中国城市居民的家庭收入、消费和储蓄行为:一个基于组群的实证研究

Income,Consumption and Saving Behavior of Chinese Urban Households:A Cohort Analysis

近年来，中国的高储蓄率越来越引起关注。本文利用中国城镇居民住户调查数据对城市家庭的收入、消费以及储蓄率进行基于组群分析的实证研究。实证结果表明，中国城市家庭的储蓄行为具有独特性，家庭储蓄率不断提高。本文从两个方面对此做出解释：其一，各个组群的家庭消费增长慢于收入增长；其二，年轻组群的高储蓄倾向及其在样本中随时间的比重不断提高。此外，本文也分析了养老金收入对于年老组群家庭收入和储蓄的影响。

In recent years, China＇s high saving rate has raised more and more attention. This paper uses the Chinese Urban Household Survey data to conduct a cohort analysis. The results show the uniqueness of saving behavior of Chinese urban residents. We explain its pattern from two aspects. First, household consumption growth is less than household income. Second, the high saving propensity of young cohorts and their increasing proportion in each year＇s sample also contribute to the increasing saving rate over years. In addition, this paper also analyzes the role of increasing pension income in household income and savings for old cohorts.