In the era of ongoing technological revolution and industrial transformation,knowledge and technology have be-come the primary drivers of economic growth and wealth accumulation.Entrepreneurs and other highly capable human capital,as carriers of knowledge and technology,play a dominant role in the management and innovation.At the same time,the scarcity and specificity of entrepreneurial human capital,along with their enhanced risk-taking and creative abilities,have led to an increase in the relative price of entrepreneurial human capital and a decrease in the relative price of financial capital.This shift promotes a transformation in corporate governance paradigm from"capital employs labor"to"labor employs capital".The backdrop of the high-tech era,the diversification of equity due to the perfection of capital markets,and the high demand for innovative develop-ment in corporates provide a suitable environment for the development of the"labor employs capital"governance paradigm.Fur-thermore,the"labor employs capital"governance paradigm not only greatly stimulates the capabilities of entrepreneurs but also leads to changes in the rights and interests of various governance entities within the corporate.Consequently,it can promote the de-velopment of new quality productivity by improving governance efficiency and achieving institutional innovation.
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