现代公司金融理论指出,在一个和谐可持续发展的公司治理环境中,人力资本应当与货币资本共同拥有剩余索取权(Myers,2001)。为检验中国公司的治理结构是否存在人力资本替代货币资本的趋势,文章利用中国信息技术行业上市公司的数据,基于资本结构理论提出了新的研究假设并进行了实证检验。检验结果表明,中国上市公司不存在人力资本部分替代货币资本的趋势;在我国,建设和谐的、可持续发展的公司治理结构仍然任重而道远。 Modern corporate finance theory points out that in a harmonious and sustainable corporate governance environment, human capital should share the residual claim with monetary capital (Myers, 2001). In order to test whether there exists a trend of human capital instead of money capital in the governance structure of Chinese companies, this paper puts forward new research hypothesis and conducts empirical tests based on the capital structure theory using the data of listed companies in China’s information technology industry. The test results show that there is no tendency for Chinese listed companies to replace the part of human capital in place of monetary capital. In our country, building a harmonious and sustainable corporate governance structure still has a long way to go.