【作者】 罗柳萍；

【导师】 朱义坤；

【作者基本信息】 暨南大学 ， 民商法学， 2010， 硕士

【摘要】 随着市场经济的发展,人力资本在企业中发挥着越来越重要的作用,人力资本的本质要求为增值,而股权化则成为其新的应用模式。人力资本股权化是通过对人力资本自身创造出来的企业剩余价值索取权和控制权的分配,明确企业产权结构,理顺委托代理关系,使得人力资本的利益与企业利益保持一致,极大地激励人力资本主体对自身潜力的发挥,实现企业利益和人力资本价值最大化。本文在回顾人力资本股权化理论基础上,发现人力资本股权化主要表现为直接股权化和间接股权化两种模式,经过各国多年的理论和实践探索,事实证明间接股权化模式更有利于人力资本价值的发挥。目前,间接股权化模式具体到我国实践中主要表现为员工持股计划和股票期权制度,随着我国法律制度和市场的日益完善,该两种制度在现代企业结构中发挥着巨大作用,但还存在许多障碍,如人力资本产权残缺、公司治理结构不合理、具体法律法规的不完善等问题,严重影响着人力资本股权化制度的有效性。对比美国的先进立法和实践经验发现,我国在《公司法》、《证券法》、《税法》和《会计法》等法律规范上都存在一定的改善空间。为此,建议相关部门在深入分析我国国情的基础上,积极借鉴国外先进经验,完善我国人力资本股权化制度。更多还原

【Abstract】 With the development of market economy, human capital plays a more and more important role in the enterprise. Stock incentive has become a new application style to meet the essential requirements-Multiply-of human capital. To make human capital capitalized in stocks, it is necessary to distribute the residual claims and control rights which are created by human capital itself, to define corporate ownership structure, and to straighten out the agency relationship, so that the interests of human capital can be kept in line with corporate interests and the human capital’s own potential can be greatly boosted to exert, and finally maximize both the interests of enterprises and the value of human capital.When reviews the theory of human capital stock incentive, this paper discovers that human capital stock incentive mainly shows two patterns——direct stock incentive and indirect stock incentive. After every country’s theoretical and practical exploration on these two patterns in many years, facts prove that the indirect stock incentive pattern is more conducive to play the value of human capital. At present, the indirect stock incentive pattern is mainly for the employee stock ownership plan and stock options system in China’s practice. As the improvement of China’s legal system and the market, these two systems play huge roles in the modern corporate structure. But there are still many obstacles, such as incomplete of human capital property right, unreason of corporation governance and lack of relevant laws and regulations, weak effectiveness of market, deviation of the actual operation and so on, which seriously affect the effectiveness of the human capital stock incentive system. Compared with advanced legislative and practical experience of the United States, it finds that there are some room for the improvement of our country’s "Company Law", "Securities Law", "Tax Law" and "Accounting Law" and other laws and regulations. Thus, it is proposed that the relevant departments be on the base of in-depth analysis of China’s national conditions and actively learn from advanced foreign experience to improve China’s human capital stock incentive system.更多还原