Abstract: From the perspective of medium human capital, this paper measures the scarcity of regional higher-level human capital and the mismatch degree of human capital employment with the Mincer equation. Through the two factors, it also studies the impact of regional human capital employment allocation on corporate total factor productivity. The findings show that the increase of the regional higher-level human capital scarcity will reduce the corporate total factor productivity, and this effect is greater on the state-owned enterprises. The impact of higher-level human capital scarcity on the total factor productivity of private enterprises is greater in the lower labor-intensive industries, while the impact on the total factor productivity is greater in the higher labor-intensive industries. The increase of the mismatching degree of regional human capital employment is unfavorable to the total factor productivity of the private enterprises, especially to the private enterprises in higher labor-intensive enterprises. Because of the increase of the comparative competitive edge, the regional human capital employment mismatching degree has a positive impact on the total factor productivity of the state-owned enterprises in the lower labor-intensive industries.

Key words: medium human capital, scarcity of higher-level human capital, the mismatch of human capital employment, corporate total factor productivity