CAJ | 학술논문

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。
지식밀집형복무기업（ KIBS）시전형적“인력밀집”여“창의밀집”결합적산물，인력자본융자대우KIBS경쟁우세적형성유착중요의의。이대외초빙위특정적“외원융자”화이인력자본발전기금제존위수단적“내원융자”，구성료KIBS기업인력자본융자적량대도경。근거인력자본여기업지간합약적동태연진，본문차감기업생명주기이론설계료융자효솔동태평개체계，즉재“초시교역기”측중평개주자효솔，재“합약성사용기”、“합약림근결속기”여“교역종지기”측중평개용자효솔。
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”.