房价、工资与资源配置效率--基于微观家庭数据的实证分析  

Housing Price,Wage and Resource Allocation Efficiency:A Family-level Empirical Analysis

作　　者：张巍[1] 许家云 杨竺松[1] ZHANG Wei;XU Jiayun;YANG Zhusong(School of Public Policy ＆ Management,Tsinghua Universit;APEC Study Center,Nankai Universit)

机构地区：[1]清华大学公共管理学院,北京100084 [2]南开大学APEC研究中心,天津300071

出　　处：《金融研究》2018年第8期69-84,共16页Journal of Financial Research

基　　金：本文感谢国家自然科学基金项目(71773055)、教育部人文社会科学研究青年基金项目(16YJC790114)、中央高校基本科研业务专项资金项目(63182013)和国家高端智库专项(20155010298)的资助.

摘　　要：本文基于中国房价不断提高这一现实背景,利用中国城镇住户微观数据,系统地研究房价对当地住户工资的影响、作用机制及其对地区资源配置效率的影响。研究发现:房价上涨会通过"生活成本效应"和"闲暇替代效应"显著提高当地居民的平均工资水平。同时,由于缺乏劳动生产率为支柱的工资上涨会恶化资源配置效率,本文进一步基于资本劳动比和要素扭曲的视角,考察房价对资源配置的影响及工资在其中的作用,结果发现房价引致的工资上涨确实导致了我国过度的资本深化和过快的产业升级,并降低了地区的资源配置效率。本文为房价影响工资和资源配置问题提供了来自微观家庭的经验证据。Rocketing housing prices and the consequent unaffordability of houses have become hot social topics. Against this backdrop, this paper uses the micro - data of urban households in China to systematically study the impact of housing prices on local household wages, the mechanism of impacts as well as its impact on local resource allocation efficiency. The study found that the rising house price significantly increases the average wage of local residents through ＂cost of living effect＂ and ＂leisure substitution effect＂. Meanwhile, considered that the rising wages that are not based on labor productivity will worsen the efficiency of resource allocation, the paper further explores the relations among housing price, wage and allocation of resources from the perspective of capital labor ratio and factor price distortion. It found that the wage increase caused by housing price rise indeed leads to excessive capital deepening and industrial upgrading, and thus reduces the efficiency of local resource allocation. This research provides family - level micro empirical evidence for the impact of housing prices on local household wages.

关 键 词：房价 工资 要素价格扭曲 资源配置 

分 类 号：F299.23[经济管理—国民经济] F249.2