Presidential Address: The Corporation in Finance
企业家需通过差异化创造价值，但差异化资产难以融资；为此必须承诺进行标准化，使人力资本可替代，从而让外部投资者获得控制权并得到偿付，活跃的股票市场有助于实现这一承诺。
ABSTRACT To produce significant net present value, an entrepreneur has to differentiate her enterprise from the ordinary. To take collaborators with her, she needs to have substantial ownership, and thus financing. But it is hard to raise finance against differentiated assets. So an entrepreneur has to commit to undertake a second transformation, standardization, that will make the human capital in the firm, including her own, replaceable, so that outside financiers obtain control rights that will allow them to be repaid. A vibrant stock market helps the entrepreneur commit to these two transformations. The nature of firms and financing are intimately linked.