企业最优剩余财权配置模型研究  

On the Optimal Model of Residual Financial Rights Allocation of Enterprise

作　　者：张荣武[1,2] 常青青[2] 

机构地区：[1]中南财经政法大学工商管理博士后流动站,湖北武汉430073 [2]广东商学院会计学院,广东广州510320

出　　处：《中南财经政法大学学报》2010年第6期108-113,共6页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金资助项目"经济周期视角下投资者心理偏差对资产定价的影响研究"(10CGL043);中国博士后科学基金资助项目"产权财务研究"(20090461016);中南财经政法大学博士后研究人员科研项目"产权财务论";广东省社会科学基金资助项目"公司财务治理公平与效率的行为经济学研究"(07Y002)

摘　　要：剩余财权能否合理配置是影响公司财务治理效率的关键因素。本文将企业发展过程划分为两个阶段,即古典经济阶段和新知识经济阶段,通过构建剩余财权配置模型,并以贡献和风险承担作为剩余财权配置的基本原则,研究发现:在古典经济阶段,物质资本贡献较大且承担企业的主要风险,大部分剩余财权应配置给物质资本所有者;在新知识经济阶段,人力资本对企业的贡献和承担的风险较物质资本更多,因而大部分剩余财权应配置给人力资本所有者。Allocation of residual financial rights is a vital factor that affects the efficiency of corporate financial governance.The developing process of an enterprise is divided into two stages in this paper,the classical economic stage and the new knowledge-based economy stage.By setting up the model of residual financial rights allocation,this paper probes into the changes of marginal product of material capital and human capital in different stages.According to the principles of contribution and risk-taking,the research shows that material capital's contribution is larger and bearing the principal risk of enterprise under the stage of classical economic,so most of the residual financial rights will be allocated to the owners of material capital;on the contrary,human capital's contribution is larger and bearing the principal risk of enterprise under the stage of new knowledge-based economy,so most of the residual financial rights will be allocated to the owners of human capital.

关 键 词：人力资本 物质资本 剩余财权 财权配置 

分 类 号：F830[经济管理—金融学]