캬웕톶 2?0?0?6?年쓪第뗚1?期웚?四쯄川뒨大듳学톧学톧报놨(?哲헜学톧社짧会믡科뿆学톧版냦)?总ퟜ第뗚1?4?2?期웚???ꎮ?????? 2006 J?o?u?r?n?a?\? o?f? ?S?i?ch?u?a?n?? U?n?i?ve?r?s?i?ty? C?S?o?c?i?a\? S?c?i?en?c?e? ?E?d?i?ti?on?)? ?S?u?m?? N?o?.ꎬ1?4?2? ?§ꇬ锺뺭~볃J폫每맜管샭理研퇐先뺿§ꇬ?论싛物컯质훊资本놾产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗?年쓪志횾远풶?(?벪吉쇖林듳大톧学中훐国맺国맺폐有뺭经볃济퇐研뺿究훐中탄心ꎮ，벪吉쇖林长?春뒺1?3?0?0?1?2?)?[?햪摘要튪]?企웳튵业쫇是物컯质훊资놾本닺产좨权폫与죋人솦力资놾本닺产좨权붻交틗易뗄的튻一룶个웵契풼约ꆣ。컯物훊质资놾本닺产좨权与폫죋人솦力资本놾产닺权좨交붻易틗的뗄?特쳘点뗣是쫇交붻易틗权좨利샻不늻平욽等뗈、ꆢ交붻易틗风럧险쿕不늻对뛔称돆和뫍交붻易틗多뛠次듎进뷸行탐5ꎻ物컯훊质资놾本产닺좨权붻交易틗的뗄좨权쓜能쫇是占햼폐有权좨、ꆢ使쪹用폃权좨和뫍处뒦?置훃权좨，ꎬ人죋力솦资本놾产닺权좨交붻易틗的뗄权좨能쓜是쫇法램权좨使쪹用폃权좨和뫍法램权좨处뒦置훃权좨zꎻ物컯质훊资놾本닺产좨权与폫人죋솦力资놾本닺产좨权붻交易틗的뗄费럑用폃有폐信탅?息쾢费럑用폃、ꆢ交붻易틗过맽程돌费럑用폃、ꆢ再퓙交붻易틗费럑用폃和뫍交붻易틗后뫳费럑用폃。ꆣ?[?맘关볼键듊词?]컯物훊质资本놾sꎻ人죋力솦资本놾5ꎻ产닺权좨交붻易틗?[?훐中춼图分럖类샠号뫅]?F?2?7?1? ?[?컄文쿗献뇪标识쪶码싫]??A ?[?컄文헂章编뇠号뫅]?1?0?0?6?一??07?6?6?(?2?0?0?6?)? 0?1?一??0?0?1?0ꆪ-0?4??企웳튵业쫇是컯物质훊资本놾与폫人죋力솦资本놾交붻易틗的뗄一튻个룶契웵?控뿘制훆人죋力솦资本놾产닺权좨主훷体쳥。ꆣ如죧果맻物컯质훊资本놾产닺权좨主훷体쳥?约풼。ꆣ或믲헟者进뷸튻一步늽쮵说，ꎬ企웳业튵是쫇物컯质훊资本놾产닺权좨与폫人죋力솦?没쎻폐有뿘控훆制죋人솦力资本놾产닺权좨主훷体쳥，ꎬ则퓲交붻易틗就뻍难쓑以틔达듯?资놾本产닺좨权交붻틗易的뗄一튻个룶契웵约풼或믲载퓘体쳥。ꆣ因틲此듋，ꎬ深짮入죫研퇐?成돉，ꎬ契웵约풼也튲쓑难以틔签잩订뚩，ꎬ企웳业튵自ퟔ然좻也튲就뻍难쓑以틔设짨立솢。ꆣ?究뺿컯物质훊资本놾닺产权좨与폫人죋力솦资本놾产닺权좨交붻易틗，ꎬ具뻟有폐理샭论싛?从듓企웳业튵的뗄生짺产닺经뺭营펪来살说쮵，ꎬ物컯质훊资本놾产닺权좨主훷体쳥控뿘制훆?意틢틥义和뫍쿖现实쪵틢意义틥。ꆣ它쯼既볈可뿉以틔推췆进뷸产닺权좨经뺭济볃学톧的뗄发랢?人죋솦力资놾本产닺좨权主훷쳥体是쫇比뇈较뷏폐有利샻的뗄，ꎬ它쯼可뿉以틔强잿化뮯物컯?展햹，ꎬ又폖可뿉以틔优폅化뮯企웳业튵所쯹有폐权좨安낲排업。ꆣ?质훊资本놾所쯹有폐者헟的뗄权좨威췾，ꎬ保놣护뮤物컯质훊资本놾所쯹有폐者헟的뗄利샻?益틦，ꎬ实쪵现쿖企웳튵业的뗄既볈定뚨目쒿标뇪。ꆣ由평于폚人죋力솦资本놾产닺权좨受쫜?튻-、ꆢ物컯质훊资本놾닺产权좨与폫人죋力솦资本놾产닺权좨交붻易틗的뗄特쳘点뗣?控뿘于폚物컯质훊资本놾产닺좨权，ꎬ죋人力솦资本놾所쯹有폐者헟受쫜物컯质훊资本놾?物컯훊质资本놾产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗主훷要튪具뻟有폐?所쯹有폐者헟支횧配엤，ꎬ所쯹以틔，ꎬ其웤收쫕益틦权좨完췪全좫被놻剥냾夺뛡。ꆣ这헢就뻍?틔以쿂下特쳘点뗣zꎺ?是쫇为캪什쪲么쎴目쒿잰前人죋솦力资놾本所쯹有폐者헟难쓑以틔分럖享쿭到떽企웳业튵剩쪣?第뗚一튻，ꎬ交붻易틗权좨利샻不늻平욽等뗈。ꆣ?余폠索쯷取좡좨权的뗄重훘要튪풭原因틲之횮一튻?a物컯훊质资놾本产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗是쫇不늻平욽等뗈?뗚第二뛾，ꎬ交붻易틗风럧险쿕不늻对뛔称돆。ꆣ?뗄的，ꎬ컯物훊质资놾本닺产权좨主훷体쳥始쪼终훕处뒦于폚交붻易틗主훷导떼地뗘位캻，ꎬ?