Studies On Legal Issues Of Stock Incentive For Human Capital

With the development of market economy, human capital plays a more and more important role in the enterprise. Stock incentive has become a new application style to meet the essential requirements-Multiply-of human capital. To make human capital capitalized in stocks, it is necessary to distribute the residual claims and control rights which are created by human capital itself, to define corporate ownership structure, and to straighten out the agency relationship, so that the interests of human capital can be kept in line with corporate interests and the human capital's own potential can be greatly boosted to exert, and finally maximize both the interests of enterprises and the value of human capital.When reviews the theory of human capital stock incentive, this paper discovers that human capital stock incentive mainly shows two patterns——direct stock incentive and indirect stock incentive. After every country's theoretical and practical exploration on these two patterns in many years, facts prove that the indirect stock incentive pattern is more conducive to play the value of human capital. At present, the indirect stock incentive pattern is mainly for the employee stock ownership plan and stock options system in China's practice. As the improvement of China's legal system and the market, these two systems play huge roles in the modern corporate structure. But there are still many obstacles, such as incomplete of human capital property right, unreason of corporation governance and lack of relevant laws and regulations, weak effectiveness of market, deviation of the actual operation and so on, which seriously affect the effectiveness of the human capital stock incentive system. Compared with advanced legislative and practical experience of the United States, it finds that there are some room for the improvement of our country's "Company Law", "Securities Law", "Tax Law" and "Accounting Law" and other laws and regulations. Thus, it is proposed that the relevant departments be on the base of in-depth analysis of China's national conditions and actively learn from advanced foreign experience to improve China's human capital stock incentive system.