金融资产、跨期消费与消费平滑

Financial Assets,Intertemporal Consumption and Consumption Smoothing

文章利用中国家庭追踪调查面板数据,实证分析我国居民消费平滑的跨期消费机制,发现我国居民能够利用跨期消费实现消费平滑。随着家庭消费支出的增加,现金与活期存款、定期存款对消费平滑的影响逐渐减弱;包括股票、债券在内的其他金融资产投资收益促进家庭实现消费平滑的程度随之提高;户主的就业情况、健康程度与家庭规模仅对消费支出较低的家庭有显著影响,就业与健康状态促进消费平滑,家庭规模抑制消费平滑。因此,为推动我国居民消费对经济增长的持续贡献,应完善金融体系与社会保障体系的建设,推进精准扶贫政策的落实,进而增强跨期消费对居民消费平滑的积极影响。

Using the data of China Family Panel Studies,this paper empirically analyzes the intertemporal consumption mechanism of China’s household consumption smoothness. The evidence shows that Chinese could use the inter temporal consumption to achieve the consumption smoothing. Furthermore, the study finds that with the increase of household consumption expenditure, the impact of cash and demand deposits and time deposits on consumption smoothness gradually weakens, and the degree of financial assets investment income promoting household consumption smoothness increases accordingly.The employment and health status of householders and family size has a significant impact on households with lower consumption expenditure. Employment and health promote consumption smoothness, while family size inhibit consumption smoothness. Therefore, in order to promote the sustained contribution of residents’ consumption to economic growth, we should improve the financial system and social security system, promote the implementation of precise poverty alleviation policies, and then enhance the positive impact on the smooth consumption of residents.