【作者】 朱忠福；

【导师】 李自如；

【作者基本信息】 中南大学 ， 管理科学与工程， 2004， 博士

【摘要】 风险投资是新经济的孵化器，改变了传统经济运行的规则，昭示了新经济条件下企业家人力资本的重要性。本文围绕风险投资中企业家人力资本特性、风险投资中企业家人力资本作用、风险投资中企业家人力资本激励机制开展研究，对企业家人力资本进行探讨。 在对企业家人力资本及激励理论分析的基础上，界定了风险投资、中小型高科技企业及风险投资要素操作系统。提出了风险投资是风险货币资本和企业家异质性人力资本相互融合的一种新型资本运作模式和制度创新过程。 在对企业家人力资本价值量、价值体现、异质性、产权特征及企业家本质变迁过程分析的基础上，提出了企业家人力资本的低担保性、高专用性、特异质性、强显示性、可抵押性、强外部性、经济价值隐蔽性及其社会特性和组织依赖性等特征。分析了企业家隐性知识与隐性资本、企业家人力资本与组织资本和核心能力资本的演化过程。定义了企业家人力资本是一种边际报酬递增的异质性人力资本、是企业家创新能力、风险精神、合作精神等综合素质的体现，是具有特殊的价值和使用价值并能产生未来高额收益的一种高能量资本、隐性资本、组织资本和核心能力资本。提出了企业家异性才能具有高能性，可以运用模糊评价理论对企业家人力资本进行综合评价。 分析了企业家人力资本在风险投资中形成的作用，构建了基于企业家人力资本的风险投资技术创新整体效率模型和风险投资中资本运动系统模型。论证了技术势是企业家人力资本的增函数，企业家人力资本作为一种高能量资本，加快了风险技术创新和扩散，改变了传统货币资本的循环过程，建立了“一种新的生产过程”。提出了企业家冒险精神、投机精神、创新精神以及敬业精神是企业家精神的本质特征，企业家精神与发展中国家经济增长呈正相关，是经济增长的主要推动力量。风险货币资本、企业家人力资本构筑了中小型高科技企业形成的基本骨架，技术资本、制度资本、组织资本、文化资本形成了其配对的主要内容，从而构建了风险投资中小型高科技企业形成的生物学模型。 分析了企业家人力资本激励的特殊性，提出了风险投资家与企业家委托代理关系核心是对中小型高科技企业控制权的分配和转移。分析了基于最优报酬契约结构的显性激励机制，基于相对业绩比较的隐性激励机制，使用相对业绩比较可以对同一行业面临的共同风险因素进行过滤，能使企业家的努力水平接近一级最优。提出了中小型高科技企业与传统企业的本质区别在于企业家人力资本产权的界定和激励，在于构建基于企业家人力资本的中小型高科技企业剩余控制权和索取权问题。 本文运用协方差结构模型(CSM)对企业家报酬激励影响因素进行了实证研究，研究表明，企业家控制权对企业家报酬影响因素的解释率最高，企业经营绩效其次，企业经营规模的解释率较低。在对我国风险投资发展现状调查的基础上，从企业家人力资本角度，提出发展我国风险投资事业，应加强企业家创新、培育企业家精神、完善企业家产权机制、建立企业家机制主导模式、构建企业家人力资本外部监督机制等政策性建议。更多还原

【Abstract】 Risk investment is the incubator of the new economy, changes traditional economical operation rule, declares publicly the importance of entrepreneur’s manpower capital. This text is studied entrepreneur’s manpower capital characteristics, function and incentive mechanism in risk investment.On the basis of analysing about entrepreneur’s manpower capital and motivational theory, defines risk investment, small middle high-tech enterprise and risk investment key element operating system. Risk money-capital and heterogeneity manpower merge one new-type capital operation mode and system innovation course.It puts forward small middle high-tech entrepreneur’s low guarantee of manpower capital, high and special-purpose, peculiar quality, strong showing person, mortgaging person, strong outside, economic worth disguise, social characteristics and organization dependence. Entrepreneur’s recessive knowledge and recessive capital, entrepreneur’s manpower capital and organize capital, entrepreneur’s manpower capital and key ability evolution course are analysed. Entrepreneur’s manpower capital is the heterogeneity manpower capital which a kind of marginal return increased progressively. Entrepreneur’s spirit is the embodiment in overall qualities such as entrepreneur’s innovation ability, risk spirit, cooperation spirit , his special value and use value can produce future income of high-energy capital, recessive capital, organizing capital and key ability capital. At the same time, Entrepreneur’s manpower capital can be appraised in comprehensive fuzzy theory.It analyses the inherent forming mechanism in risk investment,structures the systematic model of the capital sport and the technological innovation whole efficiency model. The technological tendency is entrepreneur’s manpower capital increasing function. As a kind of high-energy capital, it accelerates the risk technological innovation, changes the cyclical process of the traditional money-capital, sets up "a kind of new production process". Entrepreneur adventurous spirit, speculative spirit, initiative spirit, professional dedication essential are entrepreneurship spirit characteristics. The spirit of entrepreneurship is the main motive force of developing country’s economic growth.Risk money-capital and entrepreneur’s manpower constructed the basic skeleton of small middle high-tech enterprise. Technological capital , system capital , organization capital , culture capital form its main content of mating, thus structures the biological model of small middle high-tech enterprise.It has analysed the particularity of risk entrepreneur’s manpower capital encouraging. Risk investor and entrepreneur core relation with agency by agreement is distribution and transformation of control power. It has analysed entrepreneur’s manpower capital dominance incentive mechanism based on optimum remuneration agreement structure. On the basis of relative recessive incentive mechanism, using relative achievement can filter to the same common risk factor relatively, making the risk entrepreneur’s diligent level close to one grade optimum. The essential distinction of enterprises and traditional enterprise should lie in the definition and encouragement of entrepreneur’s manpower capital property right , lies in how to structure the enterprise’s surplus control power and ask for the right question.This text uses covariance structure model (CSM ) carried on theIVpositive research to entrepreneur’s remuneration for the first time. On the basis of investigating the current situation of the development of risk investment in our country, in terms of entrepreneur’s manpower capital, proposes that developing the risk investment should strengthen entrepreneur’s innovation , foster the spirit of entrepreneurship, perfect entrepreneur property right mechanism, set up entrepreneur mechanism leading mode, structure entrepreneur’s manpower capital external supervision mechanism.更多还原