On the issue of human capital valuation of industrial enterprise

The article is devoted to the interpretation of the essence of category “human capital” and to the problem of human capital valuation at the micro level. First of all, various approaches to the interpretation of the essence of category “human capital” encountered in the literary sources are considered, and the main pros and cons of the approaches are discussed. The author's definition of “enterprise's human capital” is supposed. In the course of analysis of research papers regarding the enterprise human capital valuation the authors make a conclusion that it is necessary to develop the new valuation method that allows neutralizing shortcomings of existing methods. Thereto the authors formulate a set of requirements to the evaluation method that can be conditionally divided into two groups: general requirements and the requirements regarding to the specific features of human capital. In accordance with the requirements developed, a methodical approach to human capital valuation based on identifying the return on investment in enterprise human capital formation and development are offered. The authors obtain practical approval of the approach developed that allows make a conclusion carefully on its adequacy and capability to use it for justification of managerial decisions on formation, use and development of human capital. Furthermore, the authors make comparison of return on various types of capital (human capital, physical capital and financial capital), which allows to conclude that there is some relationship between various kinds of capital and the role of human capital as a factor of production managing all other factors of production.