Research On The Governance Problems Of Human-captial-intensive Firms

In the background of the knowledge economy,the importance of human captial and human-capital-intensive firms stand out.This paper expounds the reasons why human capital doesn't have property right from the relationship between human capital and property right firstly,and commets on some mistake made by domestic scholars.Based on it,this paper compares human-capital-intensive firms with physical-capital-intensive firms in some detailed differences of its characters,that is to say,organizational structure,autonomy,arrangement of compesation,contract relationship and the dependence of brandname and reputation.With the different characters,so human-capital-intensive firms are difficult to use traditional theories to explain the nature of the firm.Using novelly critical recources theory for referrence,this paper identifies some issues different from tradition,such as the nature of the firm.The nature of the firm can be understood as a set concluded by critical human capital and the stakeholders which have the access of the critical human capital,and the critical human capital creates the value of the firm and participates in distribution.Because the human capital doesn't have property right,the economic boundary is more suitable to explain the boundary of the firm than law boundary.The change of the nature of the firm decides the change of the target of the firm governance.Human-capital-intensive firms do service for human capital,not for physical capital.Human capital can't be controlled,but be coordinated because of its non-property-right character.And the change of the target of the governance urges the the change of the instrument of the governance.In the case of the disuse of property right,human-capital-intensive firms must use the mechanism of profit-sharing to coordinate human capital to cooperate with the firms,so to realize the all-win state.Based on the differrence of the characters and the nature of the human-capital-intensive firms,we can easily understand why there is so high proportional partnership firm in the human-capital-intensive firms.This paper use correlative theories to conclude that business,size of the capital,business risk,size of the firm and the heterogeneity of the employees are the main factors which influence human-capital-intensive firms to choose corporate or partnership as their pattern of governance.Meanwhile,this paper researchs the reasons why partnership is an effective pattern of the governance and researchs the internal governance characters of partnership.Finally this paper ends with a simple conclusion and research perpective.