the firm as a collection of assets

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1、EuropeanEconomicReview36(1992)493-507.North-HollandThefirmasacollectionofassets*JohnMooreLondonSchoolofEconomics,LondonWC2A2AE,UKPrincetonUniversity,Princeton,NJ08544,USAThethesisofthispaperisthathumancapitalisinalienable:itcannotbeboughtorsold.Controlofphysicalcapitalprovidesthemeansbywhi

2、choneagentinfluencesanother.Thatis,thepatternofpropertyrightsoverphysicalassetsisimportantinthedeterminationofincentives.RecentjointworkwithOliverHartusesthisideaintwointerrelatedways;seeHartandMoore(1990and1991).Viewingthefirmasacollectionofassets,ourfirstpaperanalyseshowtheincentivesofem

3、ployeesareaffectedbychangesinownership.Insection2,Ipresentanextendedexampletoshowthatthetheorycanexplainsomebasicnotions-e.g.,whyfirmsmayinitiallyhaveincreasingreturns,andthenhavedecreasingreturns.Theanalysishereassumesawaywealthconstraints.Oncetheneedforfirmstoraisemoneyistakenintoaccount

4、,thecontrolofphysicalcapitalhasanotherfunction-thatofprovidingincentivestorepayinvestors.Thisisthetopicofsection3,whichpresentsasimplevariantofamodelofdebttakenfromoursecondpaper.Ibeginwithabriefbackgrounddiscussion.1.Background:ViewsofthefirmInhisprovocativepaper,ProfessorChandler(1992)po

5、intsoutthatthequestionWhatisafirm?concernseconomistsmorethanitconcernseconomichistorians.Totheeconomichistorian,thefirmiseasytoidentifyasalegalandadministrativeentityinwhichthereisapooloflearnedskills,physicalfacilitiesandliquidcapital.Nordoindividualshavedifficultyindefiningthefirmsinwhic

6、htheyworkorthesecuritiesinwhichtheyinvest.[QuotefromChandler(1992).]*PaperbasedonalecturegivenattheSixthAnnualCongressoftheEuropeanEconomicAssociationinCambridgeon1September1991.Hart(1989)providesaricherdiscussionofthegeneralissuesthanspacepermitshere.0014-2921/92/%X.0001992-ElsevierScienc

7、ePublishersB.V.Allrightsreserved494J.Moore,Tk$rmasacollectionofassetsAlthoughfirmsappeareasytoidentify,Iwouldnonethelessarguethatitremainsoneofthemostprofoundchallengesforeconomiststoidentifytheforcesthatdeterminewhethertransactionsareconductedwithinthefirmaso