The Dynamic Study Of The Re-Lationship Between Hainan Pro-Vince’s Human Capital,Physical Capital And Economic Growth

As China’s youngest province and the largest special economic zone, Hainan province was placed on high expectations at the beginning of the Reform and Opening UP.After the establishment of the province in1988,all industries had got big developments,the economic development had also made a considerable progress.Yet another fact is that the largest special economic zone,in the past20years,Hainan province didn’t play its due role in China’s economic map.In2010,the construction of "International Tourism Island"was promoted as the national strategy,Hainan economic development ushered in a historical opportunity, the southermost "tropical island" won the world’s attention once again.Thus,under the overall construction of international tourism island and in the context of enhancing Hainan’s comprehensive strength and developing level,study the "engin" of Hainan’s economy becomes very necessary.Economy cannot be constructed and developed without the intellectual support of human capital.To achieve the strategic goal,, a key prerequisite is to accelerate the empolder of human resources and to actualize the rapid promotion of human capital.However,the current situation is that Hainan province’s human resources (labor resources)abundant otherwise the human capital (highly qualified personnel)scarce.There has been a large gap between the international-tourism-island construction and the needs of highly qualified personnel.Therefore, under the environment of national industrial structure upgrading and economic restructuring, adequately study the relationship between human capital, physical capital and economic growth of Hainan Province will help us fully understand its economic development path, and combined with the actual situation in the province to find the "bridge" and "channel"between human capital and economic growth.It also will help us take advantage of "advantages" to achieve green rise. This lies in the intention of the study.After exploring the literatures,the author found that research on human capital and economic growth is the attention focus of scholars currently, and specific to Hainan Province for the study of literature few. Therefore, this study has some practical value. In this paper, the theory of endogenous economic growth as the cornerstone of human capital from the perspective of a premium model, based on empirical testing cointegration theory of long-run equilibrium relationship between1988-2011in Hainan Province human capital, physical capital and economic growth, long-term results human capital to promote economic growth as a significant and greater than physical capital to promote economic growth conclusions. Granger causality test results through the interaction of Hainan between human capital and physical capital is not significant conclusions based on both VEC model reveals the short-term effects between the three. Finally, impulse response and variance decomposition, the specific measures the dynamic relationship between Hainan human capital, physical capital and economic growth between the three, and the corresponding policy recommendations in order to provide a reference for the study of future scholars.