中国城镇家庭的遗产动机:基于微观家庭金融数据的估计

Urban Household Bequest Motive in China:An Estimation Based on Micro Household Finance Data

遗产动机影响着家庭储蓄消费和财富代际转移决策,也与人口老龄化背景下的消费促进和家庭资产配置直接相关。本文利用中国家庭金融调查数据估计了遗产动机的存在范围和决定因素,分析其如何影响家庭消费和资产配置决策。结果表明,超过90%的中国城镇家庭带有遗产动机,年龄大、收入高、子女数量多以及有儿子的家庭更易带有这一动机,且家庭遗产动机具有无私性。带有遗产动机的家庭消费更少,会将资产更多地配置在储蓄和住房,这有助于解释中国城镇家庭的高储蓄率、高住房自有率及消费不足的现象。此外,政策分析表明,调控资产价格对提升居民消费收效甚微,而增设遗产税有助于促进消费、降低消费分化和不平等。

Bequest motive affects household saving,consumption,and wealth intergenerational transfer decisions,and it is a significant issue related to consumption promotion and household asset allocation in a population aging society.This paper utilizes microdata from the China Household Finance Survey to investigate the existence and influencing factors of Chinese household bequest motive and analyzes its impact on household consumption and portfolio choices.We find that more than 90%of households in China have a bequest motive,and it is stronger for households with senior heads,higher income,more children,and at least a son.Further,the bequest motive of Chinese parents is altruistic.Households with bequest motive consume less and allocate more assets to savings and housing wealth,which partly accounts for the high saving rate,high house ownership,and insufficient consumption in China households.Policy analysis indicates that while capital price regulation has little effect on improving household consumption,taxation approaches could be more effective in promoting consumption and reducing inequality.