Research On Replacement Capital Structure Of Including Human Capital Into IT Enterprise

As we all know, in the epoch of knowledge and economy, high-tech enterprises have become one of the main motive forces of social development. They play a very import role in the stabilization of national economy. Nowadays, the dramatic evolution of modern has being widening the connotation of "capital". It's well know that human capital has become one of the factors driving the economic development. In the capital structure, the proportion of human capital is going up. As though people have realized the importance of human capital in the economic development, when the enterprises make the financing decision, they often ignore the existence of human capital.The author makes use of the method combining normative research and empirical research, and tries to make contribution to the capital structure theory after taking the human capital into consideration. The author also does empirical research into IT Enterprise after bringing human capital into capital structure. Because this research will reconstruct the traditional capital structure, we have to deduce the relative theory logically using normative method. Replacement capital structure is theoretically investigated with normative research. We think that the standard capital structure should include equity capital, liability capital and human capital. After Enterprise brings human capital into capital structure, the first thing to be done is to measure the human capital's value. Aiming at IT enterprise, this paper analyzes the characteristics, composing ingredients and. value formation of IT enterprise' human resource. This paper also defines the measuring elements of IT enterprise's human resource. By quoting theoretic measuring models of human resource and than improving them, we measure the IT enterprise' human resource value. Based on the regression analysis, it has been shown that the contribution rate of human resource to enterprises is more than that of material capital. Moreover, The metering method for weighted average cost of capital after replacing capital structure is lower than that of the traditional capital structure. It also reveals the importance of human capital in modern economy, even preponderating over material capital, especially in IT enterprise.