中国家庭房产财富与家庭消费——基于CFPS数据的实证分析

Chinese Household Property Wealth and Household Consumption:An Empirical Research Based on CFPS Database

选用中国家庭追踪调查(CFPS)数据实证分析家庭房产财富与家庭消费的关系,理论上区分了家庭房产财富的存量与流量,分别从存量的住房资产价值与流量的住房资产价格两个方面来探讨它们对家庭消费的影响,借鉴马斯洛需求层次理论思想,将家庭消费按层次划分为四大类,同时充分考虑家庭异质性,按家庭住房产权归属、家庭拥有住房套数和家庭所属地区对样本进行分类,详细对比分析了家庭消费与家庭住房资产价值与价格之间关系及其存在的结构性差异。实证结果显示:家庭住房资产只存在微弱的"资产效应",而作为住房"负资产"的住房负债则会带来较强的"负债效应";另外,家庭所在社区商品房价格上涨并不存在"财富效应",但房价上涨较快地区,房价上涨会通过"替代效应"增加非自有住房家庭的消费。

By using the empirical study based on CFPS database,this paper investigates the relationship between real estate property owned and consumption of Chinese household. In theory,this paper distinguishes between stock and flow of Chinese household property wealth,discussing the effect on consumption from both stock and flow perspectives. Referring to Maslow’s hierarchy of needs,the family consumption is divided into four categories according to the level,and the family heterogeneity is fully considered. The sample is classified according to the ownership of the family housing property,the number of households owned by the family and the space floor of the family. This paper also elaborately compares household consumption with family housing assets value and price as well as its structural differences. Empirical study results show that： the family housing assets only has a weak ＂assets effect＂,but the housing liabilities as ＂negative assets＂will bring a strong ＂debt effect＂. In addition,there is no＂wealth effect＂where the family housing prices rise,but rapidly growing housing prices will increase nonowned housing consumption through the ＂substitution effect＂.