摘要
在国家着手建立完善的消费体制、拓宽家庭财产性收入渠道的背景下,本文基于2017年中国家庭金融调查(CHFS)数据,探究了家庭金融资产占比对消费及结构的影响作用与机制。研究发现:金融资产占总资产比重越大的家庭消费越多,其中风险资产占比越大的家庭消费越多。通过进一步分析影响机制,发现家庭金融资产占总资产比重通过流动性约束效应以及实际收入效应显著地促进家庭消费;通过异质性分析发现,金融资产占总资产比重对家庭消费的促进作用在拥有负债的家庭、负债水平更高的家庭及城镇家庭中更为显著;从资产结构的角度上看,金融资产占总资产比重对消费的促进作用大于住房资产占总资产比重。本文的政策含义在于:加强和完善资本市场建设、引导家庭提高金融资产占总资产比重是促进居民消费的重要方式。
In the context of the country’s efforts to establish a complete consumption system and broaden the family’s property income channels,this paper explores the impact and mechanism of household financial assets’proportion on economic consumption and structure based on the data of 2015 and 2017 China Household Financial Survey(CHFS).The study finds that:the more household consumption with the larger proportion of financial assets in total wealth is,the more expenditure with the higher proportion of risk assets is.Through further analysis of the impact mechanism,this study finds that the proportion of household financial assets in total property significantly promoted household consumption by easing household liquidity constraints and real income effects.According to the heterogeneity analysis,the contribution of financial assets to total assets in promoting household consumption is greater in households with debt and higher debt and urban households.From the perspective of asset structure,the proportion of financial assets in total assets that promotes consumption is greater than the proportion of housing assets in total assets.The article intends to strengthen and improve the construction of capital markets,and guide residents to increase the proportion of financial assets in total assets.
作者
易行健
王静雪
陈俊
杨碧云
YI Xing-jian;WANG Jing-xue;CHEN Jun;YANG Bi-yun(School of Finance,Guangdong University of Foreign Studies,Guangzhou 510006,Guangdong,China)
出处
《消费经济》
CSSCI
北大核心
2020年第5期3-16,共14页
Consumer Economics
基金
国家社会科学基金重大项目(15ZDA013)。
关键词
金融资产
消费
资产配置
Financial Assets
Consumption
Asset Allocation
