人力资本、融资约束对制造业全要素生产率的影响研究

Research on the Influence of Human Capital and Financing Constraints on the Manufacturing Enterprise Total Factor Productivity

人力资本是经济增长和高质量发展的重要因素,但融资约束影响企业创新投资。近年来,老龄化和融资问题导致经济增速放缓。优化经济结构需注重人力资本积累、技术创新和融资问题。本研究考察了2015~2022年中国制造业企业的微观数据,实证分析人力资本和融资约束对制造业生产率的影响,发现人力资本促进生产率,但受区域经济发展影响;融资约束阻碍生产率,尤其在市场化较低地区。并提出了政策建议包括加强高等教育、提升企业信息透明度、金融市场监管和改革,以及提升地区市场化水平。

Human capital is a crucial factor for economic growth and high-quality development, yet financing constraints impede innovation investment. In recent years, aging populations and financing issues have slowed economic growth. Optimizing economic structure requires addressing human capital accumulation, technological innovation, and financing challenges. This study examines microdata from Chinese manufacturing firms between 2015 and 2022, empirically analyzing the impact of human capital and financing constraints on manufacturing productivity. It finds that human capital enhances productivity but is influenced by regional economic development, while financing constraints hinder productivity, particularly in less market-oriented regions. Policy recommendations include strengthening higher education, enhancing corporate transparency, improving financial market regulation and reform, and increasing regional market orientation.