【摘要】 本文认为 ,无论从经济后果还是从信息相关性的角度 ,人力资本计量的重心是其价值而非它的成本 ;人力资本计量的对象是经理层和关键的技术骨干 ,而不是全体员工。股票期权之所以成为一种普遍的激励方式 ,关键在于它通过资本市场动态地反映了人力资本的价值。股票期权只有具备企业产权制度安排的特征时 ,才能有效地发挥它的激励功能。最后简要探讨了国有企业的激励问题。更多还原

【Abstract】 In terms of both economic consequence and information relevance, the focus of human capital measurement is its value, not its cost, and the object is management and key technical personnal, not the whole staff. The main reason why stock options have become a common incentive is that they dynamically reflect the value of human capital through capital market. Stock options are an effective incentive only when they incorporate the characteristics of enterprise property right system. Incentives in state-owned enterprises are also briefly discussed.更多还原