家庭资产对居民收入代际传递的影响——基于CFPS经验数据分析

The Influence of Household Assets on the Intergenerational Income:Based on CFPS Empirical Data Analysis

文章应用2014~2018年CFPS数据,运用中介效应检验和Blanden分解方法,研究家庭资产在居民收入代际传递中的中介效应及贡献程度。研究结果表明:家庭资产在代际传递过程中存在中介效应,家庭住房资产、家庭金融性资产和家庭负债的中介效应较为稳定;通过Blanden分解,家庭资产在居民代际收入弹性分解中的解释力均呈现减弱趋势,这是社会逐步走向公平的反映。但是从城乡、地区的不同差异来看,家庭资产有不同表现。针对结论,提出以下建议:一是实施不同住房政策,针对差异化的收入群体构造不同的住房供应系统;二是加强金融资本市场的监管,以农村信用合作社为切入口,开发周期短、风险低、投资少的多种理财产品;三是加强固定资产的消费政策引导,政府和企业要延续"家电下乡"等惠民政策,助力中部地区固定资产的升级和农村的普及率;最后,优先发展小额贷款市场,发展贷款条件宽松、贷款年限较低的小额贷款市场。

Applying the 2014~2018 China Family Panel Studies data,using the mediation effect test and the Blanden decomposition method,to study the mediation effect and contribution of household assets in the intergenerational transmission of income.The results are as follows:There is a mediation effect of household assets in the process of intergenerational transmission,the intermediary effect of family housing assets,family financial assets and liabilities assets is relatively stable;through Blanden decomposition,the total explanatory ratio of household assets to intergenerational income elasticity is overall,which is a reflection of society’s gradual move fairness.But differences between urban and rural areas and regions,household assets have different performances.According to the conclusion,the following suggestions are made:First,implement different housing policies.Governments at all levels should increase the supervision of the real estate market,construct different housing supply systems for differentiated income groups.Second,strengthen the supervision of the financial capital market.Taking rural credit cooperatives as the entry point,a variety of financial products with short development cycle,low risk and low investment are developed.Third,strengthen the consumption policy guidance of fixed assets.The government and enterprises should continue policies such as“Chinese Government’s Consumer Electronics Subsidy Program”,to help upgrade the fixed assets in the central region,and increase the penetration rate of rural.Finally,develop the small loan market first,develop a small loan market with loose loan conditions and a relatively short loan period.