本文關(guān)鍵詞：收入風(fēng)險、融資約束與人力資本積累——公共教育投資的作用，由筆耕文化傳播整理發(fā)布。

收入風(fēng)險、融資約束與人力資本積累——公共教育投資的作用

Income Risk, Financing Constraint and Human Capital Accumulation： The Role of Public Education Investment

[1] [2]

Cai Guowei , Liu Jianxiong （Lingnan College, Sun Yat-sen University; Institute of Economics, Chinese Academy of Social Sciences）

[1]中山大學(xué)嶺南學(xué)院、中山大學(xué)中國轉(zhuǎn)型與開放經(jīng)濟(jì)研究所,510275; [2]中國社會科學(xué)院經(jīng)濟(jì)研究所,100836

文章摘要：盡管改革開放以來，我國經(jīng)濟(jì)保持了30多年的高速增長，但與此不相匹配的是，政府對公共教育的投資遠(yuǎn)遠(yuǎn)低于世界平均水平。從人類發(fā)展的角度來看，人力資本不但是經(jīng)濟(jì)增長的重要投入要素，人力資本的提升本身也是經(jīng)濟(jì)發(fā)展的核心目的。本文通過構(gòu)建教育投資的世代交疊模型，說明存在收入風(fēng)險和融資約束時，居民選擇的教育水平將會低于社會最優(yōu)水平；政府的公共教育投資具有融資效應(yīng)和保險效應(yīng)�；贠ECD跨國數(shù)據(jù)的實證檢驗表明，政府公共教育投資能夠促進(jìn)人力資本水平的提高，這種促進(jìn)作用在收入風(fēng)險較大、融資約束較強(qiáng)的國家效果會更為突出。結(jié)合理論推導(dǎo)和實證檢驗，本文認(rèn)為，在我國市場經(jīng)濟(jì)尚不完善，人力資本與勞動報酬匹配程度有待提升，，勞動者面臨顯著收入風(fēng)險，收入不平等狀況嚴(yán)重的情況下，我國應(yīng)進(jìn)一步擴(kuò)大公共教育投資，提升公共教育投資效率，以提高我國的人力資本水平。

Abstr：Since the reform and opening, China＇s economy has maintained growth miracle for more than 30 years. However, the government investment in public education is far below the world＇s average level. Human capital is one of the most important input factors for economic growth; while from the perspective of human development, the improvement of human capital is also the key purpose of economic development. This paper builds an overlapping generation model of education investment, which illustrates that, as long as there exists income uncertainty and financing constraint, the level of education decided by the residents would be lower than the social optimal level. The government＇s investment in public education has both financing effect and insurance effect, which can improve the social human capital as a whole. The empirical test based on OECD data shows that the increasing of government＇s public investment in education can promote the accumulation of human capital. This promoting role is more prominent in the countries with larger income risk and more serious financing constraint. Based on the theoretical conjecture and empirical test, this paper concludes that, in face of incomplete market economy, mismatching between human capital and income, apparent income risk faced by labors, and serious income inequality, China should increase the government＇s investment in public education and improve the education investment efficiency in order to accelerate the human capital accumulation.

文章關(guān)鍵詞：

Keyword：:Income Risk Financing Constraint Public Education Investment Human Capital Accumulation

課題項目：本文得到了國家自然科學(xué)基金項目（71372146、71272200）、國家社會科學(xué)基金重點項目（12AJL005）、教育部人文社科規(guī)劃項目（13YJA790001）、廣東省自然科學(xué)基金項目（$2012010010630）、廣東省優(yōu)秀青年教師培養(yǎng)計劃（Yq2013001）、中山大學(xué)優(yōu)秀青年教師培養(yǎng)計劃（14wkpy44）、中國社會科學(xué)院經(jīng)濟(jì)研究所創(chuàng)新工程“經(jīng)濟(jì)制度比較研究”的資助.

  本文關(guān)鍵詞：收入風(fēng)險、融資約束與人力資本積累——公共教育投資的作用，由筆耕文化傳播整理發(fā)布。