CAJ | 학술논문

企业的治理目标可以理解为企业的价值取向，即企业应该为谁服务，为谁而存在？企业治理目标也体现在维护企业内创造价值的关键性资源的完整性，并通过价值分配来激励这些关键性资源。传统的物质资本密集型企业其关键性资源具有产权特性，控制企业产权便可以维持企业的价值创造能力，同时也可以获得相应的价值分配权，因此物质资本密集型企业的治理目标便是控制企业的关键性物资资本，并为其服务。而在人力资本密集型企业中，创造价值的关键性资源无法通过产权加以控制，需要凭借关系型契约来协调。此时，只有妥善协调企业内的关键性资源，才能维持企业的价值创造能力，所以人力资本密集型企业的治理目标由控制转变为协调企业内的关键性资源。企业家通过关系型契约协调关键性人力资本的关键是让人力资本感知与企业合作的收益要大于不合作的收益，切实保证人力资本有权参与分享与企业合作所产生的收益，从而提高关系型契约自我实施的能力。
기업적치리목표가이리해위기업적개치취향，즉기업응해위수복무，위수이존재？기업치리목표야체현재유호기업내창조개치적관건성자원적완정성，병통과개치분배래격려저사관건성자원。전통적물질자본밀집형기업기관건성자원구유산권특성，공제기업산권편가이유지기업적개치창조능력，동시야가이획득상응적개치분배권，인차물질자본밀집형기업적치리목표편시공제기업적관건성물자자본，병위기복무。이재인력자본밀집형기업중，창조개치적관건성자원무법통과산권가이공제，수요빙차관계형계약래협조。차시，지유타선협조기업내적관건성자원，재능유지기업적개치창조능력，소이인력자본밀집형기업적치리목표유공제전변위협조기업내적관건성자원。기업가통과관계형계약협조관건성인력자본적관건시양인력자본감지여기업합작적수익요대우불합작적수익，절실보증인력자본유권삼여분향여기업합작소산생적수익，종이제고관계형계약자아실시적능력。
The governance target of the firm can be understood as the value - orientation of the firm, that is to say, the firm should work for whom and exist for whom？ This is a long -live topic. Totally speaking, the governance target of the firm represents the maintenance of the integration of the critical resources which create the value of the firm, and incentives the critical resources by value - distribution. The critical resources of traditional physical - capital - intensive firms have the character of property rights. Controlling the property rights of the firm can maintain the ability of value - creation of the firm, and can get the related value - distribution. Because the governance target of physical - capital - intensive firms is to control the critical physical capital of the firm and serve for it. But in the human -capital -intensive finns, the critical resources which create the value of the firm cannot be controlled by property rights. These critical resources need to be coordinated by relational contract. Now you have to cooperate the critical resources of the firm well, then you can maintain the ability of the value - creation of the firm. So now the governance target of the human - capital - intensive firms change from controlling the critical resources in the firm to coordinate them. The key of the entrepreneurs to coordinate the critical human capital is letting human capital know that it is beneficial for them to cooperate with the firm. You must guarantee the human capital has the right to share in the income which is created by the cooperation, so that it can enhance the ability of the selfimplement of the relational contract.