This research discusses the relationship between Human Capital structure and technical efficiency of 13 listed Equipment Manufacturing Industry Enterprise according to panel data from 2002 to 2010 based on Stochastic Frontier Approach. We find the average technical efficiency is low, the mean value of efficiency is 0.594, however technical efficiency improved and was fluctuated recent years. The difference among Enterprises is remarkably. Evidence is found that Human Capital structure is obviously related to technical efficiency(TE), the ratio of university degree and junior college educational employee can affect TE positively, but the ratio of middle school educational employee will affect TE negatively. We also find evidence that material capital and labor input is increasing returns to scale, labor coefficient of elasticity is a little more than physical capital. The paper suggests Equipment Manufacturing Enterprise should optimize human capital structure, rising investment in human resources, the transformation of Enterprise Development mode should be Endogenous Growth.% 基于2002-2010年上市重工公司面板数据,采用随机前沿法(SFA)研究了人力资本结构与企业技术效率的关系.研究发现技术效率较低,全部样本企业的各年度的总平均值为0.594,存在较大的提升空间.从演化过程来看,效率值呈现上升态势,企业间的效率差异较大且具有较强的波动性.人力资本结构对企业技术效率存在显著影响,提高本科和专科教育程度员工的比例,能够显著改善技术效率,增加中学以下教育程度员工的比率抑制技术效率.重工企业具有规模收益递增的特性,人力资本比物质资本对产出的贡献略高.建议企业增加人力资本投资与开发,优化人力资源配置,促使企业发展方式从依赖物质资本转向依靠人力资本的内涵式增长.
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