Does Population Aging Hinder the Accumulation of Human Capital?Evidence from China
作者机构：College of Business and EconomicsShanghai Business SchoolShanghai 201400China Antai College of Economics&ManagementShanghai Jiao Tong UniversityShanghai 200030China School of Public Economics and Administration and Shanghai Key Laboratory of Financial Information TechnologyShanghai University of Finance and EconomicsShanghai 200433China School of Economics&ManagementShanghai Maritime UniversityShanghai 201306China
出 版 物：《Frontiers of Economics in China-Selected Publications from Chinese Universities》 (中国高等学校学术文摘·经济学（英文版）)
年 卷 期：2020年第15卷第2期
页 面：257-281页
学科分类：0303[法学-社会学] 03[法学] 1202[管理学-工商管理] 0201[经济学-理论经济学] 030302[法学-人口学] 0701[理学-数学]
基 金：The authors gratefully acknowledge financial support from the National Social Science Foundation of China(No.17ZDA049) the Natural Science Foundation of Does Population Aging Hinder the Accumulation of Human Capital? China(No.71773071 71973097) the 2019 Shanghai Philosophy and Social Science Planning Education Youth Project(No.B1903) the Shanghai Pujiang Program(No.16PJC034) and the Shanghai Business School Venus Project(No.18KY-PQMX-03).The editors’and referees’constructive comments for the paper are also gratefully acknowledged
主 题：population aging human capital investment China family panel studies(CFPS) crowding-out effect education expenditure
摘 要：There is no consensus on the impact of population aging on education *** explore this question,we first build an overlapping generations(OLG)model to theoretically analyze the effect of population aging on human capital investment in China,and then test our theory by conducting an empirical study based on micro household *** find the following.(1)Theoretically,the OLG model shows that population aging has a crowding-out effect on education investment.(2)Empirically,the results show that the share of education and training expenditures decreases by 5.27 percentage points as the ratio of old people in the household increases by 100 percentage points,which confirms the crowding-out effect of population aging on human capital investment.(3)The crowding-out effect is far more intense on urban households than on rural households since health care expenditures will be greater in urban areas as population aging increases.(4)A quantile regression indicates that the negative effect of population aging on the share of educational expenditure is concentrated in households with higher shares of education *** confirm the robustness of our results using regional fixed effect and instrumental variable(Ⅳ)regressions.
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