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本文首先回顾了人力资本密集型产业的重要性,其微观基础(人力资本密集型企业)也相应受到理论界的重视。不同于传统的物质资本密集型企业,人力资本密集型企业在治理模式方面有其独特之处。作为一种古老的治理模式,合伙制在物质资本密集型产业的影响力不断下降,而在人力资本密集型产业,合伙制却拥有了超乎寻常的生命力。从这一现象出发,本文梳理了公司制与合伙制各自的治理优势。基于此,文章提出公司制与合伙制的治理优势各不相同,并从企业经营业务、资本规模、经营风险、企业规模、员工异质性五个方面归纳了适合公司制或合伙制作为治理模式的不同企业类型。文章进一步使用美国前100强会计事务所数据对相关假说进行了验证。行文最后是一个简短的小结与展望。
This article first reviews the importance of human capital-intensive industries, and its micro-foundation (human capital-intensive enterprises) is also correspondingly valued by the theoretical community. Unlike traditional physical capital-intensive enterprises, human capital-intensive enterprises have their own unique aspects in governance models. As an ancient governance model, the influence of partnership in the material capital-intensive industries has continued to decline. In the human capital-intensive industries, the partnership system has had extraordinary vitality. Starting from this phenomenon, this article examines the respective governance advantages of corporate governance and partnership. Based on this, the article points out that corporate governance and partnerships have different governance advantages, and conclude that suitable corporate governance or partnership production is a governance model in terms of business operations, capital size, operational risk, firm size, and employee heterogeneity. Different business types. The article further uses the data from the top 100 accounting firms in the United States to verify the relevant hypothesis. The text ends with a brief summary and outlook.