【摘要】 不完全契约和资产专用性引致了交易中的敲竹杠问题，带来生产成本和交易成本的上升。由于人力资本的产权特征，企业内也存在敲竹杠问题，因而最优的企业所有权安排必定是能使敲竹杠问题总成本最小化的结构。通过比较，本文认为，由非人力资本所有者和人力资本所有者共同拥有企业所有权是最优的。更多还原

【Abstract】 The incomplete contract and asset specificity cause the hold-up problem in transaction, which brings about the rising of production cost and transaction cost. Because of the character of the property rights of human capital,the hold-up problem still exists in the firm. Therefore, the first-best arrangement of the firm ownership must be a structure that minimizes the costs of the hold-up problem.By comparison, this article concludes that it is first-best for the owners of human capital and non human capital to hold the firm ownership jointly.更多还原