{"title":"地方政府债务与家庭人力资本投资","authors":"Chao Wang , Wei Geng","doi":"10.1016/j.frl.2025.107238","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107238"},"PeriodicalIF":6.9000,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Local government debt and household human capital investment\",\"authors\":\"Chao Wang , Wei Geng\",\"doi\":\"10.1016/j.frl.2025.107238\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"79 \",\"pages\":\"Article 107238\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-03-17\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S154461232500501X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S154461232500501X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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.
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.
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