Dependence On Natural Resources,Financial Development And The Upgrading Of Human Capital Structure

In recent years,many scholars have proposed that over reliance on natural resources will affect the accumulation of human capital to a certain extent,which is not conducive to sustainable economic development.In the face of the severe situation of the continuous decline of China’s labor force population,optimizing the human capital structure can undoubtedly solve the restriction of high-quality human capital and promote the supply side structural reform and economic stability.Therefore,it is also of certain value to explore how to improve the advanced level of human capital structure.With the deepening of regional financial theory,it has played an important role in the process of resource-based development.The resource allocation function of the financial system can alleviate the adverse impact of natural resource dependence on the region.At the same time,it can also affect the accumulation of human capital by increasing family income and providing financing channels for individuals and institutions.Therefore,it is of great practical significance to study the relationship between natural resource dependence,financial development and the upgrading of human capital structure.Based on panel data of 29 provinces in Chinese mainland in the past 2005-2019 years,this paper attempts to explore the relationship between natural resource dependence and the advanced human capital structure.It also investigates whether the dependence of natural resources on the level of human capital structure in different regions is different.The empirical results show that natural resource dependence has a significant inhibitory effect on the upgrading of human capital structure,and this effect is more obvious in the central and western regions of China.This paper further selects the variable of financial development level to explore the regulatory effect between natural resource dependence and the upgrading of human capital structure.The results show that a higher level of financial development has a positive regulatory effect,which can effectively slow down the crowding out effect of natural resource dependence.This paper also tests the robustness by changing various variables and selecting instrumental variables,and finally draws a complete and reliable research conclusion.Therefore,in order to realize economic transformation and development in resource-based areas,we need to pay attention to the harm of over reliance on natural resources,reduce its crowding out effect on human capital accumulation and advanced transformation,and give full play to the important role of finance.This paper attempts to expand and deepen the existing research,and the possible contributions are as follows:(1)construct an advanced index of human capital structure considering all levels of human capital,and describe the advanced level of China’s human capital structure from the overall level.(2)Innovatively exploring the influence mechanism of natural resource dependence on the advanced level of human capital structure,and it has certain value for enriching the "resource curse" theory and human capital theory.(3)It proves that financial development plays a positive role in alleviating the resource curse and improving the advanced level of human capital structure,which provides a certain factual basis for human capital strategic decision-making.