| The function that human capital investment improves economic growth is the main topic which scholars pay close attention to both at home and abroad. Adam Smith (1723 -1790) once described it such as: "To study a certain ability, you must receive an education, must enter the school, must be apprentices, which needs much capital. In this way, the capital that has been paid out seems to be been already fixed on the learner's body. To the learners, the ability is a part of the property naturally, to his society, which is also a part of the property." Schultz, winner of Nobel Prize for economics, who published the inaugural speech as the president of the U.S.A. Economics entitled "Human Capital Investment" in 1960, this important concept is accepted and studied by more and more scholars. Lucas, Romer and Balo as representatives of the New Growth Theory School which emerged in 1980's, regarding human capital as one of the intrinsic factors of economic growth, and advance human capital investment can produce an effective role. These research achievements make human capital investment mainly in education and training acquire worldwide attention day by day. Schultz thinks the key to economic development is to increase human capital investment. According to his research, 38 years of the American total GNP from 1919 to 1957, 49% is the result of human capital investment. Economists after Schultz have also discovered the rate of return on investment in assets capital yields in developing countries was 15% in 1960's, the human capital investment yield was 20%, and which were up to 13% and 15% separately compared with the 1970's. Among the research achievements of Human Capital Investment, more scholars concentrate on its productive function and formualtion issues, however they neglected much risk of human capital investment. The human capital investment was risky, which has already been verified by practice of China and many other countries. The rate of return on investment of education in China often assessed by many economists, and the rate of return at the beginning of the 20th century is 4%, which was estimated the rate of return on investment of education in China rose up to 7% in 1997, and the estimation may be higher at present, but compared with 15%-20% in other countries, the inefficient issues of macro human capital investment in China is outstanding. The family and individual are the most important investors of higher education, but graduate's average employment rate of universities and colleges of China is only 80% at present, nearly 20% of the graduates can't be employed, which prove human capital market demand is limited. Enterprises are an important part of the market economy, the GNP which each laborer produces only means 2% -4% of the developed country's. The average qualification rate of the annual industrial products is only 70%, losses of the bad product sum up to 200 billion Yuan. Enterprise's key brain drain is serious, for example, in some state-owned enterprise the brain drain are up to 60%, the middle, advanced technology or administrative staffs and more than 70% of skilled workers in overseas-funded enterprises and private enterprises come from state-owned enterprises. All of these prove micro human capital investment of China be no optimist either. The poor efficiency of human capital investment of China puts forward the new demand to Human Capital Investment Theory, which need be paid more attention to. Poor efficiency of human capital investment of China, regarding its crux, is mainly because of so-called No-risk that the Human Capital Investment Theory provided in fact, which is a great defect of Human Capital Investment Theory. The human capital investment, like assets capital investment or the financial capital investment, gives up or sacrifices immediate interest and longs for future interests, and will go through a relatively long-term course. So, the human capital investment must be risky. The risk of human capital investment has also been studied, however it is mainly based on external variable angle, and can't change the basic assumption of No-risk in the research. In order to promote the study of risk of human capital investment, we ought to absorb related components of Assets Capital Venture Investment Theory, especially ofthe Financial Capital Venture Investment, actively introduce new economics analysis tools, such as Behavior Economics, Information Economics, Agreement Theory to strengthen research of the risk of the human capital investment oriental mechanism, and of discerning the different kinds of risk of human capital investment, assessment model and the scheme of human capital investment risk dispersing & controlling, which demand research of risk of human capital investment will deepen. Human Capital Venture Investment is advanced to meet the realistic needs, which extends general analysis framework of Human Capital Investment based on theories, such as heterogeneity, imperfect competition and homo-economics etc. This research will inevitably be favorable to the perfection of the Human Capital Investment Theory, and guide human capital investment practice in China. Human Capital Venture Investment involves lots of discipline domains. This thesis regards economic theory of Marxism as the prerequisite, combines the Human Capital Investment Theory with population economics, Economics, Sociology, and absorbs the relevant achievements of Economic Sociology, Behavioral Science, Venture Capital Theory and Venture Capital Management Theory. The thesis divides into nine chapters in all, which basic framework is as follows: Chapter one, an introduction, introduces the basis of the title that I have chosen, the research meaning, the research framework, research methods and means, possible innovation and deficiency. Chpater two, review and comment on Human Capital Investment and Human Capital Investment Risk Theory. The chapter includes two sections, Section One reviews and comments on Human Capital Investment Theory, Section Two reviews and comment son Human Capital Investment Risk Theory. Chapter three, demastrative analysis of human capital investment risk. The chapter analyses the high risk of human capital investment on the basis of three aspects, including government, enterprise and family (individuals), and it thinks the human capital can promote the economic growth effectively, meanwhile the return of human capital investment isnot the same in different countries or areas. As to our country, the efficiency of human capital investment still remains to improve. The human capital investment in China comprises of much risk, which is one of causes of relatively surplus or insufficient in human capital investment of government and enterprises. How to innovate Human Capital Investment Theory from viewpoint of new angle has been a key issue that we must focus on. Chapter four, several assumptions of Human Capital Investment and theroretical demostration of human capital investment risk. The chapter thinks several basic premises are assumed in the Human Capital Investment Theory, namely homogeneity assumption, the externality assumption, perfect competition assumption and complete information assumption. The externality assumption proves that the strong external economy of human capital investment will cause the risk of human capital investment by itself, and homogeneity assumption, perfect competition assumption and complete information assumption is not established in true economic world. The theoretical system itself also has a higher risk, which can't make enough explanation