Research On Distribution Of Returns And The Model Of Management Stock Holding Based On Human Capital

Modern firm theory argues that enterprise is a complicated contract composed of human capital and non-human capital. Lying in the core position of human capital, the manager's human capital shares enterprise'returns, which is the important content of transformation of modern corporate. In modern enterprise, the manager's human capital participating in the enterprise distribution of residual returns embodies concretely for stock incentive model.This thesis takes modern contract theory, property theory, human capital theory and incentive theory as the basic theory. It mainly deals with the model of management stock holding through theoretical and empirical analysis.Firstly, on the basis of the above analysis, the logical rationality is demonstrated that human capital shares enterprise residual returns. The necessity of manager's distribution of returns and stock incentive is proposed. Secondly, the negotiations strength model with non-human capital is set up. And also, the corporate governance effect of human capital rights is analyzed. Then, based on human capital's sharing enterprise residual returns, manager's human capital share model is established composed of four models: yearly salary system; stock option incentive; spiritual incentive; fringe benefits. The model of management stock holding is the representative model of this thesis. At last, the model of management stock holding is classified. This thesis highlights three main incentive models of enterprise managers: short-term stock, restricted stock, and stock option. It focuses on the research on their basic concepts, operation processes, and comparison of advantages and disadvantages with the relevant cases. This thesis tries to bring a very significant effect on enterprise governance and management incentive.