컯物质훊资놾本닺产좨权폫与人죋솦力资놾本产닺权좨交붻易틗风럧险쿕是쫇不늻?人죋솦力资놾本产닺좨权主훷体쳥始쪼终훕处뒦于폚交붻易틗从듓属쫴地뗘位캻。ꆣ这헢种훖?뛔对称돆的뗄，ꎬ即벴前잰헟者럧风쿕险大듳，ꎬ后뫳헟者风럧险쿕小킡。ꆣ因틲为캪在퓚完췪?主훷듓从뗘地캻位룱格뻖局，ꎬ쪹使컯物훊质资本놾产닺权좨主훷体쳥在퓚交붻易틗中훐决뻶?돉成交붻틗易后뫳，ꎬ虽쯤좻然퓚在탎形式쪽짏上交붻틗易的뗄权좨力솦巳틑归맩属쫴于폚对뛔?뚨定是쫇럱否成돉붻交、ꆢ成돉交붻价볛格룱及벰人죋力솦资本놾收쫕益틦权좨归맩属쫴。ꆣ?랽方，ꎬ떫但是쫇퓚在本놾훊质上짏，ꎬ人죋솦力资놾本财닆产닺的뗄所쯹有폐权좨(?狭쿁?퓬造돉成컯物质훊资놾本닺产权좨主훷体쳥和뫍人죋力솦资本놾产닺权좨主훷体쳥权좨利샻?틥义)?ꆢ、햼占폐有좨权ꆢ、쪵实볊际쪹使폃用좨权뫍和쪵实볊际뒦处置훃权좨仍죔然좻由평?닮差뇰别뗄的룹根놾本풭原틲因，ꎬ쫇是돵初쪼始资本놾价볛值횵倍탅号뫅强잿弱죵不늻?죋人力솦资놾本닆财产닺붻交易틗主훷体쳥，ꎬ即벴쯹所有폐者헟控뿘制훆，ꎬ他쯻随쯦时쪱?同춬ꆣ。컯物훊质资놾本볛价횵值쫇是쿔显现쿖的뗄，ꎬ初돵始쪼价볛值횵信탅号뫅明쏷晰컺?뚼都可뿉쓜能不늻"ꆰ뛒兑쿖现"ꆱ쯹所交붻틗易的뗄좨权力솦。ꆣ人죋力솦资本놾财닆产닺?잿强쇒烈ꎻs뛸而죋人솦力资놾本볛价횵值则퓲是쫇隐틾藏님的뗄，ꎬ初돵始쪼价볛值횵信탅?쪵实볊际쪹使폃用뿘控훆制좨权쳬天좻然由평퓘载쳥体뿘控制훆的뗄客뿍观맛事쫂实쪵表뇭?뫅号쒣模뫽糊캢微죵弱。ꆣ쯹所以틔，ꎬ物컯质훊资本놾产닺权좨主훷体쳥始쪼终훕占햼据뻝?明쏷，ꎬ即벴쪹使죋人솦力资놾本닺产좨权붻交틗易쪵实쿖现了쇋，ꎬ人죋力솦资本놾财닆?主훷导떼地뗘位캻。ꆣ?닺产的뗄헦真实쪵릩供给룸죔仍좻然듦存在퓚ퟅ着벫极大듳的뗄不늻确좷定뚨性탔，ꎬ即벴交붻?웳企튵业쫇是由평컯物质훊资本놾和뫍人죋力솦资本놾交붻易틗达듯成돉后뫳签잩?틗易主훷쳥体能쓜럱否履싄풼约的뗄럧风쿕险탔性。ꆣ죧如맻果人죋力솦资本놾财닆产닺所쯹?뚩订的뗄튻一个룶웵契约풼，ꎬ这헢标뇪志횾着ퟅ物컯质훊资本놾产닺权좨主훷体쳥已틑经뺭?폐有헟者늻不쓜能싄履풼约，ꎬ퓲则믡会퓬造돉成컯物훊质资本놾所쯹有폐者헟较뷏大듳的뗄??[쫕收룥稿日죕期웚]??2?0?0?5ꆪ-?0?9ꆪ-1?2?? ?[ퟷ作헟者볲简뷩介?]쓪年횾志远풶?0?9?5??6?-)?ꎬ，쓐男ꎮ，뺭经볃济톧学늩博士쪿，ꆣ吉벪쇖林大듳学톧中훐国맺国맺有폐经뺭济볃研퇐究뺿中훐心탄教뷌授쫚，ꎬ从듓事쫂制훆度뛈经뺭济볃学톧研퇐究뺿，ꎮ?
캬웕톶 ????쓪뗚?웚?쓪횾풶ꎺ싛컯훊놾닺좨폫죋솦놾닺좨붻틗?ꆣ?1?1ꆤ.? 2006年第l期年志远2论物质资本产权与人力资本产权支易쯰损失쪧ꎻz벴即쪹使죋人솦力资놾本닆财产닺쯹所有폐者헟能쓜够릻履싄约풼，ꎬ但떫由평?쪹使폃用为캪止횹。ꆣ죧如맻果죋人솦力资놾本닆财닺产췋退出돶使쪹用폃后뫳不늻퓙再进뷸?于폚죋人솦力资놾本쪹使폃用좨权的뗄컞无形탎탔性和뫍人죋力솦资本놾财닆产닺质훊量솿?죫入쫐市场뎡，ꎬ则퓲붻交易틗停춣횹止;ꎻ죧如맻果훘重탂新进뷸入죫市쫐场뎡，ꎬ则퓲新탂?뫍和쫽数솿量뗄的쓑难以틔닢测솿量性탔，ꎬ其웤싄履约풼程돌度뛈也튲是쫇难쓑以틔控뿘制훆?뗄的붻交易틗周훜期웚又폖将붫开뾪始쪼。ꆣ?뗄的。ꆣ因틲듋此，ꎬ仍죔然좻存듦在퓚履싄约풼率싊的뗄风럧险쿕。ꆣ?쇭췢ꎬ평폚죋솦놾닺좨붻틗뷡맻늢늻쓜헦?二뛾ꆢ、컯物质훊资놾本닺产좨权与폫죋人솦力资놾本닺产좨权主붻昂틗的뗄权좨能쓜?另外，由于人力资本产权交易结果井不能真正헽쪵实쿖现죋人솦力资놾本쪵实际볊쪹使用폃좨权和뫍占햼有폐权좨相쿠分럖离샫，ꎬ所쯹?컯物质훊资놾本产닺좨权与폫죋人솦力资놾本产닺좨权交붻易틗，ꎬ不늻能쓜是쫇?틔以，ꎬ붻交틗易뫳后죋人力솦资本놾财닆产닺仍죔然좻由평其웤载퓘体쳥"保ꆰ놣管맜"ꆱꎬ?췪完整헻닺产좨权붻交易틗，ꎬ因틲为캪췪完헻整컯物훊质资놾本产닺权좨交붻易틗将붫使쪹?죧如맻果돐承퓘载헟者쎻世폐有"ꆰ놣保管맜ꆱ"뫃好，ꎬ就뻍会믡出돶现쿖"ꆰ意틢外췢事쫂?컯物质훊资놾本쯹所有폐者헟쪧失去좥컯物훊质资놾本及벰收쫕益틦权좨，ꎬ完췪整헻人죋?맊故ꆱ"ꎬ，쪹使죋人솦力资놾本닆财닺产受쫜损쯰ꆣa헢这些킩都뚼表뇭明쏷，ꎬ物컯质훊?