中国居民部门财富积累的来源结构——基于资金流量表和国家资产负债表的研究  

The Source Structure of Wealth Accumulation in the Chinese Residential Sector:Evidence from Cash Flow Statements and the National Balance Sheet

作　　者：潘文轩[1] Pan Wenxuan

机构地区：[1]中共上海市委党校上海发展研究院

出　　处：《中国人口科学》2024年第6期3-21,共19页Chinese Journal of Population Science

基　　金：国家社科基金后期资助项目“从精准脱贫迈向共同富裕:中国的实践与理论”(编号:22FJB015)的阶段性成果。

摘　　要：厘清财富积累来源对促进财富积累、实现共同富裕具有重要意义,但目前学界对居民财富积累来源的量化研究较为薄弱。文章在构建居民财富积累来源理论模型的基础上,利用资金流量表和国家资产负债表数据,从净财富增量的来源结构、新获取财富的来源结构、增值型资产增长的来源结构三方面量化分析了中国居民财富积累的来源结构。研究发现,2001~2019年间,财富增值对净财富增量的贡献度高于储蓄,收入在新获取财富中的占比高于资产升值,受雇就业和生产经营是居民获取财富的主渠道,居民依靠劳动要素获取的财富规模略大于资本要素,资产升值是增值型资产增长的主要原因。衡量居民财富积累来源结构合理性的基本依据是来源比例协调、来源途径多元、来源增长稳定、实体经济为本、勤劳致富为主。与之相对照,中国居民财富积累来源结构的总体状况良好,但仍有一些不合理之处。今后,要针对现存问题优化财富积累模式,促进居民财富又好又快积累。Understanding the sources of wealth accumulation is crucial for promoting wealth growth and achieving common prosperity.However,there is currently a lack of in-depth quantitative research on the sources of residents'wealth accumulation.This paper constructs a theoretical model for the sources of wealth accumulation and,using data from the cash flow statement and national balance sheet,quantitatively analyzes the source structure of wealth accumulation in China from three perspectives:the source structure of net wealth increment,the source structure of newly acquired wealth,and the source structure of value-added asset growth.The study finds that,from 2001 to 2019,wealth appreciation contributed more to net wealth growth than savings,and the proportion of income in newly acquired wealth was greater than that of asset appreciation.Employment and production activities are the main channels through which residents obtain wealth,with wealth derived from labor factors slightly exceeding that from capital factors.Asset appreciation is the primary driver of value-added asset growth.The fundamental criteria for assessing the rationality of the wealth accumulation source structure include coordinated proportions of sources,diverse source channels,stable growth,a foundation in the real economy,and an emphasis on wealth gained through hard work.Based on these criteria,the overall structure of wealth accumulation in China's residential sector is generally sound,though some imbalances remain.Going forward,it is necessary to optimize the wealth accumulation model to address existing issues and promote more balanced and rapid wealth accumulation among residents.

关 键 词：居民部门 财富积累 来源结构 资金流量表 国家资产负债表 

分 类 号：F124.7[经济管理—世界经济]