收入差异下的住房财富效应分化——基于283个地级市数据和CHFS家庭微观数据的实证分析

本文将收入分配结构因素纳入LC-PIH模型,试图从收入分层角度寻找我国住房市场弱财富效应的根源。基于283个地级市的面板数据和CHFS家庭微观调查数据的实证研究表明:房价对消费的影响具有门限特征,中等收入城市的住房财富效应最为明显;收入作用下的家庭住房财富效应也呈现倒U形。总体上,我国住房财富效应较弱源于收入的结构性差异,中等收入群体比重偏低可能导致房价上涨对消费的促进作用被低收入阶层和高收入阶层的挤出作用抵消。

Differentiation of Housing Wealth Effect under Income Difference:Empirical Analysis Based on 283 Prefecture Level City Data and Micro Data from China Family Finance Survey(CHFS)

As the house price has been soaring in China for the past ten years,residents have little passion to consume a lot.This paper uses LC-PIH model to analyze the income distribution structure,and tries to find the source of the weak wealth effect of China's housing market.Based on the panel data of 283 prefectures and the micro data from CHFS,the empirical results show that:there is a threshold feature in the impact of housing prices on consumption.Compared with low-income and high-income cities,the housing wealth effect of middle-income cities is the most prominent.Under the influence of income,the household housing wealth effect also presents an inverted U-shape.On the whole,the weak effect of housing wealth in China is due to the structural difference of income.The low proportion of middle-income groups may lead to the consumption,which is promoted by the increase of housing price,being offset by the crowding-out effect derived from low-income and high-income groups.The conclusion of this paper provides theoretical support for how to make detailed policies based on real estate market to stimulate domestic demand through income difference in the successive reform.