基于金融性资产的我国居民代际收入传递研究

发布时间：2018-06-09 20:34

本文选题：金融性资产 + 居民收入　；参考：《浙江财经大学》2014年硕士论文

【摘要】：代际收入传递是指成年子女的收入在多大程度上是由其父辈收入决定的，主要通过代际收入弹性来衡量。代际收入弹性反映了代际间的传递程度，其值高低将直接影响整个社会的公平感以及人们通过努力工作改变现状的积极性，进而对社会和谐和高效产生重大影响。因此通过对代际收入传递性的考察，探寻其传递性的大小，趋势，途径及机制，寻求可能的降低代际收入传递性和改善社会流动性的政策措施，对提高居民的公平感和幸福度及构建和谐高效的可持续经济形态将具有重大意义。我国有关代际收入传递的研究起步较晚，已有的研究大都基于人力资本和家庭背景两要素，对金融性资产的重要性不够突出，特别是对于基于房贷杠杠效应的资本集聚效应没有充分考虑。考虑到上世纪九十年代末我国实施的住房市场化、货币化改革等一系列重大政策，消费信贷特别是住房信贷业务的迅速崛起，居民的收入积累，收入传递方式有了不同于以往的新的时代特征，因此，研究新时期金融性资产对我国居民收入的代际传递影响及其相关机制的分析就具有相当的现实意义。本文拟在已有研究基础上，将收入代际传递的渠道扩展到金融性资产，结合我国现阶段金融市场发展的现状全面系统的考察了金融性资产、人力资本、社会资本在我国居民代际收入传递中的作用。文中不仅考虑了房地产市场与实体经济关联程度越来越弱这一现实存在，，也对房地产金融属性过度利用所导致的大量投机行为效应进行了相关分析，以期解释房地产作为一种商品，其金融属性所带来的价值高估已严重脱离其商品属性所带来的使用价值，房地产金融化所带来居民财富的两级分化效应明显，同时考虑到房地产市场中房贷所具有的金融杠杆性作用，势必将进一步加剧代内及代际间的财富存量差异，因此研究房地产特别是房贷市场对收入传递的影响，将进一步完善现有有关我国代际收入传递的相关研究，另外本文还通过对整个社会传递性大小的初步估计，以及高低收入阶层的比较分析，以期得到有说服力的实证检验结果。在理论分析部分，本文回顾了国内外有关代际传递的现有研究，通过对代际收入传递的衡量，代际收入传递的程度，代际收入传递的影响机制并结合我国现有研究对这方面的理论进行了系统性阐述，并归纳了传统文献对我国居民代际收入传递性研究的不足，在此基础上提炼出本文的控制变量及实证模型。在实证分析部分，本文首先对传统的有关代际收入传递的模型进行简单的归纳比较；然后对本文所采用的实证模型的来源进行简要推导，并对本文实证数据检验时的处理方法进行说明；之后本文在选取的金融性资产，人力资本，社会资本三个中间变量的基础上对模型中的投资系数和回报系数进行相关计量，最后整理出所需实证结果。所得实证结果显示，无论是采用中国家庭收入调查数据还是中国家庭营养与健康调查数据进行代际收入传递趋势的分析，都一致表明我国居民代际收入传递整体上呈现出先下降后上升的态势，城镇居民的代际收入传递性远高于农村；通过对高低收入的进一步划分研究表明，高收入者代际收入传递性趋于上升，低收入者代际收入传递性近似凹形并且较多时间处于低水位水平；再结合我国现阶段经济发展的现实，把金融性资产纳入到代际收入传递性的相关性因素进行分析发现，当前金融性资产已经成为我国居民代际收入传递性贡献率最大的因素，金融性资产特别是以资本化定价方式为基本特征的经济虚拟化的住房商品在代际收入传递中起着相当大的作用，同时教育体制完善程度以及劳动市场的有效性程度也对代际收入传递性产生重要影响。通过运用中国家庭金融调查报告所得数据进一步分析表明，房地产商品金融属性所支撑的高房价，房贷杠杠的助力，使得高低收入者代际内及代际间的收入水平趋于两极分化，“贫者愈贫，富者愈富“，子代的收入很大程度上正相关于其父代收入水平，从而造成整个社会代际收入传递性趋于上升，流动性下降的现象。在已有研究的基础上本文主要有以下几点创新：第一，从我国代际收入传递的实际出发，把对子代收入有重大影响的金融性资产等家庭财富资本纳入到代际收入传递研究中，重点突出了金融性资产对当前我国城乡居民代际收入传递的影响效应。文中不仅考虑到房产大幅升值的实际，也考虑到房贷市场的投机杠杠效应可能对代际收入传递的影响。第二，以往有关代际收入流动性的研究，在数据处理的严谨性方面，收入的界定方面都有相当的差异，因此造成研究结论莫衷一是，本文在可得的公开微观数据上选择相应的有一致性，重要影响的数据，譬如使用工资性收入等口径比较一致的微观数据代替收入，从而降低代际传递研究的误差，使研究结果更为可靠。
[Abstract]:Intergenerational income transfer refers to the extent to which the income of adult children is determined by their parents' income, which is mainly measured by the intergenerational income elasticity. Intergenerational income elasticity reflects the degree of intergenerational transmission, which will directly affect the sense of fairness in the whole society and the enthusiasm of people to work hard to change the status quo. It has a great influence on social harmony and efficiency. Therefore, through the investigation of intergenerational income transfer, we seek the size, trend, way and mechanism of its transmissibility, seek the possible policies and measures to reduce the intergenerational income transfer and improve the social mobility, and improve the public feeling and happiness of the residents and the sustainable development of harmonious and efficient construction. The research on intergenerational income transfer is of great significance. The research on intergenerational income transfer in China started relatively late. Most of the research has been based on the two elements of human capital and family background. The importance of the financial assets is not outstanding, especially for the capital agglomeration effect based on the housing loan effect. In the 90s of last century A series of major policies, such as housing marketization and monetization reform implemented at the end of our country, such as the rapid rise of consumer credit, especially the housing credit business, the accumulation of residents' income, and the way of the transfer of income have different new characteristics from the past. Therefore, the study of the influence of financial assets on the intergenerational transfer of the income of our country in the new period and its influence on the intergenerational transmission of our country's income and its influence on the intergenerational transfer of the income of our country in the new period and The analysis of relevant mechanisms has considerable practical significance.
On the basis of the existing research, this paper intends to expand the channels of intergenerational transfer of income to financial assets, and comprehensively and systematically examine the role of financial assets, human capital and social capital in the intergenerational income transfer of our country. The paper not only considers the real estate market and the real economy, but also considers the role of the real estate market and the real economy. In order to explain the real estate as a kind of commodity, the value overestimation of its financial attribute has been seriously separated from the use value of its commodity property, and the real estate finance is brought with it. The effect of the two grade differentiation of the residents' wealth is obvious. Meanwhile, considering the financial leverage of housing loan in the real estate market, it is bound to further aggravate the wealth difference between generation and generation. Therefore, the study of the impact of real estate, especially the housing loan market on the income transfer, will further improve the existing intergenerational income transmission in China. In addition, through the preliminary estimation of the whole social transmissibility and the comparative analysis of the high and low income strata, this paper is expected to get the convincing empirical test results.
