企业家人力资本与物质资本的合作条件.pdfVIP

低水银讲是管研配 2012 年第 11 期 企业家人力资本与物质资本的合作条件 张华，邹东涛 (中央财经大学中国发展和改革研究院，北京 10∞81) 摘 要:本文在分析企业家能力的几种观点的基础上，认为企业家人力资本具有战略决策与执行管理两个层次，界定了临 界企业家人力资本的内涵。详细分析了意愿企业家的临界企业家人力资本与其物质资本的关系，认为意愿企业家的物质资本， 对于股权f风险资本产权主体来说具有一定的显示人力资本的信号作用，对于债权资本产权主体来说则具有风险抵押的保险作 用。同时，给出了意愿企业家获得物质资本差额的必要条件，即股权/风险资本风险参与和债权资本抵押参与的基本条件。 关键词:战略决策;执行管理;企业家人力资本;股权资本;债权资本;风险资本 中圈分类号: F243.2 文献标iR码:A 文章编号: 1∞4-292X(2012)11-0050-04 、 气 The Entrepreneurial Human Capital and the Condition for Cooperating with Material Capital ZHANG Hua , ZOU Dong-tao (China Institute for Development and Reform , The Central University of Finance and Economics , Beijing 10刷刷， China) Abstract: The paper proposed that entrepreneurial human capital had two levels , strategic decision-making and executing mana- gement , and defined critical entrepreneurial human capital , on analyzing several points of view ahout entrepreneurs ability. The relations of critical entrepreneurial human capital of would -be entrepreneurs and theír material capital were analyzed. The material capital of would -be entrepreneur琶 had a signaling function for human capital for stock/venture capital property owner and had an ínsurance function as risk guaranty for bond capital prope盯 owner.ηle necessary conditíon for would-be entrepreneurs to raise material capital margin was given , that was the basic condition of stocklventure capital risk participation and bond capital guaranty participation. Key words: Strategic decision-making; Executing management; Entrepreneurial human capital; Stock capital; Bond capital; Ven