Study Of Human Capital's Participation In Enterprise Ownership

Because of physical capital' special status, enterprise property right mainly is "Capital employ labor". Physical capital possesses the enterprise ownership alone, and "Capital employ labor" seemingly becomes perpetual question. Marxist enterprise theory and Contract theories of enterprise make different explanation in their framework respectively. Marxist enterprise theory considers "Capital employ labor" originate from the ownership of capitalism means of production, on the basis of external effects of organization member, the latter believes that "Capital employ labor" is the optimal control power arrangement.According to Marxist enterprise theory, we believe it is the contribution of human capital in creating surplus valve that makes human share ownership of the firms becomes a inevitable tendency. The dissertation attempts break though the "Capital employ labor" framework, and studies human capital's ownership of the firms as well as it's equilibrium from dual nature of the firm: contractual and production essence. Our conclusion shows that the human capital share ownership of the firms with physical capital is the optimal pattern, especially in the knowledge-based firms. This arrangement of ownership restrained by dual cost: knowledge cost and collective decision -making cost. The equilibrium of rights allocation is the lowest point of the total cost curve.