The Research On Distribution Of Corporate Ownership Based On Human Capital

In the industrial economy era, physical capital occupy dominant status in the enterprise production, hence, the physical capital owners can obtain enterprise's control, and obtain all of the enterprise surplus, which traditional corporate governance theory is based on. With the arrival of the era of knowledge economy, the role of human capital began to be reflected, and replace the physical capital gradually become the main source of modern enterprise competitiveness, technical knowledge and management level become the most important strategic resources of enterprise development, and as the vector of knowledge, technology and management level, human become the critical capital. This challenged traditional corporate governance theory, how to make the human capital owners as the physical capital owners come into the core of the enterprise, enjoy the rights and interests of business owners, assume the owners'obligations? This is the problem the paper wants to solve.This paper adopts standardize research methods, making a simple introduce for the track of the corporate ownership theory. By analyzing, we know that the human capital has become more and more important in the enterprise as time goes by, and the human capital also has taken the advantage to the non-human capital in the corporate ownership arrangement. The system of corporate ownership makes progress in the game between human capital and non-human capital. Through the analysis of the game model, we know that the shareholders can not supervise the human capital owners efficiently. So it is necessary for them to share the corporate ownership with the owners of human capital so as to incentive them. In the last part of this paper, we make a simple introduce for the situation of how the owners of human capital to share the corporate ownership and analysis what is the defection. To improve it, we make out an model of"Dynamic Stock option System".