房价波动存在收入分配效应吗——一个家庭资产结构的视角

Does Housing Price Fluctuation Impact the Household Income Distributions:A Perspective from the Families' Asset Structure

住房问题关乎社会民生，房价上涨引起居民收入分配不均现象尤应关注。本文在梳理已有文献的基础上，归纳出房价波动可通过财富效应和信贷效应两种渠道影响居民之间的收入分配状况。通过建立可反映房价波动与居民家庭总收入的理论模型，运用比较静态分析结果显示，房价波动影响居民收入的财富效应为正，信贷效应为负。在此基础上，采用2000～2010年中国省级面板数据进行检验发现，房价波动影响居民收入分配的财富效应渠道长期存在且为正值，而信贷效应渠道在不同阶段却表现出明显的差异性，变化趋势由负转正。因此，在宏观调控政策选择上，应聚焦于采取措施预防房价上涨所引起的居民收入差距过大等问题，有效实现住有所居。

Housing price is closely related to the social livelihood of the people. The phenomenon of uneven wealth gap among Chinese families has attracted a lot of academic attention, which is due to the housing prices booming recently. In this paper, we think that income distribution, can be influenced by housing price fluctuations through wealth effect and credit effect on the basis of combining a review of existing literature. By theoretically modeling housing price fluctuations and household income, comparative static analysis shows that wealth effect on housing price fluctuations is positive while credit effect is negative. Then, we empirically analyze the effect of housing prices fluctuations influencing household income distribution according an inter-provincial panel data in China from 2000 to 2010 and find out that （ 1 ） wealth effect of housing price fluctuations on household income exists in a long term and is positive; （2） credit effect varies with the time horizon and the trend is from negative to positive. Thus, our results suggest that the macro-control policies should focus on preventing further widening of the household income gap due to tile housing prices fluctuations and promote housing security effectively.