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1610068songzhou@21cn.com2RESEARCHINTHEPROBLEMSOFHUMANCAPITAL’SPARTICIPATIONINARRANGEMENTOFTHEENTERPRISEOWNERSHIPGraduatestudent:SongzhouTutor:QixiaolingAsknowledge-basedeconomy’scoming,howtoinspirethego-aheadismandpotentialofhumancapitalisanimportantissuetobesolvedurgently.Andhumancapital’sparticipationinarrangementoftheenterpriseownershipisthefrontandhotspotofthisstudy.Thethesisgivesupmethodswhichregardhumancapitalascenterofstudy.Itinsiststhatenterpriseisthebasisandgoaloftheproblem.Reviewingtheevolvehistoryofthearrangementofenterpriseownership,authorinvestigatestheinsidereasonnofit.Creativelyusingrentofenterpriseasmainofanalysistool,authorelucidatestheprincipleinthearrangementofenterpriseownershiplogically.Finally,onthebaseofthethreeparts'researchresult,thethesisanswerswhetherHumanCapitalcouldparticipateinthearrangementofenterpriseownershipandhowtoparticipatein.Keywords:HumanCapitalArrangementoftheEnterpriseOwnershipRentofEnterpriseCoreHumanCapitalCoreRightofPricing34AlfredDChandler526Zingale7scarcityofresourceseconomicmanwithboundedrationalityinformationincompletenessinformationasymmetricaldistributionprivateinformationopportunismbehaviortendencyWillianmson,1975,1985Williamson,1985utilityfunction8transactioncostRobinsonCrusoe3positivetransactioncostzerotransactioncost3199465DahlmanC.J.TheProblemofExternalityJouralofLegalStudies22No.1P141-1629ownershipofthefirm4ownershipoftheassetresidualclaimresidualrightofcontrol5GrossmanandHartgovernancestructure200164propertyright5199519966101994.7P621416191996111819()1987P91219201977BerleandMeans,19327199672001P136131LKLKLuLsKLuLsKLuLsKY=fL,KY=fL1+K1,L2+K2Y=fLu,Ls+KY=fLu1,Lu2,K,Ls+KY=fLu,K,Ls,Ls+KL,K1L1,K12L2,K2LsKLu0Lu10Lu200K1LsK2Lu0Ls100K1Ls2K21212L1+L2LK1+K2KLu1+Lu2=LuK1+K2=KLs1+Ls2=LsK1+k2=KY=FL,KLKLuLs8LK+208141995P202208290MBOESOPs1MBO9ManagementBuy-outsMBOStockoptionExerciseprice91=fLu,Ls1,K1,Ls2+K2Y=fLu,K1,Ls1,Ls2,Ls3+K2Lu0Ls100K1Ls2K2Lu0Ls10Ls200K1Ls3K2102000=LsK1+K2=KLs1+Ls2+Ls3=LsK1+k2=K2000200119831117incentivecompatibilityYaYΔaSbSΔYbaabSΔbYΔSbbYΔCY'S'SbbYΔC.CcCΔcCΔCΔYΔCΔ=cYΔ+d'SbbYΔCbbYΔcYΔdbcYΔbdbcYabdmax'SmaxY182001rentofenterpriseparticipationconstraintRC1Q2Q3QtQ1219∑n1ntQQCR11Cheung19831RR1R2R21RRR+=22213132020011420011421122002themaxpieruleweightingruleAoki1980198415152219401867231617),(EbafEaba1b1Ea1b0E0aEJJ0bEJJ18161989(10).-4-617327418Williamson,1975,1985Klein,etal,1978Alchian&Demsetz,197224hold-up(stakeholders)19()()specific/idiosyncratic20212001(exclusive)19(19951996)(1996)(1997)202120012001.32522(1)(2)(3)2226023im{}NiMaxiiL2,1,0==mmmN0gmmmiig=)(0)(igm121)(igm1im0)(igm21im)(igm1im)(igm0im223199921)(igm10)(igm21im0im0273value-maxi-mumprinciple1995im021)(igm10)(igm21im028risk-takerrisk-makerHartandHolmstorm1987AlchianandWoodward1988Hart19951995Step1()xFY+=FxxYStep2240xxcx-0c0xcxc24(JensenandMeckling1976)29playerLRQqc0ttn∑∑-*=ntntnntnLcqQR0032530contributionSomethingtohelpbringaboutaresult;somethingactingasafactorwhatistheresultorfactor?andwhatisthesomething?resultorfactorsomething2620012726200127312828199532(JensenandMeckling1976)tQdcac)(dcYdc)(acFactQ)(dcY)(acF4YdcFacdcactQrisk-takerrisk-maker331995)(MilgromandRobert1992P19l193)19971995P102ABABABBAABBAABBABABBABB34FitzroyandMueller1984352ICabcdabcdM36Md3abcd?A??bdDcaBC?ICbdMca37abcdABCDAABBCC38TWSchultz1962LCThurow19701999198719922001292939Barzel197719962001200120021996401996199619974130199919891987199519993042199834Barzel197731participationconstraint3119954344199719961996199632corecompetence90PrahaLadHamel1990thecollectivelearningintheorganizationespeciallyhowtocoordinatediverseproductionskillsandintegratemultiplestreamsoftechnologies(20012002)32200145(keyresources)()(corecapabilities)446335LuLsKLuLsKLuLsKY=fLu,Ls1,K1,Ls2+K2Y=fLu,K1,Ls1,Ls2,Ls3+K2Y=fLu,Ls1,Ls2+K1,K2,K3Lu0Ls100K1Ls2K2Lu0Ls10Ls200K1Ls3K2Lu0Ls1034Ls2K10K20K3Ls1+Ls2=LsK1+K2=KLs1+Ls2+Ls3=LsK1+K2=KLs1+Ls2=LsK1+K2+K3=K3334471243200148123A100B1000070.5100.25%15A9B3B9ABA113542080(state-contingentownership)AghionandBolton354919921994199690%xwrmx0XXrmwx++≥mwrxrw++≤+mwxw+≤xw450123451[1]B.Black,“ShareholderGainsfromStakeholderandRestructuringbetween1981and1986:$162BillionisaLotofMoney”,JournalofAppliedCorporateFinance,1988,SpringIssue,5-11[2]GaryCortonandFrankschmid,2000:ClassStruggleInsidetheFirm:AstudyofGermanCodetermination.NBERworkingPaperNo.7945,October,[3]RaghuramG.RajanandLuigiZingales,2000:TheGovemanceoftheNewEnterprise.NBERworkingPaperNo.7958,October,[4]BengtHolmstromandStevenN.Kaplan,2001:CorporateGovernanceandMergerActivityintheUS.NBERworkingPaperNo.7958,October,[5]Coase.R.1960:“theproblemofSocialCost.”J.LawEconOct[6]Barzel,yoram.1977:AneconomicAnalysisofSlaver”.JournalofLawEcon.,17,no.73-96[7]Aoki,M.1984:Co-operativeCameTheoryoftheFirm.OxforduniversityPress&Clarend