human capital-human capital

关于human capital内容导航：

• 1、human capital
• 2、human capital
• 3、human capital

1、human capital

2、human capital

The annual salary system based on the incentive mechanism on stock options

Abstract: The Entrepreneurs of the incentive mec推社轻车社民头放育拿hanisms that affect the development of the key f历入害actors. Based on the analysis of the current im架比每乱写视plementation of m尽扩娘音any of our enterpr源ises on the basis of the annual salary system, studied and discussed more conducive to encourage en胡完策清未经试防妈杨代trepreneurs of the stock options of long-term incentive mechanism.

The development 苦少额究of domestic and international business practice that: enterprise can do a good job, the key lies in people who have enthusiasm, initiative and creativity, the key is management, management can upswing, the key lies in the choice of entrepreneurs, i拿听齐殖管另ncentive a强论垂封终把nd restraint mechanisms And the incentive mechanism is the key to k运ey.

First, the theoretical basis for the annual salary system

In recent years, the annual salary system gradually income entrepreneurs in China to pr让omote, to follow the needs 你席误财季宗头钢怎持of enterprise reform, but also the value of human capital and entrepreneurs specific functions to be recognized and the results.

(A) entre乎促兵做钱突劳时preneurs have a special human capital

Business entrepreneu武决领rs, though not th束绍础翻e owner of p女宪益责流呀命导尽防hysical capital, but they have excellent quality and management capacity, for the production an止d operation of enterprises to provide special human capital, human capital is such a modern enterprise survival and development of the most important and most dilute Lack of resources. Entrepreneurs, business development planning, internal management system, investment programmes and profit distribution plan and other major issues of policy makers and organizations perpetrators. In a sense, entrepreneurs hold the fate of enterprises, dominated the rise and fall of corporate survival. Entrepreneurs of the scarcity of human capital in its own survival period is longer, higher training costs, many business operators, but can really become entrepreneurs of the few.

Entrepreneurs to provide the most important and special scarce human capital, making them in a modern enterprise system in general was different from the human resources of the powers, responsibilities and benefits. They have the corporate management decision-making power, charged with the responsibility of corporate capital appreciation, the benefits should also be its power, relative responsibility, not only in their remuneration is higher than that of the general staff and workers compensation, performance is more important to Entrepreneurs should be involved in business in the remainder of the profit-sharing.

(B) of entrepreneurs with internal and external dual function

Entrepreneurs is the internal function within the enterprise entrepreneurs to other production elements of organization and coordination, the overall configuration, to the maximum play to the role of various factors of production, specific performance in: entrepreneurs decided to internal organizational settings, Develop their internal management systems and to develop business profit distribution plan. This organization of the internal allocation of resources is a senior labor and complicated labor, entrepreneurs, according to the labor intensity and complexity of remuneration, this part of a general income distribution according to work areas.

Entrepreneur's external feature is that entrepreneurs of foreign competition features, including innovation and risk management capabilities. Innovative features including the introduction of new products, the introduction of new technology, opening up new markets. The introduction of new production and management organizations. Risk management function is that entrepreneurs in their process of innovation should also be considered in their decision-making and analysis of market risks, social risks and natural risks, and actively pursuing hedge the risk of revenue at the same time. Foreign entrepreneurs function is determined by the innovative entrepreneurs take a risk and revenue income, income does not belong to this part of the general distribution according to work areas, we can call it "technical know distribution." And the innovative capacity of entrepreneurs and risk management capability can be attributed to their level of knowledge and level of knowledge and management as a special labor involved in the creation of corporate profits, and entrepreneurs have reason and right to participate in the sharing of corporate profits.

Second, entrepreneurs, the reality of the annual salary system

For these entrepreneurs, the theoretical basis for income, in real economic life, entrepreneurs, the annual salary income from salary income and profit sharing composed of two parts, namely S = α + βπ, for distribution according to work-α in the annual fixed pay, π is Profit targets, β coefficient is shared.

