The Research Of Corporate Governance Based On Heterogeneous Human Capital

AbstractHuman,the most active agents of production,is playing important role in the age of new-economy and the value of human capital has been paid more attention to increasingly.Along with the development of human capital theory,the property rights of enterprises are innovating and promoting sustainable development of the enterprises. Therefore,we should positively conduct researches on the nature of human capital and design value of human capital model,then realize the rational distribution of enterprise property rights between human capital and material capital.This paper which is based on heterogeneous human capital illustrates how to achieve the question of the arrangement of the enterprise property rights in consideration of human capital at different levels.First of all,this paper sums up various theories of human capital and analyses its nature,connotation and human capital classification in details.In addition,this paper explains economic theories such as property rights theory,stakeholder theory etc. Secondly,this paper points out the reasons for human capital's differentia and reveals the source of different governance method that is based on the theory of corporate governance.Thirdly,by supposing the different objective functions between human capital owner and material capital owner,this paper constructs a game model of supervision and anti-supervision.The result of this analysis shows that controlling corporation and sharing profits collectively is the only way to realize all-win between human capital owner and material capital owner.Fourthly,this paper sets up a pricing model of human capital's differentia through the practice of corporate governance and monetary value of human capital,In conclusion,the paper demonstrates the way how the differentia governance of human capital in modern corporation governance structure is realized and also puts forward the way how to design the incentive property rights of corporate governance model which aims at human capital at different levels.On the whole,the purpose of this paper is to let all the human capital owners enjoy the rights of corporation surplus and the rate of return on investment.