房产和金融资产对家庭消费的影响:中国的微观证据  

Impact of Housing and Financial Wealth on Household Consumption:Evidence from Micro-Data in China

作　　者：解垩[1] 

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《财贸研究》2012年第4期73-82,共10页Finance and Trade Research

基　　金：教育部人文社会科学研究青年项目"公共转移支付;私人转移支付与中国反贫困问题研究"(11YJC790068);中国博士后科学基金(20110490019)

摘　　要：利用最新的中国健康与养老追踪调查(CHARLS)数据,研究资产对家庭消费的影响。在区分耐用品消费和非耐用品消费的基础上,分析房产和金融资产及扣除债务后的净资产在消费中的作用。实证结果显示:在房产拥有者中,房产的消费弹性在0.07～0.09之间,即房产增加100元,消费将增加7～9元;而金融资产的消费弹性比房产的消费弹性要小得多,当金融资产增加100元时,消费只增加2元左右;老年家庭房产的消费弹性低于年轻家庭;城市家庭的房产消费弹性高于农村家庭;借贷能力对资产的消费弹性没有影响。Using newly released China Health and Retirement Longitudinal Study （CHARLS）, this pa- per explores impact of assets on household consumption in China. The micro-data permits us to analyze the impact of wealth on both durable and non-durable consumption and to compare wealth effects derived from gross versus after-debt measures of financial and housing wealth. The main results show that among home- owners, the housing wealth elasticities are estimated in the range of 0.07 - 0.09 while the estimated elastic- ities of consumption spending with respect to financial wealth are smaller in magnitude and are in the range of 0.02. In addition, the wealth effect seems to matter more for younger households, the wealth effect seems to matter more for urban household. Households borrowing capacity play a negligible role in wealth effects.

关 键 词：家庭行为 房产 金融资产 消费 

分 类 号：F126.1[经济管理—世界经济] F832.5