An Empirical Analysis Of The Choice And Effect Of Family Education Investment

As an important human capital investment,education investment is particularly important in today’s knowledge-based economy,and education investment mainly comes from public expenditure of government and private expenditure of family.Although the proportion of China’s public education expenditure in GDP has increased year by year since 2000,and the proportion of national financial education funds in GDP has exceeded 4%for seven consecutive years from 2012 to 2019,according to the statistics of the world bank and the National Bureau of statistics of China,this figure is still at a low level compared with other countries,and there is not only a large gap between China and developed countries,It’s even behind the world average.That is to say,to realize the sustainable development of economy,the increase of education investment at the micro level of family is more needed.Therefore,to explain the development of Chinese education,we need to understand the determinants of family education investment from the micro perspective of family.Family education investment is an important guarantee for China to accelerate economic transformation and upgrading and realize sustainable economic development.With the aggravation of population aging,the demographic dividend in China is disappearing.To realize the transformation of economy from factor driven and investment driven to innovation driven,accelerating the release of human capital dividend needs to further increase human capital investment.At present,the increase of human capital investment mainly comes from family education investment.Family education investment is an issue of equal importance with public education investment.More and more research results at home and abroad show that family education investment has a very significant positive impact on children’s education results.Although in the actual discussion,we often only care about the investment and distribution of government financial education expenditure,but in terms of compulsory education,the government and families should undertake certain investment in this stage,so as to better play the role of basic education.From the perspective of family education production function,the choice of which part of education investment the family undertakes should be included in the decision-making of maximizing children’s educational income.On the basis of a questionnaire survey of family education investment,we can get the factors that affect the family education investment in China and the heterogeneity analysis of the family education investment on students.The study finds that family income and whether it is a two parent family are two very significant indicators,which can help us understand the development of China’s education And explain China’s education problems to provide an empirical evidence.In the latter part,we conclude that family education investment may have four effects on students’ academic performance and well-being,which can give parents and other stakeholders a more intuitive understanding of family education investment.The unequal access to educational resources may lead to the widening gap between students and students.This paper first explores the determinants of family education investment.Through logit regression,we find that students from two parent families are more likely to participate in extracurricular counseling.In addition,only child,mother’s education level,family income and household registration type have significant influence on family education investment.In the second half of the article,we take extracurricular counseling in winter and summer vacation as an example to explore the impact of family education investment on students.We bring extracurricular counseling,academic performance and well-being into the unified analysis framework,and use causal forest and partial dependence diagram to analyze the impact of family education investment on students’ academic performance and well-being in compulsory education stage.From the empirical results,family education investment in compulsory education stage has a positive effect on improving academic performance,but has a negative impact on students’ well-being.However,through the analysis of individual processing effect,it is found that family education investment has different effects on each student,including four different situations:improving academic performance but reducing happiness,improving academic performance and well-being,reducing academic performance and happiness,and reducing academic performance but improving students’ happiness In order to achieve the effect of teaching students in accordance with their aptitude,different education methods and training modes should be adopted according to the specific situation of students.In addition,the results of partial dependence graph show that the higher the happiness of students,the more significant the improvement of academic performance through family education investment;for students with very low or very high academic performance,the lower the family education investment,the greater the degree of happiness of students.Therefore,family education investment should be treated rationally,instead of blindly "increasing the burden" on students,we should always pay attention to the psychological changes of students,and should not blindly pursue"winning on the starting line" so that students can participate in various "burden increasing" activities including extracurricular counseling in winter and summer vacation.Finally,this paper makes a deep analysis of the above two empirical results,and puts forward reasonable suggestions for the government,parents and schools:the government should optimize the educational resource differences between the urban and rural areas,pay special attention to the children of non parents families,avoid the further expansion of education inequality,and correctly guide the direction of family education investment,so as to realize the real assistance of students’development effect.Parents should try their best to accompany their children’s study and life.At the same time,they should treat family education investment rationally to prevent "gilding the lily",which not only increases the family expenditure,but also wastes the children’s energy and brain power,and finally fails to improve their academic performance and bring them happiness.Mainstream education should strengthen the communication between teachers and students,try to pay attention to the development of each student,teach students according to their aptitude,at the same time,it should also give more encouragement to the students from non parents’families,and give appropriate extra-curricular education to avoid the further expansion of unfair education.