待积累型人力资本估值方法——基于分成制教育金融合约中供资方的视角

分成制教育金融合约订立的前提是人力资本积累投融资双方对积累者未来价值的估算。由于待积累型人力资本估值要牵涉到“积累”和“实现”两个阶段，期间要面对积累当事人是否努力、客观能力，以及市场对人才的认可等几方面的风险。其复杂性和不确定性有甚于现存的“物型”资产估值、“混合型资产”估值，以及传统的“成品型人力资本”估值。寻找目标估值方法的法门在于比较前后两者内在规定性的异同。并对具有相类似估值基础所采用的基因性估值方法加以恰当吸收。在估值研究的初级阶段，剔除不确定性太强的估值因素，尽力借助能够量化的指标进行模拟，有利于尽快展示“待积累型人力资本”估值问题的独特性。

The Appraising Method of Accumulating Human Capital——Viewpoint of the Investors in the Sharecropping Education Finance Contract

The contract of the sharecropping education finance is based on the future value of the educators, which are appraised by both investors and financers of the human capital accumulation. As the accumulating human capital is involved in the two stages： accumulation and achievement, during which the pricier have to face the risks of individual effort, talent, market recognition and so on. Its complexity and uncertainty go beyond the pricing process of Physical assets, Mixed Assets and traditional formative human capital. The key of pricing method is to find the inherent differences between the target pricing object and the existing pricing object, and absorb the available part of the basic methods in similar pricing object. In the primary stage of the pricing study, we exclude the great uncertainties and use the quantifiable indicators to simulate the pricing process. In this way, we can understand the uniqueness of the accumulating human capital appraisement better.