房地产财富对居民消费影响研究:基于中国家庭金融调查数据的实证检验

Study on the Influence of Real Estate Wealth upon Household Consumption:An Empirical Test Based on CHFS Data

中文关键词:  房地产财富  财富效应  居民消费  家庭消费  风险态度

英文关键词:real estate wealth  wealth effect  resident consumption  household consumption  risk attitude

中文摘要:

      文章利用2011年中国家庭金融调查(CHFS)数据,采用分组回归和逐步检验法对家庭房地产财富与家庭消费之间的关系进行了实证研究。实证结果表明:家庭房地产财富的增加会显著促进家庭消费,且对耐用品消费的影响程度要大于对非耐用品消费。房地产财富对家庭消费的影响存在异质性,具体表现为:财富效应在低收入家庭中最为显著,年轻户主家庭的房地产财富效应高于年老户主家庭,且东部地区家庭的财富效应高于西部。此外,本文深入研究了房地产财富影响家庭消费的机制,研究结果发现,房地产财富会通过影响家庭的风险态度来影响家庭消费；房地产财富越高的家庭,风险规避程度越低,家庭消费也越多。为此,文章认为,保持房地产市场平稳发展,并增加对年轻及低收入家庭的住房优惠将有利于促进房地产财富效应的发挥。

英文摘要:

      In this paper, the data from China Household Finance Survey Data (CHFS) in 2011 is utilized to make an empirical study on the relationship between real estate wealth and household consumption, with the method of grouping regression and stepwise regression. The empirical results show that the increase in household real estate wealth will promote significantly the household consumption, and the impact on the consumption of durable goods is greater than on the consumption of non-durable goods. The impact of real estate wealth on household consumption is heterogeneous., which can be shown as follows. The real estate wealth effect is the most significant in low-income families and is higher in young households than in the elderly households, and the wealth effect in the eastern region is higher than in the western region. In addition, this paper makes a further research on the mechanism of real estate wealth impacting household consumption. The research result shows that the real estate wealth will affect household consumption by influencing the family's risk attitude. The family with a higher real estate wealth has a lower degree of risk aversion, and more household consumption. Accordingly, this paper holds that it will help promote the real estate wealth effect to maintain the steady development of real estate market and increase the favorable treatment to young and low-income families in their housing. 