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1、华东交通大学硕士学位论文中小企业企业家人力资本定价研究姓名：宣玲玲申请学位级别：硕士专业：企业管理指导教师：张玉清20071030AbstractRESEARCHONENTREPRENEURHUMANCAPITALPRICINGOFTHESMALLANDMIDDLEMARKETENTERPRISEABSTRACTFortheSmallAndMiddleMarketEnterprisewhichlackofmonetarycapitalandhumancapital,itisurgenttopriceonhumancapitalscientificallya
2、ndreasonablyinordertoinspiritentrepreneurhumancapital.Comparingwithbigmarketenterprise,theSmallandMiddleMarketEnterprisehasmoredifficultiesinfinancing.CurrencyshortageisacommonproblemtotheSmallandMiddleMarketEnterprise.Sotheyshouldfullyinspirittheinfluenceofhumancapitalinordertocr
3、eatemorevalueandprofitsbythelimitedmaterialresource.ScientificandefficienthumancapitalpricingcanbringSMME(theSmallandMiddleMarketEnterprise)financiallysuccessandefficientstimulationtohumancapital.Wechooseentrepreneursastheobjectoftheresearchfortheyaretheheadspringandguaranteeofbus
4、inessactivitiesforSMME.BasedontheconceptofHC,thispaperreviewsgeneralapproachesofHCpricing,presentthecommonlimitationoftheseapproaches,i.e.wearestillundulyinfluencedbymeasurementconceptsdatingbacktotheindustrialerawhenphysicalcapitalwastheprimarysourceofwealthcreation.Westillregard
5、HCasamaterialcapitalwithastaticview,ignoretheuncertaintyofHCespeciallytheHCofentrepreneur.Andfindoutthatthetraditionalmethods(DCF)mainlysuitthegeneralandtechnologyHC,butdoesn'tsuitentrepreneurhumancapital,becauseofitsgreatuncertainty.Therefore,itisnecessarytoestablishanewmethodint
6、heeraofknowledgeeconomy.Inthispaper,wefigureoutthatthevalueofentrepreneursisnotequaltotheexpectedcashflowbytheDCFmethod.Bycontrastingtherelativeparametersoffinancialoptions,realoptionsandhumancapital,theHCvalueofentrepreneurcanberegardedasaspecial"calloption",ithasmanysimilarchara
7、cteristicsofrealoption.WhentheownerofmaterialcapitalpaysfortheHC,thevalueisasequalastheoptionpremium.WecanaccountHumanCapitaloftheentrepreneurbyusingBlack-ScholesModelofoptionpricing.However,thepurerealoptionrulecharacterizesthepresentvalueofexpectedcashflowsandtheexpectedcostsbya
8、singlenumber,whichisnotrealistici
