中文摘要：

以人力资本特殊性质为切入点,对高新技术企业中人力资本、财务资本及资本结构的关系进行实证分析,研究结果表明：财务资本对人力资本的担保作用大于替代作用,人力资本的投入程度随着财务资本的增加而上升;企业负债水平的变化会影响人力资本的投入程度,企业的负债水平越高,人力资本的投入程度越低。因此,保持合适的财务资本水平可以促进人力资本的高效率投入,而协调好人力资本与资本结构关系可以提高成本效率,甚至缓解代理问题。

英文摘要：

To remedy the limitation of traditional capital structure theory, which takes the financial capital as the core, it is of significance to take human capital into account. The empirical research on the relationship among human capital, financial capital and capital structure shows that, for Chinese high-tech companies,the guarantee function of financial capital to human capital is greater than its substitution function currently. Therefore, human capital owner＇s effort level increases along with the increase of financial capital. In addition, companies＇ debt ratio would influence human capital owner＇s effort level as well. The higher the debt ratio, the less effort human capital owner invests. Therefore, maintaining a proper level of financial capital investment will promote an efficient effort of human capital, while it is also significant to coordinate the relationship between human capital and capital structure to enhance cost efficiency and even mitigate the agency problem.