| The world economy has stepped into a new era of knowledge economy since 1980s, in which the contribution of human capital has grown more and more important, even become one of the most important factors in promoting economy development. Quantity empirical researches on the relationship between human capital investment and enterprises performance have shown that there are significant positive correlations between them. As Becker & Huselid (1998) said, human capital is the resource which cannot be imitated while gaining and maintaining competitive advantages for enterprises. However, because of the lagging effect of discipline, human capital didn't get the correspondence pay back to their dedication, therefore, the study on human capital pricing was seem to be weak. The essay applied the theory of real option, taking combination research methods of theoretical analysis and case study, discussed the issue of idiosyncratic human capital pricing and its application.There are five chapters in total. First of all, with sorting out the available documental material, the essay described the real option feature of idiosyncratic human capital pricing, from the information asymmetry and dynamic multi-stage point of views. Then, based on real option theory, the essay put forward hypothesis, induced model, made decision-making discipline, got decision-making route and analyzed the suitable application situations of that idiosyncratic human capital pricing. After that, the essay studied the case of restrictive stock incentive plan of China Merchants Bank, comparing the idiosyncratic human capital value when immediate incentive, postponing incentive and dropping incentive, got the feasibility areas of incentive cost in each situation and considered the incentive plan could maximize the idiosyncratic human capital value, dig the potential of it and create value to the bank. But in fact, the objective conditions of incentive plan were achieved in the end of 2007, CMB had implemented at that time. |
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