收入结构对家庭消费倾向和消费结构的影响*——基于心理账户视角的研究

本文关注不同收入结构对家庭消费的影响，从行为经济学视角解释了近年来中国居民消费率和非工资性收入占比同时提高的现象。本文使用中国家庭跟踪调查（CFPS）数据，采用面板数据双向固定效应模型进行分析。结果显示，转移性收入和财产性收入的边际消费倾向显著高于工资性收入和经营性收入，财产性收入的边际消费倾向最高，而工资性收入和经营性收入间的边际消费倾向无统计差异。工资性收入和经营性收入更多用于居住等生活必需支出，财产性收入和转移性收入则用于提高众多子类消费。此外，以上结果在城乡间和地区间具有异质性。

THE IMPACT OF INCOME STRUCTURE ON HOUSEHOLD CONSUMPTION PROPENSITY AND STRUCTURE IN CHINA ——A Perspective Based on Mental Accounting

This paper examines the impact of income structure on household consumptionFrom a perspective of behavioral economics，it provides an explanation for the phenomenon that the consumption rate and the proportion of non wage income of Chinese residents increase at the same time in recent yearsUsing the panel data from the Chinese Family Panel Studies （CFPS），this paper tests the impact with the method of two way fixed effect modelThe results suggest that the marginal consumption propensities of transfer income and property income are significantly higher than those of wage income and operation income，while the marginal consumption propensity of property income is the highestWage income and operation income are mostly used in household necessities，while property income and transfer income have contributed to the increases of all kinds of consumption categoriesThere are heterogeneous patterns between the urban and rural households