论人力资本投资的风险

尽管人力资本投资的高收益性已经为人们所熟知，但是其高风险性并没有得到足够的重视。人力资本投资风险产生的原因主要有四个，即投资主体的多元性、投资客体的不确定性、投资行为的长期性和投资收益的间接性。按照投资主体的分类，人力资本投资风险可分为政府、企业和个人三种类型，三种类型的特点各不相同。划分投资领域、进行制度创新和发展信息服务是减少人力资本风险的三个有效途径。

On the Risk of Human Capital Investment

It is well-known that human capital investment enjoys high profitability, but its high risk has not yet been taken into full consideration. There are four reasons for the risk: the variability of investors, the uncertainty of investees, the protracted nature of investing performance and the indirection of investment income. In terms of investing subject, the risk may be divided into three categories of government, of enterprise and of individual, which are different in characteristics. To reduce the risk, the paper suggests the following three means: the categorization of the investment, the new-trail blazing in institution and the development of informational service.