【摘要】 基于2013年和2015年中国家庭金融调查(CHFS),构造两期平衡面板数据,在兼顾住房价格变动和家庭异质性的同时,实证研究住房资产价格变动对我国城镇居民消费水平和消费结构的影响。研究表明:(1)对于有房家庭,住房资产价格变动对总消费、生存型消费及发展享受型消费都具有财富效应。(2)住房价格变动的财富效应具有异质性,多套房家庭的财富效应显著大于一套房家庭;房产占总资产比例越高,财富效应越小;财富效应在贷款已还清的家庭中显著,在未还清的家庭不显著。(3)房价上涨对无房家庭的总消费有挤出效应。(4)房价上涨对有房家庭居民消费结构的优化有微弱的促进作用。该研究结论对我国房产调控政策的制定和居民资产的合理配置具有一定的参考价值。更多还原

【Abstract】 Based on the China Household Finance Survey(CHFS) in 2013 and 2015,this paper constructs balanced panel dataof two periods to empirically study the impact of housing asset price changes on the consumption level and structure of urban residents in China while taking into account household heterogeneity and as wellhousing price change.The research shows that:(1) The change of housing asset price has wealth effects on total consumption,survival consumption and enjoyment consumption.(2) The wealth effect of housing price changes is heterogeneous.The wealth effect of households with two or more housingsis significantly greater than that of householdswith one housing.The higher the proportion of real estate in total assets,the smaller the wealth effect is.The wealth effect is significant in households whose mortgage has been paid off,but not significant in households that have not paid off.(3) Rising house prices have a squeezing-out effect on the total consumption of households without housing.(4) The rise in housing prices has a weak effect on the optimization of the consumption structure of households with housing.This research conclusion has certain reference value for the formulation of China’s real estate regulation policy and the reasonable allocation of residents’ assets.更多还原