Study On Appraisal And Pricing About Entrepreneurial Human Capital Of Hotel

Business competition is essentially a competition in human resources. As special human capital, the human capital of a hotel entrepreneur is the important strategic resources for hotels. Its enthusiasm is a critical factor determining the success or failure of the hotel. With the increasing maturation of market economy in China, the development of knowledge economy, and the globalization of world economy, competition among hotels will intensify gradually. In order to boost the competitiveness of accommodation enterprises and realize the development of hotel in a healthy and sustainable way; the hotel industry in China should acknowledge the value of hotel entrepreneur as human capital and realize the effective encouragement to the entrepreneur is a big issue.The article focused on the human capital of entrepreneur in hotel industry. The author holds human capital as equal as material capital in status and that it has the property right too. It should get the surplus of the hotel and the proportion should be based on the value of entrepreneur.The article evaluates the value of entrepreneurial human capital in the hotel at first and proposes that we can apply the thought of real option to assess the value of the entrepreneur's human capital. When the owner possessing the material capital pays for the human capital, the value is as equal as the option premium. We can quantify the human capital of the entrepreneur by using F.Black—M.Scholes Model of option pricing. The article advances to define the proportion that the entrepreneur should get by the whole capital assign model and make it possible to distribute the stock right, option and etc.The article identifies several pricing practices of the human capital and studies the relationship between human capital pricing practices and the hotel managers, job satisfaction, turnover intention, and hotel performance. Upon the preceding research, the author concludes that the different pricing practice has important impact on hotel development. It pointes out the deficiency in the pricing practices of entrepreneurial human capital in Chinese hotel system and proposes the substitution of monetary pricing with the right pricing. The article also analyzes several kinds of pricing practice and got the proportion by setting up the model. The last section of the article studies the issues of the entrepreneurs should take pricing decision into account.