摘要
在我国居民消费水平低迷、住房价格上涨、住房信贷市场日益完善的背景下,住房贷款作为家庭负债中的重要组成部分影响着家庭消费水平,该文章基于2011、2013、2015中国家庭金融数据库(CFPS)三期微观数据,实证分析家庭房产价格、住房按揭贷款余额对家庭消费的影响机制,并根据户主年龄、收入、拥有房产数量对调查数据分组,进行差异性分析。研究结果表明:对于城镇有房家庭而言,房产价值的上涨会通过增加家庭资产促进家庭消费、住房按揭贷款余额的增加会通过增加财务杠杆促进家庭消费。中年人群、收入水平高的人群、拥有多套住房的人群以上促进效果显著增强。
Against the background of low consumption level,rising housing price and increasingly perfect housing credit market,housing loan,as an important part of household debt,affects household consumption level.Based on the three microdata of China Family Finance Database(CFPS)in 2011,2013 and 2015,this paper empirically analyzes the influence mechanism of household real estate price,housing mortgage loan balance on household consumption,and makes a difference analysis according to the age,income and number of households owned.The results show that for urban households with housing,the increase of property value will promote household consumption by increasing household assets,and the increase of housing mortgage balance will promote household consumption by increasing financial leverage.Middle-aged people,people with high income level,people with multiple housing above the promotion effect significantly enhanced.
作者
尤佳颖
You Jiaying(School of Finance,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生学报》
2020年第5期23-32,共10页
Journal of the Postgraduate of Zhongnan University of Economics and Law
基金
2020年中南财经政法大学研究生教育创新教育计划项目硕士生实践创新课题:房地产限购政策反事实研究(项目编号:202010547)。部分研究成果。
关键词
居民消费水平
房产价值
住房按揭贷款
异质性
Individual Consumption Level
Property Value
Housing Mortgage Loan
Heterogeneity
