摘要
在促进数字经济发展过程中,以数字人力投入驱动数字化转型是企业竞争优势的重要来源。本文基于近7000万条招聘大数据,使用大语言模型文本分析方法,科学、准确地测度了上市公司年度层级的数字人力投入。在此基础上,将数字人力投入纳入异质性企业模型,通过理论分析和实证检验发现,数字人力投入能够提升企业价格加成,产品质量改善和生产效率提升是其重要影响渠道。异质性分析发现,数字人力投入的价格加成提升效应在劳动力保障程度高、产业数字化领域、研发密集度低和企业规模较大的样本中表现得更为明显,这意味着规范的劳动保障机制、丰富的实数融合场景、较低的技术应用门槛,以及良好的企业内部资源协同能更好地发挥数字人才效应。进一步分析表明,与外延边际、单一型数字人力投入相比,对数字人才进行追加招聘、招聘兼具数字职能与非数字职能的复合型数字人才,更能显著提升价格加成。本文扩展了数字化转型的研究视角,为数字人才的经济影响提供了理论参考,对数字人才培养和企业数字化转型路径选择具有一定的启示作用。
In the context of the digital economy,the integration of digital labor has emerged as a key force reshaping firm competitiveness and market structure.This paper investigates how digital human capital investment affects firm markups,a core indicator of market power.While previous research has highlighted the transformative role of digitalization in driving firm performance,limited attention has been paid to the role of human capital,particularly digital talent,as a driver of market power.In response,this paper embeds digital human capital investment into a heterogeneous firm model,theorizing that digital human capital investment contributes to markup enhancement through two primary channels:improving product quality and boosting production efficiency.Empirically,we construct a firm-year panel of Chinese listed companies from 2015 to 2021,drawing on a dataset of nearly 70 million online job postings.Using a large language model-based text analysis approach and standardized occupational classifications,we systematically identify and quantify firm-level digital human capital investment based on the number of job postings categorized as digital functions.We then estimate firm markups following the production function method,which infers markups based on input elasticities and cost shares.This empirical strategy allows us to capture digital human capital investments at a granular level,bypassing limitations in traditional self-reported measures.The findings reveal that digital human capital investment has a significant and positive effect on firm markups.The positive effect is more pronounced in firms with stronger labor protections,greater levels of industrial digitalization,lower R&D intensity,and larger size.This suggests that wellregulated labor environments,mature digital-physical integration,lower technological adoption barriers,and strong internal coordination allow firms to better unlock the value of digital talent.We further explore how different margins of digital human capital matter.Specifically,we find that intensive investment in deepening digital skills within existing roles has a stronger impact on markups than simply expanding the digital workforce.Moreover,firms that recruit composite talent capable of combining technical and non-technical functions enjoy greater market power than those focusing solely on specialized roles.These results suggest that depth and integration,rather than breadth alone,are key to leveraging digital human capital for competitive advantage.This paper contributes to the literature by offering a novel perspective on the economic consequences of digital human capital investment.It proposes a new conceptual link between human capital digitalization and market behavior,grounded in a formal model of heterogeneous firms.Empirically,it leverages big data on recruitment to construct a firm-level measure of digital human capital investment,offering a replicable approach for future research.The findings underscore the nonneutral role of digital human capital in market competition and point to important policy implications:enhancing digital skill development,promoting equitable access to digital talent,and supporting firms,especially smaller ones,in integrating digital capabilities into their workforce.
作者
余典范
张宇
宋晴
YU Dian-fan;ZHANG Yu;SONG Qing(College of Business,Shanghai University of Finance and Economics)
出处
《中国工业经济》
北大核心
2025年第7期62-80,共19页
China Industrial Economics
基金
国家社会科学基金重大项目“超大规模市场驱动现代化产业体系构建的理论逻辑与传导机制”(批准号23&ZD042)。
关键词
数字化转型
数字人力投入
价格加成
大语言模型
digital transformation
digital human capital investment
markups
large language model
