| Since market-oriented reforms of real estate in1998,Chinese real estate market developed quickly,and construction and sales of residential househave showed an increasing trend overall,and the level of housing of urban residents has been greatly improved.Housing wealth has gradually became an important part of household wealth.However,a comprehensive social,commercialized,market-oriented reform not only impacts the housing market itself,but also gives rise to some issues such as housing wealth gap and residential differentiation which will affect social stability,and accompanied by changes in residential housing wealth,the housing wealth effect will affect consumption spending behavior of residents,thus further affects the macroscopic economy.In this paper,we use a large microscopic household survey data to analyse the evolution path and evolution structure of differentiation in urban housing wealth that led by housing wealth distribution effects,and furthermore,analyse in-depth the relationship betweenthe housing wealth and the household consumptionin order to provide useful suggestions for macroscopic policy-makers and managers, the main work done and conclusions are as follows:(1) In the research of degree and characteristic of differentiation in housing wealth: calculate Gini coefficient of housing wealth of urban residents with the method of measuring income disparity,and use themethod of group decomposition and source decomposition to compare contribution of the different household characteristics and different sources to housing wealth Gini coefficient,analysis conclusions are as follows:From2003to2010, housing wealth gap of Chinese urban residents continues to increase,and bigger than the income gap;influence of different household characteristics are various in their groups contribution to housing wealth Gini coefficient,the sequence is:regional difference,income gap,different nature of units,different levels of education,gender difference,age disparities;income has became an important factor leading residential property gap;proportion of investment housing weath in housing wealth of urban residents increasingly become higher which has a significant promoting role in widing housing wealth gap.(2) In the study of the impact of housing wealth differentiation: use the micro survey data to examination the existence of total housing wealth effect of urban households and compare different housing wealth effect in families of different income groups,different regions,different ages of household head and different housing types, analysis conclusions are as follows:Total housing wealth of urban household has a positive role in promoting household consumption.From2003to2010,the wealth effect decreases;housing wealth effect in different familiesare different,in terms of income differences,housing wealth effect of family which belongs to the higher income group and medium to high income group is significantly greater than the low-income group families,housing wealth effect of lower-middle income group family is significantly lower,middle income group families is no significant differences in the effect of housing wealth for low-income group families;in terms of regional differences,the housing wealth effect of family is not significantly different between the Northeast and Central regions,the housing wealth effect of family that in the Eastern and in the Western regions is relatively higher than the reference group;in terms of age differences,housing wealth effect of family whose head of household between30to40years old is largest, housing wealth between that family whose head of household below30and between40to50years old is no significant difference,which is minimum;in terms of sources of housing,housing wealth effect of families which are fully owned house and renting private houses is not significantly different,housing wealth effect of part of property of house is weak,the housing wealth effect of family whose housing provided by units is minimum. |
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