A Study On The Theory And Its Application Of Share Ownership Of Enterprise Based On Value Creation

The arrangement of enterprise ownership means the residual claim and the control right of enterprises which allocation in different owner of factor property rights. The state of enterprise ownership impact directly on the initiative of an enterprise factor owner'value creation, it can be said, which is"the gene"to improve the enterprise competitiveness. At the same time, the arrangement of enterprise ownership is one of the important factors which impact situation of distribution of the whole social. So it is one of the active academic theory research areas to study the ownership arrangement laws in the last 30 years. But how to arrange the enterprise ownership, there is a big difference in the academic, these is still not a recognized, universal and practical explanation theoretical system.At present, the transactional nature of firm is still regarded as the theory footstone and logic starting point. of the dominant theory of arrangement of enterprise ownership.So reducing transaction cost is regarded as only criterion of the firm'being and inner system arrangement, namely the study on arrangement of enterprise ownership is from angle of view of reducing transaction cost, which mostly include how to keep away risk and opportunism and how to reduce higher transaction cost that is resulted from the agent.. In this paper, the value creation nature of firm is proposed, which is the team with the productive, transaction and heterogeneity characters, thereinto the productive is essence, the transaction and heterogeneity characters are rooted from the productive and serve the productive. So the theory frame of arrangement of enterprise ownership is based on the value creation team nature of firm, and the inner system structure of the enterprise is analyzed from the enterprise value creation angle of view, The most effective system arrangement is proposed, which make the enterprise ownership allocated symmetry to the value creator.So the logic of share enterprise ownership in this paper is that : the value creation is firm's essence character, the essential of the arrangement of enterprise ownership is the allocation of firm's inner right and the permission of the value creator's contribution, inspiring with value creator is it's basic function. Wherefore the enterprise ownership is only allocated according to value contribution, and the human capital and physical capital are also the value creator. Therefore the arrangement of enterprise ownership should be shared by the human capital and physical capital is logical.According to above logic, the value creation nature of firm is defined firstly in this paper, which is based on the renewedly surveying for viewpoints on the nature of firm, which have been proposed, namely the enterprise is the team with the productive, transaction and heterogeneity characters, which is composed of factors (human capital and non-human capital) that have absolute and specific property rights. Then the enterprise inscape of physical capital, human capital and its property rights character is expatiated, and the enterprise ownership including the enterprise residual claim and the control right is well defined, at the same time, the difference and the relation is explained between the enterprise ownership and the property ownership, so the meaning of the enterprise ownership can be defined more definitely. The principle that the enterprise ownership is allocated according to value contribution is proposed based on the essence and content of the arrangement of enterprise ownership, and the enterprise ownership is allocated dynamically.The new idea of the value entity monism and the value creation pluralistic is proposed based on the detailed compare of the west economics utility axiology and the Marx laboring axiology, which behave that the human capital and non-human capital are also the value creator in the enterprise, and particular discuss the internality relation of the property, property right and the value creation, then is defined as coherence in essence, which lay a foundation for constructing the theory of share enterprise ownership based on value creation.In this paper, the internality logic of the share enterprise ownership theory based on the value creation is analyzed, which is based on the expatiation and comment on the theory of stakehold sharing the enterprise ownership, and its realization is discussed, the dummy dynamic stock system that the enterprise human capital share the enterprise residual is proposed, and at the same time the enterprise co-governmance is constructed based on the value creation. The value contribution of the enterprise factor is normatively analyzed in the paper and the measure model of the value contribution degree of enterprise human capital is constructed.At last, the positive analysis is done in the paper for the arrangement of state-owned enterprise ownership, it pointed out that the shortcoming of the current of the arrangement of state-owned enterprise ownership is in that the arrangement of state-owned enterprise ownership that is shared by physical capital'owner alone is still insisted on, and the human capital property right can not be admitted , which result in so high cost of the principal-agence that the state-owned enterprise low efficient. The efficient approach about the pile out the jam is that the system of the share state-owned enterprise ownership of co-shared benefit, co-used power, and co-beared risk is constructed according to the share theory of enterprise ownership based on the value creation.