人力资本、财务资本与资本结构：理论和实证

当今社会已经从工业经济迈进知识经济时代，现有以财务资本为研究对象的资本结构理论在解释咨询、高新技术等人力资本较为密集的公司时难免会捉襟见肘。视企业为财务资本与人力资本共同的投资组合是现代资本结构理论研究刻不容缓的任务。本文以现有财务资本结构的研究为基础，通过引入人力资本变量拓宽现代资本结构的内涵，构造债务、股权和人力资本三者之间相互关系和作用的数理模型，结合对我国计算机应用服务业的实证分析，得出结论和启示。

Human Capital,Financial Capital and Capital Structure:Theory and Evidence

The society has stepped from industry economy age into the knowledge-based economy age modem capital theories which mainly around the financial capital are confronted with difficulties when explaining the human capital intensive firms of consultation, new and high technology. It is the urgent task of the modem capital research to look at enterprises as the investment combination of financial capital and human recourse capital. This article has the current financial capital structure as foundation widen the intension of the modem capital structure by introducing human capital as a new factor into the financial capital theory and discusses the relationship and interaction of debtor, shareholder and human capital owner. It also gives the empirical evidence by analyzing the computer application and service industry and gives the conclusions in the last.