日本之教育差距，資本市場不完全性與獎學金制度之探討

親代的經濟能力，可謂影響子代日後教育程度的重要因素之一。也就是說，子代未來的教育差距肇源於親代的經濟差距。其次，若就教育差距或學歷差距（例如親代為大學畢業者或為高中畢業者）所導致的所得差距而言，即可能對其子代日後的教育投資產生一定程度的影響。簡言之，藉由增加教育投資，期以提高下一代的未來所得，應可為思考的面向之一。盱衡現行不完全資本市場之範疇，對經濟弱勢家庭而言，極易受限於所謂流動性制約（Liquidity Constraint），致使無法自金融機構貸得一定程度以上之教育投資所需資金。依此觀點，經濟弱勢家庭即便具有強烈的教育投資意願，也可能因無法募集所需的教育投資資金，結果終因資金不足而無法增加教育投資，陷入教育落差的困境。針對前述狀況，若能藉由公部門公共資源的介入，對經濟弱勢族群提供教育補助，創造其就學機會，以透過取得較高學歷的方式，進而預期提高其將來所得，堪為彌平教育落差的符應方案。再者，教育在經濟上之正的外部性（Positive Externality），則可視為政府提供教育補助的重要依據。本論文援引教育經濟學的人力資本理論（Human Captial Theory）及訊號顯示理論（Singnaling Theory）為論述依據，探討現行不完全資本市場下，以獎學金制度籌謀就學支援，能否平衡教育差距及所得差距，俾便形塑消弭經濟弱勢族群教育差距與所得差距之可行方案。

關鍵字

教育差距；獎學金制度；不完全資本市場

並列摘要

The parents' economic capability is considered one of the influencing factors that affecting investment decisions in education for children. According to this point of view, the education gap of children may be caused by the income divide among their parents. On the other hand, it seems to be pointed that the difference in level of education would result in income inequality. Take salary for instance. The difference of starting salary between different education level (high school and college or university) has always been mentioned. That is to say, the education gap would also lead to the income divide. What would be considered a social problem here is the immobilization of social stratification. Therefore, it should be taken into accounts that if people could narrow the income divide by investing in education. However, there could be another problem for people with lower socio-economics status who would like to make loans from financial institutions in current capital markets. The markets is called the incomplete capital markets, or so-called liquidity constraint markets. The main issues are that the more they borrow the higher interest rates rise, as well as are thought to carry a higher credit risk premium. In other words, the attendance in higher education of people from lower socio-economics backgrounds would be inhibited without proper support. Under this circumstance, there is no doubt that government should play the important role in providing education allowances. A form of providing education allowances is considered as the scholarship system. Moreover, the educational allowance policy is based on the positive externality of economic effect in education. In this paper, the Human Capital Theory and the Signaling Theory are employed in the analysis. The main purpose of this thesis is to clarify whether the problem of education gap or income divide might be narrowed by the existing scholarship system in the incomplete capital markets or not.