of it. Therefore, the assumptions inspire the human capital investors with too high expectation. The reality makes the investors go towards another extreme, who make great efforts to reduce the cost of human capital investment. Chapter five, the advancement of Human Capital Venture Investment and its theoretical foundation. As homo-economics, human capital investors pursue the maximizing interests and take their pains to reduce human capital investment under the uncertain state. In order to increase the future Human Capital stock and meet the social requisition for Human Capital of the Knowledge Economy, we should innovate the present Human Capital Investment Theory, and explore the human capital investment based on risk. The greatest characteristic of venture investment of economics lies in its high risk. The serious information asymmetry and incomplete between the investors in human capital investment causes the uncertainty of the return of the human capital investment. The essence of the human capital investment is a kind ofventure investment. After putting forward the Human Capital Venture Investment concept, we need look for a new theory based on existing Human Capital Theory and Human Capital Investment Theory. The article thinks Risk Theory, the Venture Investment Theory and Risk Management Theory should be theoretical foundations of Human Capital Venture Investment. Chapter six, establishing a theroretical analysis framework of Human Capital Venture Investment. Under the comparison of the concepts between the coocepts of Human Capital Investment and Venture Investment, the chapter defines Human Capital Venture Investment and explains the connotation of Human Capital Venture Investment. As we choose the principal parts of human capital venture investment, we should subdivide the field of human capital investment at first, here the thesis advances government as the principal part of basic education, enterprise as the principal part of special-purpose human capital investment, individual as the principal part of higher education and common Human Capital Investment, the principal part of Human Capital Venture Investment must be diversified, including government, enterprise and family (individual), which play an important role in the different field of human capital investment. The thesis put forward a cycle of Human Capital Venture Investment, namely capital raising, investment, management, withdrawal. The human capital investment risk management is an important link of Human Capital Investment. The thesis constructs human capital investment risk management theoretical model and technological model. Chapter seven, China's human capital investment pratice under the framework of human capital venture investment. Based on the reality of Human Capital Investment in China, the chapter thinks main cause of human capital investment as follows: First, the poor efficiency of human capital investment that the Property Rights defects of Human Capital characteristic causes; Second, the welfare of macro human capital investment and the distortion of the income distribution system of China; Third, enterprise's contract is incomplete, the information asymmetry inthe course of the human capital investment and so on; individual bounded rationality. Chapter eight, one of conditions of realizing human capital venture investment is Human Capital Property Right. The chapter defines human capital property right based on general property right, analyzes the functions of human capital property right and divides the right structure of human capital property right, propose the realization mechanism of human capital property right, including perfect human capital market; perfect agreement mechanism; game mechanism of human capital and assets capital. Furthermore, The chapter proposes the institutional innovation of human capital property right. Chapter nine, the second condition of human capital venture investment, namely the human capital investment Portfolio. The chapter introduces principle and type of portfolio at first. Based on those above, it establishes the mathematics model of human capital investment risk transfer according to the model of financial investment risk scattering, then constructs human capital investment risk transfer models, such as follows: quantity and scale investment portfolio, assembled investment, time series investment, area portfolio investment and ex-contract for risk control. The main innovation of this thesis lies in: One, the thesis establishes new theoretical framework. First, systematically analyze and comment on Human Capital Investment Theory, and which has a defect, namely No-risk assumption. Existing theory has carried on some research of the risk of human capital investment, but which is mainly based on external variable; Second, The chapter thinks several basic premises are assumed in the Human Capital Investment Theory, namely homogeneity assumption, the externality assumption, perfect competition assumption and complete information assumption. The externality assumption proves that the strong external economy of human capital investment will cause the risk of human capital investment by itself, and homogeneity assumption, perfect competition assumption and complete information assumption is notestablished in true economic world; Third, advance the concept of Human Capital Venture Investment and define it relatively perfectly; Fourth, choose the principal parts of Human Capital Venture Investment, which must be diversified, including government, enterprise and family (individual). The thesis put forward a cycle of Human Capital Venture Investment, namely capital raising, investment, management, withdrawal. The human capital investment risk management is an important link of human capital venture investment. The thesis constructs human capital investment risk management theoretical model and technological model. Two, put forward the innovative thoughts to adapt to human capital venture investment of our country. Based on Chinese human capital formulation mechanism, advance conditions of realizing human capital venture investment, namely human capital property right and human capital investment portfolio. In the course of constructing human capital property right, the thesis emphasizes the establishment of the privately owned property of human capital venture investment, exit mechanics of human capital venture investment and so on. Based on principles and types of financial venture investment, the thesis establishes the mathematics model of human capital investment risk transfer according to the model of financial investment risk scattering, then constructs human capital investment risk transfer models, such as follows: quantity and scale investment portfolio, assembled investment, time series investment, area portfolio investment and ex-contract for risk control. Three, innovate research methods. The thesis absorbs Risk Theory, Venture Investment Theory and Risk Management Theory in the analysis framework of the human capital investment theory, combined with economic sociology, demography, management, sociology and some other relevant theories, systematically analysis behaviors of different principal part of human capital investment, thus expand the research methods and means of the research of human capital investment theory, which benefit to interdisciplinary comprehensive research. Human Capital Venture Investment is a brand-new research field, as for the limitation of my knowledge structure, the thesis would have a...
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