多元资本结构在中国企业的实证研究

随着资本概念的多元化,相对于企业组织和市场配置方式而言,网络化配置更适应于现代经济生活中的资本概念。资本的网络化配置产生了资本网络系统,并使得资本结构从一元结构的优化转变为多元结构的优化。本文分析了各资本要素之间的因果关系,并利用结构化方程进行了实证检验。其结论有:财务资本对于人力资本存在投资转化作用;智力资本三要素之间存在着相互转化作用;财务资本和智力资本共同耦合创造企业价值。

Multi Capital Structure:An Evidence Come from China

The meaning of capital deployment is enlarged to resource deployment as the definition of capital is more extensive. Network forms of organizational have more advantages than market or hierarchy forms. Network-based Capital System(NCS) is the result of the network-based deployment of capital and the intension of capital structure is also enlarged to Multi Capital Structure(MCS). By analyzing the causal relationship between factors of capital species, the paper give an evidence by SEM, and draw conclusions: financial capital can convert to human capital; there are conversions between species of intellectual capital .The value creating lies on reciprocity of finance capital and intellectual capital.