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对中国近些年的工资对投资的影响以及资本市场收益率的路径特征进行实证分析得出:投资需求和工资没有体现出显著的负相关关系,这表明工资以及资本市场可能呈现出周期性震荡,不会收敛于稳定均衡值;而从两个股票市场收益率的周期性检验结果看,中国两个股票市场均呈现出明显的周期性特征,这正好对应了工资与投资需求的实证结果。未来的劳动力市场的改革方向是加大劳动力的素质和技术水平的投入和全面改革中国在人力资本中的投资策略。
An empirical analysis of the impact of wage on investment and the path characteristics of capital market yields in recent years in China shows that there is no significant negative correlation between investment demand and wages, suggesting that wages and capital markets may exhibit cyclical oscillations , And does not converge to a stable equilibrium value. From the periodic test results of the returns of the two stock markets, both Chinese stock markets show obvious periodic characteristics, which exactly correspond to the empirical results of wage and investment demand. The reform direction of the future labor market is to increase the input of the quality and technological level of the workforce and to comprehensively reform China’s investment strategy in human capital.