An Innovative Business Model for Security Exchange Market of Personal Future Income

• Main Authors: LI, Qing Nan, 李慶楠
• Other Authors: Hsu, Mu Yen
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/82895229816417066834

碩士 === 國立政治大學 === 科技管理與智慧財產研究所 === 103 === As more and more Chinese students go abroad for education, there exits two main tough problems: firstly, the students from low-income families almost cannot get enough fund for abroad studying although they do have strong intention to go abroad under the present financial system in China ;secondly ,part of the students ,who invest their own human capital so much for receiving higher education ,face the dilemma that the actual salary after graduation may be under their previous expectation ,which means that the risk of investing their own education cannot be diversified and the investment may not get paid back as expectation. Through literature discussion, this research found two important concepts: individual future income ownership, which can be divided ,priced ,sold ,transferred ,and redeemed ;individual future income ownership share exchange market ,which can help the individuals issue and trade future income shares .But we have to ask that why there did not emerge such exchange market in history ?This research suggests that it's because the transaction cost ,which contains searching cost ,negotiating cost ,contracting cost, supervising cost and defaulting cost ,is too high in history .According to the recent paper published ,this research found that as the emergency of internet ,especially the social networks can cut down the transaction cost greatly in commercial activities .As the internet technological tools can reduce the transaction cost, this research suppose that the individual future income share (human capital share exchange) can come true in our generation and the exchange market needs to rely on the social networks. This research proposed business solutions ,which suggests that the individuals can issue future income shares to investors through a social network-style stock exchange market, to such problems so that it can enable the disadvantaged students go abroad and diversify part of the students' human capital investment risk ;the disadvantaged students are quite similar to the start-up companies ,which usually do not have too much assets and unlikely to get loan from bank ,so the disadvantaged students can issue future income shares (human capital shares) to investors to get fund and also the students who worry about their future career development risk can share both the risk and income with the investors by issuing shares to them ;moreover ,this research had verified the business model adequately through mixed research method ,which contains qualitative and quantitative methods .The business model that this research proposed can achieve human capital securitization low costly and it can be not only applied in individual education funding but also can extend to start up funding ,athlete training funding and actor funding. This research also found some new phenomenon and human behaviors under the context the individuals issue shares to investors and investors invest the shares .These new findings worth further deep researching in the social science discipline in the future.