知识密集型服务企业人力资本融资模式与效率评价

摘要

知识密集型服务企业（ KIBS）是典型的“人力密集”与“创意密集”结合的产物，人力资本融资对于KIBS竞争优势的形成有着重要意义。以对外招聘为特征的“外源融资”和以人力资本发展基金提存为手段的“内源融资”，构成了KIBS企业人力资本融资的两大途径。根据人力资本与企业之间合约的动态演进，本文借鉴企业生命周期理论设计了融资效率动态评价体系，即在“初始交易期”侧重评价筹资效率，在“合约性使用期”、“合约临近结束期”与“交易终止期”侧重评价用资效率。%KIBS companies are characterized as the integration of“human-intensive” and“ideas-intensive” and it is of great significance of human-capital financing to the formation of competitive advantages of KIBS.The “external fi-nancing” by means of enrollment outside of companies and the “internal financing” through the drawing of human capital developing fund constitute two financing approaches.According to the dynamic evolution of the contract between human capital and businesses, learning from the theory of corporate life-cycle, the dynamic evaluation system of financing ef-fectiveness is put forward, i.e.“raising effectiveness” is the focus of evaluation during the stage of “initial transaction period”;nevertheless, the“utilizing effectiveness” is the emphasis of evaluation during the stages of “utilizing period within contracts”,“maturity-nearby period” as well as“transaction-end period”.