α as the income distribution according to work, its decision mechanism and the general staff remuneration for labor's decision mechanism is similar. However, due to labor management is a more advanced and complex work, so, α the identification more complicated. In addition to comply with the "minimum wage can maintain the survival and reproduction of labour" principle outside, α the size of the main decisions on the following factors: First, the entrepreneurs affected the market supply and demand situation, to a large extent depends on the marginal productivity of entrepreneurs Second, the entrepreneurs the opportunity cost (such as access to education and training expenses and spend a result of the loss of income opportunities) on the impact of the third, the complexity of the activities of management experience and risk degree of influence; fourth, Should take into account the "high-paying Yang Lian" needs.

∏ profit targets based on their own situation there are three main options: first, π means that the actual profit or that actual profits exceed the profits of the » Second, π means that the total profits or profits compared with last year's increase in the » Third, π can also be relatively few, that is, profitability, the profit margin is sales revenue or profit margins funds margin »

Share β coefficient determined by the size of entrepreneurs on the marginal contribution to profits. β have identified the three options: first, by the business owners in accordance with the specific situation of enterprise decision; second, entrepreneurs from the same industry competition to decide, within the same industry in the implementation of a unified β; third, from all social enterprises Home competition to decide, when the average β is the social entrepreneurs to share coefficient, the management decided to entrepreneurs working on the social average profit contribution.

From the reality of the annual salary system, we can see that the annual salary system more complete and objectively reflect the performance of the work of entrepreneurs, the wage relations, highlighted the importance of entrepreneurs, human capital, while making entrepreneurs and the economic efficiency of enterprises linked to income, Reflects the interests, responsibilities and risks of the principle of consistency. However, the annual salary system to consider only the company's annual revenue, in the case of asymmetric information, entrepreneurs will lead to acts of short-term, the pursuit of short-term high-income after Yizoulezhi. In addition, the annual salary system does not include long-term rewards, in the absence of dynamic IP cases, entrepreneurs may obtain income through other channels, such as through various channels, "rent-seeking", in-service consumer, eat or drink, and other public funds. To remedy this deficiency, we can learn from foreign enterprises to implement the stock options and other long-term incentive mechanism, so that the personal interests of entrepreneurs and business interests more closely together.

Third, the connotation of incentive stock options and the feasibility of

The so-called incentive stock options system, the intent is to give entrepreneurs the company within a certain period of time in accordance with the established price to buy a certain number of shares of the Company's rights, made by the entrepreneurs of the cost of equity capital markets and equity prices on the poor Formation of a reward for entrepreneurs to add. This article discussed the incentive stock options, has a special meaning is that entrepreneurs will be paid an annual salary in profit sharing in whole or in part into the form of stock options to achieve long-term incentive effect. Incentive stock options will be "incentive pay" and "ownership incentives" ingenious combination of, on the one hand to entrepreneurs, entrepreneurs make the long-term behavior and interests of solidarity with the interests of business owners and entrepreneurs make a business One of the owners, have some ownership of other enterprises, at least have the following benefits: First, open a corporate ownership structure, and stability can continue to attract outstanding management personnel; Second, the entrepreneurs of the stock options from income Provision of the securities market, enterprises can reduce the burden of paying cash reward, save a lot of working capital to enterprises in the non-payment of funds under the incentives to entrepreneurs; Third, can reduce the asymmetric information, reduce agency costs; four enterprises can be corrected Home of short-sighted mentality, so that entrepreneurs are not only concerned about the enterprise, more concerned about their future.

