基于知识的企业性质与收益分配模式

The Firm's Nature and Income Distribution Based on Knowledge

本文从知识视角重新审视了新经济下的企业性质及由此决定的收益分配模式。分析认为,新经济下企业是财务资本所有者与人力资本所有者订立的特别契约,企业拥有或控制的财务资本和技术性、管理性等知识以及聚合财务资本与各种知识的能力决定着企业的效率边界;股票期权制不仅仅是一种激励制度,而是企业所有权范式基于知识的转换,进而导致收益分配制度变迁的必然结果。文章最后对以净利润为基础的收益分配模式进行了澄清,提出新经济下的企业收益分配应以EVA为基础,以真正体现人力资本价值的大小及其创值能力的高低。

The paper re--discusses the firm＇s nature and the model of income distribution decided by the theory. In the new economy, the enterprise is the nexus of contracts between financial capital owners and human capital owners. Financial capital and all kinds of knowledge that an enterprise possesses or controls, and the ability of absorbing, accumulating, creating, and applying its knowledge and financial cap- ital decide efficient boundary of an enterprise. Stock option is not only a kind of incentive system, but is a transformation of the enterprise＇s ownership based on knowledge, and then leads to an inevitable outcome of the change of income distribution system. Finally, the paper clarifies the model of income distribution based on profit, and concludes that income distribution should be based on EVA to embody the value of human capital and its capability of producing value.