收入增长、收入波动与城镇居民财产积累

Income Growth,Income Variation and Wealth Accumulation of Urban Households

本文根据1995年和2002年住户调查数据,讨论了居民收入增长、收入波动以及住户特征对于城镇居民财产积累的影响。本文发现在1995年的家庭财产持有行为中已经具有明显的预防性动机,收入波动对于家庭的财产积累行为具有重要影响,而在2002年这种效应则有所下降。城镇居民在这一期间持有财产数量的增长主要是由收入增长所解释。此外,预防性动机在整个财产分布中的变化趋势在两个年份中是相反的,1995年财产分布低分位点具有更强的预防性动机,而2002年则相反,预防性动机随着财产分布分位点的上升而增强。如果控制收入、收入波动以及生命周期等储蓄性因素,户主特征对于财产积累的解释作用非常有限。

Based on household survey conducted in 1995 and 2002, this paper discusses the impacts of growth and variation of household income and household characteristics on wealth accumulation of urban households in China. The findings include ： there was even stronger precautionary motivation in wealth holding in 1995 than that in 2002 ; the increase of household wealth holding was largely explained by the income growth; household characteristics contribute little in the explanation on household wealth holding. Additionally, there were opposite relation between precautionary motivation and quantile of wealth distribution in the two years. Precautionary motivation strengthened in lower quantiles of wealth distribution in 1995 but in higher quantiles in 2002.