Study On The Impact Factors Of Household Wealth Imparity From Perspective Of Intergenerational Wealth Transmission

Since the reform and opening up,China has made remarkable achievements in economic development,and the rapid accumulation of family wealth.Currently,the annual growth rate of average family wealth ranks the first in Asia,and the total size of family wealth ranks the second in the world after the United States.However,the fruits of economic growth have become increasingly prominent in the distribution gap between different groups and families.The Gini coefficient of wealth in China has exceeded the international warning line for many years in a row.The report to the Party’s 20 th National Congress stated that the realization of common prosperity for all people should be given greater importance as one of the essential requirements of Chinese-style modernization and that the goal should be written into the Party Constitution.Therefore,the study of family wealth inequality related issues is conducive to improving the distribution system,stabilizing social and economic development,and promoting common prosperity.At first,through combing and analyzing relevant domestic and foreign research results,it is found that wealth inequality stems from the differences in motivation and ability of family wealth accumulation.The main path of family wealth accumulation comes from labor income and capital gains,and it is also affected by savings habits,risk preference,asset structure,fiscal and tax policies and other factors.And the difference of these factors is the main cause of household wealth inequality.Secondly,according to the incomplete market model of wealth inequality study under the framework of general equilibrium,the paper analyzes the qualitative and quantitative factors of the family labor income,investment return,state tax policy and heritage motivation,and finds out the main reasons of these factors difference,and then clear the path of the family wealth inequality in our country.Thirdly,based on the general economic model of intergenerational wealth transfer,an intergenerational wealth transfer model containing inheritance tax is constructed by adjusting some parameters and variables in the model.Moreover,using the Chinese household finance survey data(CHFS),the specific effects of labor income differences and inheritance motivation changes on the wealth Gini coefficient are simulated.It also simulates the expected suppression effect of the ratio estate tax on wealth inequality.Finally,based on the analysis results of wealth inequality influence factors,and combined with the actual situation of our country,the policy recommendations will be given from the regulation of labor market,optimizing capital market,supplementing financial tax system,reinforcing educational resources and promoting urban and rural integration.