从控制到协调:企业治理目标的演进  

From Controlling to Coordinating: An Evolution of the Governance Target of the Firm

作　　者：陈和[1] 蒲惠荧[2] 隋广军[3] 

机构地区：[1]广东外语外贸大学财经学院现代产业体系研究中心 [2]暨南大学产业经济研究院 [3]广东外语外贸大学校党委

出　　处：《产经评论》2011年第5期67-76,共10页Industrial Economic Review

基　　金：教育部人文社会科学研究青年项目"合伙制人力资本密集型企业研究:基于治理机制的视角"(10YJC790019);广东省自然科学基金博士启动项目"产业升级的微观基础:人力资本密集型企业的兴起与治理"(10451042001004317);广东省教育厅文科基地重大项目"新型粤商并购策略研究"(09JDXM63008);广东省教育厅高水平科研项目(人文社科)"合伙制人力资本密集型企业治理机制研究:一种古老治理模式的复兴"(WYM10027)

摘　　要：企业的治理目标可以理解为企业的价值取向,即企业应该为谁服务,为谁而存在?企业治理目标也体现在维护企业内创造价值的关键性资源的完整性,并通过价值分配来激励这些关键性资源。传统的物质资本密集型企业其关键性资源具有产权特性,控制企业产权便可以维持企业的价值创造能力,同时也可以获得相应的价值分配权,因此物质资本密集型企业的治理目标便是控制企业的关键性物资资本,并为其服务。而在人力资本密集型企业中,创造价值的关键性资源无法通过产权加以控制,需要凭借关系型契约来协调。此时,只有妥善协调企业内的关键性资源,才能维持企业的价值创造能力,所以人力资本密集型企业的治理目标由控制转变为协调企业内的关键性资源。企业家通过关系型契约协调关键性人力资本的关键是让人力资本感知与企业合作的收益要大于不合作的收益,切实保证人力资本有权参与分享与企业合作所产生的收益,从而提高关系型契约自我实施的能力。The governance target of the firm can be understood as the value - orientation of the firm, that is to say, the firm should work for whom and exist for whom？ This is a long -live topic. Totally speaking, the governance target of the firm represents the maintenance of the integration of the critical resources which create the value of the firm, and incentives the critical resources by value - distribution. The critical resources of traditional physical - capital - intensive firms have the character of property rights. Controlling the property rights of the firm can maintain the ability of value - creation of the firm, and can get the related value - distribution. Because the governance target of physical - capital - intensive firms is to control the critical physical capital of the firm and serve for it. But in the human -capital -intensive finns, the critical resources which create the value of the firm cannot be controlled by property rights. These critical resources need to be coordinated by relational contract. Now you have to cooperate the critical resources of the firm well, then you can maintain the ability of the value - creation of the firm. So now the governance target of the human - capital - intensive firms change from controlling the critical resources in the firm to coordinate them. The key of the entrepreneurs to coordinate the critical human capital is letting human capital know that it is beneficial for them to cooperate with the firm. You must guarantee the human capital has the right to share in the income which is created by the cooperation, so that it can enhance the ability of the selfimplement of the relational contract.

关 键 词：治理目标 产权控制 关系协调 

分 类 号：F592.99[经济管理—旅游管理]