Study Of Modern Entrepreneurs, Corporate Residual Claim Allocation Mode

As an important part of modern corporation, the study on model of modernentrepreneurial corporation residual claim distribution is of importance for incentivemechanism of all kinds of enterprises which are different in productivity.Meantime, thelaw and nature characters of the model of modern entrepreneural corporation residualclaim distribution related to other kinds of corporations is of theorial and realimportance for chinese state-owned coporation reform.Firstly, we expound theorial base in view of neo-institutional economics,onwhich modern corporation residual claim is distributed.We expound historicalrevolutionary of modern corporation which leads to capital-socialization andlabour-capitalization.At the same time, we analysed the contracting arrangementframe of modern corporation residual claim distribution and cotracting arrangrnent ofmodern corporation governance.Finally, we form mathe model analysing incentivecontracting arrangement of modern corporation,on which we classify four moderncorporation residual claim models by capital-socialization and labour-capitalization:modern owner corporation;modern manager-capitalism corporation; modern high-labour-capitalization corporation and modern entrepreneural corporation.When we research the law and characters of model of modern entrepreneuralcorporation residual claim distribution,we analyses modern entrepreneural corporationresidual claim distribution by share capital structure and share capital concenticity,studying enterpreneural labour share-capitalism and coporation entrepreneur' share forresidue.Secondly, we research it by total income structure.we draw a conclusion:entrepreneur of modern entrepreneural corporation owns the fisrt share rate tocorportaion residue in all senior adiminitrative employees and shareholders.Furthermore,the labour-capitalization share owned by senior adiminitrative employeesand directors adds to 90 percent or more and 99 percent for entrepreneur of modernentrepreneural corporation, proving high-labour-capitalization of modern entrepreneurcorporation.With contrast between models of residual claim of both modern high-labour-capitalization corporation and modern entrepreneural corporation,we draw aconclusion: entrepreneur of modern entrepreneural corporation owns absoluted rightsof control before and after IPO,wherever human resourses of high-labour-capitalization corporation almostly averages corporation residue with capitalists. Insider stock-holders share 10 percent of tatal residue for modern entrepreneural corporation,whichis higher than modem high-labour-capitalization corporation. With contrast betweenmodels of residual claim of both modern manager-capitalism corporation and modementrepreneural corporation,we draw a conclusion:institutional shareholders and mutualFunds of modem manager-capitalism corporation own absoluted rights of control forresidue distribution,and institutional shareholders is in first place, which is followed bymutual Funds. Insider stockholders share less 5 percent of residue, but each shares less1 percent.Both directors and senior adiminitrative employees totally sharing percentsof modem manager-capitalism corporation is lower than modern entrepreneuralcorporation. Institutional shareholders and mutual Funds of modem manager-capitalism corporation owns sharing percents is higher than modern entrepreneuralcorporation. Long-term incentive equity of the total income of senior adiminitrativeemployees of modern manager-capitalism corporation is less 10-30 percent thanmodern entrepreneural corporation.Our analysis proves capital-socialization degree ofmodern high-labour-capitalization corporation is higher than modem entrepreneuralcorporation; labour-capitalization degree of modem manager-capitalism corporation islower than modern entrepreneural corporation and the rationality of classifying modemcorporation residual claim distribution models by capital-socialization andlabour-capitalization.