房地产财富效应的城市差异--以中国35个大中城市为例

Urban difference from the real estate wealth effect:taking 35 large and middle cities of China for example

在分析房地产财富效应传导渠道的基础上,以全国35个大中城市为研究对象,利用固定效应变系数模型及面板门限模型,实证分析了2000-2013年间房地产财富效应的城市异质性及其非线性形成机理。结果显示:整体而言,具有正财富效应的城市居多;不同城市的房价波动对居民消费的影响存在显著差异;金融流动性与公共服务完善度两个门限变量增长机制通过影响预算约束效应、流动性约束效应及预防性储蓄效应等传导渠道的作用,使房地产财富效应呈现出结构性变化及城市异质性。

Based on the analysis to the transmission channels of real estate wealth effect,and using the panel data of35 metropolitans from 2000 to 2013,this essay studies the city heterogeneity and nonlinear mechanism of real estate wealth effect by using the fixed- effect panel variable coefficient model and panel threshold model. The results show that,the cities that have positive wealth effect are more in 35 metropolitans; the impacts of fluctuation in housing prices on consumption have significant differences in different cities; the two threshold variables of financial liquidity and perfect degree of public service will show structural change and city heterogeneity by liquidity constraint effect and budget constraint effect.