솦力资놾本产닺权좨붻交易틗将붫使쪹人죋力솦资本놾所쯹有폐者헟失쪧去좥自ퟔ由평，ꎬ?资本놾产닺权좨所쯹有폐者헟承돐担떣的뗄风럧险쿕较뷏大듳。ꆣ?쯹所以틔，ꎬ两솽者헟只횻能쓜是쫇各룷自ퟔ的뗄若죴干룉项쿮权좨能쓜进뷸行탐交붻易틗。ꆣ?뗚第三죽，ꎬ交붻易틗多뛠次듎进뷸行탐。ꆣ?컯物质훊资本놾产닺权좨是쫇由평所쯹有폐权좨(?挟쿁义틥)?ꆢ、占햼有폐权좨、ꆢ使쪹?컯物质훊资놾本닺产좨权之횮间볤的뗄交붻易틗比뇈较뷏简볲单떥，ꎬ只횻进뷸行탐?폃用权좨、ꆢ收쫕틦益좨权和뫍뒦处置훃좨权뗈等좨权쓜能构릹成돉，ꎬ人죋力솦资本놾产닺?튻一듎次交붻틗易即벴뿉可以틔完췪돉成。ꆣ因틲为캪在퓚交붻易틗之횮前잰，ꎬ物컯质훊财닆?좨权是쫇由평所쯹有폐权좨(?挟쿁义틥)?ꆢ、占햼有폐权좨、ꆢ实쪵际볊使쪹用폃权좨、ꆢ?닺产的뗄쪹使폃用细쾸뷚节已틑经뺭믹基놾本좷确定뚨。ꆣ在퓚企웳业튵内쓚部늿，ꎬ只횻需탨?램法权좨쪹使用폃权좨、ꆢ收쫕틦益좨权、ꆢ쪵实际볊뒦处置훃좨权和뫍法램权좨处뒦置훃权좨?튪要탐行헾政좨权췾威쏼命쇮令뻍就可뿉以틔配엤置훃컯物质훊财닆产닺，ꎬ所쯹以틔，ꎬ产닺?等뗈权좨能쓜构릹成돉[??1ꆣ]뻝据듋此ꎬ，컒我쏇们햹展开뾪进뷸一튻步늽的뗄分럖析컶。ꆣ?权좨交붻易틗一튻次듎就뻍可뿉以틔完췪成돉。ꆣ但떫是쫇，ꎬ物컯质훊资本놾产닺权좨与폫?쫗首先쿈，ꎬ我컒们쏇럖分析컶物컯훊质资놾本产닺权좨用폃于폚交붻易틗的뗄权좨?人죋솦力资놾本产닺权좨붻交易틗퓲则不늻同춬，ꎬ初돵次듎交붻易틗契웵约풼只횻能쓜对뛔?能쓜。ꆣ物컯质훊资놾本产닺좨权之횮쯹所以틔要튪与폫人죋力솦资本놾产닺权좨进뷸行탐?人죋솦力资本놾财닆产닺的뗄使쪹用폃作ퟷ一튻般냣性탔的뗄规맦定뚨，ꎬ而뛸权좨利샻和뫍?붻交易틗，ꎬ是쫇因틲为캪物컯质훊财닆产닺쯹所有폐者헟期웚望췻通춨过맽物컯质훊财닆产닺?义틥컱务的뗄쾸细节뷚尚짐쎻没有폐确좷定뚨，ꎬ要튪留쇴待듽进뷸入죫企웳业튵以틔后뫳再퓙?与폫죋人솦力닆财닺产的뗄붻交易틗，ꎬ쪵实쿖现컯物훊质财닆产닺的뗄保놣值횵和뫍增퓶?说쮵。ꆣ所쯹以틔，ꎬ人죋솦力资놾本产닺权좨在퓚企웳业튵内쓚部늿还뮹要튪进뷸行탐再퓙?횵值。ꆣ因틲此듋，ꎬ物컯质훊资놾本产닺좨权与폫죋人力솦资本놾产닺权좨进뷸行탐交붻?듎次붻交틗易。ꆣ也튲뻍就쫇是说쮵，ꎬ尽뺡管맜人죋力솦资本놾财닆产닺进뷸入죫了쇋企웳?易틗时쪱，ꎬ要튪죃让撞뛉物컯훊质财닆닺产的뗄占햼폐有权좨，ꎬ以틔便뇣于폚人죋力솦财닆?业튵，ꎬ떫但人죋솦力资本놾产닺权좨的뗄使쪹用폃却좴井늢不늻能쓜完췪全좫由평企웳业튵?닺产作ퟷ폃用于폚物컯质훊财닆닺产，ꎬ使쪹컯物质훊닆财产닺价볛值횵增퓶值횵Fꎻ物컯质훊?经뺭营펪者헟行탐政헾命쏼令쇮单떥方랽面쏦决뻶定뚨，ꎬ还뮹必뇘绩탫进뷸行탐谈첸判에，ꎬ?닆财产닺的뗄占햼有폐좨权交붻틗易让죃搜뛉了쇋，ꎬ컯物质훊财닆产닺的뗄使쪹用폃权좨也튲?即벴튪要뾼考싇虑人죋솦力资놾本产닺权좨쯹所有폐者헟的뗄意틢愿풸和뫍要튪求쟳。ꆣ只횻?就뻍自ퟔ좻然而뛸좻然让죃世뛉了쇋，ꎬ因틲캪为人죋솦力财닆产닺只횻有폐实쪵际볊"ꆰ使쪹?폐有퓙再次듎붻交易틗的뗄뷡结果맻完췪全좫被놻人죋力솦资本놾财닆产닺所쯹有폐者헟接뷓?用폃ꆱ"物컯훊质닆财닺产，ꎬ컯物훊质닆财닺产的뗄볛价횵值才닅会믡实쪵现쿖增퓶值횵sꎻ?受쫜，ꎬ人죋力솦资本놾才닅能쓜正헽常뎣和뫍充돤分럖发랢挥믓作ퟷ用폃。ꆣ所쯹以틔，ꎬ?物컯质훊财닆产닺的뗄使쪹用폃权좨交붻易틗让죃撞뛉了쇋，ꎬ也튲就뻍交붻易틗让죃握뛉了쇋?物컯质훊资놾本닺产좨权폫与죋人솦力资本놾产닺权좨需탨要튪进뷸行탐多뛠次듎交붻?物컯质훊财닆产닺的뗄处뒦置훃좨权，ꎬ因틲为캪物컯质훊财닆产닺使쪹用폃的뗄本놾身짭就뻍?易틗。ꆣ另쇭外췢，ꎬ由평于폚人죋力솦资本놾财닆产닺是쫇…튻种훖充돤分럖主훷动뚯和뫍?是쫇对뛔物컯质훊财닆产닺的뗄处뒦置훃zꎻ物컯质훊财닆产닺所쯹有폐权좨(挟?쿁义틥)?"ꆰ믡会엜跑ꆱ"뗄的닆财닺产ꎬ，쯹所틔以ꎬ，떱当죋人솦力资놾本닆财产닺不늻能쓜正헽?是쫇物컯质훊财닆产닺所쯹有폐헟者펵拥有폐컯物质훊财닆产닺的뗄法램律싉凭욾证횤，ꎬ是쫇?常뎣或믲充돤分럖发랢挥믓ퟷ作用폃时쪱，ꎬ或믲对뛔交붻易틗的뗄结뷡果맻不늻能쓜够릻完췪?不늻会믡交붻易틗让죃撞뛉的뗄，ꎬ否럱则퓲，ꎬ就뻍믡会失쪧去좥自ퟔ己벺的뗄物컯质훊财닆?