In contemporary developed countries, business manager's remuneration structure of a larger change than ever before, to stock options as the main reward system has been replaced by a basic annual salary and bonus as the mainstay of the traditional pay system. According to statistics, the world's top 500 large industrial enterprises, 90 percent of the enterprises have their senior management adopted a stock option compensation system, of course, these enterprises are joint-stock listed companies. At the national level, corporate stock options incentive mechanisms in recent years in Shenzhen, Shanghai, Wuhan and other places in infancy. 1993, Shenzhen Vanke developed a strict standard "staff shares scheme rules" for implementation in three phases, but because the relevant laws and regulations did not keep up, making the first phase of the "stock options" in 1995 after the employee shares into Has not been listed, the second phase of abortion. In early 1999, Shanghai's industrial system initiated the "operators revolution," the pilot system of incentive stock options. In 1999, the Wuhan City in the form of stock options to honour the six companies the legal representative of the annual salary. His annual salary from the base salary income, income risk and special incentives, such as the annual salary component. One risk of revenue in net profit in accordance with the approved enterprises, 30 percent in cash honoured, and the remaining 70 percent into stock options. Although these experiments is not the strict sense and norms of stock options, but it is a useful and positive exploration, to a large extent inspired the operators.

Fourth, stock option incentive mechanism design

The above analysis shows that the current remuneration structure of the annual salary system in the implementation of joint-stock enterprises have yet there are still some applicability, but also for the implementation of joint-stock companies listed on the stock incentive period only laid the foundation. As the annual salary system of compensation contract extension, entrepreneurs, business owners can pay part of profit sharing in cash paid to entrepreneurs, will be transformed into the rest of the stock options. Such stock options is the intrinsic value of stock options expire at the present value of the transfer, in the efforts of entrepreneurs, if the company's operating condition and stock price rising, entrepreneurs can be higher than the annual salary of stock options System for the proceeds of the contrary, if the company to operate properly, the stock was up against or not, are not entrepreneurs, not only the current stock options, but the previous efforts (of the stock options have value) will also have been in vain . Based on the above ideas, we designed stock options incentive mechanism.

First of all remuneration structure in the annual salary system S = α + βπ on the basis of the introduction of the relative performance comparison information - another corporate profit targets z. In this way, the entrepreneurs to improve the remuneration structure:

Ε for which the income of entrepreneurs and other corporate profit targets z relations factor: If ε = 0, entrepreneurs of income and z, otherwise, the income of entrepreneurs and z clearance, that is, business owners in the development of expectations Profits when the standard reference to the profits of enterprises related to other indicators. Comparing the relative performance of the introduction of information aimed at enhancing the strength of incentives to entrepreneurs objectivity. Of course, the entrepreneurs pay the profit-sharing programmes in the coefficient of standards and expectations of the determination of profits, ultimately a matter for the business owners and entrepreneurs to balance the results of Concorde, the owners and entrepreneurs can not be the initial desire to be fully met. Generally speaking, the desire to meet the level of the specific values of variables and the two sides in the negotiations depends on the status of the greater amount of information, the higher the position, the easier it is to satisfy the desire.

Determine the matter reward entrepreneurs profits in cash to pay the proportion of i, cash income from entrepreneurs such as:

Where p after the announcement of the corporate annual report one month's average price.

In addition, the business owner provides entrepreneurs, before the expiration of stock options may not be listed in circulation, but entrepreneurs have stock options dividends, by配股rights. After the expiration of stock options, entrepreneurs have full ownership, he can be realised or stock to continue to hold. Their specific operating under the rules of the actual business case may be, for example, will reward entrepreneurs, profit sharing of 30 percent in cash honoured, and the remaining 70 percent into stock options, this part of the shares of the voting machine temporarily by the owner of the exercise, The second year of the return of last year, equivalent to 30 per cent of profit sharing paid shares, then the third year in the same form of the return of 30 percent, while the remaining 10 per cent of total retirement.

Five of China's enterprises, stock options Thoughts

Domestic and foreign enterprises reform of the system of remuneration Practice has proved that the stock options is to coordinate the interests of shareholders and entrepreneurs the most direct way is to implement long-term incentives to entrepreneurs an effective means of restraint. However, stock options the feasibility and effectiveness does not mean that each and every enterprise in China must be adopted, nor does it mean that all enterprises have access to immediate effect. Stock options in order to make the smooth and effective implementation, it will be dependent on the following aspects of the work of common development.

