管理评论

管理评论 ›› 2026, Vol. 38 ›› Issue (1): 3-13.

• 经济与金融管理 •    

产业政策的人才聚集效应——来自A股上市公司的经验证据

张会丽1, 胡中慧2   

  1. 1. 北京师范大学经济与工商管理学院, 北京 100875;
    2. 北京大学光华管理学院, 北京 100871
  • 收稿日期:2024-04-03 发布日期:2026-02-10
  • 作者简介:张会丽,北京师范大学经济与工商管理学院教授,博士生导师,博士;胡中慧(通讯作者),北京大学光华管理学院博士研究生。
  • 基金资助:
    国家自然科学基金面上项目(72472011); 教育部人文社会科学基金规划基金项目(23YJA790100)

Does Industrial Policy Help Companies Improve Talents Structure?—Evidence from A-share Listed Companies in China

Zhang Huili1, Hu Zhonghui2   

  1. 1. Business School, Beijing Normal University, Beijing 100875;
    2. Guanghua School of Management, Peking University, Beijing 100871
  • Received:2024-04-03 Published:2026-02-10

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摘要： 实现人力资本的优化配置是我国人才战略的重要目标，也是中国经济长期均衡发展的根本保障。本文运用双重差分(difference-in-differences, DID)方法，考察我国产业政策支持是否存在人才聚集效应。本文以受产业政策支持行业的企业为实验组企业，实证研究结果显示，相比未受产业政策支持的对照组企业，实验组企业在受国家产业政策支持期间的高学历员工占比显著提升，从而表明中国的产业政策能够带来显著的人才聚集效应。异质性检验显示，相比综合竞争力较强和融资约束程度较低的企业，上述人才聚集效应在综合竞争力较弱和融资约束程度较高的企业中更为显著。进一步研究表明，产业政策的人才聚集效应能显著提升企业中长期绩效。本文为产业政策实施效果的评估，提供了来自人力资本配置方面的新的经验证据，得到的研究结论对中国产业政策的实施，以及贯彻落实党的二十大精神、强化现代化建设人才支撑，均具有一定的借鉴与启示意义。

关键词: 产业政策, 人才聚集, 双重差分方法

Abstract: Achieving the optimal allocation of human capital is an important goal of China's talent strategy and a fundamental guarantee for the long-term balanced development of the Chinese economy. This paper employs the Difference-in-Differences method to examine whether national industrial policy support can help firms attract more highly educated employees. Firms in industries that are supported by industrial policies are designated as treatment group. The empirical research results show that compared to control group firms, the proportion of highly educated employees in the treatment group increased significantly during the period of national industrial policy support, thereby indicating that China's industrial policies can bring about a significant talents aggregation effect. Heterogeneity tests reveal that this talents aggregation effect is more pronounced in firms with weaker comprehensive competitiveness and higher financing constraints. Further research indicates that talents aggregation effect of industrial policies can significantly improve the medium and long-term performance of firms. Our research provides new empirical evidence for the assessment of the implementation effects of industrial policies. The conclusions drawn from the study offer valuable insights and serve as a reference for the implementation of China's industrial policies and the talent allocation strategy proposed at the 20th National Congress of the Communist Party of China.

Key words: industrial policy, talents aggregation, Difference-in-Differences method