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Economics analysis on human capital owners share ownership of enterprises

Author: JiangZuoRong From: www.yourpaper.net Posted: 2010-07-11 22:04:49 Read:
papers Keywords: corporate ownership share self need dedicated inseparability
Abstract: modern enterprise, human capital owners to share business ownership share was to improve the study because: human capital owners as economic man, its economic value is rising with economic growth; human capital has dedicated its owner can not be separated from the human capital owners incentive not only squeezing this objective requires human capital owners share ownership of enterprises; same time, the share ownership of enterprises can effectively motivate owners of human capital, promote the enterprise performance the improvement, which is the direct cause of human capital owners share ownership of enterprises.
a prerequisite for human capital owners share ownership of enterprises
From individual proprietorship enterprise, partnership enterprises, to the modern corporate enterprises, continuous separation of corporate ownership and management rights, human capital owners to strengthen the control of the enterprise, the share of human capital owners to share ownership of enterprises was a gradual increase in trend . The precondition is that the owners of human capital economic, its pursuit of self through participation in firm contracts concluded by sharing ownership of enterprises to achieve self.
Enterprise human capital owners as the property rights, first of all in the economic identity, secondary as business owners. Accordingly, they put their specific human capital into the enterprise, in order to achieve its economic interests, the need for self-services in human capital owners. This self-interested motive is to make personal decisions basis points.
Human capital owners to participate in the corporate contract concluded in order to meet the needs of its self, which is a manifestation of its economic and human attributes; and this need of the value and significance of human capital owners, with the improvement of labor market prices increasing investment in human capital, as well as factors such as growth in personal disposable income, has become increasingly important. We think: human capital owners need to include survival needs, security needs, social needs, self, self-realization need other levels. Desire of these levels in turn ascending, which self has a special significance for the modern human capital owners need the higher level of needs, the performance of human capital owners pursuit of power, success, and the realization of a sense of belonging and so on.
Ego needs of the modern human capital owners, meaning increasingly important, it is based on changing economic conditions. First of all, the modern economic growth prompted the relative contribution of labor and capital to change direction in favor of workers, namely: the labor productivity of workers relative to the value of the capital gains rate to improve, along there will be a rise in demand for labor . This forces the institutional arrangements of society (such as the enterprise system) to adapt to this change and adjust to ensure that workers get more revenue opportunities, this ego needs and self-actualization needs phase favorable conditions for the pursuit of human capital owners. Second, the economic growth has exacerbated human capital (especially high-skilled human capital), thereby increasing the rate of return of the investment in human capital. Need to adapt to this change, the education system to expand the supply of services such as education and job training, promote quality improvement of human life. With this upgrade, the health of individual rights attached to the legal rights (such as the individual's right to privacy from abuses by police), individuals in the work to obtain equal rights, especially high-tech work, personal access to consumer goods and the services equal rights, also will increase, so that the self-need to have a particular importance in the human capital owner. Finally, as a result of economic growth, people's disposable income improve human capital as one of the owners, with the disposable income to improve to meet the survival needs, security needs, social needs, self and self-realization becomes increasingly important.
Human capital owners and mainly self-actualization needs: the need for power, need for achievement, the need to belong. When human capital owners to participate by virtue of the Human Capital business contractus, its self need to achieve by means of share ownership of enterprises. What is business ownership? Ownership of enterprises refers to the sum of the residual claim and residual control rights. Residual claim refers to the right to balance the requirements of enterprise income deducted commitment by specifying a fixed payment (such as the cost of raw materials, wages, interest, etc.). The remaining claimants stakeholders, because the surplus is uncertain, there is no guarantee. In the previously fixed payment achieve residual claimants will get nothing, so the residual claimant bears the risk on the corporate marginal. In this sense, that residual claimant is the owner of the enterprise. Human capital owners need for achievement, need for affiliation With Share residual claim to achieve. The remaining control over decision-making power means no special provisions in the contract activities. The modern theory of the firm view that the enterprise as a contract is not complete. Firm Contract Why do not complete it? Beforehand because it is impossible to anticipate all future situations that may occur;, or even expected, it is impossible to write down;, or even write out a result is unable to perform because of the implementation costs are too high . This leaves us with a crucial question: when the contract is not expected to happen, who is in charge? Vesting of which is the residual rights of control problems. Human capital owner's need for power and the need to belong with the sharing of residual control rights.