In the theoretical analysis part, this paper reviews the existing research on intergenerational transfer at home and abroad. Through the measurement of intergenerational income transfer, the degree of intergenerational income transmission, the influence mechanism of intergenerational income transfer, the theory of this aspect is systematically explained in combination with the existing research in China, and the traditional literature on the intergenerational collection of Chinese residents is summarized. Based on the shortcomings of the transitivity study, the control variables and empirical models are extracted.
In the part of the empirical analysis, this paper makes a brief induction and comparison of the traditional model of intergenerational income transfer, and then gives a brief derivation of the source of the empirical model adopted in this paper, and explains the processing methods of the empirical data test; after that, the financial assets, human capital, and society are selected in this paper. On the basis of three intermediate variables, the investment coefficient and return coefficient in the model are measured, and the empirical results are finished. The empirical results show that both the Chinese family income survey data and the analysis of the intergenerational income transfer trend of Chinese family nutrition and health survey data are all consistent. It is clear that the intergenerational income transfer of the residents in our country shows a trend of first descending and then rising, and the intergenerational income transfer of urban residents is far higher than that in the countryside. At the level of low water level, combined with the reality of economic development at the present stage of our country, the analysis of the correlation factors of financial assets into intergenerational income transfer shows that the current financial assets have become the biggest contributing factor of the intergenerational income transfer of the residents in our country, and the financial assets are especially based on the capitalization pricing mode. This characteristic economic virtualized housing commodity plays a considerable role in the intergenerational income transfer. At the same time, the degree of the improvement of the educational system and the effectiveness of the labor market also have an important impact on the intergenerational income transmissibility. Further analysis of the data obtained by using the data obtained from the Chinese family financial survey report shows that the real estate commodity gold has been further analyzed. The high house price which is supported by the property and the help of the housing loan makes the income level of the intergenerational and intergenerational level of the high and low income tend to polarize, "the poorer the poor, the richer the richer", the income of the son generation is positively related to his father's income level, thus causing the whole social intergenerational income transmissibility to rise and the liquidity decline. The phenomenon.
On the basis of the existing research, this paper mainly has the following innovations: firstly, from the reality of intergenerational income transfer in China, the family wealth capital, such as financial assets, which have a significant impact on the generation of generation income, is included in the study of intergenerational income transfer, and the transfer of financial assets to the intergenerational income transfer of urban and rural residents in China is emphasized. It not only takes into account the real estate appreciation, but also takes into account the effect of the speculative bar effect on the intergenerational income transfer in the housing loan market. Second, the previous research on the intergenerational income liquidity has a considerable difference in the definition of the data processing and the definition of income, resulting in the conclusion of the research conclusion. There is no agreement that this paper selects corresponding consistent and important data on the available public micro data, such as the use of wage income and other consistent micro data to replace the income, thus reducing the error of intergenerational transmission research, making the research results more reliable.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832;F126.2

【参考文献】