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中国家庭资产配置与异质性消费者行为分析
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TitleChinese Household Asset Allocation and Heterogeneous Agents Consumption Behavior  
作者臧旭恒 张欣  
AuthorZang Xuheng and Zhang Xin  
作者单位山东大学 
OrganizationSchool of Economics,Shandong University 
作者Emailxhzang@sdu.edu.cn;zx808618@126.com 
中文关键词资产流动性 边际消费倾向 预防性储蓄 异质性消费者 
Key WordsAsset Liquidity; Marginal Propensity to Consume; Precautionary Savings; Heterogeneous Agents 
内容提要本文在双资产模型下,结合住房资产消费与投资的双重属性以及中国住房“占有率高、刚性需求较强”的事实特征,基于CFPS微观调查数据,以金融资产和住房资产分别衡量高流动性资产和低流动性资产,并根据资产配置结构识别异质性消费者,借助暂时性收入冲击下的边际消费倾向和不确定性对财富积累的估计,考察了金融资产对流动性约束和住房资产对预防性储蓄的影响,探讨家庭资产配置对异质性消费者行为的影响。实证研究发现,金融资产不足的消费者暂时性收入冲击对应的边际消费倾向显著为正,验证了资产变现难易程度对消费平滑以及流动性约束的影响。而相比于有房的消费者,无房的消费者面临的不确定性较高,且不确定性对其财富积累的影响程度更大。这种较高的预防性储蓄动机,提高了流动性约束水平,导致暂时性收入冲击对应的边际消费倾向提高。文章从资产流动性和住房资产双重属性角度解释了当前中国居民家庭“高财富水平”与“消费抑制”共存的现象。 
AbstractIn this paper, we apply the empirical methodology of two-asset model to identify the heterogeneous agents and study the effect of household asset structure on the marginal propensity to consume out of transitory income changes and precautionary savings empirically based on CFPS data. We find that compared with those with sufficient liquid assets, the consumers with liquidity constraint have a higher marginal propensity to consume out of transitory income shocks, which provides one explanation to consumption smoothing from the standpoint of asset liquidity and transaction cost. Moreover, compared with the house owners, the consumer without housing assets face higher uncertainty, which has greater impact on household wealth accumulation. It increases the degree of liquidity constraint and then the marginal propensity to consume out of temporary income shocks. From the perspective of household assets liquidity and house asset dual features, this paper explains the phenomenon of the coexistence of "high wealth level" and "consumption suppression" in the current Chinese households. 
文章编号WP1262 
登载时间2018-02-05 
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