(College of Economics and Management，Nanjing Agricultural University，Nanjing Jiangsu 210000)
Abstract: The paper constructs a concept model for the fertility behavior and subjective well-being , and puts forward and verifies the relevant hypothesis based on CGSS2013 data. The study finds that: 1) Currency factors which include income and consumption have cover effect in the process of fertility behavior influencing the subjective well-being of the elderly parents, and the best currency path is “fertility behavior→income→subjective well-being”. 2) Non-currency factors which include marriage and health have completely mediating role in the process of fertility behavior influencing the subjective well-being of the young parents, and the best non-currency path is “fertility behavior→marriage→subjective well-being”. 3) The best currency path is “fertility behavior→relative income→subjective well-being”, in the mediation effect model which includes relative income and relative consumption. 4) The family planning policy and household registration policy have regulatory Effect on the relationship between fertility and happiness. The paper is therefore helpful for a better understanding of the relationship between the fertility-happiness and happiness-income as well as the relevant policy-making processes. The policy recommendations include: First, it is necessary to gradually improve the social security mechanism, and to elevate the quality of public goods and services, such as basic old age caring services, medical and health services, and targeted poverty alleviation work. Secondly, it is necessary to increase the degree of happiness of young parents by strengthening the construction of spiritual civilization and perfecting the legal system for marriage guarantee. And finally, it is necessary to perfect the "differential" fertility policy systems for different population groups of farmers, migrant workers and citizens respectively, to solve fertility-related problems, like family economy, education, caring and social security, etc., and to guide parents in setting up scientific and correct view of childbearing and rearing.
Key words: Fertility Effect; Currency path; Regulatory Effect; "Happiness - Income" Puzzle