异质型人力资本、风险投资和产业结构升级  

Heterogeneous Human Capital,Venture Capital and Industrial Structure Upgrading

作　　者：李宝瑜 常诚 陶晓慧 LI Baoyu;CHANG Cheng;TAO Xiaohui(International Business School,Jinan University,Zhuhai Guangdong Provinces 19000,China;Guangzhou Hanhuimanagement Consulting Corp,Guangzhou Guangdong Provinces 10000,China)

机构地区：[1]暨南大学国际商学院,广东珠海519000 [2]广州市瀚晖企业管理顾问有限公司,广东广州510000

出　　处：《中国发展》2022年第2期52-63,共12页China Development

基　　金：国家自然科学基金“产业联盟,区域联盟与并购”(71772182);广州市瀚晖企业管理顾问有限公司横向委托课题“风险投资的价值增值效应研究”。

摘　　要：风险投资对于塑造区域创新能力,推动区域产业结构升级有着重要作用。由于地区之间发展基础的不同,风险投资在其中发挥作用的效果存在差异。该文利用2011-2019年中国31个省级行政单位的面板数据作为研究样本,从产业结构合理化和产业结构高级化两个维度来衡量产业结构升级。实证结果表明,在全国测度范围内,风险投资对产业结构升级起显著的促进作用,异质型人力资本起到显著正向调节作用。分区域测度发现,在东部地区,风险投资对产业结构升级起到推动作用;异质型人力资本对风险投资与产业结构高级化的关系起到显著正向调节作用。在中西部地区,风险投资的效用以及异质型人力资本的调节作用发挥皆不明显。Venture capital plays an important role in shaping regional innovation capacity and promoting regional industrial structure upgrading.However,due to the different development basis between regions,there are differences in the effect of venture capital.This paper uses panel data of 31 provinces in China from 2011-2019 as a research sample to measure industrial structure upgrading in two dimensions:industrial structure rationalization and industrial structure advancement.The empirical results show that venture capital plays a significant role in promoting industrial structure upgrading.And heterogeneous human capital plays a significant positive moderating role within the national measure.Also we find that in the eastern region,venture capital plays a catalytic role in upgrading industrial structure,and heterogeneous human capital plays a significant positive moderating role in the relationship between venture capital and advanced industrial structure.In the central and western regions,neither the effectiveness of venture capital nor the moderating effect of heterogeneous human capital plays a significant role.

关 键 词：风险投资 异质型人力资本 产业结构升级 

分 类 号：F121.3[经济管理—世界经济]