中国房地产市场财富效应分析——基于生命周期假说的宏观消费函数  

Wealth Effect of the Real Estate Market in China——Macro Consumption Functions Based on Life Cycle Hypothesis

作　　者：姚玲珍[1] 刘旦[1] 

机构地区：[1]上海财经大学公共经济与管理学院,上海200433

出　　处：《云南财经大学学报》2007年第6期21-27,共7页Journal of Yunnan University of Finance and Economics

摘　　要：在生命周期假说的基础上，构造了一个城镇居民资产与城镇居民人均消费关系的模型，并利用1978—2006年的数据，分阶段实证研究了中国城镇居民住宅资产对城镇居民人均消费的影响。实证研究发现，中国房地产市场不具有财富效应。中国消费者的消费心理、法律制度以及现阶段中国房地产市场不成熟，是造成中国房地产市场不具有财富效应的重要原因。The authors construct a model of relationship between the assets and per capita consumption of urban residents based on life cycle the influence of residential assets of Chinese urban hypothesis. An empirical analysis is made on residents on their average consumption by using the data of 1978 to 2006. The result shows that the real estate market in Chinese urban cities has no wealth effect. The main reasons lead to the result lie in the consumption psychology of Chinese consumers, law principles and the immaturity of the real estate market at present stage in China.

关 键 词：住宅资产 消费函数 生命周期假说 财富效应 

分 类 号：F293.30[经济管理—国民经济]