game process between human capital and material capital.