人力资本、内部股权激励与创新企业长期产出的增长路径  

Human Capital,Internal Equity Incentives and Innovative Enterprise's Long-term Output Growth Path

作　　者：赵登峰[1] 唐杰[2] 陈勇[1] 

机构地区：[1]深圳大学经济学院,518000 [2]南开大学经济研究所,300071

出　　处：《南开经济研究》2015年第2期3-23,共21页Nankai Economic Studies

基　　金：赵登峰主持的教育部人文社科一般研究项目<专业化劳动力与内生产业结构升级--理论模型与经验研究>(11YJA790215)的阶段成果;广东省软科学研究项目<广东创新型产业集群驱动机制与发展模式及政策效应研究--以珠江三角洲为例>(2012B070300075)资助

摘　　要：创新企业在竞争性市场上对高级专业化劳动力施加内部股权激励,并将股权资本动态最优地配置于研发和管理等创新性投入和外购中间品投入中,企业的最终产出可以实现长期稳态增长。在本文构建的动态模型中,创新企业的最优增长率受创新企业的知识创造活动、人力资本、创新企业家的消费和投资行为影响,企业的创新成功率和人力资本增长率越高,企业产出的稳态增长率就越高;创新企业家未来效用的贴现率和替代弹性参数值越低,企业产出的稳态增长率就越高。创新企业扩张的必要条件是,中间品的市场交易效率低于生产这些中间品的人力资本的交易效率,创新企业的内部股权激励制度使企业家市场替代中间品市场,创新企业在中间投入品市场上的动态垄断竞争可能催生一个蓬勃发展的新兴产业。If an innovative enterprise in the competitive market imposes internal equity incentives for senior specialized labor, and dynamically allocates the equity capital between innovative investment in R＆D and management and investment in outsource intermediate inputs optimally, The final output of the enterprise can achieve long-term steady growth. In our dynamic model, optimal growth for the innovative enterprise is affected by enterprise＇s knowledge creation activities, human capital and entrepreneurs＇ behavior of consumption and investment. The higher the innovation success rate and human capital growth rate, the higher is the steady-state growth rate of output. The lower the discount rate of entrepreneurs＇ future utility and the parameter value of elasticity of substitution, the higher is the steady-state growth rate of output. The requirement condition for innovative enterprise expansion is that the transaction efficiency in intermediate goods markets is lower than in the human capital markets. The enterprise＇s internal equity incentives replace intermediate inputs market by entrepreneurs＇ market. The dynamic of monopolistic competition by innovative enterprises in the intermediate inputs market perhaps spawns a booming new industry.

关 键 词：人力资本 内部股权激励 创新企业 产出增长 

分 类 号：F273.1[经济管理—企业管理] F272.92[经济管理—国民经济]