A Study On Collocation Of Knowledge-based Enterprise's Control Right

Knowledge-based enterprise is the production of knowledge economic age. Generally, it refers to the social economical organization, which views knowledge as the main investment subject, and has the goal of knowledge input, knowledge transmission and knowledge innovation. The main feature of Knowledge-based enterprise, which differs from traditional industry, is that enterprise depends on the core technical knowledge, core technical knowledge and the human capital which owns or controls the core technical knowledge are crucial to enterprise's survival, the key point of the collocation of ownership and control rights is to control core technical knowledge and the human capital which owns or controls the core technical knowledge.Under the pattern of knowledge economic, production and the trade activity have already specialized, and division has becoming smaller and smaller. Producers and managers occupy the specialized knowledge, and the phenomenon of information asymmetry becomes more and more serious and cannot be coordinated. If we simply apply the traditional corporate governance structure to the modern enterprise, we surely cannot solve the "adverse selection" and "moral hazard" problem caused by the separation of ownership and management right. That is to say, tangible assets own less to the value of enterprise and intangible assets such an human capital, brand image and marketing network own more to the value of enterprise in knowledge-based enterprise. In law, the stockholder own the control rights. However, the controller in law don't hold the core technical knowledge and the market. The senior managers and technician hold the human capital and core knowledge which could bring the interests and rise the value of company. Seeing from the value creation, they are the inside man in the company. Material capital holder can monitor the core human capital holder because of the significance, invisibility, adhering. Knowledge controlling is the challenge to the control rights theory based on traditional ownership, is the deepening caused by the separation of ownership and control rights.This paper utilizes positive analysis and normative analysis methods to analyze the knowledge-based enterprise's contact features from knowledge-based enterprise's feature, based on the principle-agent theory and incomplete contract theory and interests relevance theory. Then I introduce the definition of material control rights, knowledge control rights and the real control rights, deeply analyze the connotation and the form of realization ,and then I draw a conclusion that knowledge control rights gradually becomes to the real control rights ,and the residual claim rights for the holder of material control rights cannot be guaranteed.This paper control rights-sharing institution based on ownership, which refers to the material capital and human capital share the residual claim together, to some extent, can solve the moral hazard problem of the holder of human capital. And it is also an effective inside incentive mechanism. Then I take the high-technique enterprise as an example to prove my point of view. Besides, this paper points out the external law rules and the related market rules can make out the control rights-sharing institution, because the material capital is weaker in knowledge-based enterprise. Moreover, it is inferior to the core human capital .Therefore, it is another key point for us to study how to build the related law and marketing institution in order to restrain the opportunism behavior of core human capital.