作　者：卢洪友 杜亦譞
关键词：教育融资模式；生育率；人力资本积累；增长效应；平等效应
摘　要：

根据两期世代交叠模型，通过缩小贫富群体的生育率差距和人力资本差距，公共教育融资模式不仅能够缓解居民收入分配不平等程度，还有助于促进社会平均收入水平的提高。而关于公共教育融资模式对居民收入水平和收入分配影响的实证研究显示：教育服务更多由政府公共融资与各阶层居民收入水平呈正相关关系，但对低收入群体的边际贡献更大，因此公共教育融资模式既有助于促进居民收入水平的提高，还有利于缓解收入分配不平等，从而实现平等与增长双重目标的权衡。进一步的机制检验结果表明，之所以能够实现平等与增长的双重目标，是因为公共教育融资能够提高社会平均人力资本水平，同时缓解贫富群体的人力资本差距，并缓解低收入组、中低收入组和中高收入组的生育率差距。因此，现阶段由政府通过公共资金渠道对教育服务融资，为全社会居民提供更为优质的教育服务，降低居民的教育成本，是实现人口均衡发展与创造人才红利，保证未来经济社会可持续均衡发展的关键制度安排。

Equality and Growth Effect of Public Education Financing Theoretical and Empirical Study Based on Dual Perspective of Fertility and Human Capital

Lu Hongyou & Du Yixuan (Wuhan University)

Abstract According to a two-stage overlapping model, by narrowing the fertility gap and human capital gap between the rich and the poor, the public education-financing model can not only alleviate the inequality of income distribution, but also help to promote the average income level of the society. The empirical research on the effect of public education financing model on income level and income distribution show that the ratio of government public financing to education services has a positive correlation with the income level of different income groups, but the marginal contribution of low-income groups is greater, so the public education financing model not only helps to improve the income level, but also help to ease the inequality of income distribution, so as to achieve the balance between equality and growth goals. The further mechanism test results show that the dual goal of equality and growth is due to the fact that public education financing can improve the average human capital level while alleviating the human capital gap between the rich and the poor, and alleviate the fertility gap among the low, the medium low and the medium high groups.Therefore, to achieve balanced development of population and the creation of talent dividends, and simultaneously to ensure the future economic and social sustainable and balanced development, the key institutional arrangements are that government should finance education services through public funds and provide more quality education services to reduce the education costs of residents.

 Key words educational financing model; fertility rate; human capital accumulation; growth effect;equality effect

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