中文摘要：

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。

英文摘要：

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