The Research On Enterprise Operators' Remuneration System Based On Property Right Of Human Capital

As the separation between the ownership of modern enterprises and the right to operate,the information asymmetry,inconsistent objectives between the operators and shareholders,resulted in agency problem. In this paper, the effective method to solve agency problem is to encourage the operators by the property right, which is realized by letting the operators involved in the distribution of the remaining income of the enterprises.In this paper, we take human capital theory, property right of human capital theory and remuneration theory as the theoretical basis, and research on remuneration system from the perspective of property right of human capital. Through the analysis of the operators'present remuneration system of the enterprises in our country, we find there exists some problems: remuneration and performance is not unrelated, the choice of performance evaluation index is unscientific and long-term motivation is lack. Through analysis, the problem above is mainly caused by the reason that property right of human capital is not defined clearly. In order to solve agency problem, property right of human capital should be defined clearly at first. Operator human capital has two property features—the nature of equity and creditor. The nature of equity means the operator shall enjoy ownership of the enterprise,the nature of debt refers to the operators human capital have the right to claim a regular income, and the nature of equity is main. Afterwards,this paper analyzes the property right of human capital transformation, and we think that the operator human capital involved in the remaining income distribution of enterprises is the way of the realization of property right of human capital transformation. To improve operators'remuneration system, Economic Value Added (EVA) is selected as the performance evaluation index. Through analysis and evaluation of present EVA remuneration system, we improve the EVA bonus bank system and built the operators pay system based on the property right of human capital. At last, some suggestions from the marcroscopic and micocosmic aspects are given.