CAJ | 학술논문

基于详实的微观家户数据，本文首次区分和比较了家庭生产性固定资产和非生产性住房资产对居民消费的影响，细致考察了家庭资产对居民消费的“资产效应”和“财富效应”，并在此基础上探讨了不同类型资产对居民消费的异质性影响及其作用机制。研究发现，家庭住房资产主要呈现出消费品属性，只存在微弱的“资产效应”，且不存在“财富效应”。这个结论对于拥有大产权房和二套房的家庭同样成立。因此，住房价格上涨无助于提高我国居民消费。相反，家庭生产性固定资产具有明显的“资产效应”和“财富效应”，同时，其“财富效应”主要体现在自我雇佣的家庭中，主要作用机制是降低了家庭预防性储蓄动机并缓解了家庭流动性约束。本文的政策含义在于，引导资金进入生产性部门、发展房地产金融并积极推动金融市场改革是促进居民消费的重要方式。
기우상실적미관가호수거，본문수차구분화비교료가정생산성고정자산화비생산성주방자산대거민소비적영향，세치고찰료가정자산대거민소비적“자산효응”화“재부효응”，병재차기출상탐토료불동류형자산대거민소비적이질성영향급기작용궤제。연구발현，가정주방자산주요정현출소비품속성，지존재미약적“자산효응”，차불존재“재부효응”。저개결론대우옹유대산권방화이투방적가정동양성립。인차，주방개격상창무조우제고아국거민소비。상반，가정생산성고정자산구유명현적“자산효응”화“재부효응”，동시，기“재부효응”주요체현재자아고용적가정중，주요작용궤제시강저료가정예방성저축동궤병완해료가정류동성약속。본문적정책함의재우，인도자금진입생산성부문、발전방지산금융병적겁추동금융시장개혁시촉진거민소비적중요방식。
This paper studies the wealth effect of productive fixed assets and nonproductive housing asset based on household survey data. We find that housing assets have no wealth effect on consumption which implies that housing assets are mainly consumer goods rather than investment goods in China. This property also holds for the households with two or more houses, and the rising housing prices cannot stimulate China＇s household consumption. In contrast, the productive fixed assets have significant wealth effect, especially for the households who are self-employed. The main mechanism is that productive fixed assets can reduce household precautionary savings and ease household liquidity constraints. The policy implications of this paper is to accelerate the development of mortgage finance and encourage the development of self-employed sectors.