Legal Pondering Of Human Capital Investment

Focusing on the company's system, it's undergoing a profound revolution from materialism to humanism, the focus of company capital system changes from static capital toward the direction of dynamic capital, the core of company assets is developing along the direction of fixed assets—circulative assets—invisible assets—human capital. In the era of knowledge economy, as the primary production factor and resource in the development of company human capital deserves to have legal recognition and protection. As a formal institutional arrangement, the law should shoulder more functions on resources integration and configuration.In the first part of the article, it initiates the author's pondering to the legislator's different answers through citing different levels of the legal normative documents with contradictory regulations to human capital investment, it's on what considerations legislators give diametrically opposite affirmative or negative regulations. On the other hand, our country's economy operation practices, such as stock options and employee shares, all put forward challenges to traditional investment theories. Operation in practice shows the importance of human capital, but lacks market access system and accountability mechanism which are basic systems arrangements achieved through legal technology. Thus, conflicts of legal regulations and challenge arising from economy operation practice bring about legal issues on human capital investment.In the second part of the article, arguments are based on: the denial to human capital investment, mainly due to capital credit concept is highly popular, and scholars hold negative views consider that human capital investment is contrary to the security. Therefore, the author starts in this part of a three-level discussion, and refutes the above negative views: 1.Corporate civil liability is based on assets, rather than capital. Investment credit basis achieves a transformation from capital credit to assets credit, thereby queries to excessive regulate shareholders investment forms based on capital credit, and negates the opinion opposing human capital investment with the reason that human capital does not have function for paying debts. 2.It's more stress property security on the stage of capital using, and more stress capital efficiency on the stage of capital raising. Regulations on investing forms belong to legal systems in capital raisingstage, therefore, there is a greater need to focus on considerations of capital efficiency value target. However, allowing human capital investing is reflection of capital efficiency undoubtedly, it only should comprehensively consider security at designing systems. So it proves that human capital line with assets credit idea and assets efficiency value targets, human capital can be used as a form of funding.In the third part of the article, the author attempts to analyze suitable conditions investments need to be qualified, thereby in positive side demonstrates human capital could be used as investment. This part is composed of five small composition, the main view is: Based on the specificity versus monetary investment, it's necessary to discuss the appropriate conditions of spots, the author briefly introduces domestic and foreign scholars ideas about conditions of spots investment, and through analyzing different interested relational persons' position and their benefit requirements in spots investment, concludes: whether it's the conflict between creditor's interests and the overall interests of the company, or conflict between shareholder's interests and company's interests, at approaching appropriate factors of spots investment, the capital efficiency should be regarded as a value target, synthesizing domestic and foreign scholars' views and the demands of capital efficiency value target, the author puts forward that the suitability of spots investing includes three necessary factors: usefulness, availability and the possibility of protecting creditors. At the end of this part, the author analyzes the above three suitability factors that human capital investment accords with spots investment.In the fourth part of the article, in accordance with the specialities on difficult assess to human capital and difficult protection to creditor's interest, the author attempts to build a system arrangement of human capital investment, including: Human capital assessment system, it's mainly composed of assessment method, assessment entity and assessment supervision;stock handling system of human capital, it mainly discusses whether human capital is counted into registered capital and the restriction of the highest proportion;open system of human capital, mainly discusses relevant contents of human capital should be openly recorded into constitution, and send assessment report to registration authority and file it to be available, meanwhile, it needs to refer to the regulations on one-person company of "Company Law", specially indicates the amount of human investment in business license;accountability system of human capital, includes the liquidation of property and assessment adjustment systems;transfer systemof human capital investment, mainly discusses the transfer of shares on human capital that should be in particular restriction, they are not allowed to transfer in principle.