摘要
运用中国家庭金融调查(CHFS)2011年、2013年和2015年数据,基于调查数据构建和计算城市房价收入比,分析房价收入比对家庭消费房产财富效应的影响,并进一步考察房价收入比对拥有两套及以上住房、有房出租、拥有大小产权房和不同收入阶层家庭消费房产财富效应的影响差异。研究发现:房价收入比高时家庭消费水平也相应较高,但房价收入比高却显著降低了家庭消费的房产财富弹性;拥有两套及以上住房、有房出租家庭消费的房产财富效应受房价收入比高的弱化影响更小,拥有大产权比小产权房更能抵御房价收入比高对消费房产财富效应的弱化影响,高收入家庭的抵御能力更强。
Summary:Since the implementation of housing commercialization reform in 1998,house prices in China have shown an overall rapid upward trend,from 2,063 yuan per square meter in 1998 to 8,737 yuan per square meter in 2018.The cumulative increase in house prices is 323%.Some studies suggest that there is already a certain bubble in China s house prices.Relatively higher house prices have been a broad concern of policymakers and academics.Over the same period,the ratio of household consumption to income(consumption per capita as a percentage of disposable income per capita)has continued to decline,from 79.38%in 2000 to 66.53%in 2018.A large number of studies have examined the impact of housing prices or housing wealth on household consumption,but no consensus has been reached.Most of the literature finds that house prices or housing wealth promote household consumption(Huang&Tu,2009;Mao et al.,2017).Chen&Yang(2013)and Li&Huang(2015)examine buying a house as a savings tool and find that the rise in house prices increases the cost of future home purchases or changes,which encourages households to increase their savings.Other studies find that the rise in housing prices curbs household consumption(Kuang,2011;Li et al.,2014).Huang&Tu(2009),Mao et al.(2017),and Yang et al.(2014)find that there are significant temporal and regional differences in the effect of housing wealth on household consumption in China,but they do not explore the reasons for this variation in-depth.Using European macro-data,asni(2018)finds that the impact of house prices on consumption varies at different stages of a housing bubble.Many studies suggest that the housing price-to-income ratio is an important measure of housing bubbles.Differences in the housing price-to-income ratio may be an important reason for the spatial and temporal differences in the effect of housing wealth on household consumption.Yet no studies explore this issue in depth.Using household-level data from the China Household Finance Survey(CHFS)in 2011,2013 and 2015,we investiga
作者
何兴强
杨锐锋
HE Xingqiang;YANG Ruifeng(Lingnan College,Sun Yat-sen University)
出处
《经济研究》
CSSCI
北大核心
2019年第12期102-117,共16页
Economic Research Journal
基金
国家自然科学基金项目(71573288)
国家自然科学基金创新研究群体项目(71721001)
国家社科基金重大项目(18ZDA092)的资助
关键词
消费
房产财富效应
房价收入比
Consumption
Housing Wealth Effect
Housing Price-to-Income Ratio
