新农保政策是否有利于农村家庭人力资本的投资——来自中国家庭追踪调查的经验数据

Whether the New Rural Insurance Policy Is Conducive to the Human Capital Investment of Rural Families? Empirical Date from China Family Panel Studies

基于中国家庭追踪调查数据(CFPS),以家庭教育支出、教育机会的获得来度量家庭人力资本投资水平,利用FE、DID、DDD的工具变量估计方法实证考察了新农保政策对农村家庭人力资本投资的影响及其机制研究。研究发现:无论立足于县级视角还是家庭视角,新农保政策对农村家庭人力资本投资具有统计上的显著正向影响,且具有稳健性;新农保政策不仅在子辈为祖辈提供经济帮助上有着显著的负向影响作用,而且还能显著地正向刺激家庭债务的增加,即从代际经济支持、借贷约束的角度出发验证了新农保政策可通过减少子辈为祖辈提供的经济帮助、增加家庭债务的路径作用于农村家庭人力资本投资。

Based on the data of China Family Panel Studies, this paper measures t he level of family human capital investment by the acquisition of family education expenditure and educational opportunities and empirically examines the impact of the new rural insurance policy on the rural household human capital investment and its mechanism by making use of the instrumental variable estimation method of FE, DID and DDD. The findings show that, regardless from the county-level perspective or from the family perspective, the new rural insurance policy has a statistically significant positive impact on rural household human capital investment, and it is robust. The new rural insurance policy not only has a significant negative impact on the economic assistance provided by the younger generation to their older generations, but also significantly and positively stimulates the increase of household debt, that is, it is verified that from the perspective of inter-generation economic support and lending and borrowing constrains the new rural insurance policy has an effect on rural household human capital investment through the path of reducing economic assistance provided by the younger generation to their older generations and increasing family debts.