父辈资本对房产代际转移的影响——基于CGSS2015调查数据的分析

The Impact of the Intergenerational Transfer of Housing with Parents' Capital——An Analysis Based on the CGSS2015 Survey Data

随着房地产价格的节节攀升,房产代际转移日益成为影响我国社会再分配公平公正的一个重要因素。运用中国综合社会调查(CGSS)2015年数据,应用工具变量法对我国房产代际转移影响因素中的父辈资本进行研究的结果表明:父亲与母亲的人力资本水平将会分别提高房产代际转移发生的概率及规模,其社会资本水平将会分别降低房产代际转移发生的概率及规模;子辈受教育程度的提高将会减少房产代际转移的依赖程度。而同时考虑父母人力资本水平和社会资本水平的影响,两者的人力资本水平通常表现为相互矛盾的结果:当母亲的人力资本水平较高时,通常对父亲人力资本水平的影响存在"挤出效应";母亲对子代人力资本水平的影响更为深刻,进而传递到房产代际转移上。

With the rise of real estate prices, the intergenerational transfer of housing becomes one of the important factors which influences the justice and fairness of social redistribution in our country. The instrumental variable method is applied to analyzed the influence between the parents’ capital and the intergenerational transfer of housing while the causal inference method and the score matching method are used for robustness test. Our findings reveal that the human capital level of the parents increases the occurrence probability and scale of the intergenerational transfer of housing while the social capital level of the parents decreases them;the Children with a higher level of education are less dependent on their parents in the intergenerational transfer of housing. Moreover, considering the influence of the mother’s and father’s human and social capital levels, their different human capital levels lead to conflicting outcome: when the human capital level of the mother is higher, that of the father will be lower;in other words, mothers have deeper influence on children’s human capital, and therefore they are more influential in the intergenerational transfer of housing.