發(fā)布時(shí)間：2018-06-09 20:34

  本文選題：金融性資產(chǎn) + 居民收入　； 參考：《浙江財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：代際收入傳遞是指成年子女的收入在多大程度上是由其父輩收入決定的，主要通過代際收入彈性來衡量。代際收入彈性反映了代際間的傳遞程度，其值高低將直接影響整個(gè)社會(huì)的公平感以及人們通過努力工作改變現(xiàn)狀的積極性，進(jìn)而對社會(huì)和諧和高效產(chǎn)生重大影響。因此通過對代際收入傳遞性的考察，探尋其傳遞性的大小，趨勢，途徑及機(jī)制，尋求可能的降低代際收入傳遞性和改善社會(huì)流動(dòng)性的政策措施，對提高居民的公平感和幸福度及構(gòu)建和諧高效的可持續(xù)經(jīng)濟(jì)形態(tài)將具有重大意義。我國有關(guān)代際收入傳遞的研究起步較晚，已有的研究大都基于人力資本和家庭背景兩要素，對金融性資產(chǎn)的重要性不夠突出，特別是對于基于房貸杠杠效應(yīng)的資本集聚效應(yīng)沒有充分考慮�？紤]到上世紀(jì)九十年代末我國實(shí)施的住房市場化、貨幣化改革等一系列重大政策，消費(fèi)信貸特別是住房信貸業(yè)務(wù)的迅速崛起，居民的收入積累，收入傳遞方式有了不同于以往的新的時(shí)代特征，因此，研究新時(shí)期金融性資產(chǎn)對我國居民收入的代際傳遞影響及其相關(guān)機(jī)制的分析就具有相當(dāng)?shù)默F(xiàn)實(shí)意義。 本文擬在已有研究基礎(chǔ)上，將收入代際傳遞的渠道擴(kuò)展到金融性資產(chǎn)，結(jié)合我國現(xiàn)階段金融市場發(fā)展的現(xiàn)狀全面系統(tǒng)的考察了金融性資產(chǎn)、人力資本、社會(huì)資本在我國居民代際收入傳遞中的作用。文中不僅考慮了房地產(chǎn)市場與實(shí)體經(jīng)濟(jì)關(guān)聯(lián)程度越來越弱這一現(xiàn)實(shí)存在，，也對房地產(chǎn)金融屬性過度利用所導(dǎo)致的大量投機(jī)行為效應(yīng)進(jìn)行了相關(guān)分析，以期解釋房地產(chǎn)作為一種商品，其金融屬性所帶來的價(jià)值高估已嚴(yán)重脫離其商品屬性所帶來的使用價(jià)值，房地產(chǎn)金融化所帶來居民財(cái)富的兩級分化效應(yīng)明顯，同時(shí)考慮到房地產(chǎn)市場中房貸所具有的金融杠桿性作用，勢必將進(jìn)一步加劇代內(nèi)及代際間的財(cái)富存量差異，因此研究房地產(chǎn)特別是房貸市場對收入傳遞的影響，將進(jìn)一步完善現(xiàn)有有關(guān)我國代際收入傳遞的相關(guān)研究，另外本文還通過對整個(gè)社會(huì)傳遞性大小的初步估計(jì)，以及高低收入階層的比較分析，以期得到有說服力的實(shí)證檢驗(yàn)結(jié)果。 在理論分析部分，本文回顧了國內(nèi)外有關(guān)代際傳遞的現(xiàn)有研究，通過對代際收入傳遞的衡量，代際收入傳遞的程度，代際收入傳遞的影響機(jī)制并結(jié)合我國現(xiàn)有研究對這方面的理論進(jìn)行了系統(tǒng)性闡述，并歸納了傳統(tǒng)文獻(xiàn)對我國居民代際收入傳遞性研究的不足，在此基礎(chǔ)上提煉出本文的控制變量及實(shí)證模型。 在實(shí)證分析部分，本文首先對傳統(tǒng)的有關(guān)代際收入傳遞的模型進(jìn)行簡單的歸納比較；然后對本文所采用的實(shí)證模型的來源進(jìn)行簡要推導(dǎo)，并對本文實(shí)證數(shù)據(jù)檢驗(yàn)時(shí)的處理方法進(jìn)行說明；之后本文在選取的金融性資產(chǎn)，人力資本，社會(huì)資本三個(gè)中間變量的基礎(chǔ)上對模型中的投資系數(shù)和回報(bào)系數(shù)進(jìn)行相關(guān)計(jì)量，最后整理出所需實(shí)證結(jié)果。所得實(shí)證結(jié)果顯示，無論是采用中國家庭收入調(diào)查數(shù)據(jù)還是中國家庭營養(yǎng)與健康調(diào)查數(shù)據(jù)進(jìn)行代際收入傳遞趨勢的分析，都一致表明我國居民代際收入傳遞整體上呈現(xiàn)出先下降后上升的態(tài)勢，城鎮(zhèn)居民的代際收入傳遞性遠(yuǎn)高于農(nóng)村；通過對高低收入的進(jìn)一步劃分研究表明，高收入者代際收入傳遞性趨于上升，低收入者代際收入傳遞性近似凹形并且較多時(shí)間處于低水位水平；再結(jié)合我國現(xiàn)階段經(jīng)濟(jì)發(fā)展的現(xiàn)實(shí)，把金融性資產(chǎn)納入到代際收入傳遞性的相關(guān)性因素進(jìn)行分析發(fā)現(xiàn)，當(dāng)前金融性資產(chǎn)已經(jīng)成為我國居民代際收入傳遞性貢獻(xiàn)率最大的因素，金融性資產(chǎn)特別是以資本化定價(jià)方式為基本特征的經(jīng)濟(jì)虛擬化的住房商品在代際收入傳遞中起著相當(dāng)大的作用，同時(shí)教育體制完善程度以及勞動(dòng)市場的有效性程度也對代際收入傳遞性產(chǎn)生重要影響。通過運(yùn)用中國家庭金融調(diào)查報(bào)告所得數(shù)據(jù)進(jìn)一步分析表明，房地產(chǎn)商品金融屬性所支撐的高房價(jià)，房貸杠杠的助力，使得高低收入者代際內(nèi)及代際間的收入水平趨于兩極分化，“貧者愈貧，富者愈富“，子代的收入很大程度上正相關(guān)于其父代收入水平，從而造成整個(gè)社會(huì)代際收入傳遞性趨于上升，流動(dòng)性下降的現(xiàn)象。 在已有研究的基礎(chǔ)上本文主要有以下幾點(diǎn)創(chuàng)新：第一，從我國代際收入傳遞的實(shí)際出發(fā)，把對子代收入有重大影響的金融性資產(chǎn)等家庭財(cái)富資本納入到代際收入傳遞研究中，重點(diǎn)突出了金融性資產(chǎn)對當(dāng)前我國城鄉(xiāng)居民代際收入傳遞的影響效應(yīng)。文中不僅考慮到房產(chǎn)大幅升值的實(shí)際，也考慮到房貸市場的投機(jī)杠杠效應(yīng)可能對代際收入傳遞的影響。第二，以往有關(guān)代際收入流動(dòng)性的研究，在數(shù)據(jù)處理的嚴(yán)謹(jǐn)性方面，收入的界定方面都有相當(dāng)?shù)牟町�，因此造成研究結(jié)論莫衷一是，本文在可得的公開微觀數(shù)據(jù)上選擇相應(yīng)的有一致性，重要影響的數(shù)據(jù)，譬如使用工資性收入等口徑比較一致的微觀數(shù)據(jù)代替收入，從而降低代際傳遞研究的誤差，使研究結(jié)果更為可靠。
[Abstract]:Intergenerational income transfer refers to the extent to which the income of adult children is determined by their parents' income, which is mainly measured by the intergenerational income elasticity. Intergenerational income elasticity reflects the degree of intergenerational transmission, which will directly affect the sense of fairness in the whole society and the enthusiasm of people to work hard to change the status quo. It has a great influence on social harmony and efficiency. Therefore, through the investigation of intergenerational income transfer, we seek the size, trend, way and mechanism of its transmissibility, seek the possible policies and measures to reduce the intergenerational income transfer and improve the social mobility, and improve the public feeling and happiness of the residents and the sustainable development of harmonious and efficient construction. The research on intergenerational income transfer is of great significance. The research on intergenerational income transfer in China started relatively late. Most of the research has been based on the two elements of human capital and family background. The importance of the financial assets is not outstanding, especially for the capital agglomeration effect based on the housing loan effect. In the 90s of last century A series of major policies, such as housing marketization and monetization reform implemented at the end of our country, such as the rapid rise of consumer credit, especially the housing credit business, the accumulation of residents' income, and the way of the transfer of income have different new characteristics from the past. Therefore, the study of the influence of financial assets on the intergenerational transfer of the income of our country in the new period and its influence on the intergenerational transmission of our country's income and its influence on the intergenerational transfer of the income of our country in the new period and The analysis of relevant mechanisms has considerable practical significance.
