中国居民住房价值与储蓄行为研究  

Research on Property Value and Saving Behavior of Chinese Residents

作　　者：欧阳子云 周孟亮[2] OUYANG Zi-yun;ZHOU Meng-liang(School of Economics and Business Administration,Beijing Normal University,Beijing;School of Economics,Hunan Agricultural University,Changsha 410128)

机构地区：[1]北京师范大学经济与工商管理学院 [2]湖南农业大学

出　　处：《财务与金融》2022年第4期65-71,77,共8页Accounting and Finance

摘　　要：本文使用中国家庭追踪调查(CFPS)数据,分析房屋价值对家庭储蓄率的影响。通过异质性研究发现,随着年龄与收入的上升,房产价值对于储蓄的负向影响减弱,多房产家庭的房产数量上升将加强这一负向影响,在无房或单房群体以及中部地区群体中,房产价值上升时由于房奴效应较强导致这种影响不明显。最后利用第二次限购政策建立双向固定双重差分模型,识别房产价值对储蓄行为的影响。结果显示,住房限购政策通过抑制房价上涨提高家庭储蓄率。文章据此提出,要切实保障相关群体利益,稳定房价水平,完善社会保障体制,减轻居民预防性储蓄动机。This paper uses China Household Tracking Survey(CFPS)data to analyze the impact of property values on household saving rates.Through heterogeneity studies,we found that a doubling of the total value of a household's home would reduce the household savings rate by 1%.Through heterogeneity study,it is found that the negative impact of property value on savings decreases with the increase of age and income.In households which have zero or only one property and households living in the central region,when the house property value rises,the savings rate changes because of the"mortgage slave"effect,which leads to an inconspicuous impact.Finally,this paper uses the second purchase restriction policy to establish a two-way fixed difference-in-differences model to identify the causal impact of property value on saving behavior.Results shows that the housing purchase restriction policy does improve the household savings rate by curbing the rise of property value.Therefore,it is suggested to effectively protect the interests of relevant households,stabilize the level of housing prices,improve the social security system,and reduce the precautionary saving motivation of residents.

关 键 词：家庭储蓄行为 住房价值 限购政策 财富效应 

分 类 号：F230[经济管理—会计学]