房产价值与居民消费的关系:研究态势述评与展望  

The Relationship Between Property Value and Residential Consumption:A Review and Outlook of Research Trends

作　　者：张珩 ZHANG Heng(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing,100710,China)

机构地区：[1]中国社会科学院金融研究所,北京100710

出　　处：《西华大学学报（哲学社会科学版）》2024年第3期28-40,共13页Journal of Xihua University(Philosophy & Social Sciences)

基　　金：国家社会科学基金重大项目(项目编号:19ZDA116);中国社会科学院青年科研启动项目(项目编号:2023YQNQD034);中国社会科学院青年人才“培远计划”;中国博士后科学基金第61批面上项目(项目编号:2017M610780)。

摘　　要：消费是经济学研究领域中的一大重要议题,房产价值对居民消费具有深远影响。相关研究围绕房产价值和居民消费的测度以及房产价值对居民消费的影响、作用机制和异质性等方面不断拓展。文章从消费理论出发,通过梳理相关文献发现:第一,房产价值对居民消费影响所产生的资产效应和财富效应具有显著的促进作用;第二,预防性储蓄和预算约束是解释房产价值对居民消费影响的主要作用机制;第三,在个体生命周期内,老年群体的预防性储蓄动机较强,期望以房养老并进而刺激消费的可能性不大。未来应从厘清房产价值对居民消费影响的资产效应和财富效应之间的差异、发掘财富效应的非对称性及其变化规律以及总结国际房地产市场发展经验等方面深化研究。Consumption is a significant topic in the field of economic research,with property value exerting a profound impact on residential consumption.Relevant studies on the measurement of property value and its effects on residential consumption,as well as its mechanisms and heterogeneity,continue to expand.Starting from consumption theory,the paper,through a review of relevant literat-ure,identifies the following key points:firstly,property value has a significant promoting effect on residential consumption through its asset and wealth effects;secondly,precautionary savings and budget constraints are the main mechanisms explaining the impact of property value on residential consumption;thirdly,within individual life cycles,the elderly tend to have stronger precautionary savings motives,and the likelihood of stimulating consumption by expecting to use housing for retirement is relatively low.Future research should deepen understanding by elucidating the differences between the asset and wealth effects of property value on residential con-sumption,exploring the asymmetry and changing patterns of wealth effects,and summarizing international experiences in real estate market development.

关 键 词：房产价值 居民消费 资产效应 财富效应 作用机制 

分 类 号：F293.3[经济管理—国民经济]