住房资产的财富效应:基于CHFS的经验证据  

The Wealth Effect of Housing Assets: Empirical Evidence Based on CHFS Data

作　　者：刘也[1] 张安全[1] 雷震[1] Liu Ye1 Zhang Anquan2 Lei Zhen3

机构地区：[1]西南财经大学经济学院

出　　处：《财经科学》2016年第11期71-78,共8页Finance & Economics

摘　　要：本文采用2011年中国家庭金融调查的数据实证分析了住房资产对于城镇家庭消费支出的财富效应。研究发现:(1)住房财富对于城镇家庭消费支出具有显著的正向影响,但是相对于金融资产的财富效应而言,住房资产的财富效应相对较小;(2)分位数回归结果显示,随着分位数的增加,住房资产的财富效应逐步增强,甚至超过金融资产的财富效应。针对上述结论,本文给出了合理的经济解释,并提出了相关政策建议。Using data from the Chinese Household Finance Survey 2011, this paper investigates the wealth effect of housing assets on urban household consumption expenditure. Main empirical results are： （ 1 ） the value of houses and the level of finan- cial wealth all have significant impact on households＇ consumption, but the housing wealth effect is smaller than financial wealth effect. （2） quantile regression results show that, with the increasing of the quantile, the housing wealth effect gradually increases, and even becomes larger than financial wealth effect. Finally, we offer plausible explanations and policy recommen- dations to our findings.

关 键 词：家庭消费 住房资产 金融资产 财富效应 

分 类 号：F299.23[经济管理—国民经济] F126.1