创业投资中的人力资本管理及启示

由于高科技创业企业行业环境复杂、缺乏历史数据与记录,从而使得其主要投资人———创业投资机构无法像一般投资人监控传统投资对象企业一样对其进行监控。为此,美国的创业投资机构实行了以人力资本管理为核心的监控投资对象企业的办法,即通过多种措施加强对人力资本所有者的激励和约束。通过对美国创业投资中关于人力资本管理措施的分析,可以得出如下结论:高科技创业企业的治理结构是一种典型的"股东积极主义"的治理模式;建立起合理的激励与约束机制是确保创业投资高效运作的基础;为创业投资提供可靠的制度环境是政府推动创业投资发展的最佳政策选择。

Manpower Capital Management in the Pioneering Investment and Its Enlightenme

For the complicated industrial environment of the hi-tech pioneering enterprises and for the lack of the statistic data and record, the main investor _ pioneering investing organization can't carry out the supervision and control like the ordinary investor do on the traditional target enterprises of investment. So the pioneering investment organizations in U.S.A. carry out the supervision on the target enterprises of investment with the manpower capital management as the core, that is to enhance the encouragement and the restraint to the manpower capital owners by various kinds of means. On the basis of the analysis on the manpower capital management measures in the pioneering investment in U.S.A., we can draw the following conclusions: The administration structure of pioneering hi-tech enterprises is a typical mode of "shareholder positivism"; It is the foundation of the hi-efficient operation of the pioneering investment to set up a rational encouragement and restraint mechanism; It is the best policy choice for the government in promoting the pioneering investment development to provide the pioneering investment with reliable system environment.