高新技术企业人力资本融资问题研究
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摘要
高新技术企业作为典型的人力资本密集型企业,其人力资本相对物质资本的地位已大大提升,并成为企业核心竞争力的决定性因素。如何有效获取人力资本已成为高新技术企业生存发展所面临的首要问题,在此背景下,本文对高新技术企业人力资本融资问题进行了探讨研究。
本文在剖析现代企业理论、人力资本理论及财务融资理论的基础上,借鉴现有研究成果,从高新技术企业人力资本的特点出发,提出了高新技术企业人力资本融资构想,并以此为主线展开人力资本融资相关问题研究,重点探讨了高新技术企业人力资本融资的需求预测方法、成本计量与评估以及风险测度与控制。本文主要观点包括:(1)人力资本融资的需求预测可以按人力资本盘点、需求影响因素分析、预测方法与模型的选择运用三个步骤进行。(2)高新技术企业的人力资本融资成本包括招聘成本、固定薪酬成本和激励成本三部分,以固定薪酬成本和激励成本为主,用人力资本融资成本率进行计量。(3)界定了人力资本融资风险的概念,在对高新技术企业异质型人力资本融资风险组成及其原因进行分析的基础上,构建了风险测度指标体系和基于模糊综合测度方法的风险测度模型,并针对融资风险提出了控制对策。本文研究丰富和拓展了高新技术企业融资理论,对于高新技术企业加强人力资本融资管理、增强核心竞争力具有一定理论及实践意义。
The status of human capital in high-tech enterprise , as a typical human capital-intensive enterprise, has been greatly raised and human capital has become an important factor in core competitiveness. So that how to acquire human capital have become an important problem to high-tech enterprise’survival and development. On this background, this paper discussed and researched on human capital financing in high-tech enterprise.
Based on modern enterprise theory, human capital theory and physical capital financing theory, this paper put forward human capital financing conception of high-tech enterprise, and researched on relative problems according to this main line. Mainly discussed on demand forecasting method, financing cost computation and evaluation, financing risk measurement and controlling. The main points of this paper are as follows: (1) The forecasting of human capital demand can follow making an inventory of the present human capital, influencing factors analysis, type and quantity forecasting of human capital with both qualitative and quantitative method. (2)The costs of human capital financing in high-tech enterprise include recruiting cost, fixed salary cost and inspiring cost. It can measured by financing cost rate and evaluated by four index. (3) Defined the concept of human capital financing risk firstly, and established a risk estimate system and constructed a risk measuring model on fuzzy comprehensive evaluation, put forward controlling countermeasures to financing risk finally. This paper enriched the financing theory of high-tech enterprise, which is significant to strengthen human capital financing management and enhance core competitiveness.
本文在剖析现代企业理论、人力资本理论及财务融资理论的基础上,借鉴现有研究成果,从高新技术企业人力资本的特点出发,提出了高新技术企业人力资本融资构想,并以此为主线展开人力资本融资相关问题研究,重点探讨了高新技术企业人力资本融资的需求预测方法、成本计量与评估以及风险测度与控制。本文主要观点包括:(1)人力资本融资的需求预测可以按人力资本盘点、需求影响因素分析、预测方法与模型的选择运用三个步骤进行。(2)高新技术企业的人力资本融资成本包括招聘成本、固定薪酬成本和激励成本三部分,以固定薪酬成本和激励成本为主,用人力资本融资成本率进行计量。(3)界定了人力资本融资风险的概念,在对高新技术企业异质型人力资本融资风险组成及其原因进行分析的基础上,构建了风险测度指标体系和基于模糊综合测度方法的风险测度模型,并针对融资风险提出了控制对策。本文研究丰富和拓展了高新技术企业融资理论,对于高新技术企业加强人力资本融资管理、增强核心竞争力具有一定理论及实践意义。
The status of human capital in high-tech enterprise , as a typical human capital-intensive enterprise, has been greatly raised and human capital has become an important factor in core competitiveness. So that how to acquire human capital have become an important problem to high-tech enterprise’survival and development. On this background, this paper discussed and researched on human capital financing in high-tech enterprise.
Based on modern enterprise theory, human capital theory and physical capital financing theory, this paper put forward human capital financing conception of high-tech enterprise, and researched on relative problems according to this main line. Mainly discussed on demand forecasting method, financing cost computation and evaluation, financing risk measurement and controlling. The main points of this paper are as follows: (1) The forecasting of human capital demand can follow making an inventory of the present human capital, influencing factors analysis, type and quantity forecasting of human capital with both qualitative and quantitative method. (2)The costs of human capital financing in high-tech enterprise include recruiting cost, fixed salary cost and inspiring cost. It can measured by financing cost rate and evaluated by four index. (3) Defined the concept of human capital financing risk firstly, and established a risk estimate system and constructed a risk measuring model on fuzzy comprehensive evaluation, put forward controlling countermeasures to financing risk finally. This paper enriched the financing theory of high-tech enterprise, which is significant to strengthen human capital financing management and enhance core competitiveness.
