异质性资本配置的企业理论初探——基于海尔金控要素配置的多案例剖析

Preliminary Study on Enterprise Theory of Heterogeneous Capital Allocation:Based on Multi-cases Analysis of Haier Financial Holdings’ Element Configuration

从《中共中央国务院关于构建更加完善的要素市场化配置体制机制的意见》出发,探索在微观企业层面,如何充分发挥市场配置资源的决定性作用、提高资源配置效率、推动经济发展。以海尔金控的多案例为研究对象,详细剖析其资源配置和价值创造的过程。研究发现,企业的形成过程即资源配置的过程,基于要素资本形成的价值生态圈拓宽了企业的边界。企业是物质资本、智力资本和社会资本的融合体,本质是异质性资本的配置,一流的资本与一流的配置是企业取得竞争力的关键。传统企业理论对企业打破组织边界进行要素配置存在桎梏,要素配置视角的企业理论将促进企业理论的发展,为企业打破市场屏障、提高资本配置效率提供新的思路。

Starting from the “Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect System and Mechanism of Market-based Allocation of Factors”, this paper explores how to give full play to the decisive role of market allocation of resources, improve the efficiency of resource allocation and promote economic development from the perspective of mirco enterprise. Taking multi-cases of Haier Financial Holdings as the object of study, this paper analyzes its process of resource allocation and value creation in detail. This paper finds that the formation process of an enterprise is a process of resource allocation, the value ecosystem based on the formation of factor capital broadens the boundary of an enterprise. Enterprise is the integration of material capital, intellectual capital and social capital, the essence of an enterprise is the allocation of heterogeneous capital, and first-class capital and first-class allocation are the key for an enterprise to obtain competitiveness. The traditional enterprise theory is bound to break the organizational boundary in factor allocation. The enterprise theory from the perspective of factor allocation will promote the development of enterprise theory and provide new ideas for enterprises to break the market barrier and improve the efficiency of capital allocation.