Research On The Impact Of Intellectual Capital On China's Total Factor Productivity

In recent years,China's economic development has entered a new normal,and the old economic development mode has been difficult to maintain sustainable economic development.It is urgent to adjust the economic development mode and increase the total factor productivity.Service industry and high-tech industry as pillar industries in China are particularly important for economic development.Although these two types of industries are developing well,they are also facing the dilemma under the new normal,it is also necessary to increase the total factor productivity of the two industries.According to the theory of endogenous economic growth,intellectual capital enhances total factor productivity by promoting technological progress.Therefore,researching the relationship between the two provides theoretical and practical significance for intellectual capital to improve total factor productivity.Firstly,based on the panel data of 30 provinces(except Tibet),this paper uses the HM index to measure the total factor productivity of China's overall,service industry and high-tech industries,and analyzes the results from a regional perspective.Then,based on the construction of the intellectual capital index system,total intellectual capital,research and development capital,human capital,infrastructure capital and technology capital were measured by the arithmetic average method,and the calculation results were analyzed.Then the panel OLS method and IV-GMM method are used to estimate the impact of the total intellectual capital index and the four capitals on the three types of total factor productivity.The empirical results are based on the results of IV-GMM,and the intellectual capital,human resources capital and infrastructure capital can accelerate the improvement of three types of total factor productivity.R&D capital can accelerate the improvement of overall factor productivity but reduce the total factor productivity of service industry and high-tech industry.Technical capital raises the three types of total factor productivity but the impact is not significant.Finally,this paper proposes to increase the intensity of research and development,transform the focus of research and development;increasehuman capital accumulation,optimize human capital structure;improve infrastructure construction,accelerate the dissemination and accumulation of knowledge and technology;optimize technical capital structure and improve technological achievements Policy recommendations for conversion rates.The innovations of this paper are as follows: 1.Construct a more scientific and rational intellectual capital index system,and use the appropriate method to measure the intellectual capitall index,making the estimation result more correct;2.The overall,service industry and high-tech industry Total factor productivity is included in the research framework and enriches research in this area.The shortcomings are: 1.Failed to get the latest data for research.2.The empirical evidence is not perfect enough,and the interaction items of R&D and human resources and more control variables are not included in the research.