Study on the Influence of Real Estate Wealth upon Household Consumption: An Empirical Test Based on CHFS Data

作者：Yang Bi-yun, Xiao Yinghao, Hao Zhang · 年份：2017 · 被引用次数：1 · 研究领域：Housing Market and Economics

In this paper, the data from China Household Finance Survey Data (CHFS) in 2011 is utilized to make an empirical study on the relationship between real estate wealth and household consumption, with the method of grouping regression and stepwise regression.The empirical results show that the increase in household real estate wealth will promote significantly the household consumption, and the impact on the consumption of durable goods is greater than on the consumption of non-durable goods.The impact of real estate wealth on household consumption is heterogeneous., which can be shown as follows.The real estate wealth effect is the most significant in low-income families and is higher in young households than in the elderly households, and the wealth effect in the eastern region is higher than in the western region.In addition, this paper makes a further research on the mechanism of real estate wealth impacting household consumption.The research result shows that the real estate wealth will affect household consumption by influencing the family's risk attitude.The family with a higher real estate wealth has a lower degree of risk aversion, and more household consumption.Accordingly, this paper holds that it will help promote the real estate wealth effect to maintain the steady development of real estate market and increase the favorable treatment to young and low-income families in their housing.