引文
[1]戴大双,李浩.高新技术企业的技术创新管理.大连:大连理工大学出版社,2003,1-12
[2]国家发展和改革委员会高技术产业司,中国科学技术促进发展研究中心.中国高技术产业化进展报告2005-2006.北京:化学工业出版社,2006,3-6
[3]涂建明.发展人力资本财务的理论思考.河北经贸大学学报,2004(11):88-91
[4]朱明秀,吴中春.传统财务管理的价值导向与缺失——兼论人力资本财务的必要性.山西财经大学学报,2005(05):136-140
[5]朱明秀.基于人力资本产权化的财务管理创新初探.现代财经,2005(05):61-64
[6]刘启亮.人力资本财务论.财经研究,2002(08):52-58
[7]李光宇.论人力资本运动的财务控制.会计之友,2007(11):9-11
[8]陈国平.人力资本理论对公司财务及其理论的影响.科技情报开发与经济,2005,15(18):166-167
[9]向显湖,李永焱.试论人力资本融资财务.会计研究,2004(09):36-41
[10]龚凯颂.人力资本与财务管理理论创新.财会月刊(会计),2005(10):11-13
[11]蒋琰,杨景岩.论人力资本财务管理的基本前提.四川会计,1998(10):6-8
[12]魏明海.公司财务理论研究的新视角.会计研究,2003(02):53-57
[13] Robert A. J, Kauffman R. J. Five Degrees of Separation: A Human Capital Model of Employment-Related Decisionmaking in the Information Technology Workforce. in: The 32nd Hawaii International Conference on System Sciences. Hawaii,1999:129-137
[14] Bozemana B, Corley E. Scientists’Collaboration Strategies: Implications for Scientific and Technical Human Capital. Research Policy, 2004,33: 599-616
[15] Dietz J. S, Bozeman B. Academic Careers, Patents, and Productivity Industry Experience as Scientific and Technical Human Capital. Research Policy, 2005,34: 349-367
[16] Tovstiga G, Birchall D.W, Tulugurova E. Determinants of Enterprise Performance in Small Technology-Intensive Enterprises: Intellectual Capital and Innovation Capability in the Firm. in: PICMET 2007 Proceedings:550-557
[17]周业安.人力资本、不确定性与高新技术企业的治理.中国工业经济, 2002(10):56-63
[18]黄乾.高新技术企业的人力资本——物质资本契约关系及其所有权安排.南京社会科学,2003(03):15-20
[19]黄载曦,李萍.高新技术企业人力资本特征与治理.改革,2005(06):78-79
[20] Barney J. B, Wright P.M. On Becoming a Strategic Player: The role of Human Resources in Gaining Competitive Advantage. Human Resource Management , 1998, 37:31-46
[21] Ru-Yan Hong, Xiao-Bo Wu, Xinmin Peng. Intellectual Capital and Firm Performance in Chinese Creative Industry Firms. in: Proceedings of the 2008 IEEE IEEM:867-871
[22]胡春,胡乃武.高科技企业人力资本特征与企业治理.北京理工大学学报(社会科学版),2005(03):65-68
[23] Blumetti F, Cacciatori E, Grandori A, et al. Human Resources and The Growth of New Technology Based Firms. in: The Proceedings of International Engineering Management Conference,2004:144-147
[24]叶蜀君,温俊艳.关于建立管理型人力资本和技术型人力资本分配机制的设想.北京交通大学学报(社会科学版),2004(4):37
[25]王萍.人力资本:高新技术企业的核心竞争要素.科技进步与对策,2003(7):124
[26] Colombo M. G, Grilli L. On Growth Drivers of High-tech Start-ups: Exploring the Role of Founders' Human Capital and Venture Capital. Journal of Business Venturing,2009(01):1-17
[27]袁建昌.高新技术企业科技型人力资本增值激励研究:[吉林大学博士学位论文].长春:吉林大学,2008,12-64
[28]张五常.企业的契约性质、企业制度与企业组织.上海:上海人民出版社,1996
[29]王建军.现代主流企业契约理论研究.商业时代,2007(06):19-22
[30]周其仁.市场里的企业——一个人力资本与非人力资本的特别合约.经济研究,1996(06):71-79
[31]西奥多·舒尔茨.论人力资本投资.吴珠华译.北京:北京经济学院出版社,1990,9-22
[32]李忠民.人力资本——一个理论框架及其对中国一些问题的解释.北京:经济科学出版社,1999,27-35
[33]刘烜.人力资本与企业收益分配改革的研究.长沙:中南大学出版社, 2006,11-50
[34]颜雷,朱秋白.论企业人力资本的特征及其财务制度安排.财经问题研究,2002(12):69-72
[35]向显湖.人力资本财务论:[西南财经大学博士学位论文].成都:西南财经大学,2006,26-103
[36]刘烜.基于人力资本产权的财务管理创新研究.财贸经济,2006(05):46-49.
