家庭金融消费支出的资产效应研究——基于江苏省高端家庭微观调查数据

The Asset Effect of Household Financial Consumption Expenditure:Whether It Is from Financial Assets or Physical Assets?——Evidence from High-End Family Survey in Jiangsu Province

该文定位于江苏省某商业银行高端客户家庭,基于家庭微观问卷调查数据,构建计量模型,探究此类群体的家庭金融消费支出的资产效应。研究表明:(1)无论是金融资产还是实物资产都能促进家庭消费支出,并且对于商业银行高端客户,金融资产的资产效应强于实物资产的资产效应;(2)将实物资产细分为房屋资产和其他实物资产,房屋资产对家庭消费支出存在显著的影响,家庭其他实物资产的价值对家庭消费支出影响有限;(3)将金融资产分为风险资产和无风险资产,无风险资产对家庭消费支出的影响高于风险资产的影响。研究贡献在于对商业银行高端客户家庭这一特殊群体的家庭消费的资产效应进行了专门性研究,使用工具变量解决模型中的内生性问题,丰富了高收入家庭消费支出资产效应的研究,对提升高收入家庭消费水平具有指导意义。

Based on the survey of high-end family of a commercial bank in Jiangsu Province, the paper uses econometric regression to explore the asset effect of household finance consumption expenditure of this specific group. The research shows that both the financial assets and physical assets can promote household consumption expenditure and the asset effect of financial assets is stronger for high-end customers of the commercial bank; Dividing the physical assets into housing assets and other physical assets, it is shown that housing assets have significant impact on household consumption expenditure while other physical assets leave limited impact on household consumption expenditure; dividing the financial assets into risky and risk- free assets, the risk-free assets leave larger impact on household consumption expenditure than that of risky assets. This paper contributes to the literature in carrying out the specialized research studying the asset effect of the household consumption of the special group of the high- end family of the commercial bank, adopting the instrumental variables approach to solve the endogenous problems, enriching the study of the asset effects of high-end household consumption expenditure, and holding important implications for improving the high-end family consumption levels.