资本要素市场扭曲对经济高质量发展的影响实证研究——基于劳动力质量的调节作用

An Empirical Study on the Impact of Capital Factor Market Distortion on High Quality Economic Development——The Regulatory Effect Based on Labor Quality

为进一步促进我国经济高质量发展,本文以2004~2023年30个省(区、市)经济面板数据为对象,实证分析资本要素市场扭曲对经济高质量发展的影响。其中,以经济增长水平为因变量,以资本要素市场扭曲为自变量,以劳动力质量为调节变量,以外商直接投资、产业结构、创新环境为控制变量,通过多重共线性检验、回归分析、异质性检验,验证资本要素市场扭曲对经济高质量发展的影响。结果表明,资本要素市场扭曲对经济高质量发展有明显的抑制作用;劳动力质量在资本要素市场扭曲与经济高质量发展的关系中发挥着调节作用。通过劳动力质量的调节,资本要素市场扭曲对经济高质量发展的抑制明显减弱;从区域影响看,东部、中部、西部3个不同区域的资本要素市场扭曲对经济高质量发展的影响相同,均表现出显著抑制作用,且随着经济增长速度的增加,抑制作用增大;加大外商直接投资、优化产业结构、强化创业环境可促进经济高质量发展。基于实证结果,本文认为要进一步促进经济高质量发展,避免资本要素市场扭曲的抑制作用,并提出三方面措施:建设开放的资本要素市场,提高外资直接投资水平;调整产业结构,加快产业协同发展;加大创新投入,营造良好的创新环境;加快资本要素市场化改革,促进不同区域资本要素的流动。

In order to further promote high-quality economic development,an empirical analysis was conducted on the rela⁃tionship between capital factor market distortion and high-quality economic development in 30 provinces of China from 2004 to 2023.Specifically,by selecting economic growth level as the dependent variable,capital factor market distortion as the independent varia⁃ble,labor level as the moderating variable,and foreign direct investment,industrial structure,and innovation environment as con⁃trol variables,the relationship between capital factor market distortion and high-quality economic development was verified through multicollinearity testing,linear regression analysis,nonlinear regression analysis,and heterogeneity testing.The results indicate that the distortion of the capital factor market significantly inhibits high-quality economic development,and is significant at the 1%significance level.The level of labor plays a regulatory role in the relationship between the distortion of the capital factor market and high-quality economic development.Through the adjustment of labor level,the inhibitory effect of the distortion of the capital factor market on high-quality economic development is weakened.The relationship between capital factor market distortion and high-quali⁃ty economic development in different regions of the eastern,central,and western regions is the same.All show that capital factor market distortion significantly inhibits high-quality economic development,and the inhibitory effect becomes greater with the in⁃crease of economic growth rate.Increasing foreign direct investment,optimizing industrial structure,and strengthening the entre⁃preneurial environment are conducive to promoting high-quality economic development.On this basis,in order to further promote high-quality economic development and avoid the inhibitory effect of distorted capital factor markets,it is proposed to build an open capital factor market and improve the level of foreign direct investment.Adjusting and optimizing industrial structure to promote coo⁃rdinated development of industries.Increase investment in innovation and create a favorable innovation environment.Accelerate the market-oriented reform of capital factors and promote the flow of capital factors in different regions.