Abstract: Innovation based on technology integration is accelerating the deep integration of digital and real economy. How to gather innovative talents and promote the upgrading of human capital in the pursuit of innovation and quality is the key to unleashing the vitality of digital technology and releasing the dividends of human capital. Starting from the micro-perspective, this paper empirically examines digital-real economy integration affects enterprises' human capital structure. The study finds that the integration of digital and real economy has significantly increased the proportion of high-skilled and high-educated talents, i. e. , optimized the human capital structure of enterprises. The integration of digital and real economy not only enhances the quality of on-the-job training and improves the studying atmosphere to promote the growth of human capital in “learning by doing” through the quality improvement effect, but also drives innovation and increases R&D support to stimulate high-quality talent demand through the innovation-driven effect. Heterogeneity analysis shows that the upgrading effect of human capital is more significant in the environment of high-tech industries, low financing constraints and high marketization level. The research conclusion provides theoretical support and empirical evidence for promoting the integration of digital and real economy and driving the effective transformation from demographic dividend to talent dividend.

Key words: Technology Integration, Digital and Real Economy Integration, Human Capital Upgrading, Quality Improvement, Innovation Driven

摘要： 以技术融合为基础的创新变革正加速数字经济与实体经济深度融合,如何在求“新”求“质”中集聚创新人才、促进人力资本结构升级是发挥数字技术活力、释放人才资本红利的关键。本文从微观视角出发,实证检验了数实融合对人力资本结构的影响及作用机制。研究发现,数实融合显著提升了企业高技能劳动力和高学历劳动力占比,即实现了人力资本结构升级。其根源在于,数实融合一方面通过发挥质量提升效应,加强企业在职培训和改善学习氛围,促使人力资本在“干中学”中成长;另一方面通过发挥创新驱动效应,推动企业创新变革和加大研发支持,刺激高质量人才需求,从而实现人力资本结构升级。异质性分析表明,数实融合的人力资本结构升级效应在高新技术产业、融资约束低、市场化水平高的环境下更显著。本文研究结论为推动数实融合、驱动人口红利向人才红利的有效转变提供了理论支撑和经验证据。

关键词: 技术融合, 数实融合, 人力资本结构升级, 质量提升, 创新驱动