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。

Human Capital, Uncertainty and Governance of High-new Technology Firms

The human capital is key for governance of the high-new technology firms. First, the human capital is an "initiative asset", its owner can freely deal with this asset, only incentives may be used managing this asset. Second, human capital can't completely substitute for each other, this asset is special, or some human capital owners form one organization, so human capital may obtain a monopoly position. Third, human capital will generate a return increasing path through "learning by doing". Finally, the relationship between human capital and its output is uncertainty, and human capital plays role in teams. So these characters of human capital have influence on corporate governance.for example,contract design depends on trading between transaction costs from monopoly and return increasing from learning mechanism,option must be considered,and payment may be based on team outcomes.But those governance mechanisms may be good or bad.