CAJ | 학술논문

房价上升主要通过“财富效应”、“流动性约束效应”以及“替代效应”三大机制对居民消费产生促进或抑制的作用。本文以上海城镇居民人户调查数据为基础，通过实证研究发现，近年来上海的房价上升总体上提高了居民的平均消费倾向，一方面，由于“财富效应”，自有住房家庭的平均消费倾向提高，另一方面，由于“替代效应”，尚无自有房的家庭放弃购房、转而扩大消费，从而其平均消费倾向也显著上升。由此本文提出抑制房价的政策有可能拖累居民消费，从而发展质量优良的公共租赁住房对于实现居民“住有所居”的重要意义更加凸显。
방개상승주요통과“재부효응”、“류동성약속효응”이급“체대효응”삼대궤제대거민소비산생촉진혹억제적작용。본문이상해성진거민인호조사수거위기출，통과실증연구발현，근년래상해적방개상승총체상제고료거민적평균소비경향，일방면，유우“재부효응”，자유주방가정적평균소비경향제고，령일방면，유우“체대효응”，상무자유방적가정방기구방、전이확대소비，종이기평균소비경향야현저상승。유차본문제출억제방개적정책유가능타루거민소비，종이발전질량우량적공공조임주방대우실현거민“주유소거”적중요의의경가철현。
Theoretically, housing price can affect household consumption through wealth effect, liquidity constraint effect or substitution effect. Based on the survey data of Shanghai urban households, this paper makes an empirical analysis and finds recent increase of housing price in Shanghai has positively influenced the household average consumption propensity through wealth effect and substitution effect for the households with and without self-owned houses respectively. Based on the empirical study results, we suggest the government to develop high quality public rental houses so as to encourage household consumption and improve people＇s happiness in a nraetical and effective way.