CAJ | 학술논문

创新企业在竞争性市场上对高级专业化劳动力施加内部股权激励，并将股权资本动态最优地配置于研发和管理等创新性投入和外购中间品投入中，企业的最终产出可以实现长期稳态增长。在本文构建的动态模型中，创新企业的最优增长率受创新企业的知识创造活动、人力资本、创新企业家的消费和投资行为影响，企业的创新成功率和人力资本增长率越高，企业产出的稳态增长率就越高；创新企业家未来效用的贴现率和替代弹性参数值越低，企业产出的稳态增长率就越高。创新企业扩张的必要条件是，中间品的市场交易效率低于生产这些中间品的人力资本的交易效率，创新企业的内部股权激励制度使企业家市场替代中间品市场，创新企业在中间投入品市场上的动态垄断竞争可能催生一个蓬勃发展的新兴产业。
창신기업재경쟁성시장상대고급전업화노동력시가내부고권격려，병장고권자본동태최우지배치우연발화관리등창신성투입화외구중간품투입중，기업적최종산출가이실현장기은태증장。재본문구건적동태모형중，창신기업적최우증장솔수창신기업적지식창조활동、인력자본、창신기업가적소비화투자행위영향，기업적창신성공솔화인력자본증장솔월고，기업산출적은태증장솔취월고；창신기업가미래효용적첩현솔화체대탄성삼수치월저，기업산출적은태증장솔취월고。창신기업확장적필요조건시，중간품적시장교역효솔저우생산저사중간품적인력자본적교역효솔，창신기업적내부고권격려제도사기업가시장체대중간품시장，창신기업재중간투입품시장상적동태롱단경쟁가능최생일개봉발발전적신흥산업。
If an innovative enterprise in the competitive market imposes internal equity incentives for senior specialized labor, and dynamically allocates the equity capital between innovative investment in R＆D and management and investment in outsource intermediate inputs optimally, The final output of the enterprise can achieve long-term steady growth. In our dynamic model, optimal growth for the innovative enterprise is affected by enterprise＇s knowledge creation activities, human capital and entrepreneurs＇ behavior of consumption and investment. The higher the innovation success rate and human capital growth rate, the higher is the steady-state growth rate of output. The lower the discount rate of entrepreneurs＇ future utility and the parameter value of elasticity of substitution, the higher is the steady-state growth rate of output. The requirement condition for innovative enterprise expansion is that the transaction efficiency in intermediate goods markets is lower than in the human capital markets. The enterprise＇s internal equity incentives replace intermediate inputs market by entrepreneurs＇ market. The dynamic of monopolistic competition by innovative enterprises in the intermediate inputs market perhaps spawns a booming new industry.