人力资本的差异性定价与溢出效应——基于人口、行业和区域异质性

Human Capital Differential Pricing Model and Spillover Effects Based on the Heterogeneity of Labor,Industries and Location

文章在资本定价模型的基础上,按风险来源把人力资本价值分为内在价值和外部价值。通过模型反映出人力资本价格以学历、年龄等内在价值为中心,随外部风险变化而波动的规律。同时为真实反映外部异质性下人力资本的马太效应,利用门槛面板模型求解学历对产出的门槛值,克服了通过常规求解平均受教育年限的不足,能更有效地反映劳动者人力资本的溢出效应。此外,文章给出的包含内、外部价值等因素的人力资本定价模型,既能反映当期的人力资本价格,也能动态推断预期人力资本价格,并且可以通过细分行业、职业等变量进行扩展,在模型的应用上有一定的实用性。

Based on the capital asset pricing model, this paper divides the value of human capital into internal value and external value by sources of risk. By human capital pricing model, it gives the reasonable explanation that human capital pricing is mainly on calculating the internal value which is changed with external risk. In order to reveal human capital＇s Matthew Effect, threshold panel models are applied in this paper to find out the thresholds instead of average years of schooling, which overcomes the normal methods＇deficiencies and is more effective to express the spillover effects of human capital. In addition, the model given in this paper not only gives us a new method to price current human capital by internal and external factors, it can also calculate dynamically future human capital price. Furthermore, it is easy to extend the model by subdividing the variables of industries and position to get much accurate human capital price which is practical applicability in real world.