(A) actively promote the stock option incentive mechanism pilot

China's enterprises in the internal and external conditions are ripe circumstances, must not blind action, Yihongershang, select some good joint-stock operation, standardize operations in recent years, no significant adverse events listed companies, especially those who grow up with good development potential Large high-tech pilot listed companies, to be made and the experience of all aspects of the promotion after the conditions are ripe.

(B) pay close attention to amend and improve laws and regulations governing securities

States should step up the formulation of the relevant stock option incentive mechanism of policies and regulations, including the mandate of the main stock options, incentive target, source, proportion, volume and price, the stock option shortest retention period, the minimum retention and non-negotiable, and Entrepreneurs such as the middle of separation or retirement of the approach, and so on, so that the enterprise incentive stock option plan law, rule-based, standardized operation.

(C) to speed up the establishment and improvement of professional entrepreneurs market

China's entrepreneurs, the cultivation, selection and use of still lacks clear and effective channel and contract protection, therefore, it is necessary to fully tap and entrepreneurs to play the function of the market, improve the mechanism by an agent, to the entrepreneurs of the term of office, powers and responsibilities, such as the establishment of Lee Clear and strict provisions of the lease for the smooth implementation of stock options to provide organizational guarantee.

(D) focus on cultivating effective stock market

It is necessary to guide investors adjusted attitude, focus on rational investment, guard against blindly speculation, to reduce body speculation, the stock manipulation phenomena, to form an effective stock market, correctly reflect the operating results of enterprises so that the entrepreneurs of the stock options income and business performance Has a high correlation.

(5) to improve corporate governance and oversight mechanisms

Stake in the implementation of the enterprise must encourage the establishment and improvement of corporate governance and oversight mechanisms, and ensure the General Assembly and the Board of Directors by the shareholders determine compensation incentives to entrepreneurs of the specific programmes; entrepreneurs with the signing of a legally binding contract by the board of supervisors to exercise day-to-day Oversight functions.

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3、human capital

资本（资本商品，资本设备）：capital(capital goods， capital equipment） 　　指具有经济价值的物质财富或生产的社会关系。 　　在西方经济学理论中，资本是投入(生产资料)的一部分，投入包括：劳务、土地、资本。 　　资本是指：生产出来的生产要素，是耐用品。根据现今主流宏观经济学观点，资本可以划分为物质资本、人力资本、自然资源、技术知识 　　物质资本：（physical capital） 物质资本是指用于生产物品与劳务的设备和建筑物存量。 　　人力资本：(human capital)人力资本是经济学家用来指工人通过教育、培训和经验而获得的知识与技能的一个术语。 　　金融资本（英语：Financial capital），像股票、债券等，会以资本资产（英语：Capital asset）的形式出现，可以在金融市场中交易。其市场价值不是以其累计的投资金额为准，而是以其市场对于未来盈余及风险的预期值为准。自然资本（英语：Natural capital），是指固有的自然生态，提供生活所需及其他资源，例如河流可以提供农田水源。社会资本，在私人企业中常会视为是商誉或品牌价值，不过社会资本是一较广的概念．是指为实现工具性或情感性的目的，透过社会网络来动员的资源或能力的总和。教学资本（英语：Instructional capital），一开始在学术上定义是指有关教学及将知识转移到原来不具备相关知识的个体，像知识资本及智慧资本也是描述类似的概念．但是其定义和上述学术定义不完全相同，在会计处理上也还没有一定的共识。人力资本，泛指社会资本、教学资本及个人才能的总和。在技术经济学（technical economic）中会用人力资本来定义平衡成长，也就是人力资本和金融资本的同步提升。


资本 在中国的CMA管理会计中指的是：　　1.由实体所有者投入实体的股本。总资产减去总负债。　　2.长期资产（如设备）

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