房产价格的财富效应是否存在？——基于中国的面板数据

理论和实证研究均对房产的财富效应存在一定分歧。在我国18个省（自治区、直辖市）1999年至2007年城镇居民人均消费支出、可支配收入与房产价格指数的面板数据基础上，应用固定效应模型与随机效应模型，分析房价上涨对高中低不同收入阶层的财富效应，结果显示：房价上涨对我国高、中、低三个收入阶层并没有产生正的财富效应而是产生了“挤出效应”；并且，高收入阶层消费减少的幅度最大，低收入阶层消费减少的幅度最小。为拉动我国经济增长和满足不同收入阶层居民的住房与购房需求，应挤压房价中的泡沫，加大廉租房和经济适用房的建设，刺激高收入阶层买房，提高炒房行为的交易成本。

Is There Wealth Effect in House Prices？ ——Based on Panel Data in China

There are some differences in both the theoretical and empirical studies on the wealth effect of real estate. Based on the panel data for the per capita consumption expenditure of urban residents, the disposable income and housing price index from 1999 to 2007 in 18 provinces （autonomous regions and municipalities） in China, analysis is made on the wealth effect of housing price increase upon groups with high, middle and low income by applying a fixed effect model, random effect model. The results showed that ： house prices rising doesn＇ t bring about a positive wealth effect but a ＂crowding- out effect＂ on groups with high, middle and low income in China; and, with a reduction of consumption from high - income strata being the largest, while from low - income consumers being the smallest. For driving Chinag economic growth and meet the demand of different income classes of the population for housing, it＇ s necessary to squeeze out the bubble in housing prices, enhancing construction of low - cost housing and affordable housing, stimulating the high -income groups to buy a house, raising the costs of real estate speculation.