Research On The Distribution Of Residues In The Stated-owned Enterprise When Human Capital Participating In

In the modern corporation theory, corporation is exactly a "incompletely contract" which consists of human capital and inhuman capital. Property rights of human capital has a special and crucial status during the process of arranging the corporate proprietorship. The power and interests of property rights of human capital must bring into play indirectly and come true via human capital's participation directly.Inputs in enterprise, no matter how complex they are in expression forms, can be resolved into two categories: material capital and human capital. The latter has not only the character of general capital but also attributes in itself, one of which is that human capital exists inside human body, inseparable from it's owner. This private nature of proprietorship of Human capital makes it far more significant for us to utilize the economical value in human capital through motivation than through restriction and supervision, or even infringing. Therefore, to arrange corporate system, we should emphasize motivation and let human capital's owner act on himself to achieve his self-interests the key to motivating is to let human capital get corresponding position in corporate system arrangement, at least, not lower than material capital's. So it's real value can be constantly manifested while gaining with material capital. And as a result, it can share the "incremental cake", i.e. firm's residues.However, during corporate system's evolution, human capital didn't get the same status as residue claimant as equal as material capital's for a time. In early stage, owner of material capital monopolizing residues was a common phenomenon, for material capital was treated as scare production factor and its owner, as a risk-taker. Nevertheless, the situation began to change, for, with the promotion of position of human capital of entrepreneur, entrepreneur began to claim residues with the start of payout policy. What's more, we can see that not only owners of material capital but also those of human capital can play the roles of risk-takers, and that from lower human capital to higher human capital, all of their owners may become innovators. This series ofchanges makes people clear-headedly realize that corporate system assignment has evolved forward so that human capital's owner can claim residues.The reform of our state-owned enterprises has experienced lots of plans and made a remarkable achievement. But many problems have not still solved, especially the way of encouraging and restraining to the human capital. It restricted seriously firms to take part in the market competition. So this paper will study from human capital, human capital property rights and the character of human capital property rights; use human capital property rights theory to analyze the essential reason why the efficiency of state-owned enterprises is so poor; pinot out a innovative road of how to realize human property rights. We consider making human capital property rights realistic as a target; use human capital theory and motivation theory to explore a logical system of residue's distribution in state-owned companies on the base of beneficial experience of western country and our country, which can motivate the operators and human capital owners effectively and also is very meaningful for consummating the modern corporate system.In the course of the reform, aiming at the different situations, We should not carry out the same reform of property. When operating in practice, human capital shares firm residues by way of such forms as yearly-wage, reward and stock option. Yet, other more effective forms of claiming residues expect more progressive research. As for the state-owned enterprise reform, it's imperative. Therefore, at the last paragraph of this paper, I give some advice on that when we let state-owned enterprise's human capital shares firm residues, how we should arrange corporate system inside the firm and how we should build institutional environment outside the firm.