A Research On Human Capital Intergenerational Investment And Intergenerational Income Mobility

The rapid development of China's economy is accompanied by the slow intergenerational mobility of the society.The phenomenon of "rich second generation"," the officiallings" and "poor second generation" have attracted more and more attention in society.Human capital intergenerational investment is an important factor in the formation of intergenerational inequality.The main indicator of intergenerational mobility among stratums and intergenerational transmission of income gap is the intergenerational income mobility.The intergenerational income mobility,also known as the intergenerational transfer of income,is a measure of the extent to which the income of the individual is determined by the income of the previous generation,that is,the dependence of the offspring on the parent's income,which reflects the degree of opportunity equality in a society.It is an academic and practical research subject to study the development trend of human capital intergenerational investment and systematically and comprehensively measure the intergenerational income elasticity in China.Firstly,depicting the international atlas of human capital intergenerational investment,and compare the differences of China's human capital intergenerational investment with developed countries.Secondly,the measurement of intergenerational income elasticity in China.Using CHNS(1989-2011)22 year family tracking income survey data,and the parents' single year income.the average income of three years,the average income of five years to calculate the overall trend of the intergenerational income elasticity,the urban and rural differences,gender differences,regional differences and group differences of intergenerational income mobility.And the income transformation matrix is used to observe the direction and the size of change between the offspring and the parents in different income levels.Thirdly,after analyzing the microcosmic family,adding the macro environment factor,the two-level model is adopted to consider the influence of the government public expenditure on the offspring income and the intergenerational income elasticity.The research shows that public education expenditure,social security and employment expenditure and other government public expenditure have a certain role in the increasing of offspring income and the reducing of intergenerational income elasticity,partly ensuring the equality of opportunity among Chinese family,alleviating the income gap.Besides,the effect of public education expenditure on increasing the offspring income and reducing intergenerational income elasticity are more significant in rural areas.At the macro level,we further analyze the positive effect of urbanization on the education level of the population,the negative relationship between the fertility rate and the education level of the population.At the micro level,the influence of parental education level,social capital,wealth capital and cultural capital on human capital intergenerational investment is analyzed.Finally,it puts forward the policies to improve the intergenerational income mobility in China.By increasing the government public expenditure in public education,social security,health care and other public fields,the government's public policy will provide a better way to increase the flow of the offspring.Besides,create an equal competitive labor market environment and improve the ability of talent allocation in the market.Weaken the phenomenon of seeking employment by relying on social relations and wealth,thereby enhancing the mobility of the whole society.