Abstract
The economic restructuring and rapid rise of the economy in Northeast China have resulted in a proliferation of new ventures. Studying the psychology of new entrepreneurs is conducive to understanding the relationship between human capital and economic growth. The work reported here aims to explore the impact of human capital on economic growth in Northeast China and the influencing factors of psychological capital of new entrepreneurs in the entrepreneurial process. Based on Cobb–Douglas production function, the relationship between labor, physical capital, or human capital and economic growth in Northeast China is analyzed by econometric methods, and a model of human capital and economic growth in Northeast China is constructed. Besides, a psychological capital intervention (PCI) model is proposed to develop the psychological capital of new entrepreneurs, and the psychological quality structure model of entrepreneurial entrepreneurs and its operation mechanism. The results of the empirical analysis demonstrate that the elasticity coefficient of human capital in Northeast China is 0.15902, five times smaller than that of labor and physical capital. Moreover, 70% of new ventures are willing to accept higher education. The fitting degree of using the PCI model to develop the psychological capital of new ventures is only 0.3%. In addition, the modified external environment PCI instead of the external environment PCI model has a huge operating potential in the macro-entrepreneurial environment. In conclusion, the impact of human capital on economic growth in the northeast is smaller than the impact of labor and material capital investment on regional economic growth. The development of human capital and research on the composition and mechanism of psychological quality of entrepreneurial entrepreneurs are of significant theoretical and practical values to promote the economic growth in the northeast.
Highlights
Since the reform and opening up, China’s economy has developed rapidly
Economic growth in recent years is mainly driven by material capital investment, while the output efficiency of human capital stock is getting continuously lower
According to the above regression results, the variable coefficients are under 1% using the t-test significance level
Summary
Since the reform and opening up, China’s economy has developed rapidly. the northeast region has lagged behind other regions of China after the establishment of the planned economic system, and there have been two “northeast phenomena.” Technology, human capital, and cultural factors are all affecting the economic growth of Northeast China. Technology, human capital, and cultural factors are all affecting the economic growth of Northeast China. Tasawar (2019) suggested that, in the context of economic theory, human capital has become a new factor of production after physical capital and labor, which plays a critical role in regional economic growth. Xin and Wang (2019) pointed out that the backward economic environment and arduous living material conditions in the northeast cannot satisfy the talents’ pursuit of high income and superior working environment and living environment, failing to retain talents from within and outside the region, which leads to a great loss of talents. Jia and Gu (2019) stated that Northeast China has strong educational strength and prominent human capital advantages, but the human capital in Northeast China does not play a great economic utility, especially numerous new entrepreneurs belonging to human capital Tasawar (2019) suggested that, in the context of economic theory, human capital has become a new factor of production after physical capital and labor, which plays a critical role in regional economic growth. Xin and Wang (2019) pointed out that the backward economic environment and arduous living material conditions in the northeast cannot satisfy the talents’ pursuit of high income and superior working environment and living environment, failing to retain talents from within and outside the region, which leads to a great loss of talents. Jia and Gu (2019) stated that Northeast China has strong educational strength and prominent human capital advantages, but the human capital in Northeast China does not play a great economic utility, especially numerous new entrepreneurs belonging to human capital
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