摘要
代际流动是反映社会公平与正义最直接的衡量指标,较高的代际流动有助于构建社会主义和谐社会,而教育是实现代际流动的重要途径。但日益居高的城市房价将使家庭面临一个长期的房贷约束,其是否会阻碍家庭对子女的人力资本投资,进而降低代际流动性是本文研究的核心。不同于已有文献,本文将在家庭效用最大化理论分析框架中引入住房负债约束条件,建立家庭经济行为优化模型,从理论上推导了房贷约束将会挤出家庭人力资本,验证了房贷约束对代际收入弹性的影响。此外,为了解决实证模型中非线性变量的内生性问题,本文提出了非参数函数控制的估计方法,数值模拟计算结果表现良好。最后,基于中国家庭收入调查(CHIP)项目2013年的调查数据,实证检验了上述理论分析结果,进一步的分样本回归结果表明住房负债会使中低收入家庭的代际流动性减弱,对高收入家庭的影响不显著。
Intergenerational mobility is the most direct indicator of social equity and justice.Higher intergenerational mobility helps to establish a harmonious socialist society,and education is an important way to achieve intergenerational mobility.However,urban families will face a long term mortgage constraint with increasing housing prices,and what we want to study here is whether it will hinder the family’s investment in human capital for their children,and then reduce the intergenerational mobility?Different from the existing literatures,we will introduce mortgage constraint in the framework of family utility maximization to discuss the effect of mortgage on family investment for children and intergenerational mobility theoretically.In addition,in order to solve the endogenous problem of nonlinear variables in empirical econometric analysis,a nonparametric functional control function procedure is proposed,and numerical simulations show good performances.Finally,empirical analyses based on the data of China Household Income Survey(CHIP)project in 2013 prove the above theoretical results,i.e.housing mortgage will squeeze out parents’investment in children’s human capital and decrease intergenerational mobility.Further researches on subgroup analyses show the effect is significant for low income and middle income families,but insignificant for high income families.
出处
《金融发展》
2020年第1期1-11,共11页
Financial Development
基金
国家自然科学基金项目(批准号:71873085)
2015年度上海市曙光计划(15SG31)的资助
关键词
代际流动性
住房负债约束
人力资本投资
非参数控制函数方法
Intergenerational Mobility
Housing Mortgage Constraints
Human Capital Investment
Nonparametric Control Function Method
