Research of Hold-up Problems in Specific Human Capital Investment of High-Tech Enterprises
|School||Southwest Jiaotong University|
|Course||Management Science and Engineering|
|Keywords||high-tech enterprises specific human capital investment hold-up the-job training incentives|
This essay is based on hold-up theory and make searching study of high-tech enterprise’s issue of investment hold-up from the angle of specific human capital, refering to the achievement of hold-up theory from home and abroad.Innovation is high-tech enterprise’s foundation of development, and it comes from the core personal of the high-tech enterprise. The core personal are of heterogeneity, high scarcity, high profession, team-style and uncertainty. They are also difficult to supervise and have the initiative to study. From all above, the investment of specific human capital is the key point of the development of the high-tech enterprise. But the specificity of human capital causes appropriable rents, and employment contract is incomplete contract, so during the process of investment of specific human capital, opportunism may appears after it, and this is what we called hold-up problem.This essay analyses the problem of the scarcity of investment that results from hold-up through the establishment of hold-up model and the matrix of the enterprise and the employees. At the same time, it analyses the underinvestment and brain drain caused by hold-up through one of the way of specific human capital investment and the model of cost benefit of on-the-job training. The essay gets the conclusion that it can relive the hold-up problem through repeated games Finally, the essay put forward the the way suited to solve hold-up problem in specific human capital from the classic control methods of vertical intergration and long-term contracts, that is incentive. It contains:propery right incentives, career development planning incentives, enterprise environment incentives.