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1, the rate of return research as the rate of return of individual (and family) and social (government public expenditure) investment can be divided into personal rate of return and social rate of return. This paper mainly studies the former. Since the theory of human capital in 1950s and 1960s, it is very important to study the rate of return. Because the human capital theory has established a basic theoretical model that regards the rate of return as investment, it has become the theoretical basis for estimating the rate of return. It is generally believed that the study of the rate of return has the following significance:
2. First of all, the rate of return is a useful index to evaluate the rate of return and productivity. It tries to answer: should society and individuals invest resources at a rate of return? In other words, the rate of return can not only be used as a standard to evaluate the rate of return on resources invested in a country or region, but also provide information on the efficiency of resource allocation and encourage individuals and governments to invest in the rate of return. For example, by comparing the rate of return with the rate of return on physical capital investment, we can judge the rate of return on investment in a country or region; Another example is the higher rate of return found in most studies, which can encourage individuals and governments to invest more resources in the rate of return.
3. Secondly, through the study of different groups and different return levels, we can judge the rationality of resource allocation within the return, including the rationality of resource allocation among men and women, rural areas and cities, and various return levels. Third, as an investment, the expenditure on the rate of return needs corresponding income, and the level of income can reflect the role of the rate of return investment in income distribution and the efficiency of labor allocation. Therefore, understanding the return rate of human capital investment is helpful to analyze and review the gains and losses of income policy, return rate policy and employment policy. Fourthly, the research on the rate of return is of great policy significance (Psacharopoulos et al., 2002). The research in this field can be used to guide the macro-policy formulation of the rate of return system and fiscal reform, such as the high interest rate fiscal reform in Britain and Australia. In addition, innovative application areas are used to evaluate some special projects.