【摘要】 企业的全要素生产率决定于企业创新产生的价值增值,而创新则来源于企业家对于投入要素的最佳配置和要素最大潜力的释放。企业家的控制权是推动企业创新的主导力量。相对于所有权而言,企业家的控制权更为重要,因为这种主导权有助于人力资本把握使企业变得更有价值的机会,赋予企业创造关键资源的创新能力,即获得专业化人力资本的能力,这是一种隐形投资,其效果往往在事后表现出来。明智的选择应当是善于在事先就发现和运用这个主导力量来推动企业创新,在面临不确定性市场的情况下,赋予企业家过程决策和事后决策的自由裁量权。企业的多元产权要素形成的共担风险模式,要求以无法直接定价的人力资本与可直接定价的其他投入要素地有机结合与合理配置。这种隐性人力资本投入得越有效或越多,则创新的潜力越大,因而越需要受到激励。更多还原

【Abstract】 The total factor productivity of an enterprise comes from the value increment generated by enterprise innovation, and the innovation comes from the entrepreneur’s optimal allocation and the release of the maximum potential of the input elements.Therefore, the access of entrepreneurs is the dominant force that promotes the enterprise innovation.Compared with the ownership, the control of entrepreneurs is more important, because this kind of domination helps human capital to grasp the opportunities that make enterprises more valuable and endow enterprises with the innovative ability to create key resources, namely, the ability to acquire specialized human capital. It is an invisible investment, and its effect is often shown afterwards. The wise choice should be good at discovering and applying this leading force in advance to promote enterprise innovation, and to give discretion to process decision-making and post-decision-making in facing the uncertain market. The risk-sharing model formed by multiple property rights elements of enterprises requires the organic combination and rational allocation of human capital that cannot be directly priced and other input elements that can be directly priced. The more effective or more this implicit human capital is invested, the greater the potential for innovation, and therefore the more incentive is needed.更多还原