Human Capital,Financial Capital and Capital Structure:Theory and Evidence

The society has stepped from industry economy age into the knowledge-based economy age modern capital theories which mainly around the financiai capital are confronted with difficulties when explaining the human capital intensive firms of consultation,new and high technology.It is the urgent task of the modem capital research to look at enterprises as the investment combination of financial capital and human recourse capital.This article has the current financial capital structure as foundation widen the intension of the modern capital structure by introducing human capital as a new factor into the financial capital theory and discusses the relationship and interaction of debtor, shareholder and human capital owner.It also gives the empirical evidence by analyzing the computer application and service industry and gives the conclusions in the last.