产业集聚与人力资本投资效益——来自中国工业企业的微观证据

长期以来，关于我国本土企业是否存在内生经济增长特有的人力资本溢出效应，一直缺乏直接的微观经验证据。本文首次利用中国工业企业数据库的大样本数据，通过考察产业集聚与企业人力资本投资-绩效敏感性之间的关系，发现我国存在产业集聚带来的溢出效应，但这种效应只是显著存在于中小企业集群中：在中小企业集群地区，产业集聚程度上升将会提高企业人力资本投资的边际收益；而在非集群地区，产业集聚对企业人力资本投资的边际收益没有产生影响。进一步的实证检验表明，地区人力资本投资水平的提高会改善该地区没有人力资本投入的企业绩效；对于中小企业集群地区没有人力资本投入的企业，地区人力资本投资水平给其带来的边际绩效显著高于非集群地区的企业。

Industrial Agglomeration and the Spillover Effect of Human Capital Investment:Micro Evidences from Chinese Industrial Firms

There has been lack of directly empirical evidences about spillover effect of human capital investment in Chinese local firms that is character of endogenous economic growth. This paper empirically studied spillover effect of human capital investment in industrial cluster region through investment in human capital channel, using the China industry micro data. By analyzing the relationship between industrial agglomeration and performance sensitivity about investment in human capital, this article finds that there exists the spillover effect of human capital investment attributing to industrial agglomeration in china, but this relationship only exists in cluster region: industrial agglomeration have no effect on the marginal benefit of investment in human capital in no-cluster region; but in industry cluster, the rising of agglomeration density will improve the marginal benefit of investment in human capital. We also find that regional human capital investment level will favors the performance of firms that are zero investment in human capital; and regional human capital investment level brings that kind of firms in clusters more marginal benefit than firms in no-cluster region.