学术请教（strategy的请入）

morganstanley

it is only possible for firm to appropriate some of the rents generated when managerial human capital is firm-specific, while top managers themselves may benefit from acquiring both superior general human capital and firm-specific human capital. 为何只有顶级的管理者才可能获得双重利益（来自一般的人力资本和公司持有的人力资本）而公司只可以获利于公司持有的人力资本。 不是特别明白。大家帮忙解释下吧。。。谢谢

文字魔

TCE？

Joeysh

My understanding is a firm can only generate rents from firm-specific human capital since the firm must pay a market price to general human capital, otherwise the employee can choose to leave the firm and find another job in the market. Only when the human capital is firm-specific, the firm has a chance to generate rents. For example, if an employee can produce $3 goods per day, and she can produce the goods for all the firms in the market. Then, you need to pay this person $3 as her salary. If you pay her $2.5, she will go to another firm which will pay her $2.9. Thus, in the end, general human capital can not generate any profit for any firm. However, if an employee can produce $3 per day for your firm and she can only produce $2 for all other firms. You can pay, for example, $2.5 to her and generate rents from her work. To some extent, the idea is similar with TCE.
But I'm not quite understand why top management can benefit from both...what do you mean "top manager acquire human capital"?  How can an individual acquire human capital...