Income Risk Financing Constraint Public Education Investment

  本文关键词：收入风险、融资约束与人力资本积累——公共教育投资的作用，由笔耕文化传播整理发布。

收入风险、融资约束与人力资本积累——公共教育投资的作用

Income Risk, Financing Constraint and Human Capital Accumulation： The Role of Public Education Investment

[1] [2]

Cai Guowei , Liu Jianxiong （Lingnan College, Sun Yat-sen University; Institute of Economics, Chinese Academy of Social Sciences）

[1]中山大学岭南学院、中山大学中国转型与开放经济研究所,510275; [2]中国社会科学院经济研究所,100836

文章摘要：尽管改革开放以来，我国经济保持了30多年的高速增长，但与此不相匹配的是，政府对公共教育的投资远远低于世界平均水平。从人类发展的角度来看，人力资本不但是经济增长的重要投入要素，人力资本的提升本身也是经济发展的核心目的。本文通过构建教育投资的世代交叠模型，说明存在收入风险和融资约束时，居民选择的教育水平将会低于社会最优水平；政府的公共教育投资具有融资效应和保险效应。基于OECD跨国数据的实证检验表明，政府公共教育投资能够促进人力资本水平的提高，这种促进作用在收入风险较大、融资约束较强的国家效果会更为突出。结合理论推导和实证检验，本文认为，在我国市场经济尚不完善，人力资本与劳动报酬匹配程度有待提升，，劳动者面临显著收入风险，收入不平等状况严重的情况下，我国应进一步扩大公共教育投资，提升公共教育投资效率，以提高我国的人力资本水平。

Abstr：Since the reform and opening, China＇s economy has maintained growth miracle for more than 30 years. However, the government investment in public education is far below the world＇s average level. Human capital is one of the most important input factors for economic growth; while from the perspective of human development, the improvement of human capital is also the key purpose of economic development. This paper builds an overlapping generation model of education investment, which illustrates that, as long as there exists income uncertainty and financing constraint, the level of education decided by the residents would be lower than the social optimal level. The government＇s investment in public education has both financing effect and insurance effect, which can improve the social human capital as a whole. The empirical test based on OECD data shows that the increasing of government＇s public investment in education can promote the accumulation of human capital. This promoting role is more prominent in the countries with larger income risk and more serious financing constraint. Based on the theoretical conjecture and empirical test, this paper concludes that, in face of incomplete market economy, mismatching between human capital and income, apparent income risk faced by labors, and serious income inequality, China should increase the government＇s investment in public education and improve the education investment efficiency in order to accelerate the human capital accumulation.

文章关键词：

Keyword：:Income Risk Financing Constraint Public Education Investment Human Capital Accumulation

课题项目：本文得到了国家自然科学基金项目（71372146、71272200）、国家社会科学基金重点项目（12AJL005）、教育部人文社科规划项目（13YJA790001）、广东省自然科学基金项目（$2012010010630）、广东省优秀青年教师培养计划（Yq2013001）、中山大学优秀青年教师培养计划（14wkpy44）、中国社会科学院经济研究所创新工程“经济制度比较研究”的资助.

  本文关键词：收入风险、融资约束与人力资本积累——公共教育投资的作用，由笔耕文化传播整理发布。