房地产财富与中国农户消费行为——基于地位关注视角

The Real Estate Wealth and Chinese Rural Consumption Behavior:From the Perspective of Status Concern

目前我国农村消费低迷,财富差距特别是房地产财富差距不断扩大。考虑到住房的可视性和可攀比性,引入带有地位关注特征的效用函数,从理论和实证角度分析农户消费行为中相对住房面积的地位作用机制。借助中国家庭追踪调查(CFPS)面板数据,得出结论:1)基于住房面积的相对位置下降对一般性消费支出存在挤压作用,且住房面积较大农户的损失厌恶心理大于住房面积较小农户的利得偏好心理;2)某些类别的消费可表征地位,当消费受到挤压时,农户会首先减少非可视性消费,而不会显著改变衣着、娱乐支出等,影响消费结构。

Now adays,Chinese consumption expenditure in rural areas is in the dow nturn and the w ealth gap,w hich is caused by the real estate,is continuously larger. Considering its visibility and comparability,this paper introduces the utility function w ith status concern to study the effect of the housing area gap on the rural consumption behavior. Using the Chinese Family Panel Studies,w e come to the follow ing conclusions. 1) Rural consumption behavior is significantly squeezed by relatively low er position based on the housing area. And the loss aversion of households w ith larger housing area is stronger than the benefit preference of those w ith smaller area. 2) Some kinds of consumption can signal status,making people prefer to decrease invisible consumption expenditure rather than clothes,entertainment and so on,w hich influence their consumption structure. Also,such influences are all in line w ith the robust test and remain even after considering the reverse causality relationship. At last,the implications for policy making are proposed in this paper.