Research On The Entreprenuership Of Human-captial-intensive Firms

In the knowledge economy era, the subject of entrepreneurship turns from thetraditional physical-capital-intensive firms into human-capital-intensive firms. Thetraditional physical-capital-intensive firms, in which the physical capital owner isboth the centralized contractual agent of the firm and the leader of entrepreneurship,mostly adapted the contractual arrangement of "capital employ labor". But theemerging human-capital-intensive firms, in which the centralized contractual agenthas changed into human capital and becomes the leader of entrepreneurship and theenterprise contract arranger, are familiar with the phenomenon of "human capitalemploy capital". The entrepreneurship leader is also the centralized contractualagent, whose change leads to a series of diversity in the enterprise'sentrepreneurship characteristics, business conditions and managementcharacteristics, etc.This text first starts with the issue that the entrepreneurship leader is the centralizedcontractual agent, and in retrospect of the view of papers, that is,"capital employlabor" and "labor employ capital", analyses the rationality and necessity that thehuman capital becomes the centralized contractual agent of human-capital-intensivefirms. On that basis, by proceeding with comparing the characteristics of traditionalphysical-capital-intensive firms' and emerging human-capital-intensive firms, thispaper concludes that the two kind of firms differ in several aspects such as keyresources of entrepreneurship, entrepreneurial financing, trade entering barriers,entrepreneurship risk and crucial factors of entrepreneurship growth. What's more,this paper discusses the essence of the entrepreneurship of human-capital-intensivefirms, that is, the innovation process in which centralized contractual agent ishuman-capital-oriented. Based on innovation theories, this paper studieshuman-capital-intensive firms' five entrepreneurial models.Just because centralized contractual agent is different from the traditional physical-capital-intensive firms, emerging human-capital-intensive firms do needspecific external entrepreneurship environment. Through theory and practice, the textproves that education, capital market, intellectual property institution are the threeindemnities of the entrepreneurship of human-capital-intensive firms. Among which,education offers human capital, innovation resources and entrepreneurialopportunities, the capital market provides financing channels and entrepreneurialmotivation, and the intellectual property institution protects the entrepreneurshipresults and stimulates innovation. Theory and Practice show, education, capital marketand intellectual property institution are the heterogeneity environmental factors,without which the entrepreneurship of human-capital-intensive firms will not realizeand suceed.On account of the difference between centralized contractual agent andcharacteristics of both enterprises and entrepreneurship, human-capital-intensive firmsface the rights' equilibrium problem among entrepreneurs, critical human capital andinvestors. This paper emphasizes equity relationship among the entrepreneurs,investors and entrepreneurial teammates in the entrepreneurship of thehuman-capital-intensive firms. In the process of entrepreneurial financing, the venturecapitalists were threatened by the "hold-up" of the entrepreneurs because of thedistinctiveness of enterprises' critical resources and specificity of the ventureinvestment capital. Nevertheless, with propulsion of the entrepreneurship, theimproving of specificity of entrepreneurs' human capital has aroused the matter thatventure capitalists hold up entrepreneurs. By modeling, the text analyses the"hold-up" between entrepreneurs and venture capitalists, and comes up with the ideathat converting securities can effectively overcome the "hold-up" problem in theprocess of human-capital-intensive firms' entrepreneurship, which can achieve thebest incentive to entrepreneurs and investors. In the meanwhile, on the basis of thecharacteristics of entrepreneur team's human capital, such as highly specificity,heterogeneity and teamwork production, this paper uses the cooperative game modeto investigate the issue of rights arrangement in the entrepreneurial team, andproposes distribution of residual claim,"basic salary and team performance" incentive plan, venture capital incentive model, SMT innovation authorization mechanisms, andthe idea of s building the team's psychological contract.This paper finally gives a conclusion and research prospect, providing relativepolicy recommendations promoting Chinese human-capital-intensive firms'entrepreneurship.