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Human capital is an integral part of the enterprise’s capital, on the one hand, from the point view of production and operation, Human capital links productive factors with operating results, also is the reason that the company’s profit greatly enhances.Eventhough the companies own the same productive elements, their operating results are largly not the same. The main cause of this phenomenon is that different human capital owned by different enterprises; On the other hand, from the point view of competition, human capital is an important part of the enterprise’s core competitiveness,if Enterprises would win in competition, they must get enough competitive human capital, so human capital stock and quality directly determines the competitiveness of enterprises and the possibility that the companies win in competition for future.Overall, cost and used efficiency of human capital directly determine the companies’profit and competitiveness,It is necessary for enterprises to manage human capital,the companies must immediately understand the situation of human capital running in order to maximize the benefit of human capital.In modern economy, An important role of the capital market is the allocation of the capital, which is the place that capital demanders trade with capital providers. Investors are the capital providers in capital market capital, the listed companies are capital demanders. Between investors and listed companies, however, naturally there is information asymmetry, the listed companies should disclose to investors for the information significantly effects investors’decision, and human capital information is one of these information. Human capital affects enterprises’operation activities, also determines the enterprise now and future earnings, the information disclosure of human capital will help investors more comprehensively understanding the listed companies, a clearer understanding of the future prospects of listed companies. Information disclosure of human capital will help to reduce the information asymmetry between listed companies and investors in capital market, bringing out the efficient operation of the capital market.In this paper, starting from the background of information disclosure of human capital, basing on human capital theory, asymmetric information theory and principal-agent theory, Used normative research and sampling analysis method, analyzed status quo, existing problems and reasons of information disclosure of human capital of listed companies, Builded the theory framework of information disclosure of human capital and disclosure mode, did some exploratory work to the ways and contents of information disclosure of human capital of listed companies.This paper is made up of six parts, each part of contents are as follows:The first part:introduction. First discussed the research background of information disclosure of human capital, elaborated research purpose and significance of this paper, showed methods adopted in this paper, introduced the basic ideas and research content of this paper, finally put forward the originality of this paper.The second part:the research review and the theoretical foundation.First of all, reviewed the literature about human capital information disclosure at home and abroad, discovered the deficiency of existing research, from the concept of human capital, human resources and human assets, analysed the differences and relationship among human resource, human capital and human assets. Then introduced the development of the human capital theory, human capital, human capital investment, human capital and human resources accounting. Finally introduced the information asymmetry theory, efficient market hypothesis and the principal-agent theory associated with information disclosure of human capital.The third part:the present situation of information disclosure of human capital of listed companies, existing problems and reasons. Firstly analyzed the foreign domestic human capital status of information disclosure. Secondly then pointed out that the problems existing in information disclosure of human capital of listed company is that the existing balance sheet could not directly reflect the information of human capital and the limitation of off-balance-sheet disclosure and the human capital accounting information disclosed in the existing financial reports is limited, Finally, analyzed the reasons of information disclosure problems of human capital is that the human capital theory is not enough perfect, competition in the market and the limitation of the existing accounting standards.The fourth part:buided a theoretical framework of information disclosure of human capital of listed companies. This paper builded the theory of information disclosure of human capital of listed companies.The fifth part:the ways of information disclosure of human capital of listed companies.This paper set up two ways of information disclosure of human capital of listed companies-external disclosure and internal report.The sixth part:the research conclusion, limitation and prospect. To summarize the results of this study, puts forward the study has limitations, and about information disclosure of human capital for the future research work is prospected, the five points out the future research direction:1, the improvement of the human capital theory.2, Recognized in the human capital.3,the measurement of human capital value.4, human capital disclosure outside the balance sheet.5, human capital internal report.Based on the absorption of existing research results, this paper also made some innovation, mainly has the following points:(1) The accounting recognition and measurement of human capital. Research on human capital attributes of accounting elements most is that human capital is regarded as an asset or the owner’s equity, measurement attributes of historical cost method or present value method is used to measure human capital, however, that can not meet the requirements of the existing accounting standards due to its failure to achieve a human capital information disclosing in financial statements. In this paper, human capital is regarded as enterprises’liability for an asset, the enterprise obtaining the rights of human capital, at the same time assuming the obligation that pays wages to the human capital owners, so recognised human capital as an asset at the same time recognised as a liability. In addition, the enterprise in order to motivate the human capital owners, often gives them some shares or stock options, the equity incentive should be regarded as a part of the value of human capital. So, in this paper, the human capital value including two parts is argued, one part is the pay that human capital owners get, the other part is the shares or share options given by enterprises.(2) The ways of information disclosure of human capital. Most of the existing researches only research on the way of external disclosure of human capital, most in financial reports. This paper, from two aspects of external disclosure and internal reports, from listed companies’different requirements for information of human capital, designs different forms and contents of human capital information on internal reporting and external disclosure, human capital information meeting the requirements of the existing accounting standards discloses in financial statements, and not conforming to the existing accounting standards discloses in financial reports or internal reporting. There are few studies on internal report of human capital, this paper detailedly designed formats and contents of internal report of human capital information.(3) The contents of information disclosure of human capital. About the contents of information disclosure of human capital, the existing research results are mixed and disorderly, various scholars designed contents of information disclosure of of human capital according to their needs of research. In this paper, on the basis of the existing research results, the human capital information is divided into the boards’information, employees’information, training information, senior managers’ information, relationship between employees and management, employees’ benefits, incentive information, evaluation information, occupational safety, core technical personnel, innovative, fairness, statistical indicators.This article also exists some shortage, mainly on research contents and research methods.On research contents,this paper didn’t check information overload, and didn’t study the influence factors of information disclosure of human capital and economic consequences, and didn’t study the influence to financial index in the case that financial statements had been adjusted, and didn’t study information disclosure of human capital in specific industry, didn’t study the other ways of information disclosure of human capital of listed companies. On research method, this paper did not use empirical research methods, but only logic reasoning, so the conclusion is lack of reliability and verifiability.Information disclosure of human capital is an exploring research field, because of the limited ability, the research on information disclosure of human capital is not in-depth, and is very hard to avoid mistakes, and earnestly request fellow teachers to criticize and give correction.
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