智力资本协同风险资本的系统建模及效应检验

根据哈肯的协同学原理和方法， 对智力资本和风险资本的协同系统建模并进行了参数变量和协同变化定性分析， 推导了二者的自组织运动方程， 指出风险资本的参与会引起创业企业智力资本水平的显著变化， 进而会影响企业整体绩效. 后根据VAIC模型（value added intellectual coefficient model）进行多变量面板回归实证检验， 研究发现： 有风险资本参与时智力资本对企业绩效影响较大， 二者的协同效应会提升企业的资产利用效率， 增加股东权益回报， 以及提高企业的持续增长能力. 但该绩效影响 主要表现在有形资本方面， 即物质资本增值效率， 而无形资本如人力资本和结构资本增值效率并不显著. 该研究表明创业企业还需加强风险资本利用效率， 并要有针对性地改革和增强自身智力资本形成.

Analysis on intellectual capital and venture capital synergistic model

Based on Haken synergetics principles and methods, the paper analyzes the intellectual capital and venture capital synergy system model and its parameter variables, and deduces the self-organization motion equation of them, also points out that the participation of venture capital will change the intellectual capital level of startup businesses significantly, which will affect the performance of the whole enterprise. Then according to the VAIC (value added intellectual coefficient) model, the empirical results show that: the influence of intellectual capital with venture capital on business performance is bigger than the intellectual capital without venture capital, the synergistic effect of them will improve the enterprise asset utilization efficiency and increase the returns on stockholders' equity. But the performance influence mainly displays on the physical capital aspect such as the efficiency of physical capital appreciation, the intangible capital such as human capital and structural capital appreciation efficiency are not significant. The findings indicate that startup businesses still need to strengthen the utilization efficiency of venture capital and enhance the intellectual capital formation also.