What are the key points and difficulties in the transformation from human resources to human capital?

The concept of "human capital" was first put forward by American economist Jacob Minsell in 1957, which reveals the homogeneity of labor and capital (profit-seeking), that is, the pursuit of maximum income, so that the contradiction between labor and capital can be unified and balanced. In the form of enterprise organization configuration, there are several important problems in the transformation from human resources to human capital.

I. Restrictions of policies and regulations on intangible assets. The company law stipulates that intangible assets should be up to 35% and must be high-tech, and the results should be appraised and recognized by the science and technology commission, preferably in physical form; In the form of intangible assets, accounting standards stipulate six kinds: patent right, non-patented technology, trademark right, copyright, land use right and goodwill, but the two most precious resources of enterprises: talent value and mature sales channels of enterprises are not included.

Secondly, from the perspective of taxation, the reason that hinders the transformation of human resources into human capital lies in the tax burden of equity income. One is that the equity income is difficult to realize, and the other is the real pressure brought by personal income tax.

Third, the financial obstacles of equity disposal. China has entered the market economy, and bank loans can take the form of equity pledge, which embodies the general requirements of capital liquidity. Reinvestment in talents can truly reflect the homogeneity of human capital and material capital, but the current policy does not allow this operation in principle.

Fourthly, the promotion of MBO and ESOP. On the issue of MBO, I think that the withdrawal of state-owned capital is the general trend after the 16th National Congress of the Communist Party of China, and it is a special merger and acquisition, which recognizes the particularity of management labor (entrepreneur human capital), but the problem of the loss of state-owned assets must be solved, and it must be truly fair, open and just. There are many employee stock ownership plans (ESOP) at present. The main difference between ESOP and MBO is that 70% is purchased by non-management employees.

5. Option system arrangement. Some people vividly compare the dividend plan of enterprises to "golden handcuffs" and the welfare plan to "accumulation point", so we should be alert to the background operation of derivative finance.

In a word, the transformation from human resources to human capital is an inevitable trend. While absorbing history and the experience of developed countries, we should have calm thinking. SMC should play its due role in this transformation process.