人力资本异质性与农民工风险性金融资产配置  

Heterogeneity of Human Capital and Allocation of Risky Financial Assets for Migrant Workers

作　　者：盛伟[1] 董雅倩 廖桂蓉[1] SHENG Wei;DONG Ya-qian;LIAO Gui-rong(School of Economics,Southwest Minzu University,Chengdu Sichuan 610041,China)

机构地区：[1]西南民族大学经济学院,成都610041

出　　处：《西北人口》2024年第5期12-25,共14页Northwest Population Journal

基　　金：国家社会科学基金一般项目“教育外溢效应视角下西部农村人力资本可持续增进机制研究”(项目编号:23BRK006);西南民族大学中央高校基本科研业务费专项资金项目“共同富裕背景下我国人口收入分布动态异质性研究”(项目编号:2023SQN05)。

摘　　要：教育和健康作为人力资本的重要组成部分,对农民工的风险性金融资产配置发挥着重要作用。基于中国家庭金融调查数据,通过Probit和Tobit模型来考察教育人力资本和健康人力资本对农民工风险性金融资产配置行为的影响,并对其内在传导机制进行中介效应分析。研究发现:教育人力资本和健康人力资本的提升会促进农民工参与风险性金融市场,并增加对风险性金融资产的投资。异质性分析表明,教育人力资本和健康人力资本的提升效应存在区域差异性,经济条件较差、教育水平较低地区的农民工参与风险性金融市场的潜力较大;就性别而言,教育人力资本在男性农民工的风险性金融资产配置中影响更大,而健康人力资本对女性农民工风险性金融资产配置的影响更为明显。机制检验表明,教育人力资本通过提高农民工的风险偏好和金融素养的方式增加其对风险性资产的配置比例;健康人力资本越高,农民工的风险偏好越强,越倾向于投资风险性金融资产,其财产性收入也因此提高。据此,应加速提升农村地区教育和健康人力资本水平,并优化金融环境,针对农民工的实际需求提供金融服务;农民工自身也要主动学习金融知识,提高金融素养水平,拓展了解金融信息的渠道,提升抗风险能力,不断优化风险性金融资产配置。Education and health are important components of human capital and they play an important role in the risky financial asset allocation of migrant workers.Based on the data from the China Household Finance Survey,the present paper examines the impact of education and health human capital on the risky financial asset allocation behav⁃ior of migrant workers through the Probit and Tobit models and analyzes the mediating effect of their intrinsic transmis⁃sion mechanisms.It is found that the enhancement of educational and health human capital promotes migrant workers'participation in risky financial markets and increases their investment in risky financial assets,and the conclusion re⁃mains robust after overcoming the endogeneity problem.Heterogeneity analysis shows that there is regional heterogene⁃ity in the enhancement effects of education human capital and health human capital,and that migrant workers in re⁃gions with poorer economic conditions and lower education levels have a greater potential to participate in risky finan⁃cial markets.In terms of gender,education human capital has a greater impact in the risky financial asset allocation of male migrant workers,while health human capital has a more pronounced impact on the risky financial asset allocation of female migrant workers.Mechanism tests show that education human capital increases the proportion of risky assets allocated to migrant workers by increasing their risk appetite and financial literacy,the higher the health human capi⁃tal,the stronger the risk appetite of migrant workers and the more inclined they are to invest in risky financial assets,and the property income of migrant workers can be increased as a result.Accordingly,the government should acceler⁃ate the upgrading of education and health human capital in rural areas,optimize the financial environment,provide fi⁃nancial services to meet the actual needs of rural migrant workers,and improve their level of financial literacy.Migrant workers themselves should take the initiativ

关 键 词：人力资本异质性 教育人力资本 健康人力资本 风险性金融资产配置 农民工 

分 类 号：F241[经济管理—劳动经济]