相比那些作为多元化投资组合的一部分投资于公司的基金经理或养老基金受益人,高技能人才面临着高得多的雇主破产风险。然而,往往对公司业绩抱有狭隘财务观点的养老基金受托人或职业基金经理,仍然保留着多数上市公司的控制权。
But in technology-intensive sectors the balance of power between owners of capital and entrepreneurs has swung dramatically toward the entrepreneurs. With companies like Facebook, flotation was not prompted by any need for new capital. The purpose has rather been to secure an exit for venture capitalists who backed the fledgling businesses. Going public also provides a currency with which to pay employees or finance future acquisitions.
但在技术密集型的行业,资本所有者与企业家之间的力量平衡已经戏剧性转向企业家。像Facebook这样的公司,上市并非出于筹集新资本的需要,而是让那些支持过这家新兴公司的风险资本家退出。上市还为支付员工薪酬或未来收购提供了一种货币。
Indeed, one of the reasons for excess global saving, which takes place in the corporate as well as the household sector, is the shift from physical to human capital in the modern economy. Brain power is not capital-intensive.
的确,全球储蓄过剩(既出现在企业界,也出现在家庭)的一个原因在于,现代经济的重心已从实物资本转向人力资本。聪明才智并不需要密集资本。
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