中国城市家庭财富水平的影响因素研究

Determinants of Household Wealth in Urban China

本研究使用2010年中国家庭追踪调查数据,分析了政治因素和市场因素在中国城市家庭财产积累过程中的作用。研究结果显示:两大因素都显著影响了中国家庭财产的积累;政治资本对住房资产的影响更大,而市场因素则对非住房资产(包括金融资产、耐用消费品、生产性固定资产)的影响更大;政治资本对财产的影响大于对收入的影响。文章提出三个可能的解释:一是拥有政治资本的家庭从住房私有化改革中获得了极大的利益;二是拥有政治资本的家庭由于体制内的福利使得家庭实际支出更低,财产积累更多;三是拥有政治资本的家庭更可能进行有效的投资,从而使得家庭储蓄更容易转变为家庭财产。

Using data from a nationwide household survey,the 2010 China Family Panel Studies(CFPS),we investigated the effects of political capital and market factors on the wealth accumulation of urban households in China.Results indicate that both political capital and market factors contribute significantly to household wealth accumulation.However,political capital has a larger effect on the accumulation of housing assets,while market factors are more influential in the accumulation of non-housing assets.Furthermore,in urban areas,families with political capital enjoy a greater wealth premium than income premium.We propose three explanations.First,households with political capital have benefitted greatly from the privatization of public welfare housing,which constitutes an overwhelming proportion of household wealth;second,households with political capital benefit much more from associated allowance for such expenses as food,accommodation,and transportation and thereby have lower household expenses and a greater share of income for accumulation as household wealth;third,households with political capital gain higher investment returns,thus more effectively converting household savings into wealth.