.6.v.15，2010

HIGHLIGHTS

Abstract:Allocation of residual financial rights is a vital factor that affects the efficiency of corporate financial governance.The developing process of an enterprise is divided into two stages in this paper,the classical economic stage and the new knowledge-based economy stage.By setting up the model of residual financial rights allocation,this paper probes into the changes of marginal product of material capital and human capital in different stages.According to the principles of contribution and risk-taking, the research shows that material capital's contribution is larger and bearing the principal risk of enterprise under the stage of classical economic,so most of the residual financial rights will be allocated to the owners of material capital;on the contrary,human capital's contribution is larger and bearing the principal risk of enterprise under the stage of new knowledge-based economy, so most of the residual financial rights will be allocated to the owners of human capital.

Keywords:Material Capital; Human Capital; Residual Financial Rights; Financial Rights Allocation