The Theoretical And Empirical Research On Ternary Capital Structure Which Contains The Financial Value Of Human Capital

Capital structure is the core of enterprise finance, because it not only concerns some behaviors of enterprise, but also has a close relationship with enterprise value.Traditional capital structure which only includes equity and debt is not perfect,because it doesn’t contain human capital.With the development of knowledge economy, the meaning of capital has been extended greatly. The role of human capital is also prominent increasingly, and the human capital has become the key to the success of the enterprise. Therefore, it is necessary to bring human capital into the capital structure.By the method of combing normative and empirical research,the article try to make contribution to ternary capital structure which contains the financial value of human capital.The theoretical part of this paper mainly includes the following contents:First, the article names the human capital owners’ equity the financial value of human capital,and establishes the evaluation model of the financial value of human capital from the viewpoint of residual claims,which provides human capital owners occupying enterprise surplus and the research on ternary capital structure with a theoretical basis.Second, the article brings the financial value of human capital into capital structure and establishes the theoretical model of measuring ternary capital structure,which provides financing, investment, performance evaluation and evaluation of enterprise value with a new theoretical basis.Third, the article establishes performance evaluation indexes and the model of enterprise value evaluation base on ternary capital structure,which enrich the theory of performance evaluation and assessment of enterprise value further.Fourth, the article establishes the model of the relationship between ternary capital structure and enterprise value.The model provides the research on the relationship between capital structure and enterprise value with a new perspective,which explains "the mystery of capital structure" to some extent.The empirical part of the article carries on the empirical research on ternary capital structure which includes the financial value of human capital with Shanghai pudong development bank as an example, and draws the main conclusions: performance evaluation index base on ternary capital structure can reflect the performance of total capital of the enterprise; The assessment model of enterprise value which includes the financial value of human includes the value of all capital of the enterprise is more appropriate;There is a negative relationship between the value of pudong development bank and the proportion of debt in financial capital, therefore, pudong development bank will try to avoid debt financing, and the proportion of debt in financial capital is low, which explains the "mystery of capital structure" of pudong development bank to a certain extent.This article is only an attempt to the theory of the financial value of human capital and ternary capital structure. Therefore, the article inevitably has some shortcomings and limitations. I hope more and more scholars will devote themselves into the field for in-depth research, which can enrich the research of them.