人力资本

Following this logic, Nee (1989) argued that, as the political logic of redistribution is eroded by market mechanisms, returns to political capital declines and returns to human capital increase in the reform era, compared with the prereform era.

按照这个逻辑，倪认为，和前改革时期相比，当再分配的政治逻辑在改革时期被市场机制侵蚀时，对政治资本的依附下降，对人力资本的依附上升。

Through the analysis of the cause of commission,get the result that capital cost accounting not only make stockowner's benefit get correct accout ,but also accout the benefit of human power capital owner indirectly,and these should solve the problem of commission efficiently.

通过对委托代理问题产生原因的分析，认为资本成本会计不仅使得股东权益得到准确计量，而且也间接计量了人力资本所有者权益，将有效地解决委托代理问题。

The third phase is action. Under the call up of human capital and material capital, different actions were held to affect the townscape bourgeoning.

阶段三是对城乡风貌产生影响的阶段，地方民众透过人力资本与物质资本的动员，发起一连串影响城乡风貌发展的行动。

The rates of returns to both human and physical capital should be the same when the economy equilibrates.

均衡时经济中人力资本投资收益率等于物质资本投资收益率。

My paper inspects the human capital formation and rising in value ability.

人力资本的本质就是人的劳动能力的资本化。

For transiting individual human capital into organizational capital, organization should put great emphasis on knowledge management.

要将个体人力资本转化为组织资本，组织需要重视知识管理。

In this frame, all these three firm ownership arrangement (physical capital ownership, human capital ownership, and customer ownership) may come to optimal allocation.

在该框架中，实物资本所有者享有企业产权、人力资本所有者享有企业产权以及客户享有企业产权这三种企业产权配置都有可能是最优配置。

Especially, we point that if the employees are very heterogeneous and the people with high capacity have the firm ownership, this partnership ownership will be optimal, then followed by human capital cooperative ownership, physical capital ownership, customer ownership orderly.

特别地，我们提出，如果员工是异质的，并且高能力者享有企业产权，则这种高能力者享有企业产权的主从制是最优的，其次是人力资本平等享有企业产权，再次是实物资本所有者享有企业产权，最后是客户享有企业产权。

Some people even fully denied the property of the development of MBO in China, and they thought that MBO was not fit for China. The paper makes a systematic comparing analysis between the causes of MBO in western countries and China, applying the principal agent theory, human resource capital theory, and property rights theory, and so on. And we get the conclusion that there is the same incentive causes in China MBO and overseas MBO, and it is enterprise authority arrangement trend in knowledge and economy era. The difference is that domestic MBO is the result of institutional transition, but the overseas MBO is the competitive choice, and in China the price difference in share transactions makes managers have the goal to acquire the profits. This article analyzes the game relationship of MBO in China, and proves that the root caucus of China MBO non-prohibiting for the different behalves between local government and national assets management department, and between the representatives of state stockholders and managers.

本文应用委托代理理论、人力资本理论和产权理论等对中西MBO动因进行系统的比较分析，得出结论认为中外MBO具有相同的激励动因，都是知识经济时代智能资本获取企业所有权的企业权力安排形式，不同的是国内MBO是制度转型的结果，而国外MBO是竞争选择的结果，同时由于我国MBO存在股权交易价差，管理层具有获取价差的直接动机；本文运用博弈论的方法对我国MBO&禁而不止&问题进行分析，分析结论认为国资监管部门与地方政府和国有股东代表与管理层之间的利益差异是导致当前我国MBO&禁而不止&的根本原因；文章通过对我国26家上市公司MBO并购绩效的实证分析，得出结论认为MBO有利于公司绩效的改善，进而文章对当前我国MBO存在问题展开分析，并提出几点建议，我们认为当前对我国MBO的理性做法是适当引导，而非简单禁止。

The firm is not only the lens of contracts between human capital and physical capital, the arrangement of transaction cost thrifts instead of market price mechanism.

企业不仅仅是由人力资本与物质资本达成的契约束组成的、代替市场价格机制从而节约交易费用的安排。

It has been put forward that there exists single Ball point and double Ball points on the symmetrical connecting-rod curves of equilateral mechanisms.

从鲍尔点的形成原理出发，分析对称连杆曲线上鲍尔点的产生条件，提出等边机构的对称连杆曲线上有单鲍尔点和双鲍尔点。

The factory affiliated to the Group primarily manufactures multiple-purpose pincers, baking kits, knives, scissors, kitchenware, gardening tools and beauty care kits as well as other hardware tools, the annual production value of which reaches US$ 30 million dollars.

集团所属工厂主要生产多用钳、烤具、刀具、剪刀、厨具、花园工具、美容套等五金产品，年生产总值3000万美元，产品价廉物美、选料上乘、质量保证，深受国内外客户的青睐