, human capital owners share ownership of enterprises objectivity
The owner of human capital as an independent property rights, although with the share ownership of enterprises to achieve its economic interests, but human capital owners actually share ownership is happening in the modern enterprise. Because just in the modern enterprise, the characteristics of the property rights of the human capital to be fully manifested.
First, human capital has a special feature on the social form. The special characteristics of the human capital refers to some people with some expertise in the work, work skills or have certain information. To exit a certain specific assets, then he will quit himself and bring losses not fully evaluate this specific capacity outside the enterprise, it is difficult to enter the market transactions. So, the owner of the human capital in and out of the enterprise must take into account the specificity of human capital, free to enter a not for their own dedicated enterprise or free to exit a suitable own dedicated enterprise, will be on their own losses. Therefore, the human capital dedicated reflect objectivity constraints of the social division of labor in human capital owners the entry and exit of enterprises, strengthening human capital and enterprise contact consciously, actively concerned about the development of enterprises, promote human capital owners, commitment to corporate operational risks, and then share the ownership of enterprises.
Secondly, in the natural form, the ownership of human capital can only belong to embody it. And embodies it can not be separated, which is the biggest difference in human capital and non-human capital. The inseparability of the human capital share ownership of enterprises is necessary. Human capital is naturally a matter of personal characteristics and human capital to respond to different and non-human capital in incomplete property rights. We know that, when restricted in the use, transfer, income, human capital, and have given rise to the phenomenon of Incomplete Property Rights. When part of the human capital property rights is limited, due to their owners completely control the use of human capital, he the human assets "off", and that this part of the assets did not seem to have had, and this part of the human capital can not be transferred to the hands of the other subjects for the same use. Human Capital Property incomplete, its economic value will plummet. Therefore, human capital owners, only incentives can not be squeezed. Measurement and supervision "enterprise", meaning to identify the contribution of the workers on the production, in order to develop incentive compensation arrangements, rather than "squeeze" employees. In this sense, human capital owners share ownership of enterprises is a kind of behavior to help improve efficiency.
Human capital owners involved in business ownership arrangement is a dynamic game, in the case of other conditions remain unchanged, the human capital owners share the corporate ownership share of human capital dedicated and inseparability was positively correlated. In reality, human capital owners share ownership of enterprises by nature, stage of development of production factors such as the impact of which is a dynamic process of adjustment.
, human capital owners to share the direct cause of corporate ownership
Modern economic growth, improve the labor productivity of workers relative to the value of the capital gains rate, especially those with high skill labor productivity. Promote corporate ownership arrangement changes (ie "Inducement Changes"): on the one hand to promote an increase in human capital investment, leading the development of human capital specificity from the depth and breadth and skills embedded in human capital occurs from two aspects, ideas enterprise competitiveness and growth, knowledge, and other factors become critical resources; Ultimately, the economic value of the human capital is rising, and its value can not be entirely through market pricing. Thus, in the process of corporate property rights to the game, the the owners negotiating power of human capital will be strengthened, and also will be increasing the risk assumed by the human capital owners. Enterprises as the sum of a series of contracts, rights adjust enterprise configuration, to motivate human capital owners to improve business performance, its institutional arrangements have to adapt to the economic value of human capital as a result of economic growth to enhance the changes conducive to human capital owners, namely, human capital owners share ownership of enterprises. Business enterprise for profit, on the other hand, in the allocation of resources, and accordingly make adaptation: corporate institutional arrangements and changing to adapt to the people to get more revenue opportunities.
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