The Impact of The Second Demographic Transition on Human Capital Accumulation

China's "demographic dividend" is gradually disappearing in the context of an aging population, and according to previous studies, China is between the second and third stages of the demographic transition. As the basis of human capital accumulation, the transformation of population has great significance for human capital accumulation. This paper uses the Cobb Douglas production function as a mathematical model, in which the population transition takes the population age structure as the core explanatory variable, and adds industrial transformation, economic growth, The education level of the household income level of the school-age labor force is used as the control variable, and using the interprovincial panel data from 2000 to 2020, the empirical results show that the second population transition has an obvious positive effect on human capital accumulation, and human capital has a first-order lag, which itself has an accumulation effect, and education investment does not have a positive effect because education expenditure accounts for less share of GDP, in addition, industrial transformation, economic growth, and household income level will promote human capital accumulation.