胡延杰 金航 周宁

摘 要：与工业经济中财务资本成居于主导地位不同，进入广义虚拟经济时代，人力资本已经一跃成为主动资本，是生产要素中最活跃的关键要素，财务资本则退居为被动资本。由于地位变化，人力资本对于对等的产权权能、权益和权责的要求日趋强烈。人力资本入股无疑顺应了时代发展要求。然而目前对于人力资本入股主体、入股以后人力资本参与利润分配的范畴的界定尚不清晰，对于从制度上消除人力资本入股以后的道德风险没有得到全面考量。因此，本文基于广义虚拟经济的宏观背景，在充分认识人力资本入股后的面临的道德风险的基础上，对于人力资本入股进行了重新设计，并对人力资本入股的实施动力进行了经济学分析。分析证明要实现人力资本参与收益分配，我们必须由过去仅仅关注财务资本所有者收益的单一视角，转变为同时关注人力资本和财务资本所有者双方收益的综合求解。只有这样才能达到一个各利益主体都可接受的帕累托平衡点，实现各利益主体参与企业剩余分配的协调和保证人力资本真正获得资本地位。

关键字：人力资本；人力资本入股；经济学分析

中图分类号：F234.3 文献标识：A 文章编号：1674-1722 （2016） 02-0005-xx

Human Capital profit sharing mechanisms and Its Economic Analysis Based the View of Generalized Virtual Economy

HU Yan-jie Jin Hang Zhou Ning

（School of Economics and Management， Beihang University， Beijing， 100191， China）

Abstract：In the generalized virtual economy era， human capital becomes the active capital， which is the most active of the key elements in the factors of production. We need to give human capital the property rights， powers and responsibilities and the desire that human capital participate in the remaining allocation has become increasingly strong. Human capital shareholding system undoubtedly conforms to the requirements of the development of the times.

However， the subject and the range of human capital owner participating in income distribution are not clearly defined， and not fully consider how to eliminate moral risk from institutionally.

Therefore， this article will redesign the human capital shareholding system and stressed the resolve of risk. Meanwhile， this article wills analysis the implementation power of human capital shareholding system. The analysis proved that to achieve human capital participate the distribution of income， we must focus on both human capital and financial capital owners income for comprehensive solution instead of only on financial capital owners income single perspective. It is the only way to achieve Pareto equilibrium point that all stakeholders can acceptable and coordinating stakeholders firm surplus to ensure human capitals real capital status.

Keyword： human capital， human capital shares， economic analysis

一、引 言

在知识经济时代，财务资本的价值和重要性正在逐步下降，知识、技术等智力资本的力量正在各方面不断超过财务资本的力量而呈上升趋势。这样的经济背景使得广义虚拟经济现象日益显化，标志着广义虚拟经济时代已经到来。……