| Intergenerational transmission of income(Becker,Gary S.,1967)refers to the situation that a child’s income is affected by the parent.To be more specific,children who have rich parents are usually well-paid themselves and those with less-fortuned parents get a less income.The academic community usually measures the degree of intergenerational income transmission of the whole society with intergenerational income elasticity.Specifically,the lower the intergenerational income elasticity is,the lower the degree of intergenerational transmission of income gets,which means the society as a whole is in a relatively fair state,i.e.generations are more likely to succeed through their own efforts.Due to the existence of the household registration system in China,the mobile population is a unique name in China.Migrants abroad are called migrants,and generally refer to foreign or regional immigrants.The mobile population in this study is defined by household registration,that is,the population whose household registration is inconsistent with the place of permanent residence is called mobile population,and according to the characteristics of household registration,it is further divided into urban household registration and rural household registration,which means Non-agricultural registered migrants are considered urban migrants(Gao Jingyuan,2018).With the increasing improvement of China’s financial market,various financial products continue to emerge.Now residents have numerous choices when they invest in financial assets.The booming real estate market has caused great changes to the wealth structure of households.Household income is no longer mainly determined by parents’ income,and property income such as financial assets accounts for an increasing proportion of household income.In Chinese families,these financial assets can be distributed in many different ways,leading to the imbalanced income growth,which brings different preferences for household consumption and offspring investment.Such a situation will affect a child’s income and exacerbate the inequality of income distribution.At the same time,since the reform and opening up in 1978,China’s living standards have improved continuously and the economy has developed rapidly.These achievements are closely related to China’s large population base.There is a high correlation between mobile population and urban capital accumulation,and China’s demographic dividend largely comes from mobile population.Compared with the non-mobile population,as an important part of the labor market,the problem of income inequality of mobile population is more worthy of attention.The large-scale population movement provides sufficient labor for the economic development of the immigration areas and the income level of the mobile population has increased significantly.However,the income gap within the mobile population is also widening,and the degree of intergenerational transmission of income of the mobile population is also higher.(Wang Chao,2018).According to the national dynamic monitoring data of mobile population,the average monthly income gap between urban registered migrants and rural registered migrants increased from 480.79 yuan in 2013 to 508.48 yuan in 2015.Therefore,it is of great theoretical and practical significance to study the heterogeneous impact of financial assets on the intergenerational transmission of income of different households.Based on such a situation in China,this paper explores the role and different influence of financial assets(financial assets,real estate)in the intergenerational transmission of household incomes between urban households and rural households in China.At the same time,combined with the existing literature research on the factors affecting the intergenerational transmission of income and the characteristics of the sample,the parent’s income,the political appearance of the parent,the parent’s household registration,the human capital investment of the parent,the human capital investment of the offspring and gender Into the research of this article.First,the conditional intergenerational income transfer model is used to explore how the income,financial assets,real estate,political status,household registration and human capital investment of the parent,as well as the human capital investment of the child influence the intergenerational income transmission and their heterogeneity impact in both urban and rural mobile households.After this,the author uses the quantile regression intergenerational transfer model to explore how these variables influence the intergenerational income transmission of the child when their income level differs in the whole mobile households.Finally,the author conducts empirical research of financial assets,real estate and education years of the child with the income transfer model based on Blanden decomposition method and compares it to the empirical results produced by the conditional intergenerational income transmission model.This paper mainly has the following conclusions: First,financial assets have a significant positive impact on the child’s income in urban mobile households and the whole mobile households.The real estate has no positive impact on both urban and rural households.The years of education of the child have a significant positive impact on the child’s income in the whole mobile households.Second,the income of the parent has a more significant effect on the child whose income stands at low and medium level,but it does not have a significant effect on the child who has a high income.The significance impact of the financial assets becomes gradually greater on the income of the child as the quantile increases.The real estate does not have a significant influence on the income of the child of each quantile level.The education years of the parent have no significant effect on the income of the child of each quantile level.The political status and household registration of the parent have no significant effect on the income of the child of each quantile level.The years of education of the child have a significant impact on the child’s income of both the low and middle-and high-level.The child’ gender does not have a significant impact on the income at each quantile level.Third,financial assets play a significant positive role on both urban and rural households.The real estate brings a significant positive impact on the income of the child in the overall mobile population.In the overall mobile population and urban households,the income of the parent has a significant positive impact on the investment of the child.Briefly speaking,the income of the parent,financial assets and the education level of the child have a significant effect on the income of the child of both urban and rural households.The income of the father,financial assets,the years of education of both the parent and the child have a significant impact on the mobile households,in which the child has different income levels.This paper mainly makes three contributions: First,the research in this paper expands the research field of the income gap of mobile population,and introduces the theory of intergenerational transmission into the income gap of mobile population.Second,the research in this paper is a useful supplement to the study of household finance and intergenerational transmission of income.At present,there is limited research on intergenerational income transmission of mobile population.Thirdly,compared with the conditional intergenerational income elasticity method used in most studies,this paper adopts the Blanden decomposition method which can be used to decompose the intergenerational income elasticity,and compare its result with the that of the conditional intergenerational income elasticity method to explore the inner intergenerational income transmission of the mobile households.Besides all these,the paper uses panel data to provide a more reliable basis for relevant policy making. |
