中国城镇住宅财富效应观察——基于CHFS2010微观调查数据

The Housing Wealth Effect Analysis——An Empirical Analysis Based on microcosmic survey data of CHFS2010

使用CHFS2010微观调查数据分析中国城镇家庭住宅财富效应的存在性和差异性。通过实证研究发现:(1)中国城镇家庭存在微弱的住宅财富效应,且短期内住房价格的过快上涨抑制了住宅财富效应的发挥。(2)产权完备且合法的大产权住房具有财富效应,小产权住房则替代效应明显;中青年家庭的住宅财富效应显著大于老年家庭;地方经济越发达、家庭收入水平越高,住宅财富效应越大;中国城镇住宅市场的"马太效应"日益显著。

The paper uses the micro survey data of CHFS2010 to analysis the existence and diversity of housing wealth effects about Chi- nese urban family. Important findings in the paper are as follows ： （ 1 ） The housing wealth effect of the urban family in China are weak, and housing prices from rising too fast in the short term housing wealth effect is weakened; （2） the complete and legal housing possesses wealth effect, the substitution effect of small property housing is obvious; Housing wealth effect of young and middle - aged family is significantly greater than older family; The local economy more developed, the higher the family income level, housing wealth effect is bigger; The ＂Matthew effect＂ of urban residential market in China is becoming more and more significant.