运用协同学的原理与方法对风险资本和智力资本的协同条件及变化进行了定性分析,并对二者的协同效应进行了基于风险投资持股比例的门槛效应检验。结果显示:(1)协同效应下智力资本对企业绩效显著地存在“单门槛效应”,风险投资持股比例可以作为判断风险资本与智力资本发生协同作用的条件;(2)当风险投资持股比例高于门槛值时,智力资本会加速提升企业的资产利用效率和市场价值,但这一现象在企业人力资本增值效率方面的表现并不理想。研究结论表明智力资本的增值作用仍有提升空间,但协同效应的发挥需要满足一定的条件,客观上要求创业企业要有针对性的引进风险投资,以便改革、增强并利用智力资本。
Based on the principles and methods of synergetics, the venture capital and intellectual capital synergetic conditions and changes with qualitative analysis are studied in this paper, and gives an empirical test based on the venture capital shareholding threshold is given. The results show that: (1) under the synergistic effect, intellectual capital has "single threshold "effect on business performance, and venture capital shareholding can be used as the judgment of venture capital and intellectual capital synergetic condition; (2) when the proportion of venture capital is higher than the threshold value, the intellectual capital would accelerate the market value and asset utilization efficiency of enterprises, but this phenomenon in the human capital value-added efficiency aspect of enterprises performance is not ideal. The results indicate that the value-added role of intellectual capital still has room to improve, but the synergistic effect needs conditions, which objectively requires entrepreneurial companies introduce venture capital targetedly, so as to reform, enhance and make use of the intellectual capital.
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