全좫接뷓受쫜时쪱，ꎬ人죋力솦资本놾产닺权좨就뻍应펦该룃再퓙次듎进뷸行탐交붻易틗。ꆣ?产닺:ꎻ而뛸物컯质훊财닆产닺的뗄收쫕益틦좨权则퓲是쫇物컯质훊资本놾产닺权좨交붻易틗?再퓙次듎交붻易틗可뿉以틔分럖为캪两솽种훖情쟩况뿶tꎺ一튻种훖是쫇在퓚企웳业튵内쓚部늿?的뗄目쒿的뗄和뫍出돶发랢뗣点，ꎬ失쪧去좥了쇋收쫕益틦权좨，ꎬ物컯质훊资本놾产닺权좨?重훘新탂交붻易틗。ꆣ企웳业튵和뫍人죋力솦资本놾所쯹有폐者헟通춨过맽再퓙次듎谈첸判에?与폫人죋力솦资놾本产닺权좨붻交易틗就뻍失쪧去좥了쇋意틢义틥。ꆣ因틲此듋，ꎬ物컯质훊?达듯돉成탂新뗄的붻交易틗结뷡果맻;ꎻ另쇭一튻种훖是쫇到떽市쫐场뎡上짏重훘新탂交붻?资本놾产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗，ꎬ是쫇物컯质훊资本놾所쯹有폐?易틗。ꆣ如죧果맻受쫜某쒳些킩因틲素쯘影펰响쿬，ꎬ在퓚企웳业튵内쓚部늿不늻能쓜重훘新탂?者헟保놣留쇴所쯹有폐权좨(?挟쿁义틥)?和뫍收쫕益틦权좨，ꎬ而뛸把냑其웤余폠三죽项쿮?交붻易틗，ꎬ或믲交붻易틗结뷡果맻仍죔难쓑以틔令쇮人죋力솦资本놾财닆产닺所쯹有폐者헟?权좨能쓜，ꎬ即벴占햼有폐权좨、ꆢ使쪹用폃权좨和뫍处뒦置훃权좨等뗈权좨能쓜用폃于폚交붻?满싺意틢时쪱，ꎬ人죋力솦资本놾财닆产닺所쯹有폐者헟就뻍可뿉能쓜终훕止횹服럾务컱，ꎬ?易틗。ꆣ交붻易틗的뗄结뷡果맻，ꎬ是쫇企웳业튵(?如죧股막份럝有폐限쿞公릫司쮾)?诞떮?重훘新탂回믘到떽人죋力솦资本놾产닺权좨市쫐场뎡去좥选톡择퓱交붻易틗对뛔象쿳，ꎬ寻톰?生짺，ꎬ占햼有폐좨权、ꆢ使쪹用폃权좨和뫍处뒦置훃权좨等뗈权좨能쓜归맩属쫴于폚企웳业튵?找헒自ퟔ己벺满싺意틢的뗄再퓙次듎交붻易틗oꆣ当떱然좻，ꎬ人죋力솦资本놾产닺权좨的뗄?拥펵有폐，ꎬ转化뮯为캪经뺭营펪权좨。ꆣ?重훘新탂交붻易틗也튲可뿉以틔是쫇企웳业튵要튪求쟳的뗄。ꆣ总ퟜ而뛸言퇔之횮，ꎬ人죋力솦?其웤次듎，ꎬ我컒们쏇分럖析컶人죋力솦资本놾产닺权좨用폃于폚交붻易틗的뗄权좨?资本놾财닆产닺的뗄使쪹用폃过맽程돌，ꎬ也튲是쫇人죋力솦资本놾产닺权좨的뗄不늻断뛏?能쓜。ꆣ人죋力솦资本놾不늻能쓜强뛀立솢存듦在퓚，ꎬ只횻能쓜存듦在퓚于폚承돐载퓘者헟?交붻易틗过맽程돌。ꆣ只횻要튪有폐人죋力솦资本놾财닆产닺的뗄使쪹用폃，ꎬ就뻍会믡发랢?的뗄身짭体쳥之횮中훐阳??，ꎬ쯹所以틔，ꎬ人죋솦力资本놾承돐载퓘者헟是쫇人죋力솦资?生짺人죋力솦资本놾产닺权좨的뗄交붻易틗，ꎬ直횱到떽人죋力솦资本놾财닆产닺退췋出돶?本놾惟캩一튻的뗄所쯹有폐者헟(?挟쿁义틥)?和뫍占햼有폐者헟，ꎬ拥펵有폐人죋力솦资?
캬웕톶 ꆤ? ?12? ꆤ ?四쯄川뒨大듳学톧学톧报놨(?哲헜学톧社짧会믡科뿆学톧版냦)??总ퟜ第뗚?1?42?期웚?本놾쯹所有폐좨权〈?狭쿁义틥)?和뫍占햼有폐权좨。ꆣ否럱则퓲，ꎬ人죋力솦资本놾承돐?象쿳。ꆣ但떫是쫇，ꎬ在퓚现쿖实쪵中훐，ꎬ由평于폚交붻易틗双쮫方랽存듦在퓚着ퟅ倍탅息쾢?载퓘헟者将붫失쪧去좥人죋身짭自ퟔ由평。ꆣ因틲此듋，ꎬ在퓚人죋力솦资本놾产닺权좨交붻?늻不뛔对돆称，ꎬ벴即쮫双랽方뚼都늻不횪知道뗀붻交易틗对뛔象쿳是쫇谁쮭、ꆢ在퓚哪쓄?易틗时쪱，ꎬ人죋力솦资놾本所쯹有폐权좨〈?狭쿁义틥)?和뫍占햼有폐权좨不늻能쓜作ퟷ?샯里，ꎬ所쯹以틔，ꎬ双쮫方랽都뚼需탨要튪寻톰找헒对뛔方랽。ꆣ这헢样퇹，ꎬ就뻍会믡发랢?为캪붻交易틗뛔对象쿳。ꆣ同춬时쪱，ꎬ由평于폚人죋力솦资本놾承돐载퓘者헟享쿭有폐人죋?짺生튻一定뚨的뗄人죋财닆物컯等뗈的뗄消쿻耗뫄?[5]?ꆣ二뛾是쫇调뗷查닩了쇋解뷢费럑?力솦资本놾所쯹有폐权좨(?狭쿁义틥〉?和뫍占햼有폐权좨，ꎬ也튲就뻍自ퟔ然좻成돉为캪?폃用。ꆣ寻톰找헒到떽了쇋交붻易틗对뛔象쿳，ꎬ只횻是쫇具뻟备놸了쇋交붻易틗的뗄前잰提쳡?人죋力솦资本놾的뗄惟캩一튻实쪵际볊使쪹用폃者헟，ꎬ拥펵有폐惟캩一튻的뗄人죋力솦资?쳵条볾件，ꎬ떫但쓜能럱否뷸进죫入쪵实훊质탔性的뗄붻交易틗过맽程돌和뫍实쪵现쿖交붻?놾本实쪵际볊使쪹用폃权좨。ꆣ所쯹以틔，ꎬ在퓚人죋力솦资本놾产닺权좨交붻易틗时쪱，ꎬ?틗易，ꎬ交붻易틗~쮫方랽都뚼会믡采닉取좡各룷种훖可뿉能쓜的뗄措듫施쪩去좥了쇋解뷢、ꆢ?人죋力솦资本놾实쪵际볊쪹使用폃权좨也튲不늻能쓜作ퟷ为캪交붻易틗对뛔象쿳。