摘要
本文根据家庭流动性资产配置行为将异质性消费者识别为受流动性约束(hand-to-mouth)家庭与不受流动性约束(non-hand-to-mouth)家庭,探讨了住房资产对家庭消费的影响是否在这两类家庭中存在显著差异,以及产生差异的原因,并进一步讨论了住房资产如何影响这两类家庭之间的转换。使用中国家庭金融调查2015—2019年三轮追踪数据进行实证分析,结果表明,样本期内总体上住房资产对城镇家庭消费的影响显著为正,但不受流动性约束家庭显著高于受流动性约束家庭,说明持有较多流动性资产家庭的住房资产对消费的正向影响更大。从机制上分析,相较于受流动性约束家庭,不受流动性约束家庭住房资产提升信贷可得性的效应更大,并且更能通过财产性收入的获取来促进家庭消费。异质性家庭动态转换的分析印证了住房资产的增长有助于受流动性约束家庭转换为不受流动性约束家庭,并通过这种转换进一步促进家庭消费能力增长,而住房债务负担则需保持在一定限度内,才能发挥促进消费的作用。
Though identifying heterogeneous consumers into HtM(Hand-to-Mouth)and nHtM(non-Hand-to-Mouth)households by the ratio of liquid assets to family income,this paper analyzes the difference in the effect of housing asset on consumption of these two types of house-holds and the reasons for this difference.And further,discussing how housing assets affect the transformation between them.Specifically,applying China Household Finance Survey(CHFS)data spanning 2015-2019,our findings are summarized as follows:During the sample period,the housing assets of urban households have a significantly positive impact on household consumption,meanwhile,the impact of nHtM households is significantly higher than those of HtM households,which indicates that the housing assets of households with more liquidity assets have a greater positive impact on consumption.As to the mechanism,the housing asset of nHtM households has a stronger ability to improve credit availability,and could increase household consumption by promoting the further acquisition of property income.Furthermore,housing asset growth can promote the transformation of HtM households into nHtM households,which can also exploit the potential of household consumption.However,the housing debt burden needs to be maintained to a certain extent.
作者
宋明月
刘政
臧旭恒
Song Mingyue;Liu Zheng;Zang Xuheng(School of Economics,Shandong Normal University,Jinan 250358,China;School of Economics,Shandong University,Jinan 250100,China)
出处
《南开经济研究》
CSSCI
北大核心
2023年第5期93-110,共18页
Nankai Economic Studies
基金
国家社科基金重大项目“中国家庭经济风险测度、成因及外溢性研究”(21&ZD088)
山东省自然科学基金面上项目“异质性消费者视角下山东省扩大内需的路径与有效制度构建”(ZR2021MG047)资助。
关键词
异质性消费者
流动性资产配置
住房资产
消费潜力释放
Heterogeneous Consumer
Liquidity Allocation
Housing Asset
Release of Consumption Potential
