Research On The Impact Of Human Capital Investment On The Innovation Output Of Enterprises

In recent years,the overall demand for human capital in China is strong,but the overall quality of human capital in enterprises is low,and the brain drain situation is worrying.As a member of "mass innovation",small and micro enterprises are difficult to employ and finance,technology and human resources are the key elements to support the growth of enterprises,and efficient human capital investment is crucial to them.It is of great significance for China to explore how to effectively improve the high-level human capital stock of small and micro enterprises and promote technological innovation of enterprises,so as to develop innovative economy and realize economic transformation and upgrading.Is the impact of small and micro enterprises' human capital investment on innovation output different from that of listed companies? There is no in-depth study on this issue.According to endogenous growth theory,human capital is generally considered to promote technological innovation through technological diffusion,that is,the externalities brought by human capital and material capital promote technological innovation,thus promoting economic growth.Therefore,increasing human capital investment and enhancing the external effect of human capital will enable small and micro enterprises to increase their investment in innovation and promote innovation.Based on the data of China small and micro enterprise survey database(CMES)and National Bureau of statistics conducted by China family finance survey and research center of Southwest University of Finance and economics in 2015,this study uses stata13.0 to make a simple descriptive statistics of human capital investment and innovation output in various industries and regions of small and micro enterprises in China,and then uses the OLS regression method tests the relationship between human capital investment and innovation output of small and micro enterprises,and further tests whether the education structure of human capital plays an intermediary role in it through the sequential test,and finally tests the robustness of relevant tests.Based on the relevant empirical analysis,this study summarizes a series of conclusions: the more small and micro enterprises invest in human capital,the higher innovation output.The human capital investment of small and micro enterprises positively affects the innovation output of enterprises through the intermediary variableof human capital education structure,which plays a part of the intermediary role.According to the research conclusion,this paper also puts forward suggestions from two aspects of human capital investment form and enterprise talent management process to realize the diversification and dynamic of health care investment methods,improve the management system of human capital,and establish the evaluation system of human capital.