ꆣ人죋力솦?搜쯑集벯对뛔方랽的뗄各룷种훖信탅息쾢，ꎬ并늢对뛔对뛔方랽的뗄各룷种훖信탅息쾢进뷸行탐?资놾本所쯹폐有者헟쿭享有폐的뗄惟캩一튻所쯹有폐权좨〈?狭쿁义틥)?、ꆢ占햼有폐权좨?分럖析컶，ꎬ以틔确좷定뚨信탅息쾢是쫇否럱达듯到떽既볈定뚨的뗄标뇪准ힼ或믲目쒿标뇪，ꎬ?뫍和实쪵际볊쪹使用폃좨权又폖엉派生짺出돶人죋力솦资本놾实쪵际볊处뒦置훃权좨。ꆣ同춬?좷确定뚨满싺意틢程돌度뛈。ꆣ三죽是쫇决뻶策닟费럑用폃。ꆣ如죧果맻交붻易틗过맽程돌是쫇?样퇹道뗀理샭，ꎬ죋人力솦资本놾实쪵际볊处뒦置훃权좨也튲是쫇不늻能쓜作ퟷ为캪交붻易틗?多뛠랽方늩博?弈ꎬ，뻍就탨需튪要뛔对늩博?弈룷各랽方进뷸行탐综ퟛ合뫏比뇈较뷏分럖?对뛔象쿳的뗄。ꆣ?析컶，ꎬ最ퟮ后뫳做ퟶ出돶决뻶策닟。ꆣ如죧果맻决뻶策닟失쪧误컳，ꎬ还뮹会믡增퓶加볓决뻶?下쿂面쏦，ꎬ我컒쏇们分럖析컶人죋力솦资本놾收쫕益틦权좨、ꆢ法램权좨使쪹用폃?닟策费럑用폃，ꎬ即벴重훘新탂进뷸行탐决뻶策닟的뗄费럑用폃。ꆣ?权좨和뫍램法权좨뒦处置훃权좨权좨能쓜能쓜否럱作ퟷ为캪交붻易틗对뛔象쿳。ꆣ人죋力솦资?第뗚二뛾，ꎬ交붻易틗过맽程돌费럑用폃?。交붻易틗过맽程돌费럑用폃包냼括삨两솽?놾本是쫇投춶资的뗄产닺物컯，ꎬ所쯹以틔，ꎬ这헢种훖资本놾投춶入죫企웳业튵后뫳，ꎬ?늿部分럖:ꎺ一튻是쫇交붻易틗中훐发랢生짺的뗄费럑用폃.ꆣ主훷要튪包냼括삨谈첸判에费럑?샭理应펦在믱得뗃投춶资回믘报놨[뿚?巧ꎬ，럖分쿭享웳企튵业쪣剩폠余ꎬ，벴即쿭享有폐收쫕?用폃、ꆢ协킭议틩费럑用폃、ꆢ执횴行탐费럑用폃以틔及벰其웤他쯻辅뢨助훺保놣障헏费럑用폃?益틦좨权。ꆣ쯹所以틔，ꎬ收쫕益틦权좨是쫇不늻应펦交붻易틗让죃班뛉的뗄。ꆣ但떫是쫇，ꎬ?等뗈。ꆣ二뛾是쫇指횸交붻易틗偏욫离샫了쇋一튻致훂性탔后뫳所쯹产닺生짺的뗄不늻适쫊应펦?在퓚쿖现阶뷗뛎段，ꎬ쫜受多뛠훖种因틲素쯘的뗄影펰响쿬和뫍制훆约풼，ꎬ在퓚物컯质훊资?费럑폃用、ꆢ쮫双랽方뷃矫正헽事쫂后뫳不늻一튻致훂性탔所쯹产닺生짺的뗄讨쳖价볛还뮹价볛?本놾产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗时쪱，ꎬ人죋力솦资本놾收쫕益틦权좨?费럑폃用、ꆢ与폫规맦制훆结뷡构릹有폐关맘的뗄设짨立솢与폫运퓋行탐成돉本놾以틔及벰实쪵?却좴被놻物컯质훊资本놾쯹所有폐者헟不늻公릫正헽地뗘占햼有폐时??，ꎬ使쪹人죋力솦资?现쿖可뿉信탅承돐诺억的뗄保놣证횤费럑用폃。?本놾收쫕益틦权좨成돉为캪"ꆰ交붻易틗"ꆱ让죃擅뛉对뛔象쿳。ꆣ为캪什쪲么쎴?主훷要튪?第뗚三죽，ꎬ再퓙交붻易틗费럑用폃。ꆣ物컯质훊资本놾产닺权좨与폫人죋力솦资?原풭因틲是쫇受쫜닺产权좨经뺭济볃学톧的뗄误컳导떼。ꆣ产닺权좨经뺭济볃学톧只횻承돐认죏?本놾产닺权좨在퓚市쫐场뎡上짏完췪成돉交붻易틗后뫳，ꎬ还뮹要튪在퓚企웳业튵内쓚部늿进뷸?物컯质훊资本놾닺产权좨，ꎬ不늻承돐认죏人죋力솦资本놾产닺权좨，ꎬ自ퟔ然좻就뻍剥냾?行탐多뛠次듎交붻易틗。ꆣ这헢是쫇由평于폚物컯质훊资本놾所쯹有폐者헟是쫇通춨过맽人죋?夺뛡了쇋죋人力솦资本놾所쯹有폐者헟的뗄收쫕益틦权좨。ꆣ在퓚物컯质훊资本놾产닺权좨?솦力资本놾所쯹有폐者헟把냑"ꆰ事쫂情쟩"ꆱ办냬好뫃，ꎬ因틲此듋他쯻就뻍必뇘须탫考뾼?与폫죋人力솦资本놾产닺权좨交붻易틗中훐，ꎬ法램权좨使쪹用폃权좨是쫇主훷要튪的뗄交붻?虑싇人죋力솦资놾本所쯹有폐者헟的뗄意틢愿풸和뫍要튪求쟳，ꎬ允퓊许탭其웤重훘新탂交붻?易틗뛔对象쿳。ꆣ物컯훊质资놾本所쯹有폐者헟愿풸意틢同춬人죋力솦资本놾所쯹有폐者헟?易틗，ꎬ即벴讨쳖价볛还뮹价볛，ꎬ以틔充돤分럖发랢挥믓人죋力솦资本놾所쯹有폐者헟的뗄?交붻틗易的뗄目쒿的뗄，ꎬ就뻍쫇是为캪了쇋获믱取좡依틀法램支횧配엤人죋力솦资本놾承돐?棋믽极벫主훷动뚯作ퟷ用폃。ꆣ物컯质훊资本놾产닺权좨与폫人죋力솦资本놾产닺权좨在퓚?载퓘헟者把냑人죋力솦资本놾付뢶诸훮于폚实쪵际볊使쪹用폃的뗄权좨力솦。ꆣ物컯质훊资?웳企튵业内쓚뷸进탐行的뗄再퓙交붻易틗，ꎬ产닺生짺了쇋再퓙交붻易틗费럑用폃。ꆣ另쇭?本놾所쯹有폐者헟拥펵有폐了쇋人죋力솦资本놾法램权좨使쪹用폃权좨，ꎬ也튲就뻍在믱得뗃?췢外，ꎬ由평于폚죋人力솦资本놾的뗄价볛值횵是쫇不늻断뛏变뇤化뮯的뗄，ꎬ企웳业튵对뛔?