高等教育投资风险和收益的实证研究

An Empirical Study on the Risks and Returns to Higher Education Investment

近些年来,已有一些研究将风险变量纳入分析框架,来研究我国高等教育的投资收益问题。然而,在实践中,人们还希望了解高等教育各学历层次面对的收益—风险状况,进而在风险与收益之间进行权衡取舍来最终确定个体的最优教育选择,因此,通过细分学历层次来考察我国高等教育投资的风险与收益是十分必要的。基于一个包含了大专、本科、硕士、博士等四个学历层次的大学毕业生抽样调查数据,本文对我国现阶段高等教育各层次的投资收益一风险状况进行了实证研究,发现与大专、本科、博士等学历层次相比,硕士学历层次的投资收益率最高且风险相对较小。

In recent years,studies analyzing risk variables in the investment returns have emerged.However,in practice,people also hope to learn about the returns-risk levels across different degree levels so that they could make decisions with optimal educational choices.This paper employs a sample survey on college students including four different degree levels,Associate Degree,Bachelor Degree,Master Degree and Doctoral Degree,to conduct an empirical study on the returns-risk levels.Findings indicated that the return to Master Degree is the highest,whereas its risk is the lowest in China.