家庭资产配置与居民消费财富效应关系研究

Research on the Wealth Effect Relationship between Household Asset Allocation and Household Consumption

构建多层斯通线性模型,分析和检验居民家庭资产配置与居民消费之间的关系。研究结果表明:家庭拥有金融资产会对消费产生正向的财富效应,并且经济和金融发展水平越高的地区财富效应越大;家庭拥有房产同样会对消费产生正向的财富效应,但金融发展程度对于房产对消费产生负向的替代效应,可能是由于在金融发展程度越高的地区房价更高从而会对消费产生负向影响;总而言之,家庭资产对消费有财富效应,并且房产的财富效应大于金融资产的财富效应。据此,为优化家庭资产配置,提高居民消费水平,实现经济中高速增长,提出相应的政策建议。

By building a multi-layer Stone linear model,this paper analyzes and tests the relationship between household asset allocation and household consumption.The results show that household financial assets have a positive wealth effect on consumption.The higher the level of economic and financial development is,the greater the wealth effect will be.Household ownership of real estate also has a positive wealth effect on consumption.However the degree of financial development has a negative substitution effect on consumption.Possibly because the higher the degree of financial development is,the higher the house price will be,which will have a negative impact on consumption.Based on this,this paper puts forward the policy recommendations to optimize the allocation of household assets,improve the level of residents'consumption,and achieve a rapid economic growth.