摘要
分享制是一种利益关系 ,它是通过调整利益关系影响资本配置的。本文在科斯定理的引导下 ,分析了分享制产权安排由于交易费用的作用对财务资本与人力资本在企业内部配置的影响。研究结果表明 ,各种资本在企业的投入量与交易费用的存在和产权界定系数相关 ,并有一个最优的配置规模 ;债务资本和股本的配置受经营杠杆和财务杠杆的调节 。
Share system is a structure of interests.It affects the distribution of capital by readjusting the structure of interests.Following the Coase Theorem,the authors analyse the effects of share rights upon the distribution of finance capital and human capital in the inside of enterprise due to the transaction fee.The study shows that the input of finance capital and human capital is relevant to transaction fee and arrangement of rights and has an optimum extent;the distribution of liability and owner's capital is being regulated by operating leverage and financial leverage;and the innovatory human capital plays a key role in the distribution of human capital.
出处
《中国工业经济》
CSSCI
北大核心
2004年第2期62-67,共6页
China Industrial Economics
基金
国家 8 63计划资助项目(批准号 2 0 0 2AA41 43 1 0 )
