A Comparative Study Of Medical Education Investment Return Based On Human Capital Theory

Education is the most important type of investment in human capital. The rate of return to education(RRE) is one of the most important indicators. Since it can not only reveal the influence of education on income distribution and measure the efficiency of the resources, but also judge the labor allocation efficiency. So there is no doubt that the study on rate of return to education(RRE) is of great significance.This dissertation on the basis of reviewing the human capital theory and the present literature on RRE, introduce the model and set the variables. This dissertation estimates the physicians average RRE and the rates of return to different stages of education with OLS method. The differences in present research are compared.The main results of this positive study with respect to physicians RRE include: Firstly, this study estimated the level of return on doctors’ education by controlling the variables of ability and the virtual variables such as department and job title. Estimates show that the ability to control the variables as well as the virtual variables after the rate of return on education has a considerable degree of reduction. This shows that the Department, the title of the difference will significantly affect the salary income differences between doctors. Secondly, this study according to the division of the east, the middle and the west, Jiangsu, Anhui, Shanxi three sample provinces, on doctors’ education level of investment returns were packet estimation, results show that sample provinces due to different degree of economic development, the doctor returns to education investment rate at different levels. Thirdly, from the point of view of doctor education, undergraduate, graduate and doctoral degree with respect to the junior college and below the rates of return to education is rising trend, which doctoral degree relative returns to education rate was the highest in three kinds of record of formal schooling of the returns to education level according to the level of the sequence is graduate, undergraduate and junior college and below. From this point of view, education does have a significant increase in the role of income, and generally higher education level, the income will be higher.