中国住房财富影响消费的产权异质性

上海交通大学国际与公共事务学院陈杰教授近期与暨南大学经济学院经济学系胡明志讲师、美国佛罗里达国际大学房地产学院William G. Hardin教授共同合作在房地产经济学领域国际权威期刊Real Estate Economics 2020年第2期发表论文Housing, Wealth, Income and Consumption: China and Homeownership Heterogeneity. 该论文使用中国家庭面板研究（CFPS）调查的多个横截面数据，评估了中国城市居民的消费支出如何受住房财富的影响，并且这种影响如何因住房产权的异质性而不同。Real Estate Economics为商学、金融学/经济学/城市研究类的SSCI期刊，2019年影响因子1.585。

文献信息：

Chen, Jie, William Hardin, and Mingzhi Hu. 2020. “Housing, Wealth, Income and Consumption: China and Homeownership Heterogeneity.” Real Estate Economics 48 (2): 373–405. https://doi.org/10.1111/1540-6229.12245.

http://doi.wiley.com/10.1111/1540-6229.12245.

概要：

本文使用中国家庭面板研究（CFPS）调查(2010、2012、2014)的多个横截面数据，实证研究了中国城市居民家庭的消费支出与住房价值、住房资产、金融资产和家庭收入之间的相互联系。研究结果表明，住房财富对中国城市家庭消费的影响比西方发达经济体要大得多。这种更大的影响效应，可能来自于中国存在对其他投资的结构性限制导致人们会更加偏好房地产投资，也与住房在中国家庭总财富积累中的主导地位有关。文章还发现，一个家庭的消费行为模式以及消费与住房财富之间的关系随住房所有权类型的不同而不同。在相同条件下，只拥有房屋部分产权比如房改房或保障房的房主的消费倾向最高，但通过市场途径获得住房而拥有完全财产所有权的房主则对住房财富增值的反应最大。这个研究发现具有重要的政策含义。为部分中低收入家庭提供受限制产权的产权式保障性住房可能会在短期内会刺激获得者消费支出增加，但从长远来看，商品住房拥有者才会对住房财富增长做出可持续的消费反应。仅从刺激内需增加的可持续角度，政府也需要平衡不同类型住房所有权鼓励政策的长期效益与短期效益。坚持住房供应市场化为主，是经济发展模式向内需驱动转型的重要保障。

Abstract：

Impacts on consumer spending in urban China associated with housing value, housing equity, financial assets and household income are evaluated using longitudinal data from the China Family Panel Studies (CFPS) survey. Findings suggest that the housing wealth effect on household consumption in China is much larger than has been shown for developed economies. The larger impact is prospectively related to structural limits on investing which favor real estate ownership, along with the dominant position of housing in total household wealth. Evidence also shows that households with differing housing tenures have distinct consumption expenditures and that the relations between housing wealth and consumption vary across different forms of homeownership. Households with jointly owned homes on average consume the most, while those who purchased their homes from the market have the strongest and most positive response to wealth appreciation. These findings suggest that while joint homeownership may be effective in boosting household consumption in the short term, the response to wealth gains from private homeownership is more sustainable in the long term as units increase in value. Policymakers can attempt to trade off the short- and long-term benefits of different types of homeownership types in promoting consumption expenditures conditional on current economic conditions and in the development of any privatization schemes. The present study suggests that direct ownership of housing assets by households is beneficial in fostering consumption. This implies that transitioning to a service economy will benefit when coupled with private ownership of housing.

http://doi.wiley.com/10.1111/1540-6229.12245

https://www.researchgate.net/publication/324876202_Housing_Wealth_Income_and_Consumption_China_and_Homeownership_Heterogeneity