A Research On Contract Designing Of High-tech Enterprise Based On Human Capital With Heterogeneities

In knowledge-compression enterprises represented by High-tech enterprises, human capital is increasingly becoming the most important asset and most important source of increasing wealth. This paper intends to explore contractual arrangements, especially the incentive contracts arrangements of high-tech enterprises, taking heterogeneous human capital as a starting point.Picking up the main line of human capital from reviews of contract theory, this paper defined the heterogeneity human capital– entrepreneur, core technical staff and other knowledgeable workers. After analyzing the characteristic of human capital–this article concluded that owing to the value characteristic,property characteristic and bargaining power characteristic, High-tech enterprises should choose profit sharing contract: Human capital should be involved in risk-sharing and share profit of enterprise. Besides, the bargaining power of human capital dynamically changes with the growth of enterprise, so the contractual arrangements should adjust accordingly. To explore the real distribution of enterprise residual profit, this paper constructs a dynamic game model of human capital and non-human capital as the participants, the balanced result suggests that providing the human capital a definite sharing rate is beneficial to the overall profit of enterprises. This model technically demonstrated the viewpoint about contractual arrangement in this paper.Based on the analysis above, combined with the characteristics of high-tech enterprise life cycle, partitioning the growth into three: start-up stage, growing and maturing stages. According to the different scarcity and changes in bargaining power of human capital at all stages, this paper proposes the contract design process according to the game result of different stages: using Technology Shares, ESOP, ESO respectively in the start-up period, growing stage and maturing stage. This paper also selects some cases of Chinese enterprise, through analyzing the practice of these enterprises it intends to offer some reference for the high-tech enterprises growing along the orbit of their lives.