在劳动力红利消失、产能过剩的经济压力下，面对不够完善的产权、金融等制度环境，企业选择何种战略投资，是值得研究的热点问题之一。文章运用融资途径、市场需求、创新能力、知识产权保护、土地、政府管制与审批等6个方面的企业主观评价数据构建了制度环境感知指标，运用 OLS 回归估计、工具变量法(IV)估计以及有限信息最大似然估计法(LIML)估计实证分析了制度环境感知与人力资本的相关性，实证结果表明：制度环境感知与人力资本存在显著的正向因果效应，即当企业家感知到制度环境对企业的经营发展造成的障碍越大时，企业家越会选择人力资本投资。基于此结论文章提出：政府应当加大以产权和金融制度为核心的制度环境建设力度；加大以职业技术教育为核心的基础设施建设力度；加大以小微企业为主要对象的特殊性培训优惠政策倾斜力度。%Under the economic pressure of labor dividends disappearance and the excess capacity, which strategic choice of investment enterprises will choose is one of the hot issues worth studying in the face of inadequate institutional property and finance environment.The paper uses six aspects of enterprise subjective evaluation data that include means of financing,market demand,innovation, intellectual property protection,land,government regulation and approval to build the institutional environment perception index system.The paper applies OLS regression estimation,instrumental variables (IV)estimation and limited information maximum likelihood estimation method (LIML) empirically analyses the correlation of institutional environment perception and human capital.The empirical results show that there is a significant positive causal effect between the institutional environment perception and human capital.The greater the perceived barriers of institutional environment for the development enterprises have,the more they would choose to invest in human capital.Based on this conclusion,the paper suggests that the government should put in more efforts on the institutional environment construction with property and finance at the core.The government should also pay more attention to infrastructure construction with vocational and technical education at the core.It’s also needed to increase preferential policies for small and micro enterprises as the main target of the special training.
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