Study On Manager Human Capital Based On The Corporate Governance Structure

Mordent enterprise theory holds that enterprise is a specific contract between the human capital owners and non-human capital owners. It is because people are limitedly rational, information is not symmetrical and the future is indefinite that enterprise contract is not complete. Namely, when different factor owners constitute an enterprise, what to do and what to obtain for every participant in future were impossible definitely provision in enterprise contract, So the enterprise ownership will be extremely important to be arranged between human capital and non- human capital.Human capital is the values volume that lies in the human bodies and can influence the future profits of its owners. Under frame of the enterprise, I define human capital as manager human capital for 3 reason: firstly, if understanding from capital connotation ,we can draw a conclusion that human capital isn't labor power; secondly, it makes theory analysis vague if we define broadly human capital and lacks of guidance significance to how to arrange pertinently corporate governance and enterprise ownership in real life, thirdly, if put non-human capital aside, person can be classified as manager who answer for making managerial decision and employee who carry out managerial decision, theory and demonstration study indicate: that it can realize enterprise value maximum if we let the most important and difficult surveillance person enjoy enterprise ownership, it improve easily enterprise manage achievement if we let manager enjoy enterprise residual and key of enterprise property structure rational arrangement lie in efficiently definition of manager human capital property .Differing from manager human capital, manager human capital property is that a special bundle of property right possessed by manager as owner of his managerial ability, it is a right that being harmed or interested for manager using his managerial ability in special enterprise contract and state codes condition, it has four compositions: manager human capital property rights, property power, property interests and property responsibility, it has six characteristics: (1) It is integrated with its owner naturally and they are inseparable; (2) Its value is hard to be weighed and its value information is serious unsymmetrical; (3) It has the nature of strong exterior and hard supervision; (4) It has the nature of reputation; (5) It has the nature that can be mortgaged; (6) It has the nature that can be take risksAt present, there are big differences in academy circles about whether manager human capital can enjoy enterprise ownership or not. I think the basis that human capital owners can possess the enterprise ownership are: (1) The human capital owners and non-human capital owners are all independent and equal property subjects. According to the fairness principle of the market, each party has the rights to acquire the yield of property from the transaction in the future, and each has the equal opportunities to gain. (2) Compare with the ground of the enterprise ownership shared by the non-human capital owners, human capital owners also have the special purpose, mortgage and capability of undertaking risks with different essence and degree. In other words, owning the enterprise ownership is absolute but the quantity is another thing. (3) the enterprise surplus is the results created by both the human capital owners and the non-human capital ones, and the existence and development of the corporation depends more and more on the human capital. (4) human capital can not be "squeezed" but "encouraged" for the reason that human capital melt its owner naturally .What more, because of the unsymmetrical information among the values of the human capital, ifnon-human capital owners give part of the enterprise ownership to the human capital owners and let them supervise themselves, and bring out intra-encouragement, it will be a more advantageous property arrangement on the point of encouragement.Corporate governance structure arise after naissance of stock company, i...