【摘要】 本文通过实证定量研究，探讨了我国家庭房产资产、金融资产及其他非金融资产对消费的拉动作用，并分析了房产资产促进消费的机制。基于CFPS 2010—2020年六期微观面板数据，本文采用固定个体和时点效应模型，考察了房屋拥有状况、是否出租、非房贷负债等核心变量对消费的影响。结果表明，房产资产增长能够促进消费，但其促进作用相对较弱，金融资产增长对消费的拉动作用不明显，而其他非金融资产的消费拉动效应最为显著。此外，出租房产获取租金并非房产促进消费的必要条件，房产抵押效应也未能显著提升消费。本文的发现为理解房产财富效应的传导机制提供了新的视角，并为政策制定者提供了促进消费的政策启示。更多还原

【Abstract】 This paper empirically and quantitatively investigates the driving effects of Chinese households’ real estate assets, financial assets, and other non-financial assets on consumption, and analyzes the mechanisms through which real estate assets promote consumption. Using six waves of micro-panel data from the China Family Panel Studies(CFPS) spanning from 2010 to 2020, it employs an individual and time fixed effects model to examine the impact of key variables such as homeownership status, whether the property is rented out, and non-mortgage liabilities on consumption. The results indicate that although growth in real estate assets can promote consumption, its promotional effect is relatively weak. The growth in financial assets has an insignificant impact on consumption, while other non-financial assets exhibit the strongest consumption-stimulating effect. Additionally, earning rental income from leased properties is not a prerequisite for real estate to encourage consumption, and the collateral effect of real estate has also failed to significantly boost consumption. These findings provide a new perspective on the transmission mechanism of the real estate wealth effect and offer policy recommendations for promoting consumption.更多还原