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利用中国家庭追踪调查的微观数据(CFPS),将居民的家庭资产和人力资本进行详细划分并整合到同一分析框架,分别检验各项家庭资产和附着于家庭成员身上的人力资本对城镇居民消费行为的影响。按照家庭拥有的房产数量将城镇居民家庭分为一套住房家庭和多套住房家庭两类,实证结果表明现住房产对家庭消费没有显著影响,而非现住房产对家庭消费则具有显著的促进作用,表现出明显的财富效应。金融资产对居民消费水平也都有显著的促进作用。虽然生产性固定资产在城镇家庭中的占有率较低,但是其对于家庭消费的财富效应却是非常明显的。人力资本对家庭消费水平具有显著的正向影响,受教育水平较高的家庭倾向于消费更多,且健康资本相对于教育资本对消费的影响更加稳定。另外,家中有未婚子女能够显著提高家庭的消费水平,这部分消费主要来自于家庭收入而不是住房资产的财富效应。
Based on the microcosmic data (CFPS) of China Family Tracing Surveys, the household assets and human capital of residents are divided in detail and integrated into the same analytical framework. The household assets and the human capital attached to family members respectively examine the consumption behavior of urban residents Impact. According to the number of family-owned properties, urban households are divided into two categories: one family house and several houses. Empirical results show that current house property has no significant effect on household consumption, whereas non-current house property has significant promotion on household consumption Role, showing a significant wealth effect. Financial assets also have a significant role in promoting consumer spending. Although the share of productive fixed assets in urban households is relatively low, its wealth effect on household consumption is quite obvious. Human capital has a significant positive effect on the level of household consumption. Households with higher education tend to consume more, and the impact of healthy capital over consumption of education capital is more stable. In addition, having unmarried children at home significantly increases household consumption, which is mainly due to the wealth effect of household income rather than housing assets.