[37]赵湘莲.高新技术企业财务管理:基于R&D视角的研究.北京:科学出版社,2006,16-19
[38]中华人民共和国科学技术部.中国高新技术产业发展报告.北京:科学出版社,1999
[39]璐羽.科技政策词汇.北京:中国标准出版社,2001
[40] Colombo M. G, Grilli L. Founders’Human Capital and the Growth of New Technology-based Firms: A Competence-based View. Research Policy, 2005, 34:795-819
[41]熊胜绪.硅谷科技企业的融资、产权与治理结构及其启示.中南财经政法大学学报,2005(02):67-71
[42]丁栋虹.从人力资本到异质型人力资本与同质型人力资本.理论前沿,2001(05):12-14
[43]伍中信,张荣武.人力资本观念变革与财务理论体系创新.财贸研究,2005(02):91-96
[44]杜勇.基于人力资本理论的企业融资结构分析.财会月刊(理论),2006(10):25-26
[45] Priscilla B. J, Anjan V. T. Firm-Specific Human Capital and Optimal Capital Structure. International Economic Review,1994(2):283-308
[46]何永贵,韩月娥,杨实俊.人力资源需求预测模型的优选.华北电力大学学报,2005,32(06):80-83
[47]黄俊祺,王雷.高新技术企业人力资源需求预测模型的构建与实证研究.希望月报,2007(09):54-55
[48]王丽娟.员工招聘与配置.上海:复旦大学出版社,2006,64-72
[49]付一辉.人力资本财务理论探索:[西南财经大学硕士学位论文].成都:西南财经大学,2006,36-43
[50]财政部企业司.企业财务风险管理.北京:经济科学出版社,2004,2-34
[51]王立英,董兴林,马媛.高校科技成果转化过程中的风险识别与度量.科技管理研究,2008(06):186-188
[52]王彩华.模糊论方法学.北京:中国建筑工业出版社,1998
[53]李煜华,郎宏文.高新技术项目投资风险的模糊综合评价模型.哈尔滨理工大学学报,2004,9(01):72-75
[54]臧武芳,张小峰,芮锋.高科技企业的人力资本治理.华东经济管理,2005(05):44-46
[2]国家发展和改革委员会高技术产业司,中国科学技术促进发展研究中心.中国高技术产业化进展报告2005-2006.北京:化学工业出版社,2006,3-6
[3]涂建明.发展人力资本财务的理论思考.河北经贸大学学报,2004(11):88-91
[4]朱明秀,吴中春.传统财务管理的价值导向与缺失——兼论人力资本财务的必要性.山西财经大学学报,2005(05):136-140
[5]朱明秀.基于人力资本产权化的财务管理创新初探.现代财经,2005(05):61-64
[6]刘启亮.人力资本财务论.财经研究,2002(08):52-58
[7]李光宇.论人力资本运动的财务控制.会计之友,2007(11):9-11
[8]陈国平.人力资本理论对公司财务及其理论的影响.科技情报开发与经济,2005,15(18):166-167
[9]向显湖,李永焱.试论人力资本融资财务.会计研究,2004(09):36-41
[10]龚凯颂.人力资本与财务管理理论创新.财会月刊(会计),2005(10):11-13
[11]蒋琰,杨景岩.论人力资本财务管理的基本前提.四川会计,1998(10):6-8
[12]魏明海.公司财务理论研究的新视角.会计研究,2003(02):53-57
[13] Robert A. J, Kauffman R. J. Five Degrees of Separation: A Human Capital Model of Employment-Related Decisionmaking in the Information Technology Workforce. in: The 32nd Hawaii International Conference on System Sciences. Hawaii,1999:129-137
[14] Bozemana B, Corley E. Scientists’Collaboration Strategies: Implications for Scientific and Technical Human Capital. Research Policy, 2004,33: 599-616
[15] Dietz J. S, Bozeman B. Academic Careers, Patents, and Productivity Industry Experience as Scientific and Technical Human Capital. Research Policy, 2005,34: 349-367
[16] Tovstiga G, Birchall D.W, Tulugurova E. Determinants of Enterprise Performance in Small Technology-Intensive Enterprises: Intellectual Capital and Innovation Capability in the Firm. in: PICMET 2007 Proceedings:550-557
[17]周业安.人力资本、不确定性与高新技术企业的治理.中国工业经济, 2002(10):56-63
[18]黄乾.高新技术企业的人力资本——物质资本契约关系及其所有权安排.南京社会科学,2003(03):15-20
