【摘要】 家庭人力资本投资对于培育新质生产力、促进经济高质量发展至关重要。已有丰富的文献考察了住房对家庭消费和投资的影响，但少有研究关注住房政策的调整对家庭人力资本投资的影响。文章使用2007-2013年中国城镇住户调查数据，考察了住房限购政策对家庭人力资本投资的影响及其作用机制，主要发现如下：住房限购政策的实施显著降低了家庭人力资本投资，并且这一结果在一系列稳健性检验之后依旧成立。进一步研究发现，住房限购政策对家庭人力资本投资的挤出效应主要体现于校外人力资本投资，且该效应在一套房家庭和高收入家庭中表现更为显著。机制分析表明，住房限购政策对家庭人力资本投资的挤出效应主要通过家庭强烈的“改善型购房需求”和“为子女购房需求”两类购房动机来实现。研究结论不仅为政府进一步出台住房市场调控政策提供政策启示，也为未来从住房政策出发培育新质生产力，促进经济高质量发展提供可能的路径渠道。更多还原

【Abstract】 There has been a rich literature examining the impact of housing on household consumption and investment, but few studies have focused on the impact of housing policy adjustments on household human capital investment.Household human capital investment is crucial for cultivating new quality productive forces and promoting high-quality economic development.Using data from China’s Urban Household Survey from 2007 to 2013,this paper examines the impact of the housing purchase restriction policy on household human capital investment and its mechanism of action, and the main findings are as follows: the implementation of the housing purchase restriction policy significantly reduces the investment in household human capital, and this result is still valid after a series of robustness tests.It is further found that the crowding-out effect of the housing purchase restriction policy on household human capital investment primarily affects out-of-school human capital investment, and this effect is particularly pronounced in one-suite households and high-income households.The mechanism analysis shows that the crowding-out effect of the housing purchase restriction policy on the human capital investment of households is mainly realized through the strong motivation of households to “housing purchase demand for improving” and “housing purchase demand for children”.The research in this paper not only provides policy insights for the government to further introduce housing market control policies, but also provides possible paths and channels for how to cultivate new quality productive forces and promote high-quality economic development in the future from the perspective of housing policy.更多还原