人力资本产权效应与经济增长的实证分析

本文基于人力资本产权视角在经济增长理论框架中纳入"第二类"人力资本变量修正了MRW模型,利用中国1978—2006年的宏观经济数据及1994—2006年280家样本上市公司的历年年报资料,分析了"两类"人力资本对中国经济增长的影响,结果发现:将人力资本要素划分成两类后,对宏观经济增长的解释力变得更强;"第二类"人力资本具有显著的负外部性;在人力资本的产权效应中,真正对宏观经济增长产生促进作用的是人力资本产权的权能因素,而权责因素对经济增长作用并不显著;"第一类"人力资本是经济增长的Granger原因,而经济增长并不构成"第一类"人力资本存量水平提高的Granger原因。

Empirical Analysis of Property-right Effects of Human Capital and Economic Growth

This paper modifies MRW model based on human capital through adding the second kind human capital variable from the perspective of property rights of human capital.By capitalizing on China's macroeconomic data from 1978 to 2006 and the annual reports(from 1994 to 2006)of 280 sample companies in the Chinese stock market,we examines the impact of the two kinds of human capital on the Chinese economic growth.According to the research result,first,the explanation power of human capital to the economic growth becomes stronger after classifying human capital into two kinds;second,the second kind human capital shows obvious negative externalities;third,regarding the property-right effects of human capital,it is the power factor of human capital that facilitates the economic growth of China rather than the responsibility part;forth,Granger causality verification outcome indicates that the first kind human capital can be viewed as the reason for Chinese economic growth.