CAJ | 학술논문

内容提要：以居民幸福感为民生指标，本文系统研究了家庭自有住房状况对居民幸福感的影响。首先，从理论上研究了住房影响居民幸福感的两种新机制——流动性约束和预防性储蓄；其次，基于中国跨省区城镇居民调查数据，本文对这两种机制进行了实证分析并获得了如下重要发现：（1）不同产权类型的自有住房对居民幸福感的影响存在显著差异，拥有大产权住房和更多的大产权住房能够显著提高居民幸福感，但拥有小产权住房以及小产权住房的数量对居民幸福感没有显著影响；（2）平均而言，大产权住房给首次置业和二（或多）次置业这两个居民群体带来的幸福感提升幅度并没有显著差异。但是，进一步研究发现，对于预防性储蓄动机更强和更可能受到流动性约束的家庭，二（或多）套大产权住房为其带来的幸福感提升幅度与首套房没有显著差异，而预防性储蓄动机较弱和受流动性约束可能性更低的家庭，大产权住房数量对居民幸福感提升的边际作用递减。这些发现很好地支持了本文的理论模型。
내용제요：이거민행복감위민생지표，본문계통연구료가정자유주방상황대거민행복감적영향。수선，종이론상연구료주방영향거민행복감적량충신궤제——류동성약속화예방성저축；기차，기우중국과성구성진거민조사수거，본문대저량충궤제진행료실증분석병획득료여하중요발현：（1）불동산권류형적자유주방대거민행복감적영향존재현저차이，옹유대산권주방화경다적대산권주방능구현저제고거민행복감，단옹유소산권주방이급소산권주방적수량대거민행복감몰유현저영향；（2）평균이언，대산권주방급수차치업화이（혹다）차치업저량개거민군체대래적행복감제승폭도병몰유현저차이。단시，진일보연구발현，대우예방성저축동궤경강화경가능수도류동성약속적가정，이（혹다）투대산권주방위기대래적행복감제승폭도여수투방몰유현저차이，이예방성저축동궤교약화수류동성약속가능성경저적가정，대산권주방수량대거민행복감제승적변제작용체감。저사발현흔호지지지료본문적이론모형。
Housing has already become one of most important livelihood problems concerned by Chinese society. This paper studies the impacts of housing on the household happiness. Our theoretic model contributes to the existing literature by introducing two important channels from housing to happiness ： liquidity constraints and precautionary savings. Based on the theoretic framework, this paper empirically analyzes the impact of homeownership on household head＇s happiness using China urban household survey data collected from 41 cities in 2009. Several important findings are derived. First, the effect of homeownership on happiness is significant different among different types of house property rights： owning commercial houses significantly improves happiness; while owning non-commercial houses does not have any significant impacts on happiness. Second, the ＇ marginal＇ happiness derived from the number of commercial housing does not decline. Further study shows that, the marginal utility of housing for people with strong precautionary savings motive and those who are more likely to be liquidity constrained is not declining, while the marginal utility of housing for people with weak precautionary savings motive and those who are less likely to be liquidity constrained is declining. These resuhs strongly support our theoretical results.