“房奴效应”存在吗?——购房行为对我国家庭消费和储蓄的影响研究  

Does “Mortgage Slaves” Exist? The Effect of Purchasing House on Household Consumption and Saving

作　　者：赵振翔 王亚柯 ZHAO Zhen-xiang;WANG Ya-ke(University of International Business and Economics)

机构地区：[1]对外经济贸易大学保险学院 [2]对外经济贸易大学金融学院

出　　处：《华中科技大学学报（社会科学版）》2019年第6期37-50,共14页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家社科基金重点项目“基于收入和财产视角下的社会保障再分配效应研究”(16AJY007);对外经济贸易大学中央高校基本科研业务费专项资金(CXTD9-05)

摘　　要：本文利用2011年、2013年和2015年中国家庭金融调查(CHFS)数据,基于倾向评分-双重差分方法分析购房行为对家庭消费和储蓄的影响。研究发现,购房前,家庭各项消费均会下降,耐用品消费下降程度最高,食品衣着消费下降程度最低;购房后,家庭各项消费均有不同程度的上升,其中食品衣着消费均有所上升,耐用品和装修维修消费大幅上升,而教育文化支出有所下降。但长期内,随着家庭金融资产积累和储蓄的显著下降,购房对消费和储蓄的冲击有所缓和。因此,"房奴效应"对家庭消费和储蓄的影响是分阶段的,家庭计划购房时会降低消费同时增加储蓄,在购房后储蓄下降而消费增加。This paper researches how houses purchasing influences household capital accumulation and daily consumptions.It is found that risk?aversion?coefficient of after-purchased families would rise thus would stimulate their consumption.Considering?heterogeneity of families,this paper chooses varies of variables to make a propensity score matching and compares families without purchasing to those buying houses between 2011 to 2015,based on the data of CHFS2011,CHFS2013 and CHFS2015.After analyzing the influence of purchasing houses on household capital accumulation and daily consumptions via DID,we find that after buying houses,family finical capital and deposits would relatively fall,and risk capital falls more.However,the consumption,specifically the necessary consumption would rise,and consumer discretionary rises a lot,but education and health expenditure would fall down.This influence would be smooth in a longer period.In conclusion,purchasing houses would promote household consumption while decrease the saving rate.

关 键 词：购房行为 家庭消费 家庭储蓄 倾向评分-双重差分 

分 类 号：F299.23[经济管理—国民经济] F713.55