New Talent Policy,Human Capital Intensity And Labor Cost Stickiness

The traditional cost habit model assumes that enterprise costs change in the same direction,while the cost viscosity reflects the asymmetry when the cost changes in the same direction,and specifically shows that the share of charge grows while the outstanding achievement grows by one unit is higher than that of the cost reduction when the business volume decreases by one unit.After the concept of "cost viscosity" was proposed,a large number of literature emerged at home and abroad to study the existence,cause and economic consequences of cost viscosity.Labor cost is a significant section of the establishment expenditure,and it also has sticky characteristics.Population problem has always been an overall,long-term and strategic problem facing China.More population can supply more labor.However,the Announcement of the Seventh National Census issued by the National Bureau of Statistics in 2021 pointed out that China’s total population maintained inertial growth,but the population growth rate showed a trend of gradually slowing down.China has gradually changed from "demographic dividend" to "talent dividend".In recent years,"new talent policies" have been issued all over the country,indicating that it has become the consensus of many cities to position human capital as the kernel portion to handle the growth choke point problems and enhance the advantages of regional competitiveness.Based on the quasi-natural experiment of new talent policies issued by various cities since2017,this paper explores the impact of urban human capital level on enterprises’ labor cost decision-making by using the labor cost stickiness model.It is found that the announcement of the new area talent policy significantly reduces the labor cost stickiness of enterprises,and has a greater promoting effect on the labor cost stickiness of human capital intensive enterprises.The reliability of the above conclusions was verified by a large number of robustness tests.Further,this paper decomposed labor cost stickiness into employment stickiness and salary stickiness,and explored the specific form of the impact of the new talent deal on labor cost stickiness.It is found that the implementation of the new talent policy significantly enhances the employment stickiness of enterprises,but has no significant impact on the salary stickiness.Finally,this paper examines the nature of property rights in different empirical,industry competition degree and economic policy,the implementation of talent’s influence on the cost of artificial viscosity heterogeneity of the New Deal,the study found that the nature of the property rights of state-owned,high degree of competition in the industry and economic policy uncertainty,the implementation of personnel administration’s influence on the cost of artificial viscosity is bigger.This paper studies and evaluates the economic consequences of implementing the new talent policy from the perspective of micro enterprises,which has reference significance for deepening the reform of talent development system and mechanism and further formulating sustainable and effective talent policies and measures.