On the basis of the existing research, this paper intends to expand the channels of intergenerational transfer of income to financial assets, and comprehensively and systematically examine the role of financial assets, human capital and social capital in the intergenerational income transfer of our country. The paper not only considers the real estate market and the real economy, but also considers the role of the real estate market and the real economy. In order to explain the real estate as a kind of commodity, the value overestimation of its financial attribute has been seriously separated from the use value of its commodity property, and the real estate finance is brought with it. The effect of the two grade differentiation of the residents' wealth is obvious. Meanwhile, considering the financial leverage of housing loan in the real estate market, it is bound to further aggravate the wealth difference between generation and generation. Therefore, the study of the impact of real estate, especially the housing loan market on the income transfer, will further improve the existing intergenerational income transmission in China. In addition, through the preliminary estimation of the whole social transmissibility and the comparative analysis of the high and low income strata, this paper is expected to get the convincing empirical test results.
In the theoretical analysis part, this paper reviews the existing research on intergenerational transfer at home and abroad. Through the measurement of intergenerational income transfer, the degree of intergenerational income transmission, the influence mechanism of intergenerational income transfer, the theory of this aspect is systematically explained in combination with the existing research in China, and the traditional literature on the intergenerational collection of Chinese residents is summarized. Based on the shortcomings of the transitivity study, the control variables and empirical models are extracted.
In the part of the empirical analysis, this paper makes a brief induction and comparison of the traditional model of intergenerational income transfer, and then gives a brief derivation of the source of the empirical model adopted in this paper, and explains the processing methods of the empirical data test; after that, the financial assets, human capital, and society are selected in this paper. On the basis of three intermediate variables, the investment coefficient and return coefficient in the model are measured, and the empirical results are finished. The empirical results show that both the Chinese family income survey data and the analysis of the intergenerational income transfer trend of Chinese family nutrition and health survey data are all consistent. It is clear that the intergenerational income transfer of the residents in our country shows a trend of first descending and then rising, and the intergenerational income transfer of urban residents is far higher than that in the countryside. At the level of low water level, combined with the reality of economic development at the present stage of our country, the analysis of the correlation factors of financial assets into intergenerational income transfer shows that the current financial assets have become the biggest contributing factor of the intergenerational income transfer of the residents in our country, and the financial assets are especially based on the capitalization pricing mode. This characteristic economic virtualized housing commodity plays a considerable role in the intergenerational income transfer. At the same time, the degree of the improvement of the educational system and the effectiveness of the labor market also have an important impact on the intergenerational income transmissibility. Further analysis of the data obtained by using the data obtained from the Chinese family financial survey report shows that the real estate commodity gold has been further analyzed. The high house price which is supported by the property and the help of the housing loan makes the income level of the intergenerational and intergenerational level of the high and low income tend to polarize, "the poorer the poor, the richer the richer", the income of the son generation is positively related to his father's income level, thus causing the whole social intergenerational income transmissibility to rise and the liquidity decline. The phenomenon.
On the basis of the existing research, this paper mainly has the following innovations: firstly, from the reality of intergenerational income transfer in China, the family wealth capital, such as financial assets, which have a significant impact on the generation of generation income, is included in the study of intergenerational income transfer, and the transfer of financial assets to the intergenerational income transfer of urban and rural residents in China is emphasized. It not only takes into account the real estate appreciation, but also takes into account the effect of the speculative bar effect on the intergenerational income transfer in the housing loan market. Second, the previous research on the intergenerational income liquidity has a considerable difference in the definition of the data processing and the definition of income, resulting in the conclusion of the research conclusion. There is no agreement that this paper selects corresponding consistent and important data on the available public micro data, such as the use of wage income and other consistent micro data to replace the income, thus reducing the error of intergenerational transmission research, making the research results more reliable.
【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832;F126.2

