计算机设备制造业是我国实体经济的支柱产业，也是数字经济发展的重要依托行业。然而，目前我国计算机设备制造业存在着高研发投入与低生产率的问题，人力资本的存量不断增长却存在着明显的错配现象。企业全要素生产率不仅决定了整个行业的生产率情况，还是一个国家实现经济持续发展的重要源泉。因此，寻求计算机设备制造业企业全要素生产率的发展方式变革对于实现我国计算机设备制造业高质量发展具有十分重要的意义。

人力资本和研发创新都是影响企业全要素生产率的重要因素，为进一步了解企业全要素生产率的发展情况，本文通过对人力资本错配、研发创新、企业全要素生产率相关研究文献进行了梳理和总结，再通过对相关理论的整理和现状的分析，提出了相关的研究假说，使用2011-2020年计算机设备制造业上市公司的面板数据来进行分析，从人力资本错配的角度去解释高创新投入和低生产率的谜团。本文主要通过基准回归分析、异质性检验、稳健性检验和中介效应机制分析得出了以下几个结论：（1）人力资本错配对企业全要素生产率的增长产生了明显的抑制作用。（2）从区域发展程度上分析，人力资本错配对企业全要素生产率的抑制程度在东部地区最为严重和显著，但在中部地区和西部地区却并不存在显著的抑制作用。从企业规模大小上分析，人力资本错配对中小企业全要素生产率的阻碍作用要比大企业来得更加严重。此外，稳健性检验的结果依然显著，表明结论是可靠的。（3）分别以研发创新投入和研发创新产出为中介变量来进行机制的分析，结果表明创新投入并没有起到中介作用，人力资本错配是通过抑制企业的创新产出从而阻碍了企业全要素生产率的提升。

最后，基于上述结论，为促进计算机设备制造业企业全要素生产率的提高，本文提出如下对策建议：（1）完善就业相关法规，减少人力资本配置不当现象。一方面，政府和企业需要通力合作，改良人才引进政策，另一方面，企业自身要完善人才队伍建设，加强与高校的产学研结合，吸引人才进入的同时要留下人才，减少员工的流动性，提高人力资本配置效率。（2）国家在制定地区政策时要尽力避免“偏爱”，在实施政策时要一视同仁，打破区域壁垒，建立资源共享平台，让不同地区的企业享有均等的发展机会。另外，应当深化金融供给侧结构性改革，针对不同规模企业的资金需要提供不同的产品，缓解中小企业因资金问题导致的引才失败，从而建立更好的人才队伍。（3）激发企业主动创新的意愿和活力，加强科技成果转化机制建立，完善科研成果保护政策，同时要明确研发投入产生的成本和风险，完善研发投入使用渠道，通过搭建政府、研究机构与企业的联动创新平台，避免要素错配引发的效率损失，让创新为企业带来更大的价值。

Computer equipment manufacturing industry is the pillar industry of China's real economy and an important relying industry for the development of digital economy. However, there is a problem of high R&D investment and low productivity in China's computer equipment manufacturing industry, and the stock of human capital keeps growing but there is an obvious misallocation phenomenon. Total factor productivity of enterprises not only determines the productivity situation of the whole industry, but also is an important source for a country to achieve sustainable economic development. Therefore, it is of great importance to seek changes in the development of total factor productivity of computer equipment manufacturing enterprises to achieve high-quality development of China's computer equipment manufacturing industry.

Both human capital and R&D innovation are important factors affecting enterprise total factor productivity. To further understand the development of enterprise total factor productivity, this paper composes and summarizes the research literature related to human capital misallocation, R&D innovation, and enterprise total factor productivity, and then puts forward relevant research hypotheses through the collation of relevant theories and analysis of the current situation, using 2011-2020 panel data of listed companies in computer equipment manufacturing industry to conduct the analysis, hoping to explain the mystery of high innovation input and low productivity from the perspective of human capital misallocation. This paper mainly draws the following conclusions through benchmark regression analysis, heterogeneity test, robustness test and mediating effect mechanism analysis: (1) The human capital misallocation has a significant inhibiting effect on the growth of total factor productivity of enterprises. (2) In terms of the degree of regional development, the inhibitory effect of human capital misallocation on the total factor productivity of firms is most severe and significant in the eastern region, but not in the central and western regions. In terms of firm size, the human capital misallocation is a more serious impediment to the total factor productivity of the small and medium-sized enterprises than the large firms. Moreover, the results of the robustness test are still significant, indicating that the findings are reliable. (3) The analysis of the mechanism using R&D innovation input and R&D innovation output as mediating variables shows that innovation input does not play a mediating role and that the human capital misallocation hinders the increase in total factor productivity by suppressing the innovation output of firms.

Finally, based on the above conclusions, in order to promote the improvement of total factor productivity of computer equipment manufacturing enterprises, this paper proposes the following countermeasures: (1) improve employment-related regulations and reduce the phenomenon of human capital misallocation. On the one hand, the government and enterprises need to cooperate to improve the policy of talent introduction, on the other hand, enterprises themselves should improve the construction of talent team, strengthen the combination of industry, academia and research with universities, attract talents to enter while keeping them, reduce the mobility of employees, and improve the efficiency of human capital allocation. (2) The state should try to avoid "favoritism" when formulating regional policies, and treat them equally when implementing policies, break down regional barriers, and establish a platform for resource sharing so that enterprises in different regions can enjoy equal development opportunities. In addition, we should deepen the structural reform on the supply side of finance and provide different products to meet the capital needs of enterprises of different scales, so as to alleviate the failure of SMEs in attracting talents due to capital problems and build a better talent pool. (3) Stimulate the willingness and vitality of enterprises to take the initiative to innovate, strengthen the establishment of the mechanism for the transformation of scientific and technological achievements, improve the policy for the protection of scientific research achievements, and at the same time, clarify the costs and risks arising from R&D investment, improve the channels for the use of R&D investment, and avoid the loss of efficiency caused by factor mismatch by building a linkage innovation platform between the government, research institutions and enterprises, so that innovation can bring greater value to enterprises.

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