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Human capital investment is an important research topic in labor economics. Adam Smith first came out with the concept of "human capital investment". He wrote in The Wealth of Nations that the capital spent on learning would be fixed on the learner and became part of his personal property and individuals could get repayment and profits after learning. Formal education at all stages of humanity is seen as the main source of human capital investment. Based on the baseline data of the China Health and Retirement Longitudinal Study (CHARLS) 2011, this research compared the differences in future income, health and cognitive status of three different types of people who graduated from middle school, high school and secondary vocational schools. Also, it showed the long-term returns on different human capital investments. The study found that after using the propensity score matching method to eliminate the “Selection Bias” which caused by ability bias in different education groups, the three-year academic education from middle school to high school can increase the individual's annual income by about 20.8%. Accepting a vocational high schools education compared to an ordinary high school can increase the individual's annual income by about 46.0%. In the analysis of cognition and health, this research by using Logit regression found that the age or type of education has little effect on health. However, for cognitive status, academic education and vocational education that accept more years can improve the cognitive status of people in the middle and old age, and vocational education is more effective than the academic education of more years. The above considered that developing vocational education and cultivating skilled talents can not only increase the income of individuals, but also help the country to alleviate the shortage of skilled talents in the labor market, thus providing sufficient human resources for the industrial upgrading.

proceedings of the 4th international conference on humanities science, management and education technology (hsmet 2019)

Measurement of Labor Utility Value of Vocational Education and Academic Education from the Perspective of Big Data——1778051 Individual Samples Based on CHARLS Database