Design Of Labor Stock Ownership System Based On Human Capital Property Rights

The article analyzes the ignorance of human capital property rights during the practice, based on these, the writer tries to build a new incentive system, that let labors own the human capital stock,in order to be defferent from the ESOS(employees stock ownership system). The system pays more attention to the human capital property rights fundamentally,and give the human capital owners residual claim rights and residual rights of control,to achieve long-term incentive and the consistency of labor aims and business goals. In our country,some areas such as shanghai and wenzhou have tried to put this system into practice,and have got a certain incentives.Based on labor theory of value,human capital theory,contract theory of modern enterprise,human capital property rights theory and principal-agent theory,the writer chooses an acceptable ownership arrangement,that is huamn capital and non-huamn capital owners to share the ownership.Before designing the system,the paper must focus on changing and completing the relative laws to support the implementation of the system. In company law,the human capital owners as human capital stockholders should be allowed. Then we design a set of laws to make sure the human capital can undertake the risk, including personal credit system,personal property security system and personal bankruptcy system. The personal property as a security to undertake the risk shows us the human is the main body of value-creation and risk-undertaking, and also expand the traditional limited responsibility. Meanwhile,personal bankruptcy system make sure the unlimited of responsibility, to some extent, which is helpful to constraint the behavior of human capital owner and realize the continued value creation.In the system,the subject of stockholding is the owner of the human capital property rights,that is the labor belong to the enterprise that have willings to hold stock. The equity properties are human capital equity. The way of holding stock is to choose labor stock-holding institution as a dependent organisition,to overcome the shortcomings of personal stock-holding and delegent stockholding. The system allows the stockholders to enter and exit at a certaim time, some policies are made to do some remedy when the exit has come true. When the enterprise has a different revenue level, we discuss the revenue share and risk undertaken between the human capital and physical capital owners in every situation.LSOS allow the owner of human capital to enter freely or timely exit. For the inner labor,they have rights to choose to be a stock-holder or not. The permission of not holding is not to deny the value of human resources,but to pay more attention to the value and the property rights. All of the labors in the enterprise have rights to hold the stock,but they also have rights to give up. Through the specific desigh, eventually leading to all labors as stockholders,not the mandatory system.The system can make sure the labors of stock-holdings and not holdings,physical capital stockholders and human capital stockholders can convert to each other,which is helpful to improve the liquidation of human and capital,to achieve the maximum value of value-added.