住房增值对异质性家庭的消费影响

The Influence of Housing Appreciation on Expenditure of Heterogeneous Households: Evidence from CHFS

本文利用中国家庭金融调查数据实证考察当前城市住房增值对异质性家庭消费支出的影响大小和渠道。结果发现,城市住房增值的家庭易消费更多,享受住房增值较小的家庭消费较少。影响渠道检验结果是:拥有多套住房的家庭比单套住房家庭消费更多,证明存在房产纯财富效应;信贷约束越大,家庭消费对房产增值越不敏感,否定了信贷约束假说解释力;举债较小或贷款较为容易的家庭就住房增值对家庭消费影响更大,年轻家庭较年老家庭消费更多,自由支配花销影响也远大于非自由支配花销。

Based on the China Househoht Finam＇e Survey dataset, this paper investigates the magnitude and ruechanism of the impact of housing appreciation on expenditure of heterogeneous households, h turns out that, the families with more housing appreciation will consume more while the opposite ones will consume less, Specific mechanisms are that, consumption of house- holds with more houses is larger than those with single house, which indicates the existence of pure housing wealth effect. The fact that tighter credit-constraint tamilies consume less when houses are apprecia6ng denies the credit constraint hyt^thesis. Households with lower housing leverage or easier to obtain bank loans act more sensitively, young families consume more than ohl ones, and the impact of housing appreciation on discretionary spending is larger than the non-discretionary spending. The above three facts reveal the precautionary saving hypothesis.