论交易规制结构与企业产权契约演进

On the Regulational Structure of Trade and the Evolution of the Property Right Contract

非人力资本的交易机制主要是市场交易机制 ,人力资本的交易机制主要是企业交易机制。非人力资本市场交易机制的特点是虚拟化 ,而人力资本企业交易机制的特点是专用化。非人力资本与人力资本交易机制的差异及其演进是企业产权契约演进的根本原因。

The trade mechanism of non-human capital is mainly the market trade system, while the trade system of human capital, the business trade system. The former has the property of supposition, while the latter, specialization. Their differences and evolution are the root causes of the property right of business contract. The evolution develops from mono-excitation to multi-excitation.