贫富差距、供求弹性与房价*

近些年，中国的贫富差距和房价居高不下，但现有文献忽视供求弹性与贫富差距交互作用对房价的影响。据此，本文构建结合贫富差距和供求弹性的住房存量调整模型，使用中国2002—2012年7省份33个城市的UHS数据发现，收入和财富的基尼系数对房价有正影响；供求弹性对房价分别有负影响和正影响；收入和财富基尼系数与供求弹性交互项对房价分别有正影响和负影响。据此，为防止房价泡沫，各级政府一方面应缩小贫富差距，另一方面应增加土地和住房供给。

WEALTH INEQUALITY,SUPPLY DEMAND ELASTICITY AND HOUSING PRICES

High wealth inequality and inflated housing prices are prevailing phenomena in recent China, while the existing literature neglects the interaction of wealth inequality and supply demand elasticity on housing price. This paper develops a housing stock adjustment model to combine supply demand elasticity and wealth inequality. Employing the UHS databases of Chinas 33 cities in 7 provinces over 2002—2012, we find that the Gini coefficients of household income and wealth have positive impacts upon housing prices, while the supply demand elasticity negatively and positively influences housing prices, respectively. Additionally, the interaction terms of Gini coefficients of household income and wealth with supply demand elasticity positively and negatively affect housing prices, respectively. To prevent housing bubble, the central and local governments should not only fight for wealth inequality, but also enhance land supply and housing supply.