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本文从公司财务控制权配置中人力资本所有者与物质资本所有者分享财务控制权的动态博弈分析角度,得出人力资本专用性所形成的谈判力决定了物质资本所有者与人力资本所有者共同分事公司财务控制权是一种有效率的制度安排;在公司发展的不同阶段,谈判各方分享公司财务控制权的份额也是不同等结论。
From the perspective of the dynamic game analysis of the sharing of financial control rights between the owners of human capital and owners of physical capital in the company’s financial control rights allocation, this paper concludes that the negotiating power formed by the specificity of human capital determines the joint ownership of physical capital and human capital. The company’s financial control power of the company is an efficient institutional arrangement; at different stages of the company’s development, the parties to the negotiation share the company’s financial control share is also different.