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责任编辑：林英泽

（School of Economics，Zhejiang Gongshang University，Hangzhou 310018，Zhejiang，China）

Abstract：The authors theoretically and practically explain whether the maturity of e-commerce development can effectively regulate the impact of human capital investment on regional economic growth. First，the e-commerce environment is included in the MRW model，and the derivation shows that the regional economic growth under the e- commerce economic system has a "critical effect" on the elasticity of human capital investment，which is specifically expressed as positive contraction before the critical and negative expansion after the critical；the development of e-commerce can lead to the downward shift of the level of human capital investment and the overall expansion of the per capita output level，but it will not affect the structural level of the threshold of human capital investment. Second，using the city-level panel data of 245 prefecture-level cities in 27 provinces in China from 2011 to 2016，the authors add a quadratic term to the OLS model for empirical testing and come to the following conclusions：（1）the full sample data shows that human capital and physical capital have alternatives，especially the investment in resource allocation capacity in human capital；under the premise of controlling other variables，the development of ecommerce has the potential effect of transforming unskilled labor into skilled labor，which leads to a lower critical level of human capital investment for the balanced growth path in the e-commerce economic environment；and（2）the sub-sample data shows that the resource allocation capacity of the western region accounts for a higher proportion than the central and eastern regions. From the perspective of policy，we should expand the leading role of human capital investment on regional economic development from two aspects. First，we should perfect the human capital investment market system and mechanism，cultivate more market players，and further give play to the fundamental role of socialism market economic system in human capital investment and human capital allocation：on the one hand，we should optimize the economic and geographic allocation；on the other hand，we should optimize the investment structure of human capital and other related capital，and make human capital investment to be suitable to regional economic development. Second，we should improve the micro allocation of human capital with the help of e-commerce development，strengthen the substitution effect of human capital with the help of digital economic development，and alleviate the employment pressure of middle-and-low-end labor force.

Key words：human capital investment；e-commerce；regional economic growth；skilled worker