摘
要
摘要
科技型中小企业作为推动我国经济发展和科技创新进步的重要力量，近年来
获得了学者的大量关注。这类企业的内部资源，尤其是经常同时身兼企业创始人与
高管团队成员的股东，在其发展过程中起到了重要的作用。然而，目前对于股东通
过何种机制影响科技型中小企业的发展尚缺乏研究。
结合我国科技型中小企业的发展现状，本研究探索了此类企业中股东人力资
本、股权结构与企业绩效之间的关系。由于科技型中小企业的股东构成和企业治理
模式与成熟的上市企业相比存在较大差异，藉由这一特殊性，本研究得以分析现有
的人力资本理论难以回答的人力资本作用机制、以及公司治理研究较少涉及的初
创企业股权分配影响因素，提出“资源-结构-绩效”理论模型，探讨了股东人力资
本与股权结构之间的相互作用以及对于企业发展的影响。
利用一千余家科技型中小企业 2005至 2014年间涵盖股东个人背景、股权分
配、财务表现等多个方面的数据，本研究建立了能够较为全面反映股东人力资本对
科技型中小企业发挥作用的独特数据库，并采用多种统计分析方法对相关研究假
设开展了深入的实证检验。研究发现，科技型中小企业股东的专用型人力资本，尤
其是专利等技术能力，对企业具有较高的价值，同时也能为股东带来更高的股权份
额；股东团队各类人力资本的组合情况也会对企业的股权分配与绩效产生不同的
影响，股东教育背景方面的适当差异可以为科技型中小企业带来有利于提升绩效
的互补作用；完全平均分配的股权结构会导致科技型中小企业绩效的下降，影响其
他利益相关者对企业价值的判断；由于科技型中小企业的股权集中度对绩效水平
存在明显的倒 U型影响，这类企业也应避免采取过于极端的股权结构，同时股东
职能异质性与企业年龄会对其产生不同的调节，股东职能异质性较高和年龄较低
的科技型中小企业会更多地受到股东之间相互关系的影响；技术型股东股权与投
入之间的不匹配性会对科技型中小企业的绩效产生显著、长期的负面影响。
本研究通过分析人力资本作用机制、科技型中小企业股权结构影响因素以及
这类企业公司治理中的主要问题，对人力资本理论、公司治理研究和创业企业研究
都做出了理论贡献，并对科技型中小企业识别高价值人力资本、找准股权组合、动
态调整股权结构以实现企业良好成长提供了实践指导。
关键词：科技型中小企业；股东人力资本；股权结构；企业绩效；公司治理
I

Abstract
Abstract
As an important force in promoting China’s economic development and
technological innovation, high-technology small and medium enterprises have received a
lot of attention from academic research. Internal resources, especially those provided by
shareholders who often act as both founders and management team members, play a
fundamental role in the growth of these firms. However, so far insufficient research has
been conducted to reveal the mechanism behind these shareholders’ impact on high-
technology small and medium enterprises.
Based on the current status of high-technology small and medium enterprises in
China, this dissertation explores the relationship among shareholder human capital, equity
structure and performance of these ventures. Relying on the differences of shareholder
composition and corporate governance between high-technology small and medium
enterprises and mature public firms, this study is able to analyze the mechanism of human
capital, which has been difficult for previous researches to determine, and also the
antecedents of new ventures’ equity structure, which is rarely touched upon by corporate
governance studies. A theoretical model of “Resource-Structure-Performance” is also
proposed in this dissertation to discuss the interaction between shareholder human capital
and equity structure, as well as their impact on the growth of high-technology small and
medium enterprises.
This dissertation utilizes data on individual shareholder’s background, equity
allocation and performance of more than one thousand high-technology small and
medium enterprises between 2005 and 2014 to construct a unique database that could
comprehensively reflect shareholder human capital’s effect on these ventures, and also
applies multiple statistical analyses to carry out in-depth empirical testing on
corresponding research hypotheses. The results show that, specific shareholder human
capital, particularly technical capabilities demonstrated by patents, are more valuable to
high-technology small and medium enterprises and could bring more shares to the
shareholders; diverse combinations of various types of shareholder human capital would
result in different effects on share allocation and venture performance, for example
appropriate differences in shareholders’ education background could provide
II

Abstract
performance-boosting complementarity to the firm; an utterly equal equity split would
lead to a decline in high-technology small and medium enterprises’ performance, as well
as lower evaluation from other stakeholders; the inverted U-shape relationship between
share concentration and venture performance, along with opposite moderating effects of
shareholder functional diversity and firm age, show that extreme equity structures should
be avoided by high-technology small and medium enterprises, and the interrelationship
among shareholders would become more influential when shareholder functional
diversity is high or when firm age is low; the mismatch between equity and investment
regarding technical shareholders would have a significant and long-term negative effect
on the performance of high-technology small and medium enterprises.
Through investigating the mechanism of human capital, influencing factors of equity
structure as well as the main corporate governance issues within high-technology small
and medium enterprises, this dissertation makes theoretical contributions to human
capital theory, corporate governance research and entrepreneurship research, meanwhile
provides practical guidance to help high-technology small and medium enterprises
achieve better performance through identifying valuable human capital, targeting suitable
ownership structure and applying dynamic equity allocation.
Keywords: high-technology small and medium enterprises; shareholder human capital;
equity structure; venture performance; corporate governance
III
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