人力资本提升与家庭金融资产配置——来自大学扩招的证据

Human Capital Improvement and Family Financial Asset Allocation:Evidence from University Enrollment Expansion

本文利用大学扩招这一政策冲击构造工具变量,使用2018年中国家庭追踪调查(CFPS)数据,首次探究了接受高等教育带来的人力资本提升对家庭金融资产配置的因果效应。研究发现,户主接受高等教育对家庭风险资产配置有显著的正向影响。平均而言,户主接受高等教育使得家庭持有风险资产的概率增加12.85%,风险资产投资金额显著提高1.29倍,风险资产投资占比显著增加4.55%。机制分析的结果表明,接受高等教育会通过提高投资者的认知能力、家庭总收入、健康状况以及减少家庭的子女数量从而对家庭风险资产配置产生影响,其中,投资者的认知能力是最主要的渠道变量。异质性分析结果表明,教育对家庭风险资产配置的影响在性别、城乡之间存在差异。本文的研究说明人才强国战略在提高人力资本的同时,也在促进金融市场发展、提高居民财产性收入等方面发挥作用。促进教育公平,对推动共同富裕进程有重要意义。

Using the policy of university enrollment expansion to construct instrumental variables,this article explores the impact of human capital improvement on household financial asset allocation for the first time using the China Family Panel Studies(CFPS)data in 2018.The research results indicate that college has a significant positive impact on household risk asset allocation.On average,receiving higher education for household heads significantly increases the probability of households holding risky assets by 12.85%,increases the amount of risky asset investment by 1.29 times,and increases the proportion of risky asset investment by 4.55%.The results of mechanism analysis indicate that receiving higher education can improve investors'cognitive abilities,total household income,health status,and reduce the number of children in households,thereby affecting the allocation of risky assets in households.Among them,investors'cognitive abilities are the most important channel variable.Heterogeneity analysis indicates that the impact of education on household risk asset allocation varies between gender and between urban and rural areas.The results of this article indicate that the"reinvigorating China through human resource development"strategy not only enhances human capital,but also plays a role in promoting the development of financial markets and increasing residents'property income.Promoting education equity is important for promoting the process of common prosperity.