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北京工商大学学报(社会科学版)摇 摇 摇 摇 2020 年摇 第 3 期

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Household Asset Selection, Regional Economic Characteristics

and Residents蒺 Consumption Level

WANG Yanwei
(School of Economics and Finance, Xi蒺an Jiaotong Unversity, Xi蒺an, Shaanxi 710069, China)

Abstract: At present, China蒺s macro鄄economic downward pressure is huge, the total demand is obviously insufficient, do鄄
mestic consumption continues to be sluggish, and household consumption needs to be improved. Based on the life cycle hypothe鄄
sis, this paper theoretically analyzes the dynamic decision鄄making mechanism of household asset selection and household con鄄
sumption. On that basis, using the household data of CFPS in 2016 and matching the macro data at the regional level of the same
year, a hierarchical linear model is constructed to empirically test the impact of household asset selection on household consump鄄
tion, and to investigate the interaction effect of regional economic characteristics. The results show that: (1) both housing assets
and financial assets have a significant role in promoting the consumption of residents, but at present, the promotion of housing as鄄
sets is greater than that of financial assets, and disposable income is still the key factor in determining the consumption of resi鄄
dents. (2) The consumption difference caused by the regional characteristics accounts for 17. 4% of the total consumption differ鄄
ence. The level of regional economic development and the degree of marketization will have a positive adjustment on the consump鄄
tion pulling effect of family assets. Among them, the regulation of financial assets is more obvious, while the regulation of housing
assets is not significant. (3) Among the major provinces, the consumption promotion effect of family assets in Guangdong Prov鄄
ince is the largest, while that in the provinces of Guizhou and Gansu is the smallest; compared with rural families. The consump鄄
tion promotion effect of urban family assets is more obvious; for families at the age from 36 to 50, the “asset effect冶 of family as鄄
sets is greater. The conclusion shows that narrowing the regional economic disparity, actively promoting the regional market鄄orien鄄
ted reform, and vigorously developing the inclusive finance are the key to improving the consumption of Chinese residents at this
stage.
Key Words: household asset selection; regional economic characteristics; household consumption; life cycle; inclusive fi鄄
nance; Hierarchical Linear Model(HLM)

(本文责编摇 王沈南)

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