CAJ | 학술논문

根据哈肯的协同学原理和方法，对智力资本和风险资本的协同系统建模并进行了参数变量和协同变化定性分析，推导了二者的自组织运动方程，指出风险资本的参与会引起创业企业智力资本水平的显著变化，进而会影响企业整体绩效．后根据VAIC模型fvalue added intellectual coefficientmodel）进行多变量面板回归实证检验，研究发现：有风险资本参与时智力资本对企业绩效影响较大，二者的协同效应会提升企业的资产利用效率，增加股东权益回报，以及提高企业的持续增长能力．但该绩效影响主要表现在有形资本方面，即物质资本增值效率，而无形资本如人力资本和结构资本增值效率并不显著．该研究表明创业企业还需加强风险资本利用效率，并要有针对性地改革和增强自身智力资本形成．
근거합긍적협동학원리화방법，대지력자본화풍험자본적협동계통건모병진행료삼수변량화협동변화정성분석，추도료이자적자조직운동방정，지출풍험자본적삼여회인기창업기업지력자본수평적현저변화，진이회영향기업정체적효．후근거VAIC모형fvalue added intellectual coefficientmodel）진행다변량면판회귀실증검험，연구발현：유풍험자본삼여시지력자본대기업적효영향교대，이자적협동효응회제승기업적자산이용효솔，증가고동권익회보，이급제고기업적지속증장능력．단해적효영향주요표현재유형자본방면，즉물질자본증치효솔，이무형자본여인력자본화결구자본증치효솔병불현저．해연구표명창업기업환수가강풍험자본이용효솔，병요유침대성지개혁화증강자신지력자본형성．
Based on Haken synergetics principles and methods, the paper analyzes the intellectual capital and venture capital synergy system model and its parameter variables, and deduces the self-organization motion equation of them, also points out that the participation of venture capital will change the intellectual capitM level of startup businesses significantly, which will affect the performance of the whole enterprise. Then according to the VAIC （value added intellectual coefficient） model, the empirical results show that： the influence of intellectual capital with venture capital on business performance is bigger than the intellectual capital without venture capital, the synergistic effect of them will improve the enterprise asset utilization efficiency and increase the returns on stockholders＇ equity. But the performance influence mainly displays on the physical capital aspect such as the efficiency of physical capital appreciation, the intangible capital such as human capital and structural capital appreciation efficiency are not significant. The findings indicate that startup businesses still need to strengthen the utilization efficiency of venture capital and enhance the intellectual capital formation also.