资本投入、劳动力结构与相对人力资本投资效率

构建了由资本、技能和非技能劳动力这3要素嵌套的CES生产函数；剖析了资本投入与劳动力结构对相对人力资本投资效率的影响；利用中国2004—2018年省级面板数据，测算出相对人力资本投资效率，并从经验的角度检验其影响因素．研究发现:1）2004—2018年相对人力资本投资效率呈小幅上升趋势，劳动力结构效应使相对人力资本投资效率降低，而资本品质、资本与技能劳动力匹配等效应使相对人力资本投资效率增加；2）资本投入与劳动力结构对人力资本投资效率的影响受制于要素的替代弹性，非技能劳动力出现挤出效应，而技能劳动力的需求量大，各区域对劳动力需求迥异，但都可通过增加技能劳动力的投入、调整劳动与资本要素结构来有效提高投资效率；3）相对人力资本投资效率的成因检验结果表明，产业结构转型升级水平和技能劳动力投入比例的提高，可有效降低技能溢价，进而降低相对人力资本投资效率，且在技能劳动力投入比例较低的情况下，产业结构转型升级水平会降低相对人力资本投资效率；4）产业结构转型升级水平对相对人力资本投资效率的影响在不同区域之间存在较大的差异，东部地区表现强于中西部地区． 

Capital input,labor structure and relative efficiency of human capital investment

Influence of capital input and labor structure on relative efficiency of human capital investment was analyzed by nested CES production function containing capital, skilled labor and unskilled labor．The relative efficiency of human capital investment was calculated, factors that influencing efficiency of human capital investment were examined, all based on Chinese provincial panel data from 2004-2018．The relative investment efficiency of human capital from 2004-2018 was found to show a slight upward trend．The relative investment of skilled and unskilled labor was found to reduce relative efficiency of human capital investment, but capital quality effect and capital-skill matching effect improved efficiency of human capital investment．The influence of capital input and labor structure on efficiency of human capital investment was limited by elasticity of factor substitution．Unskilled labor force showed crowding-out effect, but skilled labor force showed crowding-in effect．At the regional level, demand for labor showed variations in different regions, but investment efficiency was effectively improved after increasing input of skilled labor or adjusting structure of labor and capital．Improvement of industrial structure transformation and upgrading level and the proportion of skilled labor input were found to effectively reduce skill premium, thus reducing relative human capital investment efficiency．The level of industrial structure transformation and upgrading will reduce relative human capital investment efficiency when proportion of skilled labor input is low．The influence of the level of industrial structure transformation and upgrading on the relative efficiency of human capital investment was found to vary greatly in different regions．Differences in industrial structure in different regions were identified, performance in eastern regions was found stronger than central and western regions．