Theoretical And Empirical Research On The Influence Of Heterogeneous Cultural Capital On China's Economic Growth

This article discusses the logical mechanism of market cultural capital characterized by competition and innovation in a market economy and the traditional cultural capital characterized by traditional Confucian culture as the core concept affecting the long-term economic growth, in order to find a new driving force of China's economic growth and solve the long-term impact of the subprime crisis and investment-driven growth pattern of China's economy. Meanwhile, this article aims to provide a new direction and ideas for culture construction from the perspective of economic development. In the end, it is supposed to provide theoretical and practical basis for the economic and cultural development in China.This article, based on cultural capital, firstly combing the research of the relationship among the culture, cultural capital and economic growth of the new institutional economics and sociology, summarizes the three theoretical propositions that traditional cultural capital and market cultural capital impact China's economic growth by induction:1. Traditional cultural capital promotes economic growth by influencing market players accumulation of physical and human capital;2. Market cultural capital promotes economic growth by encouraging market players to participate in market competition and innovation;3. The accumulation of traditional cultural capital and market cultural capital can affect efficiency of economic growth by institutional choice. Second, based on endogenous growth framework, this article investigates the effects of heterogeneous cultural capital of steady economic growth path from the point of view of mathematical logic and tests these three propositions on the theoretical level by adding the variables of market cultural capital and traditional cultural capital. In addition, this article selects Provincial Panel Data1997-2012of published "China Statistical Yearbook" effectively estimates the Chinese traditional culture capital and market cultural capital based on the perpetual inventory method from the perspective of the family and the two industries, empirically tests the influence of traditional culture to economic growth through physical capital and human capital accumulation by use of fixed effects (FE) and random effects (RE) model and estimated results verify the impact of cultural capital markets and heterogeneous cultural capital for innovation and economic growth, verifies the impact of cultural capital markets and heterogeneous cultural capital for innovation and economic growth based on estimated results of stochastic frontier model (SFA). Finally, the research findings show that traditional cultural capital and market cultural capital promote Chinese long-term economic growth along the noted propositional logic theory.Compared with existing research, this paper mainly made the work above:First, from multicultural perspective, this paper initially construct of the logical framework of heterogeneous cultural capital affecting economic growth on the endogenous growth model; Second, In the process of measuring heterogeneous cultural capital stock, overcomes the lack of measuring cultural capital stock of existing research only from the industrial point of view, which effectively estimates Chinese provincial heterogeneous culture capital stock not only combining both household and industrial culture of statistical indicators to determine the level of capital stock of the ultimate culture, but also using market-oriented index and economic structure as the distinction between Chinese cultural capital weights. Thirdly, this paper analyzes of the impact of idiosyncratic cultural capital efficiency of economic growth and efficient innovation by using SFA model,Earlier talking about the impact of heterogeneous cultural capital on TFP trends and technology innovation efficiency from the empirical level; Fourth, the paper empirically analyzes of provincial statistical data by using the panel data in a detailed measure of traditional cultural capital, which completes the theoretical study of the relationship between traditional Confucian culture and the growth of China's economy in domestic.