Empirical Analysis of Property-right Effects of Human Capital and Economic Growth

This paper modifies MRW model based on human capital through adding the second kind human capital variable from the perspective of property rights of human capital.By capitalizing on China's macroeconomic data from 1978 to 2006 and the annual reports(from 1994 to 2006)of 280 sample companies in the Chinese stock market,we examines the impact of the two kinds of human capital on the Chinese economic growth.According to the research result,first,the explanation power of human capital to the economic growth becomes stronger after classifying human capital into two kinds;second,the second kind human capital shows obvious negative externalities;third,regarding the property-right effects of human capital,it is the power factor of human capital that facilitates the economic growth of China rather than the responsibility part;forth,Granger causality verification outcome indicates that the first kind human capital can be viewed as the reason for Chinese economic growth.