Entrepreneurial Enterprises

Since Coarse broke through the hypothesis about enterprise as "black box " in the neo-classic microeconomics, the theory of the firm had developed rapidly. The focuses of the firm theory is doing best include in the border between firm and market, the design of incentive institution, the allocation of ownership. It is the normal and healthy conditions that human take the first place in the economic analysis. The power of the human capital is step by step becoming the research center with the objective retiming back and the further study.Now, the capital of the firm has been enrolled in the skeleton of the firm contract theory, and is accepted as one party of the firm contract. In the latest study, the human capital is categorized as capital of worker and the capital of entrepreneur, especially highlight the function of entrepreneur. But the entrepreneur theory is still not enclosed into the mainstream economics, and the past study neglected the action of the human capital of worker and the conversion between entrepreneur and worker. Ding donghong (1998) regarded entrepreneur human capital as the result of institution, and think that come from the world outside firm. He did not explain the original of the entrepreneur reasonably. But it has important impact on understanding the nature of the firm, allocating power in the firm, designing the incentive institution.The article wants to explain that firm is s series of contract that is signed by human capital entrepreneur and worker in the firm contract frame. On the basis of re-defining the meaning of the entrepreneur and worker, the article wants to research on the real controlling power of the entrepreneur re-discover the value of the entrepreneur by telling the unarticulated knowledge and the principle of learning. Through the analysis of the human capital of worker accumulation, that is, the conversion from worker to entrepreneur, a non-cooperation game model is constructed to explain the human capital right allocation in the firm.The article consists of five pats. The first part reviews the development of firm contract theory and raises the questions, dexines the conceptions of the worker human capital having the general technology and knowledge and the entrepreneur human capital mastering special knowledge. Then the opinions that human capital creates value, takes on the risk of the firm, and human capital has the characteristic of the use for special purpose show that the firm is made up two kinds of human capital. The second part exert discussion by substituting ownership right for real controlling right, explains the entrepreneur' real controlling right. That right originates from the entrepreneur' unarticulated knowledge and the knowledge cannot break away from himself. The entrepreneurs can be categorized according to the different controlling form: the entrepreneur of manager, the entrepreneur of the inventor, the entrepreneur of the salesman, the entrepreneur, the entrepreneur of the high technology worker.The third part constructs a simple non-cooperation game model to figure out the forming ofthe firm, explain the negotiation power of the worker and the entrepreneur during that procedure and discusses the power allocation among the different productive factor. From the beginning of the principle of the learning knowledge, the forth part analyzes the conversion from the worker capital to the entrepreneur. The supply of the entrepreneur capital is just as the accumulation of the worker capital.The fifth part makes conclusions about the building of the institution, acknowledges the important position of the entrepreneur, recognizes and respects the principle of the learning knowledge, stimulates the accumulation of the human capital.