Research On The Effect Of Heterogeneous Human Capital On Economic Development In China

Marshall(1890)proposed in "Principles of Economics" that the most valuable capital is the capital invested in people.In the 1980 s,Lucas and Romer introduced the theory of human capital into the new growth theory,pointing out that the difference in the stock of human capital may affect the long-term economic growth rate.In regions with the same amount of human capital,the benefits for economic development often have different performances due to heterogeneity.The heterogeneity of human capital between regions is highly correlated with the difference in the scale of human capital investment.A large number of previous studies have used Mincer(1974)'s ideas in estimating the human capital stock,and directly measure the human capital of a country based on the estimated return on school education.In recent years,more studies have taken the average years of education as a representative indicator of human capital stock,while Caselli(2005)summarized and analyzed the past literature,pointed out that the level of labor quality measured by education alone can only explain a small part of the per capita output gap between regions.Therefore,based on the Caselli's method,this thesis uses human capital investment indicators,and the human capital quantity estimation method,innovatively incorporates the quality of education and training to reflect the quality of human capital,and ultimately measures the heterogeneous human capital stock more accurately.Human capital investment,as a form of investment that governments,companies,or individual laborers need to bear in the labor market,is mainly invested in education and training,migration,and finding new jobs.By receiving education,workers gain general knowledge and develop basic skills to enter the labor market;and training is more targeted to further enhance the skills of individual laborers to meet the technical requirements of specific job positions.Therefore,this paper hopes to fully consider the important role of education and training in the accumulation of human capital based on the theory of human capital investment.It is not limited to the level of education to estimate the regional human capital stock,and incorporate training factors into the human capital measurement system to comprehensively study the economic development benefits of human capital.At the same time,this thesis believes that human capital investment has a relatively slow impact on the amount of human capital,and the upgrading and optimization of the quality of human capital is more obvious.According to the research ideas from small to large,from quantity to quality,from micro to meso,starting from the study of the impact of human capital investment on the development of enterprises,we explore whether companies with heterogeneous human capital have better development trends and operations.Assuming that in the short term,the amount of human capital in an enterprise may change relatively small,and employees' human capital investment is mainly reflected in the improvement of the quality of human capital in the enterprise.Therefore,micro-enterprises can be used as a good sample to explore how to increase human capital investment by improving human capital,and find out whether the capital quality has a positive effect on the company's operating conditions.The empirical results show that the profit margins and per capita sales of enterprises that carry out technical training are higher than those without employee training,and that the economic benefits of heterogeneous human capital are also different in enterprises with different characteristics.Based on the results of the previous study,this thesis takes the differences in the quality of education and training caused by the unequal scale of human capital investment in various regions into account,and adding quality factors when measuring the human capital stock,so as to obtain a more comprehensive heterogeneous human capital stock estimation across provinces,and study the impact of human capital on local economic development.Finally,from the level effect to the spatial effect,the interregional spillover effects of heterogenous human capital due to labor flow and spillover effects of education and training resources are discussed.Research result shows that the heterogeneous human capital stock not only has a significant positive impact on the province's economy,but also has a certain degree of positive spillover effects on neighboring provinces.Finally,based on the previous theoretical combing and empirical results analysis,this article believes that the important position of human capital investment in the long-term economic development should be focused by policy-making departments.Through further guide policies as increasing education and training investment,and training subsidies,the skill structure of the labor market can be adjusted,the production efficiency can be optimized,and higher levels of innovation can be stimulated.Giving full play to the role of human capital investment,and increasing the overall level of human capital by improving the quality of human capital,the long-term stable and rapid development of China can be ensured.