住房财富“寡”而消费“不均”?——青年群体住房财富对消费相对剥夺的影响研究  

Does the Lack of Housing Wealth Lead to Consumption Inequality? The Impact of Housing Wealth on Relative Deprivation of Consumption Among the Youth

作　　者：张雅淋 吴义东 姚玲珍[3] ZHANG Yalin;WU Yidong;YAO Lingzhen(Nanjing University of Posts and Telecommunications,210023;Anhui University of Technology,243032;Shanghai University of Finance and Economics,200433)

机构地区：[1]南京邮电大学经济学院,210023 [2]安徽工业大学商学院,243032 [3]上海财经大学,200433

出　　处：《财贸经济》2022年第3期98-113,共16页Finance & Trade Economics

基　　金：国家自然科学基金面上项目“债务负担视角下城镇居民住房选择与消费行为关系研究:理论机制与政策效应”(72174115);南京邮电大学人文社会科学研究基金项目“家庭住房选择对消费行为的影响研究:基于债务负担视角”(NYY221027)。

摘　　要：青年群体既是我国住房市场发展不平衡不充分主要矛盾的集中群体,又是推动实现消费转型升级的中坚力量。对于青年群体而言,其个体层面的消费不平等(即消费相对剥夺)是否会因住房财富匮乏而加剧?对此,本文基于2010—2018年中国家庭追踪调查(CFPS)数据展开实证分析。研究发现:住房财富增加会显著缓解青年群体的消费相对剥夺程度。换言之,青年群体住房财富的“寡”会加剧个体层面的消费“不均”,财富效应和“房奴”效应是主要影响机制。分位数回归结果显示,消费相对剥夺程度越高的群体对住房财富的敏感程度也越高。异质性分析发现,30~45岁、女性、已婚和中低收入群体对住房财富的依赖性更强。区分生存型、发展与享受型消费相对剥夺之后发现,住房财富所带来的缓解效应仅作用于后者。进一步分析表明,消费相对剥夺能够显著降低生活满意度,且青年群体的住房财富不平等程度明显高于消费不平等和收入不平等。此外,住房资产配置过高,也会加剧青年群体的消费相对剥夺。本文研究为缓解青年群体消费相对剥夺、促进社会公平、增进民生福祉提供了理论依据。In China,the youth bear the brunt of unbalanced,insufficient development of the housing market and play a vital role in driving consumption upgrading.Will the lack of housing wealth worsen the inequality in their individual consumption(i.e.relative deprivation of consumption) To properly answer this question,this paper targets the youth and examines the relationship between their housing wealth and consumption inequality based on 2010-2018 China Family Panel Studies(CFPS) data.The results show that,for the youth,the increase in housing wealth will significantly alleviate the relative deprivation of consumption.In other words,an individual’s consumption could be negatively affected by the lack of housing wealth,because of the wealth effect and the “mortgage slave” effect.The quantile regression results further show that the higher the relative deprivation of consumption is,the more sensitive the youth are to housing wealth.Additionally,the heterogeneity analysis finds that the 30-to-45-year-olds,female,married,low-and middle-income groups are more dependent on housing wealth.By distinguishing consumption of necessities,development-oriented consumption and luxury consumption,we find that the increase in housing wealth can only alleviate the relative consumption of luxury consumption.Besides,the relative deprivation of consumption has a direct impact on life satisfaction,and the degree of inequality in housing wealth distribution among the youth has been significantly higher than inequality of consumption and income.And,the over-concentration of wealth in housing assets can exacerbate the relative deprivation of consumption among young people.Based on the empirical findings,the theoretical implications are proposed for reducing the degree of relative deprivation,promoting social equity,and improving the well-being of the youth.

关 键 词：住房财富 消费相对剥夺 青年群体 

分 类 号：F126.1[经济管理—世界经济]