家庭财富与中国城镇居民消费:来自微观层面的证据

Household Wealth and Consumption of Urban Residents in China:Evidence from Micro Data

本文在对生命周期理论进行扩展的基础上,利用"中国家庭动态跟踪调查"2008年的数据分析了家庭财富对我国城镇居民消费的影响。分析结果表明:居民财富对居民消费有显著的影响,并且金融财富的边际消费倾向高于房地产财富,非自住房地产财富的边际消费倾向高于自住房地产财富;年轻家庭的房地产财富和金融财富的边际消费倾向都显著高于年老家庭。此外,家庭规模、户主特征和地区差异也对城镇居民消费有显著影响。最后,本文提出了相关的政策建议。

In this study we explore the effect of household wealth on consumption by using the extension model of the life- cycle theory and the data of Chinese Family Panel Studies in 2008. Our results indicate that ： household wealth has a significant impact on household consumption, the effeat of the financial assets ,is significantly higher than that of the real estate wealth effect, and the effect of the owner-occupied real estate wealth is significantly higher than that of the non-owner-occupied securi- ties;Marginal propensity to consume of the young family＇s real estate wealth and financial wealth are significantly higher than that of elderly family confirmed that urban residents in China＇s have heritage motivation;In addition, family size, characteristics of the head of the household and regional differences has significant impact on consumption of urban residents. Finally, the pa- per proposes some policy suggestions.