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Science & Technology Strategy and Policy

How Can Government Talent Policies Empower the High-Quality  Development of Private Enterprises Under the New Normal of  Population Development 

Zhang Leilei1 , Feng Mengyun2 , Yao Yichen3 

(1.School of Political Science and Public Administration, Zhengzhou University, Zhengzhou 450000, China; 2.School of Business, Zhengzhou University, Zhengzhou 450000, China; 3.School of Economics, Ocean Univer‐ sity of China, Qingdao 266000, China)

Abstract: As China's demographic development enters a new normal, precisely introducing, rationally allocating, and effectively incentivizing talents—the "primary resource"—plays a decisive role in promoting the high-quality development of the private economy. Based on the text  analysis method, this paper manually queries and classifies the talent policies issued by govern‐ ment agencies at the prefecture level and above across 31 provinces, autonomous regions, and  municipalities (excluding Hong Kong, Macao, and Taiwan) from 2008 to 2022 using the  PKULAW database. It constructs indicators for talent policy, aligns this data with that of Ashare private listed companies in Shanghai and Shenzhen, and empirically tests the impact of  government talent policies on the high-quality development of private enterprises and its spe‐ cific mechanism utilizing a two-way fixed effect model of panel data. The results show that: ① The government's talent policy can significantly promote the high-quality development of pri‐ vate enterprises. ②Mechanism analysis, based on the TOE theoretical framework, reveals that  the talent policy promotes this development of private enterprises by improving the commercial  credit, reducing enterprise management costs, and enhancing the innovation quality of private  enterprises. ③ Heterogeneity analysis shows that the impact of the talent policy is more pro‐ nounced in enterprises operating in a low market-oriented institutional environment, large-scale  enterprises, and those with high resource endowment. Among the four types of talent policies, the  most significant positive impact comes from the policies focusing on talent training and selec‐ tion, followed by the mobility and introduction policies. ④Extended research shows that the po‐ litical connection of senior executives plays a positive moderating role in the impact of the gov‐ ernment's talent policy on the high-quality development of private enterprises. This is mainly  because the establishment of political connections not only helps private enterprises create a fa‐ vorable business environment for themselves but also facilitates the government in conveying  policy objectives to these enterprises, guiding and regulating the behavior of private enterprises  to align with national macroeconomic goals and social responsibilities. Based on the above con‐ clusions, the following suggestions are put forward from the three levels of government, society, and enterprises. At the government level, there should be an increase in support for talent poli‐ cies aimed at private enterprises. Authorities must pay more attention to the key issues of private  enterprises in talent training, selection, introduction, flow, etc., and optimize relevant talent poli‐ cies according to local conditions. At the social level, under the new normal of demographic de‐ velopment, it is necessary to strengthen government-enterprise cooperation to address the chal‐ lenges faced by private enterprises, such as demographic changes and labor market fluctuations. Efforts should be made to enhance the overall effective supply of labor and improve the effi‐ ciency of human resource utilization within private enterprises. At the enterprise level, innova‐ tion should be regarded as the top priority for the high-quality development of private enter‐ prises. Private enterprises should establish good business credit with the endorsement effect of  talent policies, while continuously reducing costs and increasing efficiency in management to en‐ hance their core competitiveness. These research conclusions are of substantial reference value  for developing high-quality human capital, advancing the high-quality growth of the private  economy, and improving the effectiveness of government talent strategies under the new normal  of population dynamics. 

Key words: government talent policy; high-quality development of private enterprises; textual  analysis method; TOE framework; human resources