A Study On The Efficiency Of Human Capital Allocation

The main purpose of this study is that, to comb the basic theory of human capitalallocation, and taking Shandong Province as a case to analysis and research on thetheory and methods of the measurement of human capital, and to further explore theeconomic and social benefits of human capital allocation and its influencing factors, soas to provide ideas for the optimization of the human capital allocation. This researchcan help people more accurately understand the relationship between human capitalallocation and economic development, and more comprehensive grasp of the reasonsof how to make the human capital allocation moderate, and more objectivelyunderstand the relations between the rational allocation of industrial restructuring andhuman capital allocation, and more scientifically understand the configuration of theexternal characteristics of human capital. In this paper, the population index method isused to build the human capital accounting system, and the production function is usedto analyze the economic efficiency of human capital allocation, and the binary logisticmodel is used to study on the social benefits of human capital allocation.Firstly, the basic theory of human capital allocation is systematically collated andanalyzed. As a special and important factors of production to the development ofmodern society, the concept of human capital allocation is tantamount to the concept ofeconomics on the configuration of elements, and is regulated by the human capitalcharacteristics as well, and also must take into account the scale of human capital,education, experience and the co-ordination among the different dimensions. The labortheory of social division, the capital theory of organic composition, the comparativeincome theory of human capital, and the endogenous economic growth theory providegood ideas for reference for the study of human capital allocation efficiency Content ofhuman capital allocation must cover the self-configuring, regional allocation, sectorallocation, and adaptation with physics capital, technology and policy. To allocate thehuman capital must follow the principle of dual attributes of the "human" and "capital"and the principle of efficiency and fairness, and fallow the way not only to play theefficiency of the market allocation but also to play the fairness of the planconfiguration.Secondly, the multi-dimensional of the human capital accounting methods arethematic discussed. Dimensions of human capital are covered the four aspects of scale,education, experience and health, for that the characteristics of the four dimensions isdifferent, and that the contribution to the economic and social development is differentas well, it is very important to distinguish between the method of accounting. Usingdemographic indicators to build four-dimensional human capital accounting system,and taking previous censuses data in Shandong Province as case, the empirical analysis find that the accumulation of education, experience, health and scale of growth indifferent times, different regions and different industries show different characteristics.Human capital 4D accounting method is helpful for a comprehensive understanding ofthe self-configuration features of the regional human capital.Thirdly, the economic benefits of human capital allocation are empirical analyzed.The economic benefits of human capital allocation are reflected in the following suchareas as to raise labor productivity, to improve the efficiency of capital-output and toimprove the technical output efficiency. In support of Human capital 4D accountingsystem and the production function, taking Shandong Province as regional case, thispaper gives a multi-perspective research and analysis on the economic benefits ofhuman capital. To build the model in order to highlight the human capital of scale andefficiency benefits, the economic efficiency indicators are refined into such threeaspects as the impact of economic output, the impact of labor output and output perunit of capital. In order to display the contribution of human capital in regionaleconomic development level and its trend, this paper makes regression analysis fromthe time perspective and industries perspective. The basic conclusion of the study: 1)the contribution of human capital allocation in efficiency function is superior to it inthe total function; 2) the contribution of quality dimension is greater than thecontribution of the scale dimension; 3)The level of economic contribution of humancapital allocation increases with the level of the total GDP; 4) the effectiveness ofhuman capital allocation are obvious difference among industry-the tertiary industry ismost effective and the primary industry is minimum.Fourthly, the social benefits of human capital allocation are empirical analyzed.The social impact of human capital allocation is extensive, but the key impact isreflected in the promotion of employment, to enhance citizen income and consumptionlevels and to promote the development of social security. Selecting employment,income and consumption, social security as the characterization of indicators of socialdevelopment, taking 2009 population change and labor force sample survey inShandong Province as case data, Considering the population properties in urban andrural areas, gender, age, population movements as the variables involved in model,using a binary logistic analysis, the paper analyses the positive impact of human capitalfor social development. The results showed that, in promoting the development of theeducational levels of human capital have a positive role for employment, civicimprovement of living standards and social security undertakings, but in many wayshuman capital shows the performance not as good as urban and rural properties, andeven not as good as the impact of the natural properties of the population, such asgender and age.At the end, the revelation of this study is the generally summarized, andrecommendations are given mainly such eight areas as: 1) to continue to implement theHuman Capital Strategy should not be hesitated; 2) to improve the quality of educationshould be an important direction for human capital accumulation; 3) to facilitate theefficient movement of the population must be an important optimization of humancapital allocation path; 4) to attach importance to contain the role of population agingon the human capital accumulation; 5) to increase job training investment, improve the level of human capital experience; 6) To transform economic development, release ofthe efficiency functions of human capital allocation; 7)To optimize the industrialstructure, broaden the space of human capital allocation efficiency; 8) to balance thedevelopment of urban and rural areas, get rid of the institutional constraints to humancapital efficiency.