The Covariance Structure Model Analysis of the Factors affecting the Entrepreneur's Human Capital Pricing in Venture Capital

Yu-chun WEN


This paper carries on the analysis of the factors affecting entrepreneur's human capital pricing in venture capital, focusing on the much-dimensionality characteristic, then establishes a logical and comprehensive theory frame which can reflect all the factors affecting entrepreneur's human capital pricing. Further by using covariance structure model (CSM), we make an empirical analysis of these factors. The result shows, in venture capital the control rights of entrepreneur is the most important factor affecting the entrepreneur's human capital pricing, the scale of enterprise is the least one, with the enterprise management performance in the middle.
Key Words: venture capital, the entrepreneur's human capital pricing, factors, covariance structure model
Résumé: L’article présent, sur la base de l’analyse des facteurs affectant la fixation du prix du capital humain de l’entrepreneur dans l’investissement-risque, a établi pour ce problème multi-dimensions un cadre théorique logique et capable de refléter complètement ces facteurs influants. L’auteur adopte d’ailleurs la méthode analytique du modèle de la structure de covariance (CSM) pour effectuer une étude positiviste sur ces facteurs. Le résultat montre que, dans l’investissement-risque, le pouvoir de contrôle de l’entrepreneur est le premier facteur en jeu, la perfomance de l’entreprise le deuxième et la dimension de l’entreprise le dernier.
Mots-Clés: investissement-risque, fixation du prix du capital humain de l’entrepreneur, facteurs affectants

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