本文選題：房價變化　切入點：財富效應　出處：《經濟學(季刊)》2017年02期

【摘要】：本文旨在研究房屋資產與居民消費的長期關系�；趪医y計局城鎮(zhèn)住戶調查的總體和微觀調研數據的實證研究表明,房屋價值水平能顯著地正向影響消費,但量級非常小。而房價變化,無論是預期到的還是未預期到的,均不對消費產生顯著影響,收入才是影響消費的核心因素。同時,中國居民的"房產投資"偏好和"剛需"在一定程度上制約了消費水平。本文政策含義在于,房價上漲并不能刺激中國消費,提高居民收入、打破居民基于"政府依靠房地產拉動經濟"政策預期下的房產投資沖動、深化房地產金融、拓寬居民投資渠道對于促進居民消費有重要意義。
[Abstract]:The purpose of this paper is to study the long-term relationship between housing assets and household consumption. Based on the overall and micro data of urban household survey of the National Bureau of Statistics, the empirical study shows that the level of housing value can significantly positively affect consumption. But the order of magnitude is very small. And changes in house prices, whether expected or not, do not have a significant impact on consumption. Income is the core factor that affects consumption. Chinese residents' preference for "real estate investment" and "rigid demand" restrict consumption to a certain extent. The policy implication of this paper is that rising house prices can not stimulate Chinese consumption and raise residents' income. It is very important for residents to break the impulse of real estate investment based on the policy of "government relying on real estate to pull the economy", deepen the real estate finance and broaden the channel of residents' investment.
【作者單位】： 西南財經大學金融安全協同創(chuàng)新中心、中國金融研究中心;西南財經大學中國西部經濟研究中心;北京師范大學經濟與工商管理學院;
【基金】：國家自然科學基金青年基金項目(71303190、71603028) 西南財經大學金融安全協同創(chuàng)新中心專項課題的資助
【分類號】：F299.23;F126.1

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