쇋了죋人솦力资놾本램法权좨뒦处置훃좨权。ꆣ쯹所以틔，ꎬ法램좨权处뒦置훃权좨也튲是쫇?죋人力솦资本놾的뗄要튪求쟳也튲是쫇不늻断뛏变뇤化뮯的뗄，ꎬ所쯹以틔，ꎬ这헢也튲客뿍?뿉可以틔交붻易틗的뗄?。人죋솦力资本놾法램权좨处뒦置훃权좨是쫇法램律싉赋뢳予폨物컯?观맛탨需要튪物컯质훊资本놾产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗不늻断뛏进뷸?质훊资本놾쯹所有폐헟者处뒦置훃人죋力솦资本놾的뗄权좨力솦，ꎬ它쯼也튲是쫇一튻种훖?탐行。ꆣ当떱人죋力솦资本놾价볛值횵提쳡高룟以틔后뫳，ꎬ原풭来살的뗄交붻易틗结뷡果맻?支횧配엤权좨力솦，ꎬ即벴依틀法램支횧配엤人죋力솦资놾本实쪵际볊处뒦置훃权좨，ꎬ或믲?就뻍믡会显쿔得뗃相쿠뛔对不늻合뫏理샭，ꎬ这헢时쪱，ꎬ人죋力솦资本놾所쯹有폐者헟就뻍?依틀法램支횧配엤죋人솦力资놾本돐承퓘载者헟处뒦置훃人죋力솦资本놾的뗄权좨力솦zꎻ?会믡要튪求쟳物컯质훊资本놾쯹所有폐者헟重톬新탂交붻易틗，ꎬ以틔实쪵现쿖其웤应펦有폐?춬同时쪱，ꎬ쯼它폖又쫇是튻一种훖间볤接뷓的뗄和뫍法램权좨上짏的뗄权좨力솦，ꎬ而뛸不늻?뗄的볛价횵值$ꎻ죧如맻果人죋力솦资놾本的뗄价볛值횵不늻能쓜满싺足ퟣ企웳业튵的뗄需탨?쫇是具뻟体쳥的뗄、ꆢ真헦实쪵的뗄、ꆢ实쪵际볊处뒦置훃人죋力솦资本놾的뗄权좨力솦。ꆣ?要튪，ꎬ则퓲物컯质훊资本놾所쯹有폐者헟也튲会믡要튪求쟳人죋力솦资本놾所쯹有폐者헟?죽ꆢ컯훊놾닺좨폫죋솦놾닺좨붻틗뗄럑폃?重훘新탂交붻易틗，ꎬ以틔降붵低뗍人죋力솦资本놾价볛格룱。ꆣ可뿉见볻，ꎬ物컯质훊资?三、物质资本产权与人力资本产权主畏的费用本놾产닺权좨与폫人죋力솦资놾本产닺좨权交붻易틗是쫇绝뻸对뛔的뗄，ꎬ交붻易틗费럑用폃?物컯훊质资놾本产닺权좨与폫人죋力솦资本놾产닺权좨交붻易틗，ꎬ也튲要튪消쿻?是쫇늻不断뛏递뗝增퓶的뗄。ꆣ컯物质훊资本놾닺产权좨与폫人죋力솦资本놾产닺权좨交붻?艳뫄一튻定뚨的뗄资源풴，ꎬ也튲需탨要튪交붻易틗费럑用폃。ꆣ交붻易틗费럑用폃主훷要튪?易틗费럑用폃的뗄不늻断뛏上짏升짽뾴看起웰살来虽쯤좻然增퓶加볓了쇋企웳业튵的뗄生짺产닺?평由以틔下쿂벸几部늿分럖构릹成돉ꎺz?经뺭营펪成돉本놾，ꎬ떫但事쫂实쪵上짏却좴大듳大듳提쳡高룟了쇋企웳业튵生짺产닺经뺭营펪?第뗚튻一，ꎬ탅信息쾢费럑用폃。ꆣ一튻是쫇搜쯑寻톰费럑用폃。ꆣ物컯质훊资本놾?뗄的킧效싊率，ꎬ增퓶잿强了쇋웳企业튵的뗄盈펯利샻能쓜力솦，ꎬ保놣证횤了쇋企웳业튵的뗄?产닺좨权폫与죋人솦力资本놾产닺权좨进뷸行탐交붻易틗，ꎬ需탨要튪有폐交붻易틗对뛔?良솼性탔运퓋行탐。ꆣ?
캬웕톶 ?2?0?0?6쓪年뗚第?1웚期?쓪年횾志풶远?s싛论컯物훊质퓰资럮本닺产좨폫죋솦놾닺좨붻틗?ꆤ? ?1?3? ꆤ ? 权与人力资本产权交易뗚第쯄四ꎬ，붻交틗易뫳后럑费폃用。ꆣ컯物훊质资놾本닺产좨权폫与죋人솦力资?헢这뇘必좻然튪要횧支뢶付돉成놾本。ꆣ쇭另췢外ꎬ，맜管샭理믺机릹构뗄的퓋运탐行뫍和붻交?놾本닺产좨权붻交틗易췪完돉成뫳后，ꎬ뮹还믡会닺产짺生붻交틗易뫳后럑费폃用ꎬ，即벴췾威?틗易뻀纠럗纷뗄的뷢解뻶决，ꎬ튲也需탨要튪支횧付뢶成돉本놾。ꆣ四쯄是쫇安낲全좫的뗄、ꆢ?솮廉쒷姆즭森쯹所쮵说뗄的쫂事뫳后붻交틗易럑费폃用ꆣ。쫂事뫳后붻交틗易럑费폃用쫇是횸指?놣保횤证짺生킧效뗄的뗖抵톺押돉戚놾本ꎬ，벴即좷确놣保룷各훖种풼约뚨定뗃得以틔뛒兑쿖现?웵契풼约잩签뚩订뫳后ꎬ，캪为쇋了뷢解뻶决웵契풼约놾本짭身듦存퓚在的뗄컊问쳢题뛸而改룄?쯹所횧支뢶付뗄的돉成놾本。ꆣ뇈比죧如，ꎬ붻交틗易웵契풼约뗄的릫公횤证럑费即벴쫇是듋此?뇤变쳵条뿮款믲或췋退돶出웵契풼约쯹所횧支뢶付뗄的럑费폃用。ꆣ훷主튪要包냼삨括?[6?Jꎺ:? 샠类戚돉本놾。ꆣ?튻一쫇是떱当붻交틗易욫偏샫离了쇋쯹所튪要求쟳뗄的ힼ准퓲则时쪱쯹所틽引웰起뗄的不늻쫊适?펦돉놾?뇈죧ꎬ컯훊놾돶헟튪쟳웳튵뺭펪헟??[닎参뾼考文컄献쿗]??应成本。比如，物质资本出资者要求企业经营者듳大럹幅뛈度쳡提룟高웳企튵业的뗄뺭经볃济效킧틦益，ꎬ떫但쫇是，ꎬ뺭经营펪헟者做ퟶ늻不??[?1?J쓪年횾志풶远ꎮ.뇤变틬异쯹所폐有좨权폫与햮债좨权ꆪ一ꆪ一튲也첸谈죋人솦力资놾本投춶资?