地方政府债务与家庭人力资本投资

IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE
Chao Wang , Wei Geng
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引用次数: 0

摘要

利用2011年至2019年中国大规模家庭调查数据,本研究考察了市政债务对家庭人力资本投资的影响。我们提出了强有力的证据,证明市政负债与家庭教育支出之间存在负相关关系。这种影响在父母受教育程度较低的家庭、有女儿的家庭和居住在农村地区的家庭中更为明显。此外,我们发现家庭房地产购买和储蓄可能是解释这种关系的机制。我们的主要发现在其他识别策略中仍然是稳健的,包括工具变量和差异中的差异方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Local government debt and household human capital investment
Leveraging large-scale household survey data from China spanning 2011 to 2019, this study examines the influence of municipal debt on household human capital investment. We present strong evidence demonstrating a negative correlation between municipal indebtedness and household education expenditures. This effect is more pronounced among families with lower parental education levels, those with daughters, and those residing in rural areas. Additionally, we find that household real estate purchases and savings are likely mechanisms that explain this relationship. Our key findings remain robust across alternative identification strategies, including instrumental variable and difference-in-differences approaches.
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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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