金融发展能够改善教育代际流动性吗?——基于微观家户数据的分析

Can financial development improve intergenerational educational mobility?An analysis based on micro household data

研究金融发展对教育代际流动性的影响,并将教育代际流动性分解为教育代际结构流动性和教育代际交换流动性,构建金融发展对两者影响的理论框架,分析其作用机制,提出金融发展影响教育代际流动性的相关假说,并进行实证检验。实证检验与理论假说基本一致:首先,金融发展对教育代际结构流动性存在显著的促进作用,但对教育代际交换流动性的影响并不显著。因此,金融发展对教育代际流动性的正向影响主要来自其对教育代际结构流动性的正向促进作用。其次,金融发展对教育代际结构流动性的影响存在区域异质性,相较于中西部地区,金融发展对金融发展水平较高、信贷市场较为成熟的东部地区的教育代际结构流动性有更强的促进作用。最后,金融发展主要通过影响子代的人力资本水平这一作用机制对教育代际结构流动性产生影响。基于以上结论,提出相应政策建议。

This study investigates the impact of financial development on intergenerational educational mobility——intergenerational educational structural mobility and intergenerational educational exchange mobility.It firstly constructs a theoretical framework for the impact of financial development on both aspects and analyzes their mechanisms,then puts forward hypotheses regarding the impact and finally conducts empirical testing.The empirical test is broadly consistent with the theoretical hypotheses.Firstly,financial development has a significant promoting effect on intergenerational educational structural mobility,but its impact on intergenerational educational exchange mobility is not significant.Therefore,the positive impact mainly originates from its positive promotion of intergenerational educational structural mobility.Secondly,the impact exhibits regional heterogeneity.Compared to the central and western regions,the promoting effect is stronger in the eastern region where the financial development level is higher and the credit market is more mature.Lastly,financial development primarily affects the intergenerational structural mobility through the mechanism of influencing the human capital level of the younger generation.Based on these conclusions,relevant implications and policy recommendations are presented.