떽ꎻ믲헟뺭펪헟튪쟳컯훊놾돶헟삩듳쫚좨ꎬ?헟者的뗄权좨利샻[?J??]ꎮ.쳬天뷲津짧社믡会科뿆学톧.ꎮ?2?0?0?4ꎬ. ?(?2?)ꎮ.? 到z或者经营者要求物质资本出资者扩大授权，?[?2?J믆黄재乾ꎮ，죋人力솦资本놾产닺权좨的뗄概룅念쓮、ꆢ结뷡构릹与폫特쳘征헷[j??J?ꎮ.뺭经?떫但컯物훊质资놾本出돶资헟者늻不同춬意틢。ꆣ这헢킩些都뚼믡会닺产生짺늻不适쫊펦应?볃济学톧家볒.ꎮ?2?0?0?0ꎬ. ?(?5?)ꎮ.? 돉成놾本。ꆣ뛾二쫇是쮫双랽方为캪了쇋纠뻀헽正쫂事뫳后욫偏离샫ힼ准퓲则的뗄탐行为캪而뛸??[?3?J쓪年횾志풶远.ꎮ论싛人죋力솦资本놾产닺权좨流쇷动뚯[J??]?ꎮ.쯄四뒨川듳大톧学톧学报놨?횧뢶뗄얬솦돉놾뫍헹싛돉놾?뇈죧ꎬ컯훊놾돶??(헜哲짧社냦版?)ꎬ.2?0?0?2?.ꎮ?(?5?)ꎮ.? 支付的努力成本和争论成本。比如，物质资本出?[?4?J훜周웤其仁죊ꎮ.쫐市뎡场샯里的뗄웳企튵业ꎺz튻一룶个죋人力솦资놾本与폫非럇人죋力솦资?资헟者헒找出돶룷各훖种샭理由평，ꎬ늻不퓊允탭许뺭经펪营者헟럖分쿭事웳企튵业剩쪣폠余?놾本的뗄特쳘别뇰合뫏约풼口?]??.ꎮ经뺭济볃研퇐究뺿.ꎮ?1?9?9?6ꎬ. ?(6??).ꎮ? 쯷좡좨ꎻ떫쫇ꎬ뺭펪헟튲헒돶룷훖샭평잿뗷펦룃??[?5?J얣牛뗂德짺生ꎮ.맘关폚于웳企튵业쯹所폐有좨权낲安업排샭理싛论뗄的맛观뗣点쫶述움评口??工索取权E但是，经营者也找出各种理由强调应该?ꎮ?럖쿭웳튵쪣폠쯷좡좨ꆣ폚쫇ꎬ닺짺쇋쳖볛뮹볛돉?뺭经济볃学톧动뚯态첬.ꎮ?1?9?9?9ꎬ. ?(?4?)ꎮ.? 分享企业剩余索取权。于是，产生了讨价还价戚?[6?J?슬卢现쿖祥쿩.ꎮ新탂制훆度뛈经뺭济볃学톧?[?MJ?.ꎮ커武汉몺ꎺz武커汉몺大듳学톧出돶版냦?놾本。ꆣ三죽是쫇붨建立솢뫍和运퓋作ퟷ管맜理샭机믺构릹뛸而产닺生짺的뗄戚돉놾本。ꆣ为캪?짧社.ꎮ?2?00??4.ꎮ? 쇋了뷢解뻶决웵契约풼纠뻀纷럗，ꎬ就뻍必뇘须탫建붨立솢相쿠应펦的뗄管맜理샭机믺构릹，ꎬ??O?n? ?t?he?? ?Tr?a?n?s?a?c?t?i?o?n?s?? o??f? ?Ma??t?e?ri?a?l? ?C?a?p?i?ta??l? ?Pr?o?p?e??rt?y?? R??ig??ht?? a??n?d? M?a??np?o??we??r? C??a?pi??ta?l?? P?r?o?p??e?rt?y?? ?Ri?g??ht?? N?I?A?N?? Z??h?iꆪ-?y?u?an?? (?C?e?n??te?r? f?o?r? ??C?hi?n?a? ?P?u?b?l?ic? ?S?e?c?t?or? ?E?c?o?n?o?m?y? ??R?es??e?a?rc??h.ꎮ J?i?li?n? ?U?n?i?v?er??si?ty?.ꎮ C?h?a?n?g??c?hu?n? ?1?3??00?1?2?)? A?b??s?tr?a?c??t:ꎺ T?h?e? ?e?n?t?e?r?p?r?i?s?e? ?i?s? ?a?n? ?a?g?r?e?e?r?n?e?nt? ?o?f?? t?h?e?? t?r?a?n?s?a?c?t?i?o?n?s?? o?f?? r?n?at?e?r?i?a?l? c??a?pi?t?a?l? p?r?o?p?e?r?t?y? ?r?i?g?h?t?? a?n?d?? ??????????????????????????????????ꎮ??????????????????????????????????????????????????????????????????property right of manpower capital. So if further investigation of the transactions of rnaterial capital ???????????????????????????????????????????????????ꎬ???????????????????????????????????????????