Research On The Gain Right Realization Of Entrepreneur Human Capital

During the value creating process, human capital is a kind of capital, which also takes part in the producing process, just like the material capital, and plays deceive role. Entrepreneur human capital which has the feature of increasing marginal reward, is the most important factor in the economic resource. Therefore, human capital should have the economic returns as the material capital, and take part in the distribution of the enterprise revenue. The paper combines entrepreneur theory, human capital theory and property right theory as the theory basic with the research methods such as: quantitative and qualitative analysis, and comparative analysis, etc., to analysis the basic questions and realization of entrepreneur human capital form the theoretical and empirical part. The foundation of entrepreneur human capital taking part in the distribution of the enterprise revenue is the formation and feature of its property right. The formation of the property right of entrepreneur human capital contains the right of entrepreneur human capital ownership, possessive right, arrangement right, use right and gain right. During those rights, gain right is the basic road for the entrepreneur human capital to increasing its value. The features of entrepreneur human capital includes the coexistence of entrepreneur human capital owed by individual and information paradox, the increasing return by using, the value measuring is difficult and inaccurate, the externality of revenue etc.. meanwhile, to measure the reward of gain right of entrepreneur human capital is also very difficult, so is very hard to have a direct value for property right of the entrepreneur human capital. But just as we analyzed, the features of entrepreneur human capital makes its owner become the key role in the enterprise, entrepreneur human capital has become the most valued resource in the economic resource, so if we want to inspire the entrepreneur human capital to invest and use, we must protect the realization of the gain right of entrepreneur human capital. We believe that the effective way to realize the gain right of entrepreneur human capital is the securitirization of human capital, and management buy-out (MBO) is one of such ways. MBO may be a good way for inspiring the manager of our state-owned enterprise and is also a popular incentive method in the world. Of course, MBO also has its risk, its risk is highly related with the risk preference of the entrepreneurs.