The Contribution Analysis Of China’s Education Investment To Resident Income

This paper uses the macroscopic data of China’s education investment expenditure from 1992 to 2014 and the micro-survey data of China’s comprehensive social survey in 2013.Using VAR model’s time-series analysis and multiple logistic regression analysis to research the contribution of education investment to resident income.According to the analysis of the impulse response of the education investment to the macroeconomic data of the resident income,it is found that the short-term investment in education has a lagging effect on the resident income,but the increase of the national education investment will bring the obvious driving effect to the resident income.A positive impact of the national education investment on the long-term impact on household income,showing a certain volatility;Giving a positive impact on household income to the family education investment,in the short term there is a certain volatility in the second phase to reach the largest positive response gradually In the whole analysis period,the cumulative response of household income to family education investment is 0.1765.In general,household education investment has positive effect on resident income.According to the variance decomposition of the macro data of the resident income,it is found that the fluctuation of the resident income is only affected by the volatility in the first period.The impact of the state education investment and household education investment on the resident income fluctuation(i.e.contribution to the forecast error)is only reflected in the second period and moreover,its reflection in the second period is small,respectively,only 1%,followed by national investment in education and family education investment income of the residents was gradually increased.The contribution rate of education investment to resident income is 28.9%,which further proves that the education investment obtained in the impulse response analysis has a positive impact on resident income,that is,the impact of education investment on residents’ income is lagging,and the impact is Long-term.Compared to investment in family education,the state investment in education in the long-term impact on the growth of income even greater.From the results of the variance analysis,we can see that in the first seven periods,the contribution rate of household education investment to resident income has increased rapidly,and the contribution rate of national education investment to resident income has reached 12.6%.In the eighth period to the tenth period,the contribution rate of family education investment decreased gradually,and the contribution rate of national education investment to resident income increased significantly and exceeded the contribution rate of household education investment to resident income,reaching 17.27%.This proves once again that the contribution of education investment to the income of residents is a long-term process,and the national education investment and family education investment on the contribution rate of residents between the phenomena of the shift.According to the microscopic data analysis of the educational investment to the residents ’income,it is found that the investment level of different education has different impact on the residents’ income of different grades.First of all,for low-income residents,junior middle school students have access to low-income opportunities is only 1.25 times the level of primary school education,and high school education level of residents access to low-income opportunities Only 4.78 times the level of primary school education residents,tertiary education and bachelor’s degree in access to low-income opportunities were up to 7.98 times and 12.43 times the level of post-graduate education to obtain low-income opportunities is 10.87 times the level of primary education.Secondly,for middle-income level,the chance of obtaining middle-income in high school,college,undergraduate and post-graduate education is 1.88 times,4.32 times,7.78 times and 18.85 times of the level of primary education respectively.While the level of education in junior high school to obtain high income has no significant impact.High school education,college education,undergraduate education and post-graduate education for access to high income in a significant role.Specifically,the residents with high school diploma are 1.42 times as likely to have a higher education level than those with primary education,while those with tertiary education are 7.46 times higher than those with primary education and 12.62 times higher than those with primary education.And higher education access to high-income opportunities are up to 32.18 times.College education,undergraduate education and graduate education level of access to high income have a significant impact,of which the opportunity to obtain high-income graduate education is 71.19 times the individual primary education.Finally,according to the data analysis and empirical research results,the paper summarizes the full text,and recommend relevant policy from the strengthening of education investment and development;Strengthening government investment and support in education;Strength the investment in vocational education;Improve education investment resource’s allocation more reasonable and so on.