中文摘要：

本文结合我国收入不平等程度较高、计划生育政策放松和工资增速转变等特点,研究了工资增长对劳动力质量的影响。研究表明,生育行为受生育数量和老年闲暇的替代关系影响,低收入群体生育率较高,质量投入较低,退休也较晚,于是工资增长将通过生育率差异影响人力资本积累。通过对转移动态的定量评估,本文建议为缓解社保资金压力,政府应在短期选择延迟退休年龄和提高社会保障税率、在长期选择继续延迟退休年龄和降低社会保障税率的政策组合。

英文摘要：

This paper studies the effect of wage growth on human capital, paying attention to China＇s economy with high inequality of income, fertility constraint and change in the growth rate of wage. We show that the fertility behavior is affected by the substitution relationship between the quantity of children and the leisure in old age. Because low income families tend to have higher fertility rate, spend less on the quality of children, and retire later, the fertility differential is important for the effect of wage growth. Based on results from the quantitative analysis, we suggest the government should increase the retirement age and social security tax in the short run, and change to a lower social security tax in the long run.