ꆪ?property right and property right of rnanpower capital. it can both advance the developrnent of proper›????????????????????????????????????????????????????????????????????ꎮ??????????????????????????ty right econornics and optirnize the arrangement of enterprises’ ownership. The characteristics of the ?????????????????????????????????????????????????????????????????????????????????????????????????transactions of rnaterial capital property right and property right of rnanpower capital are that trade ?????????????????ꎮ???????????????????????????ꎬ????????????????????????????????ꎮ???????????????rights are unequal. the trade risk is asyrnmetric. and the trade goes on many tirnes. The powers and ?????????????????????????????????????????????????????????????????????????????ꎬ????????????ꎬ????functions of the transactions of rnaterial capital property right include possession. right to use. and ????????????????ꎮ?????????????????????????????????????????????????????????????????????????????????right of handling. The powers and functions of the transactions of property right of rnanpower capital ???????????????????????????????????????????????????????????????????????ꎬ???????????????ꆯ????include the right to use legal right and the right to use legal handling right. The expenses of .the ??????????????????????????????????????????????????????????????????????????????????????????????????transactions of rnaterial capital property right and property right of rnanpower capital include the ex›p?e?n?s?e?s? ?o?f? ?i?n?f?o?r?r?n?a?ti?o?n.ꆤ p?r?o?c?e?s?s? ?o?f? ?t?r?a?d?e?.ꎬ t?r?a?d?e? ?r?e?p?e?t?i?t?i?on?.? a?n?d? ?a?f??t?e?rꆪ-tr??a?d?e? ?e?x?p?e?n?s?e?s?.ꆤ ?K?e?y? ?w?o?r?d?s?:ꎺ ??????????????ꎻ????????????????ꎻ??????????????ꎻ??????rnaterial capital; rnanpower capital; property right; trade (?퓰责죎任编뇠样벭tꎺ雪톩儿뛹)??
