Research On The Influence Of Human Capital On Service Enterprise's Innovation

China's economy has now shifted from high-speed growth stage to high-quality development stage.As the services being the main engine of economic growth,its innovation not only affects the market competitiveness and performance of enterprises,but also contributes to the healthy,stable and rapid economic growth.Acting as a new factor leading the innovation-driven development,human capital is a precious resource for enterprises to innovate and maintain competitive advantage,also resulting in the difference in the innovation of enterprises.And this is particularly obvious for services with human capital intensive characteristic.Therefore,the impact of human capital on service industry innovation has been the focus of attention of scholars at home and abroad.China,however,is an emerging market country with the institution environment varies among different regions,which makes the external institution the base of human capital for playing its role.As a result,under China's special institutional environment,the study of impact of human capital on service industry innovation needs further deepening.This paper constructs a theoretical framework of institutional environment,human capital and service industry innovation,and it mainly focuses on two issues:“The main effect of human capital on the service industry innovation” and “the moderating effect of institutional environment in this process”.Firstly,this paper combs the relevant articles,summarizes the results of the existing studies and finds a breakthrough for further research;Secondly,it clarifies the theory of human capital,the theory of technology spillover and the theory of institutional innovation,and then systematically examines the mechanism of the impact of human capital on the innovation of service industry.It further analyzes the moderating role that institutional environment plays in the process of human capital's impact on service industry innovation.Based on that,four research hypotheses are put forward : ?1 When other conditions remain unchanged,the improvement of human capital can promote the innovation of service industry;?2 The human capital can motivate the innovation of the service industry by promoting the export;?3 The human capital can motivate the innovation of the service industry by promoting the absorption of technology;?4 When other conditions remain the same,the institutional environment has a moderating effect on the relationship between human capital and service industry innovation.The empirical test of this paper is carried out by two steps.Firstly,the main effects of human capital on innovation of service enterprises and the moderating effect of institutional environment are investigated respectively from the microcosmic level by using the 2012 World Bank National Bureau of Statistics questionnaire survey of Chinese enterprises,while probit model is applied for multiple regression analysis.At the same time,the moderating effect of institutional environment on different types of service industry are also discussed;Secondly,on the basis of testing the main effect of human capital on the innovation of service industry and the moderating effect of institutional environment from the micro-level,we use the relevant data from 30 provinces,municipalities and autonomous regions in China from 2008 to 2014.By constructing a threshold panel regression model,this paper discusses the threshold effect of institutional environment from the macro level,and explores the nonlinear effect of human capital on service industry innovation under different institutional environment levels.Based on the results of theoretical analysis and empirical test,this paper draws the following four conclusions: Firstly,human capital exerts a promoting effect on service industry innovation,and it is partly realized by accelerating the technology absorption of service enterprises;Secondly,in terms of institutional environment,the degree of government intervention and abnormal payment play a negative role in regulating the relationship between human capital and service industry innovation,while the improvement of financial development level can enhance the promotion of human capital to service industry innovation;Thirdly,the mediating effect of institutional environment on the relationship between human capital and service industry innovation is various between producer services and non-producer services;Finally,the institutional environment exerts obvious double threshold effect on the relationship between human capital and service industry innovation.That is to say,human capital has a nonlinear impact on service industry innovation under different institutional environments.Based on the previous results,this paper proposes three countermeasures: First of all,the government should increase investment in human capital,optimize the structure of human capital,focus on building a high-quality talent system,and play a leading role in promoting social investment in human capital,and deepen the reform of the educational system at the same time;Secondly,we should attach importance to the construction of institutional environment,stimulate the dividend of institutionalinnovation,and create a transparent and predictable institutional environment according to local conditions,so as to create a good institutional basis for innovation in the service industry.Finally,we need to enhance the service industry R&D ability,cultivate the competitive advantage of enterprises.In terms of the local government,it is of highly significance to implement the relevant encouraging preferential policies.As for the service enterprises,attention should be paid to the collaborative promotion of product innovation and market development.