人力资本、进入权与企业层级结构

企业产生于市场机会并且是市场机会价值化的组织。企业家发现市场机会,并须说服物质资本和其他人力资本参与市场机会价值化的一系列活动。企业成长是企业家不断发现新的市场机会以及其他人力资本不断地学习利用市场机会的过程。在此过程中,企业家面临两难选择:参与者越多,市场机会价值化程度就越高,但市场机会被参与者盗用的可能性越大。企业内部层级结构正是限制事后竞争和激励专用性投资的安排。

Human Capital, Access, and the Hierarchy of the Firm

A firm emerges from a market opportunity sought by an entrepreneur and is an organization to transform the market opportunity into the products and/or services that the customers need. The process of transformation involves many kinds of activities that cost both physical and human capital, so the entrepreneur must convince as many agents as possible to invest physical and/or human capital ( which is virtually the focus of this paper). The growth of a firm is a dynamic process, in which the entrepreneur continually seeks market opportunities that the participants of human capital ceaselessly transform into the products and/or services. A dilemma in this process that any entrepreneur must be faced with; The more investors of human capital, the more market value to be created on the basis of the market opportunity, and the more likelihood the market opportunity to be appropriated by the market participants. Thus, the internal hierarchy of a firm is arranged for both limiting ex post competition and promoting ex ante special investment of human capital.