随着知识经济的到来，人力资本的重要性日益体现，尤其是作为知识经济产物的高科技企业更是高度依赖人力资本。但和其它类型企业相比，高科技企业人力资本投资蕴藏着更大的风险。因此，如何有效识别和防范高科技企业人力资本风险，从而获得较高的投资回报率是经营成败的关键。在这种严峻的形势下，深入地开展高科技企业人力资本投资风险的研究具有重大的理论和现实意义。 本文在国内外有关人力资本投资研究现状综述的基础上，对企业人力资本投资风险及相关概念进行了辨析；然后，着重对高科技企业人力资本投资风险进行了识别，指出了其主要风险类型为环境风险和管理风险，后者又主要包括投资预决策风险、招聘培训风险、配置使用风险、委托代理风险、激励政策风险等，并分析这些风险产生的内外原因；其次，针对高科技企业人力资本投资风险的特点，分别运用层次分析法和模糊综合评价法构建了高科技企业人力资本投资风险的综合评价模型。并运用该评价模型对西安某高科技企业进行实证分析。最后，提出了高科技企业人力资本投资风险防范的具体对策，即构建企业人力资本投资风险预警系统，做好人力资本投资的战略规划，做好人职匹配工作，重塑人力资本产权制度，完善激励与约束机制，构建能够留才的企业文化，从而最大限度发挥风险防范的作用，为企业实现总体目标保驾护航。

With the coming of knowledge economy, there is an increasingly recognition to the importance of human capital, which is highly depended on by high-tech enterprises as an outcome of knowledge economy. Compared with other enterprises, human capital investment in high-tech enterprises takes higher risks. Therefore, it has been a focal point to an enterprise’s success or not that how to distinguish and keep a lookout to human capital risk of enterprise efficiently so as to gain higher return from investment. Under the situation of intensive competition, further study on risk of human capital investment in high-tech enterprises will see its significance from both theory and practice. This paper, above all, specifically introduces domestic and international trends of the study, and made a distinction to the theories related to human capital investment. Besides, it focuses on the key links of the human capital investment in high-tech enterprises, putting forward the main risk types, involving merely environment risk and management one, and the latter, accordingly, includes investing risk in making policy in advance，risk in employment and training, , risk in resignation, risk in agency and commitment, risk in stimulating strategy and so on. Then the paper analyses inside and outside causes that enterprise human capital risk produces; What’s more, according to all kinds of risk’s character, this paper structures the evaluation models for high-tech enterprise authentically proved by substantial examples afterwards, by using methods of Analytical Hierarchy Process(AHP) and Fuzzy Comprehensive Evaluation(FCE). Finally, it puts forward the specific measures to keep a lookout for high technology enterprises human capital investment risks, which are to establish an early-warning system of enterprise human capital investment risk, be ready for the strategy plan of human capital investment, perfect the excitation and restraint mechanism, structure fine corporate culture and so on. Only if the risk must be controlled appropriately, can the enterprise's general goal be realized at last. and secondly, put forward to a kind of financial analysis method named “analysis on the rationality of cash flow’s scale and structure variation”, which had been authentically proved by a substantial evidence afterwards.