[19]黄载曦,李萍.高新技术企业人力资本特征与治理.改革,2005(06):78-79
[20] Barney J. B, Wright P.M. On Becoming a Strategic Player: The role of Human Resources in Gaining Competitive Advantage. Human Resource Management , 1998, 37:31-46
[21] Ru-Yan Hong, Xiao-Bo Wu, Xinmin Peng. Intellectual Capital and Firm Performance in Chinese Creative Industry Firms. in: Proceedings of the 2008 IEEE IEEM:867-871
[22]胡春,胡乃武.高科技企业人力资本特征与企业治理.北京理工大学学报(社会科学版),2005(03):65-68
[23] Blumetti F, Cacciatori E, Grandori A, et al. Human Resources and The Growth of New Technology Based Firms. in: The Proceedings of International Engineering Management Conference,2004:144-147
[24]叶蜀君,温俊艳.关于建立管理型人力资本和技术型人力资本分配机制的设想.北京交通大学学报(社会科学版),2004(4):37
[25]王萍.人力资本:高新技术企业的核心竞争要素.科技进步与对策,2003(7):124
[26] Colombo M. G, Grilli L. On Growth Drivers of High-tech Start-ups: Exploring the Role of Founders' Human Capital and Venture Capital. Journal of Business Venturing,2009(01):1-17
[27]袁建昌.高新技术企业科技型人力资本增值激励研究:[吉林大学博士学位论文].长春:吉林大学,2008,12-64
[28]张五常.企业的契约性质、企业制度与企业组织.上海:上海人民出版社,1996
[29]王建军.现代主流企业契约理论研究.商业时代,2007(06):19-22
[30]周其仁.市场里的企业——一个人力资本与非人力资本的特别合约.经济研究,1996(06):71-79
[31]西奥多·舒尔茨.论人力资本投资.吴珠华译.北京:北京经济学院出版社,1990,9-22
[32]李忠民.人力资本——一个理论框架及其对中国一些问题的解释.北京:经济科学出版社,1999,27-35
[33]刘烜.人力资本与企业收益分配改革的研究.长沙:中南大学出版社, 2006,11-50
[34]颜雷,朱秋白.论企业人力资本的特征及其财务制度安排.财经问题研究,2002(12):69-72
[35]向显湖.人力资本财务论:[西南财经大学博士学位论文].成都:西南财经大学,2006,26-103
[36]刘烜.基于人力资本产权的财务管理创新研究.财贸经济,2006(05):46-49.
[37]赵湘莲.高新技术企业财务管理:基于R&D视角的研究.北京:科学出版社,2006,16-19
[38]中华人民共和国科学技术部.中国高新技术产业发展报告.北京:科学出版社,1999
[39]璐羽.科技政策词汇.北京:中国标准出版社,2001
[40] Colombo M. G, Grilli L. Founders’Human Capital and the Growth of New Technology-based Firms: A Competence-based View. Research Policy, 2005, 34:795-819
[41]熊胜绪.硅谷科技企业的融资、产权与治理结构及其启示.中南财经政法大学学报,2005(02):67-71
[42]丁栋虹.从人力资本到异质型人力资本与同质型人力资本.理论前沿,2001(05):12-14
[43]伍中信,张荣武.人力资本观念变革与财务理论体系创新.财贸研究,2005(02):91-96
[44]杜勇.基于人力资本理论的企业融资结构分析.财会月刊(理论),2006(10):25-26
[45] Priscilla B. J, Anjan V. T. Firm-Specific Human Capital and Optimal Capital Structure. International Economic Review,1994(2):283-308
[46]何永贵,韩月娥,杨实俊.人力资源需求预测模型的优选.华北电力大学学报,2005,32(06):80-83
[47]黄俊祺,王雷.高新技术企业人力资源需求预测模型的构建与实证研究.希望月报,2007(09):54-55
[48]王丽娟.员工招聘与配置.上海:复旦大学出版社,2006,64-72
[49]付一辉.人力资本财务理论探索:[西南财经大学硕士学位论文].成都:西南财经大学,2006,36-43
[50]财政部企业司.企业财务风险管理.北京:经济科学出版社,2004,2-34
[51]王立英,董兴林,马媛.高校科技成果转化过程中的风险识别与度量.科技管理研究,2008(06):186-188
[52]王彩华.模糊论方法学.北京:中国建筑工业出版社,1998
[53]李煜华,郎宏文.高新技术项目投资风险的模糊综合评价模型.哈尔滨理工大学学报,2004,9(01):72-75
[54]臧武芳,张小峰,芮锋.高科技企业的人力资本治理.华东经济管理,2005(05):44-46