风险投资中企业家人力资本定价影响因素的协方差结构模型分析

该文从影响风险投资中企业家人力资本定价的因素分析入手，针对其多层次、多维度的特点，建立了一个有内在逻辑关系、能够较全面反映企业家人力资本定价影响因素的理论框架。并采用协方差结构模型分析（CSM）方法，对这些因素进行了实证研究。结果表明，在风险投资中，企业家控制权对企业家人力资本定价影响因素的解释率最高，企业经营绩效其次，企业经营规模的解释率较低。

The Covariance Structure Model Analysis of the Factors affecting the Entrepreneur's Human Capital Pricing in Venture Capital

This paper carries on the analysis of the factors affecting entrepreneur's human capital pricing in venture capital,focusing on the much-dimensionality characteristic,then establishes a logical and comprehensive theory frame which can reflect all the factors affecting entrepreneur's human capital pricing.Further using Covariance Structure Model(CSM),we make an empirical analysis of these factors.The result shows,in venture capital the control rights of entrepreneur is the most important factor affecting the entrepreneur's human capital pricing,the enterprise is the least one,with the enterprise management performance in the middle.