金融结构转型是否有利于人力资本升级  

Is the Transformation of Financial Structure Conducive to Human Capital Upgrading

作　　者：李勇[1] 段诗宁 Yong Li;Shining Duan(School of Economics and Management,Northwest University)

机构地区：[1]西北大学经济管理学院

出　　处：《经济学报》2024年第1期77-109,共33页China Journal of Economics

基　　金：国家自然科学基金青年项目“行政垄断下人力资本错配对企业创新效率损失的影响研究”(71704141);陕西省社会科学基金一般项目“陕西省人力资本配置促进经济高质量发展的机理与路径研究”(2023D016)的资助。

摘　　要：对于金融结构转型是否有利于人力资本升级这一问题,本文构建理论模型证明:当技术风险较低时,创新企业的破产风险较低,银行融资是更为有效的融资方式,吸纳的人力资本水平也较高,提高金融市场水平将无助于企业人力资本升级;与之相对应,当生产率较高、技术风险较大时,创新企业虽然面临着较大的破产风险,但其可以通过“利益共享”的方式获得股票投资,分担技术风险,故股票融资成为更为有效的融资方式,吸纳的人力资本水平则更高,提高金融市场水平将会对人力资本升级需求产生积极影响。进一步,本文利用2000—2019年CSMAR上市公司数据库和省际宏观数据进行匹配,并在此基础上进行实证检验,结果证实了上述假说。最后,本文得出了结论和相应的启示。This paper mainly examines the relationship between financial structure and corporate human capital upgrading under different risk levels.By constructing a theoretical model,this paper found that when the technological risk is low,the bankruptcy risk of innovative companies is low,bank financing is a more effective financing method,and the level of human capital absorbed is also high.At this time,raising the level of financial markets will not help.Correspondingly,when productivity is high and technological risks are relatively high,innovative companies face greater bankruptcy risks,but they can obtain stock investment and share technological risks through the“benefit sharing”approach.Therefore,stock financing has become a more effective financing method,and the level of human capital absorbed is higher.Improving the level of the financial market will have a positive impact on the demand for human capital upgrading.Furthermore,this paper uses the CSMAR listed company database from 2000 to 2019 to match inter-provincial macro data,and conducts empirical tests on this basis.The results confirm the above hypothesis.Finally,this article draws a conclusion and corresponding enlightenment.

关 键 词：金融结构 技术风险 破产风险 人力资本升级 

分 类 号：F832[经济管理—金融学] F272.92