住房债务对住房财富效应的抑制作用

The Inhibitory Role in House Wealth Effects by Housing Mortgage

本文利用中国家庭金融调查中心(CHFS)的微观家庭金融数据,运用债务杠杆率分组回归分析方法分析家庭住房债务对体现住房财富效应的家庭非自由消费支出的影响。研究表明:家庭非自由消费支出对持久性收入的变化最敏感,其次是家庭人口数量、住房价值和金融资产;无住房债务和低住房债务家庭的住房财富效应显著,高住房债务家庭不仅住房财富效应不显著,而且已呈现出相对贫困化。

By using the micro household financial data from China Household Finance Survey and the analytical method of group regression with debt leverage ratio,this paper analyzes the impacts of housing debt on household non-discretionary spending reflecting housing wealth effects.The research finds that household non-discretionary spending is the most sensitive to the change of household permanent income,and then with household population,housing value and finance asset in turn;the housing wealth effect of the household without housing debt or with lower housing debt ratio is significant,while that of the household with higher housing debt ratio is not significant,and has tended to become relative poor recently.