Study On The Property-right Problem Of Human Capital In The Governance Of State-owned Enterprise In China

To enhance governance efficiency is the ultimate goal of modem corporate governance, and how to improve effectively is always the focus on which both theoretical and the practical are paying attention. This thesis have integrated with the theory of human capital, the theory of property rights, the theory of enterprises and the theory of corporate governance on the basis of the theory of property rights and super property rights; and by theoretical study and positive analysis, analyzed profoundly from the angle of economics the disposal of property rights of human capital to the effect of corporate governance in Chinas enterprises.Studies manifested that the conditions of property rights of human capital have markedly improved but also existing some problems in modem enterprises. It mainly embody that managers human capital are owning considerably ample residual rights of control, but not standardizing in operation. The gain rights of human capital are difference among different districts, lines and enterprises, especially in listed companies the gap of income between superior manager members and general employees show a too enlarge trend. In state-owned companies or state-holding the controlling stake companies, the un-integrity features of property rights of human capital are generally existing, and produce apparently negative impacts to the effect of corporate governance. In listed companies, the marketing members of human capital share equity produce different influence on the effect of corporate governance. The governance effect depend mainly on the comparison among equity-incentive effect and control rights effect and risks effect on which followed by sharing equity. Generally, the governance effect which marketing members share equity is entrenchment under the conditions that inside supervision and restriction are feeble. In non-SOE , the case of Huawei company s ESOP have shown that employees of human capital share equity is obviously incentive effect to corporate governance. However, it should scientifically design plans and persist in principles that are open and transparent and making rules before put into practice and so on.On the influence to the effect of corporate governance, optimal rights and gains of property rights of human capital are inherent requirement which will fully develop the positivity of human capital, whereas standardizing rights and responsibilities of property rights of human capital are necessary conditions which will realize the positivity of human capital. Both of them are commonly promoting to improve governance efficiency without none of them. Therefore, to build up the pattern which circumambulate governance efficiency is a plura-incentive and restrict and dynamic, which the marketing members of human capital is in the central of place, and that is necessary measurements to enhance the efficiency of modem corporate governance.