我国转型期居民财产性收入不平等成因分析

Study on the Contributing Factors of Property Income Inequality

近年我国居民财产性收入增长速度较快,但城乡差异和阶层差异严重,财产性收入对居民收入差距的影响不容小觑。本文利用西南财大中国家庭金融调查(CHFS)2011年、清华大学消费金融调研2008年的微观数据,以及2005、2008、2010年的省份数据,考察内部构成和家庭特征对财产性收入不平等的影响。发现租金收入和金融资产投资收益成为推动财产性收入差距扩大的主要因素,利息和保险收益的增加可以在一定程度上缓解财产性收入差距。城乡和地区差异、教育培训水平和风险偏好程度等都是影响财产性收入差距扩大的因素。提高居民财产性收入的举措应更多地向低收入群体倾斜:通过大力发展落后地区经济和教育事业、引导低收入群体适度参与资本市场,完善保障房制度,严格控制财产性收入的过快增长和结构失衡,使其成为居民提高生活水平、分享经济增长成果的手段。

With the rapid development of economy, property income rises and there are considerable differences among classes, between urban and rural household. The impact of property income on total income inequality should not be ignored. This paper focuses on the impact of the internal structure of property income and household characteristics, using household level and provincial level data, and provides some useful references for narrowing the income gap. The result shows that among the property income sources, rent and investment income of financial assets play an important role in widening the property income gap, while interest income and insurance benefits can decrease it. And the differences between urban and rural areas, the regional differences, skill training level and the degree of risk preference are the main factors that influence the property income inequality. The policy to improving residents＇ property income should be more inclined to low-income groups. We should develop the economy and education level of poor area, guild them to participate in capital market, and improve the system of affordable housing. It is very important to control the excessive growth and structural imbalance of property income, therefore, making property income becomes the proper way for residents to raise living standards and share the achievements of development.