基于创业者人力资本特性的风险投资运作机制研究  

Research on the Operation Mechanism of Venture Capital based on the Characteristics of Entrepreneur's Human Capital

作　　者：田志伟[1] 葛遵峰[2] TIAN Zhiwei;GE Zunfeng(Economics and Business Administration School,Heilongjiang University,Haerbin Heilongjiang,150080,China;Entrepren Eurship Education School,Haerbin Heilongjiang,150080,China)

机构地区：[1]黑龙江大学经济与工商管理学院,黑龙江哈尔滨150080 [2]黑龙江大学创业教育学院,黑龙江哈尔滨150080

出　　处：《创新创业理论研究与实践》2018年第20期9-13,共5页The Theory and Practice of Innovation and Enterpreneurship

基　　金：黑龙江省教育厅人文社科项目:"黑龙江省农民工返乡创业问题研究"(项目编号:12512239);黑龙江教育厅人文社科项目"新时期黑龙江省全民创业提升机制研究(项目编号:12542214);黑龙江大学青年科学基金项目"企业家视域的企业控制权理论"(项目编号:QW200620);黑龙江大学博士启动基金项目"创业性经济的性质与运行机理研究"

摘　　要：风险投资(VC)的形成正是基于创业者身上企业家人力资本的异质性,从而获得高额的潜在回报。创业者人力资本具有特殊性,体现为:价值识别的困难性,隐性知识的不可让渡性。由于创业者人力资本的特性,使得风险投资者在整个企业创建和发展过程中都承担着不同于一般投资的特殊风险。事前的特殊风险为创业者人力资本的非确实性,事中的特殊风险为创业者的道德风险。风险投资的运作机制主要为降低风险,通过事前对创业者人力资本的审慎甄别以及初步"成绩单"的证明;并通过对创业者经营过程的增值服务、监控和分阶段投资,从而加速新创企业成长和保护投资者的利益。The formation of venture capital(VC) is precisely based on the heterogeneity of entrepreneurs’ human capital, thus obtaining high potential returns. The human capital of entrepreneurs has particularity, which is reflected in the difficulty of value recognition and the inalienability of tacit knowledge. Because of the characteristics of entrepreneurs’ human capital, venture capitalists undertake special risks different from general investment in the whole process of enterprise establishment and development.The special risk in advance is the non certainty of entrepreneur’s human capital, and the special risk in the event is the moral hazard of the entrepreneur.The operation mechanism of venture capital is mainly to reduce the risk. Through the careful identification of the human capital of the entrepreneur and the proof of the initial 'report card', and through the value-added service, monitoring and phased investment of the entrepreneur’s management process, the new enterprise will grow up and protect the interests of the investor.

关 键 词：创业者 人力资本 风险投资 运作机制 

分 类 号：F279.2[经济管理—企业管理]