The Research Of Corporate Governance Based On The Property Right Of Human Capital

With the development of the technology,the era of knowledge-based economy is coming.The human capital becomes more and more important in the competition among enterprises.As a key element which contributes to the enterprise surplus and value creation,the human capital will take part in the enterprise surplus sharing.This inevitable tendency also requires the establishment of the status of the property right of human capital.It will help the human capital to share the enterprise surplus in a greater extent.In other words,if we just regard the human capital as a common factor in the process of production and analyze its contribution to the final output qualitatively or quantitatively, it would be far from enough.This paper considers that corporation property right is the combination of substance and human capitals.They all own the same status in this right system.Human capital should be qualified with shareholders equity and surplus demand right and surplus control right.On the basis of the theory of corporate governance and human capital at home and abroad,this paper analyses the several major characteristics of property right of human capital,and points out that the property right of human capital challenges the traditional theory of corporate governance.This paper also demonstrates the inevitability of human capital's participation in the distribution of the enterprises income theoretically.The core of this process is the requirement of the control right.Directed by many methods such as game theory,we analyze the fact that the property right of human capital and non-human capital share the surplus demand right and the enhance of human-capital's bargaining power leaves the human capital owner on the relative advantageous side to compete with owners of material capital and negotiate with them so as to participate in income distribution.In practice,this paper analyses the optimizing dynamic relationship between the property right of human capital and corporate governance,attempts to establish the human-capital based corporate organization;Next,the essay discusses on the allocation model of human capital's property right in the company residual,it also analyzes the effect of implementation of the annual salary system and the system of stock options and their pros and cons.Then it points out that each company should select the most appropriate distributing model according to its real situation.In the end,the essay attempts to analyses problems from a new perspective---"The Access",which also is the forefront of the firm theory.