Weight Solution Of The Capital Gains

As we know, human capital is becoming more and more significant with the economic modern evolution, and its contribution to economic rise is bigger and bigger. Especially in the knowledge-intensive industry, the human capital has been becoming the decisive element. Even in the non-knowledge-intensive industry, those key human capital are also important to the performance of a company.So the traditional distribution model in which the material capital monopolizes capital income will be challenged. Measuring each contribution to the company's income between material capital and human capital is the problem that will be solved in our transitional economy. On Mar.22, 2005, the Shanghai Pu-dong New District and Shanghai Business Bureau released the " try out measure of the human capital enrollment ". It prescribes that shares by human capital can reach the 35% of paid-in capital. This policy provides the practical basis to my study, and at the same time, it sets off the practical significance of human capital by academia.It is widely recognized that firms need to develop mechanisms to determine the value of their employee base. An extensive human capital literature has been developed in which the authors propose elaborate systems for measuring a firm's human assets. This paper does not seek to offer yet another human capital model. Rather, the aim is to re-decompose capital gain from human capital perspective and explain the value creation process. Moreover, the author will explore means to measure the value of entrepreneurial capital, in order to provide the quantitative evidence for the premise and ways of income distribution. The author makes the following potential contribution:1. This paper uses the step by step structure: from the theory origin, science schools to the domain of research. This dissertation looks back the economists' firm contract theory, entrepreneur theory and human capital theory, and introduces all kinds of views and methods of human capital participating in income distribution. On the basis of these theories, the author brings forward a new perspective of research. Furthermore, all the demonstration establishes the theory basis for the latter positive study, and the author solves the practical problem by means of positive results.2. This paper puts forward the management model "cardiogram of the capital returns change process". The author compares the capital returns change process with heart-throb, and introduces the system of firm's value creation. Based on the value chain theory, this paper introduces the traditional FACC value chain and Score-Balance Card value chain, decomposes the value drivers by making use of fish bone photograph, and discusses the significance of intellectual capital's contribution to capital gains.3. This paper constructs a model of measuring human capital contribution to enterprise income. The author uses C-D production function and the remaining method to eliminate the part created by the material capital, and calculates the human capital contribution to firm's value in current period by vague measure. Moreover, the author brings the data into the model, and achieves each contribution ratio belonging to material capital and human capital.4. The data in the positive part of this paper is different from the other studies. The author chooses the SOEs other than public companies. Because the author finds that the quality of financial information of the SOEs is better than that of public companies on relevance and reliability. That insures the stability and reliability of the study model. To some extent, the information quality of the capital market must have been improved.5. This paper builds the analytic framework of measuring the value of individual human capital, which focuses on measuring the value of entrepreneurial capital. The author goes to the ChiaTai-QingChunBao pharmaceutical corporation, and chooses the Director Feng-gensheng as the sample. Through the questionnaire investigation , Analytical Hierarchy Process( AHP )and field study, the author measures the management contribution of Feng-gensheng to the firm from 2001-2004, and solves the "Feng-gensheng Puzzle" to some extent.As a result of difficulty in decomposing the contribution by material capital and human capital and limited research competence, this paper is only an exploratory study. So it exists much deficiency inevitably. We hope that more and more scholars will devote themselves to this study in the future, and then that will enrich and perfect the discipline on re-decomposing capital returns.