关键词: 教育收益率, 正规就业者, 弱工具变量, 模型设定检验

Abstract: For the weak instrumental variables problem in calculating the return to education, this paper used the China health and nutrition survey data in 2006 to estimate the return to education for China’s formal employments based on model specification test under the framework of instrumental variable estimation. Testing and estimation results show that education is a endogenous variable, and spouse’s education is a strong instrumental variable for education, but not the quarter-of-birth variable. GMM estimation results show that the return to education for China’s formal employments is 10.1%.

Key words: Rates of Return to Education, Formal Employment, Weak Instrumental Variables, Model Specification Test