Based on the capital asset pricing model, this paper divides the value of human capital into internal value and external value by sources of risk. By human capital pricing model, it gives the reasonable explanation that human capital pricing is mainly on calculating the internal value which is changed with external risk. In order to reveal human capital’s Matthew Effect, threshold panel models are applied in this paper to find out the thresholds instead of average years of schooling, which overcomes the normal methods’ deficiencies and is more effective to express the spillover effects of human capital. In addition, the model given in this paper not only gives us a new method to price current human capital by internal and external factors, it can also calculate dynamically future human capital price. Furthermore, it is easy to extend the model by subdividing the variables of industries and position to get much accurate human capital price which is practical applicability in real world.