Research On The Difference Of Intergenerational Income Transmission Of Chinese Residents Based On Family Wealth Capital

In recent years,with the rapid growth of social economy,people's income level has been larger ascension,but also accompanied by the continuous expansion of the income distribution gap.At present,scholars at home and abroad are mostly concerned about the explanations of intergenerational income liquidity by investments in family human capital,social capital and growth environment,neglecting household wealth capital(including household housing assets,household financial assets and household durable consumer goods).The impact of production and so on on intergenerational income transmission of residents.In recent years,with the continuous improvement of the degree of marketization of China's financial market and the vigorous development of the real estate market,the wealth capital of Chinese households has shown a rapid growth trend,so that the family wealth transmission between generations will have an important influence.Therefore,this paper will supplement the intergenerational transmission factors from the perspective of family wealth capital,and more accurately describe the impact of various types of family wealth capital on the intergenerational transmission of income in China.On the basis of summing up the relevant research of scholars at home and abroad,this paper uses Becker and Tomes' classical intergenerational income flow theory for reference in theoretical model,and makes a brief overview and analysis of the research issues in this paper.The three main household wealth variables are household housing assets,household financial assets and household durable consumer goods assets.Introducing the important variables into the intergenerational transfer model,this paper explores the rules of the three types of family wealth variables on the intergenerational income transfer of Chinese residents,quantifies the family wealth capital and studies the degree of the difference of intergenerational income and wealth transfer combined with other factors.Besides,this paper also carries out quantile regression of family wealth capital to intergenerational income mobility.Through theoretical and empirical analysis,the following conclusions are obtained.Firstly,household housing assets,household financial assets and household durable consumer goods assets are three main types of household wealth variables,which have a more significant explanatory power to the intergenerational income liquidity of Chinese households.Household housing assets have the strongest explanatory power for intergenerational income transfer in China.The explanatory power of household housing assets and household financial assets for intergenerational income liquidity in China is increasing year by year,while the explanatory power of household durable consumer goods assets for intergenerational income liquidity in China is decreasing first and then rising.Secondly,the father's income has a stronger influence on the children's income of the high-income level,and the influence on the children's income of the low-income level is gradually weakening;the influence of the family housing assets on the income of the middle-level children is the most significant,and the income of the children's income at the two ends of the income level is gradually weakening;financial assets have strong influence on the high income level of the children,and the influence on the children of low income level is impaired;the influence of household durable consumer goods assets on the income of the children at the middle income level is stronger,but the influence on the income of the children at the two ends of the income level is weak;the influence of the years of Education of the children on the income of the children at the low-level is stronger;the influence of the family durable consumer goods assets on the income of the children at the middle income level Greater,but the impact on the higher level of the income of the descendant gradually weakened.The main contributions of this paper are as follows: Firstly,household wealth capital,such as housing assets,financial assets,durable consumer goods assets and so on,is included in the study of intergenerational income transmission influencing factors.Secondly,this paper explores the law of family wealth capital on intergenerational income transmission in China,and quantitatively analyzes the different effects of various types of family wealth capital on intergenerational income transmission.Thirdly,quantile regression is used to stratify the income of our offspring to study the degree of intergenerational transmission and its influencing factors.