住房资产多重属性对家庭消费的异质性影响分析

• 作者： 康远志 ¹
• 作者单位：
  1.  中南财经政法大学经济学院
• 发布时间：2024-10-21

摘要: 中国家庭住房自有率达90%，住房资产是中国家庭资产的主要形式，房价上涨，家庭财富增值，但住房资产对家庭消费的拉动作用非常小，只存在轻微的“资产效应”。住房资产有消费、投资、抵押等多重属性，住房资产对家庭消费的影响在无房、一套房与多套房家庭之间具有显著异质性。无房家庭“为购房而储蓄”抑制了消费；一套房家庭住房表现为消费属性，变现可能性低，表现为未兑现的财富，对消费的影响非常有限；多套房家庭住房投资属性强，其对消费影响显著高于一套房家庭。房价上涨并不能刺激我国消费，而提升居民收入水平是根本途径，在住房进入存量市场时代，应引导居民合理配置资产，稳定房地产市场，满足不同层次的家庭需要，推动金融市场创新，释放居民消费潜力。

Abstract: The home ownership rate in Chinese households is 90%. Housing assets represent the main form of assets for Chinese families. While rising house prices lead to increased household wealth, the impact of housing assets on household consumption is minimal, displaying only a slight "wealth eff ect". Housing assets possess multiple attributes such as consumption, investment, and mortgage, showing signifi cant heterogeneity in their impact on household consumption among families with no homes, one home, and multiple homes. Families without homes tend to save for home purchases, thus impeding immediate consumption. Families owning one home tend to see their property as a consumption asset with limited prospects for liquidation, resulting in unrealized wealth that has minimal impact on consumption. Families owning multiple homes view their housing assets primarily as investments, exerting a more signifi cant infl uence on consumption compared to families with just one home. Rising housing prices cannot stimulate consumption in China. Instead, elevating residents' income levels is the fundamental approach. As China enters an era of housing stock market, it is important to guide residents in making sound asset allocations, stabilize the real estate market, cater to the needs of diverse levels of households, drive fi nancial market innovation, and unleash the consumption potential among residents.

• 分类： 应用经济学 >> 贸易经济
• 稿件状态： 已在期刊出版
期刊名称： 《中国商论》 2024年 第6期
• 引用： PSSXiv:202410.01804 (或此版本 PSSXiv:202410.01804V1)
  DOI:10.19699/j.cnki.issn2096-0298.2024.06.069
  CSTR:32012.36.PSSXiv202410.01804
• 推荐引用方式： 康远志.住房资产多重属性对家庭消费的异质性影响分析.中国商论,2024(6).[DOI:10.19699/j.cnki.issn2096-0298.2024.06.069] (点此复制)