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在卖方市场中企业追求以生产为导向的经营目标,通过处于主导地位的财务资本“雇佣”劳动完成企业价值创造。随着人类社会的生产力水平不断提高以及人性的不断解放,以雇佣方式存在的企业财务资本结构难以满足“人性觉醒”的公司治理需要。在买方市场中企业追求以顾客为导向的经营目标,崛起的企业人力资本促使企业财务资本与劳动之间的“和谐”关系逐渐形成,以人为本的企业人本资本结构逐渐成为公司治理的核心。在无激励与有激励情况下,本文利用所界定的无委托代理成本与委托代理成本分析以人为本的企业经营者实现企业价值最大化的条件,解释了企业人本资本结构在公司治理中所发挥的核心作用。
In the seller’s market, the enterprise pursues the goal of production-oriented management and accomplishes the creation of enterprise value through the leading “financial” capital. With the continuous improvement of the productive forces of human society and the continuous emancipation of human nature, the structure of corporate financial capital with employment is difficult to meet the corporate governance needs of “human awakening.” In the buyer’s market, the pursuit of customer-oriented business goals, the rise of corporate human capital to promote corporate financial capital and labor between the “harmony” relationship gradually formed, people-oriented enterprise capital structure has gradually become the core of corporate governance . In the absence of incentives and motivations, this paper analyzes the conditions under which the people-oriented managers realize the maximization of enterprise value by using the defined agentless costs and agency costs, and explains the role of human capital structure in corporate governance Core role.