CAJ | 학술논문

以高技术创业企业为研究对象，利用深市创业板公司样本数据，在实证检验创业企业R&D投资与融资结构相互关系的基础上，实证研究了人力资本特征对R&D投资与融资结构相互关系的影响程度。分析了完善我国创业企业治理、加强高管及核心技术人员队伍建设、规范R&D投资行为和优化融资结构的理论依据。
이고기술창업기업위연구대상，이용심시창업판공사양본수거，재실증검험창업기업R&D투자여융자결구상호관계적기출상，실증연구료인력자본특정대R&D투자여융자결구상호관계적영향정도。분석료완선아국창업기업치리、가강고관급핵심기술인원대오건설、규범R&D투자행위화우화융자결구적이론의거。
In this paper, taking the high technology start-ups as the research object, using the sample data from Shenzhen GEM, we firstly testify the inter-relationship between R&D investment and financing structure of start-ups. Then we focus on how the human capital characteristics of these fledging companies exert influence on the relationship between R&D investment and financing structure. We hope that what we discuss in this paper can improve the corporate governance, promote the quality of executives and core technical staff, set standard of R&D investment behavior and give some guide on how to optimize the financing structure from the theoretical perspective.