Study On The Influence Of Human Capital On The Starting Salary Of College Graduates In The New Economic Normal

In recent years, the continuous deepening of reform and opening up, China’s economy has begun to enter in the new normal with slowing economic growth, economic structure optimization and balance, and innovation-driven.The changes in macro economy has brought new opportunities and challenges to colleges graduate employment market which has already been in severe situation. From the point of total employment, The reforms of the second industry supply side worsen employment situation of colleges graduate in the short term and expand employment and improve quality in the long term.The new forms and model of the third industry,and diversity employment pattern bring vast employment space and ideal starting salary.With the encouragement of "public entrepreneurship, peoples innovation”, college students are active in entrepreneurship to create more employment opportunities. In the side of employment structure,colleges graduates who are lack of skills and core competitiveness face employment predicament,while highly skilled talents, professional and technical personnel and other innovative talents become popular in the market.The structural contradictions will become more prominent.Economic structure optimization and innovation driven provides more opportunities to improve college graduate’ allocation. Human capital of colleges graduates is the foundation of realization.Does market-oriented human capital investment of colleges graduates optimize employment quality under the new economic normal? To address this issue, on the basis of related literature at home and abroad, this paper uses the labor economics, management science,sociology and econometrics methods to deeply study the relationship of human capital and starting salaries,analysis the mechanism and results of the human capital to starting salaries so as to provide policy advices for colleges graduates to improve the employment quality.Colleges graduates in 2013 of a university in Guangdong province is selected as the research object. First of all, using the available data, this paper analyses human capital stock,social capital stock, the employment characteristics, individual characteristics, professional distribution and starting salary distribution of the college graduatesto overall grasp the present situation.secondly, based on the theory of human capital theory and Mincer salary decision equation,this paper empirical analyses the influence of human capital on the starting salary of college graduates by building multivariate regression model of measurement and using ordinary least squares(OLS) regression analysis. The conclusions is that:(1)Human capital has a significantpositive effect on starting salary of college graduate.The starting salary of party member college graduate is significantly higher than non-party people. Award level is higher, the starting salary is higher. Similarly,the GPA is higher, the starting salary is higher.(2)The marginal return rate of human capital indicator from high to low in turn is award level, political affiliation, and GPA.(3)Social capital has a positive influence on starting salary of college graduate also.(4)The influence of human capital on the starting salary of college graduate is greater than the influence of social capital.(5)The starting salary of college graduate is different in gender, ethnic,professional, industry and enterprise.Finally, according to the empirical conclusions and currunt situation, policy Suggestions is provided from the government, universities and college student individual to improve the starting salary of college graduate as an reference for future research.