| The maximum of software enterprise's value mainly depends on the maximum of the R&D human capital value. Continuous, efficient, swift R&D human capital investment ability is critical for software enterprises'survival. Making profit for the software enterprise by the R&D human capital, some investment risks of it would appear inevitably, which is the probability of R&D human capital investment to damage the performance of software enterprise. Nowadays, the risk management of R&D human capital investment in some software enterprises is to repair and control the risk after the event. The random management couldn't deal with high uncertainties in the investment of R&D human capital, which results in the instability of software enterprise development. In order to promote the software enterprises'development and maintain the stability of R&D human capital investment, institutional risk management mechanism of R&D human capital investment based on process must be reconstructed. A series of perfect risk early warning indicators must be set up to identify and diagnose these risks and nip them in the nud to guarantee the system of R&D human capital investment runs normally.According to the process of human capital investment, the risks of R&D human capital investment are divided into risks of R&D staff incentive, risks of R&D organization development, risks of R&D staff development and risks of R&D performance evaluation. By analyzing the resources of the risks and the relationship between the risks and enterprise performance, 10 secondary indicators and 45 tertiary indicators of the risk early warning system of R&D human capital investment were designed with quantitative criterion and rating.Four ministries of Chinese government including National Development and Reform Commission, Ministry of Commerce, Ministry of Information Industry and State Administration of Taxation jointly identified some key software enterprises in national plan in the period of 2002-2004, which key software enterprises were selected as empirical sample to investigate the risk early warning system of R&D human capital investment. Through a series of correlative and regressive empirical analysis, the results show that the risk level of R&D human capital investment has a significant explanation to the performance of software enterprise. The lower the risk level of R&D human capital investment is, the better is the software enterprise performance, which testified the indicators of the risk early warning system are practicable. Finally, according to investigation results, some suggestions about the risk control methods of R&D human capital investment of software enterprises were put forward.
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