市场环境对城镇居民地区消费差距的影响——基于心理账户视角

The Influence of Market Environment on the Consumption Gap of Urban Residents——Based on the Perspective of Mental Accounts

本文利用2014年中国家庭追踪调查数据(CFPS),采用多层次线性模型考察了市场环境如何通过"心理账户"对城镇家庭地区消费差距产生影响。研究表明:我国城镇家庭工资性收入和经营性收入的消费弹性具有明显的"心理账户"特征,个体主要通过建立负债账户作为预防过度消费的参照点,使得工资性收入和经营性收入等"血汗钱"的变动对消费支出的影响较小;各"心理账户"之间存在着有限的替代性,市场潜能和互联网金融的发展有利于削弱工资性收入和经营性收入的过度消费预防机制,但房价上涨仍会促使居民为了购房而缩减生产性消费支出;地区劳动力市场和房地产市场发展的非均衡性分别是导致一般性消费弹性和生产性消费弹性出现地区差距的主要原因,其解释力度分别达到20.25%和16.07%。因而,地区消费差距主要由家庭金融财富和住房财富上的分布差异以及地区劳动力市场和房地产市场的发展差异产生。

This paper uses the 2014 Chinese household tracking survey data(CFPS)and adopts a multi-level linear model to investigate how the market environment influences the consumption gap of urban households through'psychological accounts'.The research shows that the consumption elasticity of urban household wage income and operating income in China has obvious characteristics of'psychological account'.Individuals mainly set up debt account as a reference point to prevent excessive consumption,so that the changes of'hard-earned money'such as wage income and operating income have little impact on consumption expenditure.There are limited substitutions among'psychological accounts'.The development of market potential and internet finance is conducive to weakening the prevention mechanism of excessive consumption of wage income and operating income.The unbalanced development of regional labor market and real estate market is the main reason for the regional disparity of general consumption elasticity and productive consumption elasticity,its explanatory power reaches 20.25% and 16.07% respectively.Therefore,the regional consumption gap is mainly caused by the differences in the distribution of household financial wealth and housing wealth as well as the differences in the development of regional labor market and real estate market.