高房价对人力资本积累的阻碍路径及效应研究

Study on the Obstruction Path and Effect of High Housing Price on Human Capital Accumulation

文章基于C-D效用函数与住房市场局部均衡模型推导高房价—收入差距—人力资本积累的影响路径。利用2002-2017年27个省的省域面板数据,并构建PVAR模型采取系统GMM估计、脉冲响应分析、方差分解的方法考察我国高房价是否通过收入差距阻碍人力资本积累。研究表明:高房价将显著的通过收入差距路径阻碍人力资本积累;本路径中,高房价短期内对人力资本积累的阻碍效应将增加而长期阻碍效用将逐步降低;此外,从方差分解结果来看,高房价通过收入差距对人力资本累积的阻碍效用解释程度约为8%较为有限,同时阻碍效应具有一定滞后性。

Based on the C-D utility function and the housing market partial equilibrium model to derive high housing prices-income gap-the path of human capital accumulation.On the basis of the panel data of 27 provinces in 2002-2017 and the PVAR model,this paper uses the methods of GMM estimation,impulse response analysis and variance decomposition to investigate whether China's high house prices hinder the accumulation of human capital through the income gap.The results show that high housing price will significantly hinder the accumulation of human capital through the path of income gap;in this path,the blocking effect of high house price on human capital accumulation will increase in the short term and decrease in the long term;in addition,from the results of variance decomposition,the explanation degree of high house price through income gap to human capital accumulation is about 8%,which is relatively limited,and the effect of hindrance has a certain lag.