不同资本投资取向对服务业发展规模的影响研究

Research on Influence of Different Capital Investment Orientation on Service Industry Development Scale

文章将人力资本切分为一般性人力资本投资和高端人力资本投资,并分别纳入企业生产性资本投资和技术性资本投资中,运用非平衡面板数据和GMM模型系统分析了不同取向的资本投资对于我国服务业发展的影响效应,并在此基础上结合产权性质进行了进一步的探讨。结果显示：三种资本投资取向对于我国服务业规模的提升均存在显著促进作用,但服务业生产效率的提升则更为依赖技术性资本投资和投机性资本投资。结合区域差异及产权性质,东部地区服务业发展最为依赖技术性资本投资;西部地区则依赖于地方政府干预和影响。地方国有企业资本投资在中部地区存在负向作用,民营企业及中央国有企业则存在正向作用。

This paper divides the human capital into general human capital and advanced human capital, and adds them to the business productive capital investment and technical capital investment respectively. And then the paper uses Unbalanced Panel Data and GMM model to analyze the influence effect of capital investment of different orientation on China＇s service industry development, on the basis of which nature of property right is considered for a further discussion. The study result shows that the three types of capital investment orientation have significant promotion effect on the scale of service industry, but the productivity improvement of service industry depends more on technical capital investment and speculative capital investment; considering the regional difference and the nature of property rights, the service industry development in the eastern region relies on technical capital investment most, while in the western region, it mainly depends on the government interference and influence; in the middle region, the local state-owned enterprises show a negative effect on the efficiency of service industry, while central state-owned enterprises and private enterprises show a promoting effect.