“家里有房,工作不慌”:父辈住房财富与青年子女劳动参与  

“Wealth at Home,No Panic at Work”:Parents’ Housing Wealth and Youth Labor Participation

作　　者：胡元瑞 田成志 吕萍[1] Hu Yuanrui;Tian Chengzhi;Lv Ping(School of Public Administration,Renmin University of China,Beijing 100872,China;West China Economic Research Center,Southwest University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]中国人民大学公共管理学院,北京100872 [2]西南财经大学中国西部经济研究中心,四川成都611130

出　　处：《财经研究》2021年第8期79-93,共15页Journal of Finance and Economics

基　　金：国家社科基金专项课题项目(18VSJ097);国家自然科学基金项目(71673285)。

摘　　要：青年"劳动参与率低"和"过度热衷体制内工作"对国家经济发展并非益事。文章基于理论分析与实证检验,探究了父辈住房财富与青年子女劳动参与和就业选择的关系,解释了青年子女劳动及就业选择差异背后的原因。研究发现:父辈住房财富对青年子女的劳动参与率具有显著的负向影响。对参加劳动的青年,父辈住房财富会提升他们选择体制内工作的可能性,并减少其劳动供给时间。通过异质性分析发现,父辈住房财富对女性青年的劳动参与影响更大;同城父辈住房财富影响效应明显更强;区分学历看,父辈房产财富对高学历青年的劳动参与负向影响较小,对非重点高校学历青年选择体制内工作的正向影响更大。最后,机制分析表明,父辈房产主要通过"代际财富传递"和"子女继承期待"两大机制影响青年子女的劳动参与及就业选择。文章的研究对政府坚持"房住不炒"、推动出台房地产税,进而促进社会经济健康发展具有重要启示意义。In recent years,the decline of China’s labor participation rate and the aggravation of youth’s preference to choose within the system have gradually become the focus of social attention and discussion.Meanwhile,due to the rise of housing prices and the social fact of intergenerational inheritance of wealth in China,the increase of total family income brought by the increase of parents’ housing wealth tends to have a positive wealth effect on youth,which makes them more inclined to increase leisure time and reduce labor participation,or tend to engage in less stressful jobs.Therefore,based on the theoretical model of"income – leisure",combined with the micro survey data of the research group of Southwestern University of Finance and Economics in 2018,and using the Probit model and the Heckman two-stage model,this paper studies the impact of parents’ housing wealth on youth labor participation and employment choice,and discusses the heterogeneity of the impact of parents’ housing wealth and the underlying mechanism. The results show that parents’ housing wealth has an inhibitory effect on youth labor participation. The increase in the value of real estate and the increase in the number of real estate of parents will lead to the decrease in the labor participation rate of youth. Among the youth who participate in labor,parents’ housing wealth has a significant negative impact on the labor supply time and non-institutional employment choice of youth. The heterogeneity analysis shows that the impact of parents’ housing wealth on the labor participation of women youth is greater,and the impact of parents’ housing wealth in the same city on youth labor participation and employment choice is stronger. From the perspective of educational background,parents’ housing wealth has a less negative impact on the labor participation of highly educated youth,and a more positive impact on non-key-university educated youth’s choice of work within the system.Finally,the mechanism analysis shows that parents’

关 键 词：父辈住房财富 青年子女 劳动参与 就业选择 Heckman两阶段模型 

分 类 号：F063.4[经济管理—政治经济学] F241.4