The Financial Management Theory Of Human Capital

Since American economist, Nobel prize winner, Theodore W. Schultz put forward the human capital theory in 1960s , many scholars begin to pay attention to this field , and study forward it in economy , in population , in human resource .in our nation , many scholars walk into this field in 1980s , but there is scarily advance and keep it in the existed fields now . and it is very rare to study it in finance , but this is my goal in this article .With the development of productive power of capital , it is essential to gain residual right for human capital. The financial management should not pay attention to it. First, in the article, the author analyses the three backgrounds of human capital financial theory- human capital theory, existed financial management theory, the differentice of two rights'disattachment, and puts forward three postulates of human capital finance theories, there are ratipnal financing principal postulate, continuing postulate, multilateral efficient market postulate .on the basis, the author puts forward human capital owners' financial theory and human capital operators' financial theory, making use of existed financial theories.Second, the author analyses six characters of the human capital owners' financial theory, the first one is that there is an investment procedure before the human capital walks into the business enterprise, the second is the single of financial principle, the third is the width of financial object, the forth is more exact of financial information, the fifth is the single of financial body, the sixth is the restrict of operating manner. And then, discusses the content of human capital owners' financial theory, from the two phases -before coming into industry and after investing in enterprise.Third, the five characters of human capital operators' financial theory is being stated. They are the developments of maintenance and increment, the particularity of operating approaches, the variability of financial target, the difference of financial object and body, the great difference of profit allot. Then narrates its four functions-assemble human capital, manage human capital, prompt and restrict human capital.operate the human capital, and more, the author clarifies five contents-human capital structure, financing, investment, incentive and restrict. Finally, he illustrates the layer system of human capital operators' finance theory.Forth, on the statements above, the author sets forth the realistic significance. (l)it is beneficial to improve the financial knowledge system, (2)it is helpful to develop the basic financial theory, (3)it helps me to study the human capital financial law, (4)let us pay attention to person with ability substantially, (5) it give us new thoughts about company government.Finally, there is the special study about capital maintenance theory with attachment to human capital and the revenue of human capital. The author puts forward the two-layer system of capital maintenance and stress to discuss the standard operate problem of employee stock ownership plans and executive stock option.