【摘要】 在当今科技革命和产业变革方兴未艾的时代背景下，知识和技术成为经济增长和财富积累的主要驱动力，企业家等高能力人力资本作为知识和技术的载体，在企业的经营决策和创新创造中占据主导地位。同时，企业家人力资本的稀缺性和专用性及其风险承担能力和创造能力的提升使得企业家人力资本相对价格提高，财务资本相对价格降低，从而促使公司治理范式从“资本雇佣劳动”向“劳动雇佣资本”变革。高科技时代背景、资本市场完善导致的股权多元化以及企业较高的创新发展需求为“劳动雇佣资本”治理范式发展提供了适用环境。此外，“劳动雇佣资本”治理范式不仅会极大地激发企业家能力，也会引发企业各治理主体权益发生变化，进而能够通过提高治理效率和实现制度革新推动新质生产力的发展。更多还原

【Abstract】 In the era of ongoing technological revolution and industrial transformation, knowledge and technology have become the primary drivers of economic growth and wealth accumulation.Entrepreneurs and other highly capable human capital, as carriers of knowledge and technology, play a dominant role in the management and innovation.At the same time, the scarcity and specificity of entrepreneurial human capital, along with their enhanced risk-taking and creative abilities, have led to an increase in the relative price of entrepreneurial human capital and a decrease in the relative price of financial capital.This shift promotes a transformation in corporate governance paradigm from“capital employs labor”to“labor employs capital”.The backdrop of the high-tech era, the diversification of equity due to the perfection of capital markets, and the high demand for innovative development in corporates provide a suitable environment for the development of the“labor employs capital”governance paradigm.Furthermore, the“labor employs capital”governance paradigm not only greatly stimulates the capabilities of entrepreneurs but also leads to changes in the rights and interests of various governance entities within the corporate.Consequently, it can promote the development of new quality productivity by improving governance efficiency and achieving institutional innovation.更多还原