中国企业人力资本产权变革三次浪潮评析

人力资本股权化是现代企业产权制度变革的基本逻辑和大趋势.如何在实际操作层面解决"两权分离"悖论,不仅是现代公司制度运作和发展的主题,也是中国企业人力资本产权制度变革的逻辑起点、核心问题和主要矛盾.1992年以来,中国企业人力资本产权变革经历了三次浪潮.目前,对于中国企业来说,实现人力资本股权化、稚行股权激励计划,已经不是什么"理论"问题而是如何实际"行动"的问题.基于人力资本产权制度变革积极推行股权激励计划,是未来中国企业必然而明智的战略选择.

A Review on the Three Reform Waves of the Human Capital Property Rights in China's Enterprises

Human capital property rights capitalized in stocks is the primary logic and trend of the property rights reform in modern enterprises.How to solve the paradox of "division of the two rights"(the residual claim rights and the residual control rights)in implementation? It is not only a theme of the institutional change in modern corporate,but also the logical starting point,core issue and main contradiction of the human capital property rights reform in Chinn's enterprises.Since 1992,three reform waves for the human capital property rights have been come through in China's enterprises.1992~1997,the first wave was based on the themes of Employee Stock Ownership Plans(ESOP) and Joint-stock Cooperation System;1998~2004,the second wave was characterized with the theme of Management Buy-outs(MBO);the third wave have been going since 2005,with the themes of Share rights Splitting Reform and Stock Option Incentive Plan.Nowadays,it is not a theoretical problem any more,but a practical one for China's enterprises to put the human capital capitalized in stocks and Stock-right Incentive Plan in practice.Positively implementing the Stock-right Incentive Plan based on the human capital property reform in China's enterprises,which has widely institutional innovation and application prospect,is an inevitable and sensible strategic choice for China's enterprises.Certainly,it is a gradual and difficult process of institution changes and social games,which needs a lot of time and patience.