Research On The Differentiation Mechanism And Influence Of Housing Wealth In The Urban China

Housing are related to social livelihood and economic development.With the deepening of China’s housing reform,the problem of housing wealth inequality related to the housing differentiation has gradually become significant,which has an important impact on social and economic development.Based on the process and characteristics of the housing system reform,this paper analyzes the causes,changes and influences of housing wealth inequality,which is of great significance to the policy formulation of the future housing system reform and the promotion of the long-term stable development of the social economy.This paper firstly sorts out the process and logic of housing reform and analyzes the historical process and characteristics of housing wealth accumulation of Chinese urban families.Then,based on the related theories of housing wealth inequality,this paper analyzes the causes and change mechanism of family housing wealth inequality and the theoretical path of its influence on total wealth inequality,and puts forward the corresponding research hypotheses.On this basis,an empirical model is constructed to test the mechanism of the influence of institutional factors,state policy intervention and family characteristics on the acquisition of housing property rights and housing wealth,and to explore the housing cost and housing wealth inequality caused by the difference of housing property rights.Using cross-section household data for many years,this paper examines the dynamic change mechanism of housing wealth inequality,and studies the change process and action mechanism of housing wealth inequality between and within groups.The mediating effect analysis was used to examine the influence mechanism of housing on total wealth inequality,and the contribution of household home ownership to total wealth inequality and the process of its effect were studied.Key findings as follow.Firstly,the acquisition of housing property rights of Chinese urban families is affected by institutional factors,state policy intervention and family characteristics,and the difference of housing property rights is an important cause of family housing wealth inequality.Secondly,the per capita housing area and housing quality of Chinese urban families have improved greatly.Meanwhile,the inequality of household housing wealth shows a trend of decreasing first and then rising.Thirdly,the change of social returns to human capital and political capital is the internal mechanism of the change of housing wealth inequality of Chinese urban families.The empirical results show that education and income have a significantly enhanced positive impact on family housing wealth,while the level of occupation type status has a significant but not enhanced impact on family housing wealth.At the same time,the change of returns to unobserved skills is also an important factor causing the change of housing wealth inequality within the group,which indicates that the difference of returns to human capital has gradually become an important internal mechanism for the change of housing wealth inequality.Fourthly,home ownership has a significant positive impact on the accumulation of total household wealth,and will affect the inequality of total household wealth through housing wealth appreciation,housing mortgage and mortgage loan,and housing rental income.Finally,this paper summarizes the existing limitations and prospects the future research.At the same time,based on the in-depth study of the causes and changes of housing wealth inequality and its impact on total wealth inequality,the paper puts forward targeted policy recommendations.