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 駱祚炎;;住房支出、住房價(jià)格、財(cái)富效應(yīng)與居民消費(fèi)增長——兼論貨幣政策對資產(chǎn)價(jià)格波動(dòng)的關(guān)注[J];財(cái)經(jīng)科學(xué);2010年05期

2 寧光杰;;住房改革、房價(jià)上漲與居民收入差距擴(kuò)大[J];當(dāng)代經(jīng)濟(jì)科學(xué);2009年05期

3 張東輝;司志賓;;人力資本投資、就業(yè)雙軌制與個(gè)體收入差距——收入差距問題代際間資本轉(zhuǎn)移視角的一種解釋[J];福建論壇(人文社會(huì)科學(xué)版);2007年10期

4 韓軍輝;;農(nóng)村公共支出結(jié)構(gòu)與代際收入流動(dòng)實(shí)證研究[J];公共行政評論;2010年01期

5 何立新;潘春陽;;破解中國的“Easterlin悖論”:收入差距、機(jī)會(huì)不均與居民幸福感[J];管理世界;2011年08期

6 韓軍輝;;機(jī)會(huì)不等與收入不均:城鄉(xiāng)家庭收入的代際流動(dòng)[J];華南農(nóng)業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2010年03期

7 趙楊;張屹山;趙文勝;;房地產(chǎn)市場與居民消費(fèi)、經(jīng)濟(jì)增長之間的關(guān)系研究——基于1994-2011年房地產(chǎn)市場財(cái)富效應(yīng)的實(shí)證分析[J];經(jīng)濟(jì)科學(xué);2011年06期

8 李實(shí),魏眾,B.古斯塔夫森;中國城鎮(zhèn)居民的財(cái)產(chǎn)分配[J];經(jīng)濟(jì)研究;2000年03期

9 陸銘,陳釗;城市化、城市傾向的經(jīng)濟(jì)政策與城鄉(xiāng)收入差距[J];經(jīng)濟(jì)研究;2004年06期

10 章奇;米建偉;黃季q;;收入流動(dòng)性和收入分配:來自中國農(nóng)村的經(jīng)驗(yàn)證據(jù)[J];經(jīng)濟(jì)研究;2007年11期

相關(guān)博士學(xué)位論文 前1條

1 李瑩;財(cái)富資本化對我國經(jīng)濟(jì)發(fā)展的影響研究[D];吉林大學(xué);2011年

本文編號：2000746