【摘要】 随着中国第一代独生子女的年龄增长，其社会影响力逐步增强，相关的家庭生活问题也逐渐成为社会科学研究的重点之一，其中子女教育问题将会是未来一段时间内该方向研究中较为重要的组成部分。本文使用2017年中国家庭金融调查（CHFS）数据，采用中介和调节效应分析等方法，实证检验我国家庭亲代独生情况对家庭人力资本投资的影响机制。研究发现：我国家庭亲代独生人数通过亲代受教育程度和家庭老龄化程度两个中介变量影响子代教育投入。亲代受教育程度和家庭老龄化程度均会随着亲代独生人数增加而增加，亲代受教育程度与子代教育投入呈现正向变动，家庭老龄化程度会随着家庭总收入的调节作用与子代教育投入呈现反向变动，高收入家庭的老龄化程度对子代教育投入的影响不显著，收入越低的家庭其老龄化程度对子代教育投入的挤出效应越明显。此外，城镇家庭亲代独生人数对子代教育投入的影响显著为正，乡村则不显著；东部地区家庭亲代独生人数对子代教育投入的影响显著为正，中西部地区不显著。子代为独生子女的家庭，亲代独生人数对子代人均教育投入的影响显著为正，子代为非独生子女则不显著，说明独生教育汇流效应存在代际传递，亲代独生的教育溢价也会汇流到其独生的子代身上，从而进一步加大教育差距。更多还原

【Abstract】 As the age of the first generation of only children in China increases,their social influence gradu-ally deepens,and the related family life issues have gradually become one of the focuses of social scienceresearch. Among them,the education of the offspring of first only-child generation will be an important partof the research in the future. This article uses the 2017 China Household Finance Survey(CHFS)data anduses methods such as mediation and moderating effect analysis to empirically test the impact mechanism ofthe only child of a parent in a family in China on the family human capital investment. The study found thatthe number of only-child parents in a family in China affects children’s educational investment through twointermediary variables,the educational level of the parents and the degree of family aging. The educationlevel of parents and the degree of family aging will increase with the increase in the number of only-childparents. Parents’ educational level has a positive impact on children’s educational investment. The agingdegree of high-income families has no significant impact on the educational investment of the offspring.The lower the income,the more obvious the crowding-out effect of the aging degree on the educationalinvestment of the offspring. In addition,the number of only-child parents in urban households has a signifi-cant positive impact on children’s educational investment,while that of rural families is not significant;thenumber of only-child parents in family of eastern region in China has a significant positive impact on chil-dren’s educational investment,and the central and western regions have no significant impact. For familieswith only-child offspring,the number of single-child parents has a significant positive impact on the percapita educational investment of offspring,while it is not significant when offspring are non-only children.This indicates that the only-child educational convergence effect has intergenerational transmission,andthe educational premium for only-child parents also will converge on their only children,thus furtherdeepening the education gap.更多还原