Research On The Role Of Human Capitalaccumulation And Enterprise Innovation In Leap Over The Middle Income Trap

After more than four decades of high growth,China’s economy has entered a new normal.The growth rate of per capita national income(GNI)has gradually slowed down,and the unsustainable factors in the development process have emerged successively.Such as,The relative lack of human capital accumulation,the need to improve the independent innovation ability and the the structural problems of uncoordinated capital investment ratio lead to low efficiency,those problem are particularly prominent.At present,How to achieve an effective increase of human capital and innovation capability,promote supply-side reform to release more dividends,and promote China’s economy holding high-speed growth to cross the middle-income trap has become the focus of academic circles.This paper focusing on the role of human capital accumulation and enterprise innovation in leapfrogging the "middle-income trap," from both theoretical and empirical aspect to explore the interaction between human capital and business innovation and its specific role i n economic growth.We will further advocate the policy suggestions that strengthening the level of human capital investment and improving the capacity of enterprises’ independent innovation,so as to promote on the steady increase of per capita national income.In the theoretical part,based on the OLG model of neoclassical growth theory,this paper establishes a theoretical analysis framework that leads to different national income growth rates.The analysis framework mainly includes the theoretical analysis model of interaction mechanism between human capital accumulation and enterprise innovation,the optimal proportion of human capital accumulation analysis model,human capital accumulation and anterprise innovation synergy influence national income theoretical analysis model.The results show that different levels of human capital accumulation and innovation,and the synergies between the two factors will lead to different total output levels and further significant differences in the rate of economic growth.When a country has long been the condition that lack of human capital accumulation and innovation,the negative synergies of the two forms will lower the whole economic investment in human capital and r&d spending relatively,conducted to the macro level will keep the economy in a balanced path of slower growth and will fall into the middle-income trap inevitably in the long run.In the empirical part,based on the comprehensive arrangement of human capital accumulation and enterprise innovation data in China,uses VAR model to carry out measurement test,and the results show that the kind of interactive relationship needs to be strengthened nationally.Furthermore,the effects of national income factors were analyzed through the fixed effect panel data.The research shows that the current Chinese human capital accumulation and enterprise innovation have an positive effect on the increase of national output obviously.At the same time,the positive interaction between higher human capital accumulation and innovation can promote economic growth,and sustained this benign interaction is conducive to the leap of middle-income trap.And the negative interaction of low human capital accumulation and innovation will hinder economic growth,it is highly likely to fall into the trap if china has long been in this lower growth equilibrium path.Thus the theoretical model and its corollary are verified effectively.Based on the comprehensive theory and empirical research results,the following policy suggestions are put forwardin this paper.China should optimizing the human capital investment structure and enhance the strength of human capital accumulation.Efforts should be made to establish the main body position of the enterprise and enhance the ability of independent innovation.The govemrnt should play an active role in regulation and improve the socialist market economy system and so on.