人力资本分享企业所有权的一般理论

The general theory of human capital sharing property ownership of enterprises

本文从理论上论证了人力资本分享企业财产所有权的逻辑。笔者由企业性质的生产性,说明企业才是社会价值创造的载体。首先论证了物质资本与人力资本的组合是企业价值创造的来源,而企业家等异质型人力资本是企业价值创造的核心,理应分享企业财产权。其次从实然层面,分析人力资本能否分享企业财产权取决于其与企业股东谈判的地位,讨论了企业所有权分配的动态性,最后一般性地总结了全文的观点,并提出以增量股权激励作为人力资本分享企业财产权的方式。

This paper theoretically demonstrates the logic of human capital sharing property ownership of enterprise.The author shows that the enterprise is the carrier of the creation of social value from the nature of the enterprise.And further demonstrates that it is the combination of material capital and human capital that the sources of enterprise value creation.Besides,heterogeneous human capital is the core of enterprise value creation,so it should share the property rights of enterprises.Then from the practical level,the author analyses that whether human capital can share the enterprise property rights depends on the shareholder status in negotiation,and discusses dynamic allocation of enterprise ownership.Finally,the author generally summarizes the whole thesis,and proposes the way of human capital sharing the enterprise property rights by incremental equity incentive.