A Study On The Human Capital Pricing Of The Top-managers For The Listed Companies

The top-managers of listed companies play a role which can't be substituted in production operations. Accordingly, as the core human capital of listed companies, the top-managers' human capital of listed companies plays a role which can't substituted in preparing all resources to innovate so as to gain core competency for enterprises. The study on the human capital pricing for the top-mangers of enterprises is not very deeply, and haven't formed a more practical human capital model for the top-mangers of the listed companies, which leads to the value of top-managers can't reflect their actual value, then the exertion on the enthusiasm of the top-managers of listed companies and the improvement of the core competency are influenced. In view of above phenomena, the purpose of this dissertation is to establish a practical human capital pricing model for the top-managers to provide reference for the scientific measurement on the top-managers' human capital of enterprises.After expounding the problem's foundation of enterprise theory, human capital theory and human capital value measurement theory, this dissertation carries through a series of work, and acquires achievements as followed.Firstly, after collecting the evaluation indexes of the top-managers" human capital pricing of listed companies, the dissertation designs questionnaire for the evaluation on the top-managers' human capital of listed companies, makes grey absolute cluster according to the questionnaire results, establishes the index system of the top-managers' human capital pricing of listed companies.Secondly, we look the top-managers human capital of the listed companies as "call option", it seems much like the real option, so we can use the black-scholes model to measure the human capital value. The next step we use the fuzzy mathematics to adopt the black-scholes model. All the parameters are fuzzy numbers, avoiding the shortage of the single number, it seems more closer to the fact. So we get the group model on the top managers' human capital of listed companies.Thirdly, we combine with the important concept of labor value in political economics, use the human capital value quantum. Basing on the AHP and the Correlation matrix method, we get the value contribute coefficient of the individual top-managers. Together with the two important concepts and the result of fuzzy real option, we form the individual model of the top-managers". Fourthly, the article discuss the hot issues of the top-managers' human capital pricing, such as the service consumer and the pay gas, list the research review of the issues and give some advice.