Research On The Legal Path Of Human Capital Owners' Participation In The Administration Of Listed Companies In China

In the era of knowledge economy,knowledge accumulation becomes an endogenous independent factor of economic growth,while special,specialized human capitalists who manifest themselves as workers' skills are the true source of economic growth.In the micro-level company activities,this is reflected as the important role of human capital in intensive growth and the maintenance of competitive advantage.Human capital property rights presents realistic challenges to traditional corporate governance theories.The corporate governance structure and its power allocation model under the "shareholder standard" are increasingly showing shortcomings that do not meet the development requirements of the times.Facing the real needs of human capital owners' participation in corporate governance,it is urgent to adjust the corporate governance structure and its power allocation model,and improve related external environment construction to reflect the position and role of human capital owners in the corporate system.Different from simple labor,human capital is formed by human natural endowment and acquired investment,and manifested as capital in the form of physical strength,knowledge,technology,experience and skills which are inseparable from the owner.Under the support of economic democracy theory,company contract theory,and stakeholder theory,human capital owners who are corporate wealth creators and corporate risk bearers are justified in participating in corporate governance.They can also improve the efficiency of corporate governance.The change of human socio-economic form has brought about changes in corporate organizational forms and corporate governance models.A common governance model that emphasizes joint participation and mutual supervision has emerged at the historic moment,and has become the choice to achieve a balanced state of material capital owners and human capital owners.The development trend of corporate governance that attaches importance to the role of human capital is reflected in our country as the advanced corporate governance mechanism chosen by successful companies,such as Internet companies.Huawei,JD.com,and Alibaba allow employees of human capital to better participate in corporate governance through employee shareholding plans,dual-class share structure,and "partner system”.However,China's human capital owners have real difficulties in realizing their participation in corporate governance,including the deep-rooted “shareholder-oriented” thinking and the incomplete external environment.In response to the actual needs of human capital owners' participation in corporate governance and the current dilemma in China,we should realize the adjustment from unilateral governance to joint governance,from shareholder centerism to board centerism.And we should reflects the value of human capital to achieve the purpose of stimulating the enthusiasm of human capital owners by the development of the stock option system.In addition,it is necessary to improve the professional manager market construction,introduce business judgment rules,and improve the shareholder representative litigation system to build a more complete external environment to provide conditions for human capital owners to participate in corporate governance.