| The deepen reform of state-owned enterprises in the modern enterprise systemhas spotlighted the issue of the incentives of human capital of state-ownedenterprises’executives. And human capital is the winning capital of the capitalmarket’s, assets capitalization is the breakthrough of the state-owned enterprises, asthe incentives of human capital of state-owned enterprises’executives problem withhigh value of human capital of the executives of state-owned enterprises humancapital has become an important issue of economic system transition. The humancapital theory, principal-agent theory, incentive theory prove the necessity andfeasibility of the incentives of human capital of state-owned enterprises’executives;the three main incentive pattern annual salary system, stock option, managementbuy-out show that the fundamental problem is to deal well with the relationshipbetween incentive and constrained. Therefore, the incentives of human capital ofstate-owned enterprises’ executives system should seek the balance betweenrealizing the human capital incentive requirement and establishing effective externalconstraint mechanism. In China, the government should through perfecting thesponsor system, establishing and improving the performance appraisal andcompensation mechanism, strengthening the internal governance mechanism,constructing and building a good external market environment to assist the reform ofstate-owned enterprises. |
