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123WiththefurtherpromotionofChina'sreformandopening-up,theforeigntrans-corporationhasstrengthenedtheinvestmentinChina.ItisfiercerthattheChineseenterprisecompeteswiththeenterprisesofforeigncountries.Thecompetitionislaunchedaroundakindofhumancapitalofthevaluethatcanbringsurplusvalueatfirst.Withthedevelopmentofknowledgeeconomy,humancapitalgraspingadvancedexperienceofmanagementandscienceandtechnologybecomedrivingsourceforeconomicgrowth.Thepositionofhumancapitalineconomicdevelopmentisstrengthenedfurther,anditsfunctionismoreoutstanding.Thedevelopmentofthehumancapitalmountedthehistoricalstage,whichisbasedonmoney-capital.Thishasledtotherevolutionarychangesandinnovationsofcorporategovernance.Thistextproposesthestructureofcorporategovernance,whichstrengthensincentivemechanismofhumancapitalbyobservingthelatesttrendsofhumancapitalandtheinnovativefunctionsofhumancapitalincorporategovernance.Thethesisismadeupoffourparts:first,Thedefiningofthemeaningsofhumancapital;second,functionsofhumancapitalinthecorporategovernance;third,thetheoryhumancapitalinceptive;Fourth,thestockrightincentiveofhumancapital.Thefirstpartofthesishasexplainedtherelevanttheoryaboutthehuman4capital.Firstofall,theauthorputsforwardthemeaningofthehumancapitalthroughtheanalysisoftraditionalcapitaltheoryanditslimitation;Secondly,theauthorexplainstheessentialfeaturesofthehumancapital.Theauthorthinkstraditionalcapitaltheorytakesmaterialcapitalasthecorebecausethescarcityofmaterialcapitalisbiggerthanthatofthehumancapital.However,thefurtherdevelopmentofsocialeconomymakesthetraditionalcapitaltheoryfacetheseriouschallenges,andthusleadstotheformulationofthetheoryofhumancapital.Manpowercapitalmeanstheseniorworkforceundertheconditionthatknowledge,technology,information,andabilityseparatefromthelaborforceandbecomeindependentcommodity,andfurtherplayaleadingroleinthemarketexchanges.Itismadeupofknowledge,technology,information,personalability,etc.Thehumancapitalhasthecharacteristicsdifferentfrommaterialcapital,suchasprivatelyownedquality,highlyspecial-purposequality,homogeneityquality,initiative,cooperatingnature,etc.Thesecondpartofthethesisanalysesthefunctionsofhumancapitalinthecorporategovernance.Thecorporategovernancehasanothernamecalledthestructureofcorporategovernance,orthestructureofcorporategovernance.Itisoneofthemostkeyelementsofenterprisesystemandakindofcontractsdealingwithresponsibility,thepropertyrightandthebenefit.Withthedevelopmentofthecompany,thetheoryofcorporategovernancegetsconsiderabledevelopment.Separatingtheenterpriseownershipfrommanagementfinallymakestherelationofagencyimportantincorporategovernance.Thefunctionofhumancapitalanditscharacteristicsofpovertymakeitmoreandmoreimportantincorporategovernance.Theimportantpositionofhumancapitalincorporategovernanceleadstothegreatchangesofcontentofcorporategovernance.Thestructureofcorporategovernancewhichbasedonthemoney-capitalandcenteredondefiningtherelationsbetweenownerandoperatorischangingtothenewonebasedonmoney-capitalandmanpowercapitalasthecommonfoundation,anddefining5theinteractiverelationsbetweenmoney-capitalandmanpowercapital.Itscoreisthesetting-upofanincentivemechanismofmanpowercapital.Thethirdpartofthethesisexplainsthetheoryofthehumancapitalincentive.Agreatdealofcharacteristicsofthemanpowercapitalmakesithaveopportunismbehavior,whichinvolvesriskquestionofmorals.Motivationaltheorymodelsupposeshareholderasclientwhoisunabletoknowmanager'sdiligentdegreeatwork,andcanonlyobservetheprofitleveloftheenterprise.Theshareholder'squestionistodesignanincentivecontracttocarryontherewardsandpunishmentstothemanager.Incaseofcompleteinformation,shareholderscanobservethemanager'sdiligentlevel,andcanmakeanyforcingcontractsrewardingandpunishing,whilethemanagercanonlygetfixedincomes.Theriskproblemoftheenterpriseandtheincentiveproblemcanbesolvedalone,andthisrealizesparlatooptimum.Incaseofincompleteinformation,theincentivecontractdesignedbyshareholdersgetsintouchwiththeoutputoftheenterprise.Itmeansthatmanagertakeshighsalaryonhighprofitandtakesthelowsalaryonthelowprofit.Butthemanagerneedstotakeoncertainrisk.Themanager'sowninterestsandtheshareholder'sinterestsarecompatibleatthismoment.Hewillworkhardforimprovementoftheenterpriseprofit.Thefourthpartofthethesisdiscussestheincentiveofthestockrightofhumancapital.Thestockoptionisakindofrightofferedtothehumancapitalintheenterprisebytheenterpriseowner,whichallowsthemtobuythisenterprisestockwithinspecificperiodatthesettledpriceinadvance.Thiskindofrightcanonlybelongtohumancapital,anditcannotmakeover.Thesystemofstockoptiontothehumancapitalisakindofoptionexpectingtoriseactually.Aftertheincentivesystemofstockrightisimplemented,thehumancapitalmustworkhardinordertogethigherrewardsandimprovetheprofitlevelofthecompanyandpopularityoftheenterpriseandproducts.Asaresult,thestockpriceofthecompanyriseandthehumancapitalacquiresthebenefit.Theincentivesystemofstockright,ononehand,hasstrengthenedtheincentivesofthehumancapitalandthusmadethediligentdegreeofthe6humancapitalincreaseandrealizemaximutilityvalue;