劳动力资本就是用资本所有权界定的人力资本 ,是参与企业所有权分割的人力资本 ,是转化为财产权的人力资本。劳动力资本作为生产过程的功能性要素 ,其配置效率只有通过劳动资本化的治理结构才能得到适当评价 ,否则 ,企业运行不可能获得长期效率 ,可持续发展也不可能实现。这一点 ,既是建立现代企业制度的一个重大问题 ,也是当前国有保险公司股份制改革的一个重大问题。 Labor capital is human capital defined by capital ownership, human capital participating in the division of ownership of enterprises, and human capital transformed into property rights. As a functional element of the production process, labor capital can only be appraised properly through the governance structure of labor capitalization. Otherwise, long-term efficiency can not be obtained from the operation of the enterprise and sustainable development can not be achieved. This is not only a major issue in establishing a modern enterprise system, but also a major issue in the current joint-stock reform of state-owned insurance companies.