A Study On The Definition,Glassification And Growth Of Residents' Property Income

Since the requirement that "create conditions to let more people own property income" was pointed out in the 17th Chinese communist party congress report in 2007,residents' property income came into the public view and became a new research point.The residents' property income,the wage income,the operating income and the transfer income constitute the content of the total income of residents.However,most of the previous studies were based on the data published by the National Bureau of statistics website or some relevant yearbooks.These papers mainly analyzed the factors that affected the income distribution and the income of residents' property,but the concept of residents' property income was ignored.Up to date,however,our country does not have a unified conclusion on the concept of residents' property income.There is still some controversy.Whether from the point of view or the content,the definition of the property income from some relevant statistical data and yearbooks of China is different from the system of National Accounts(2008).And the Chinese data cannot compare with the international data because of the undefined scope of the residents property income.This paper is based on the concept and classification of property income in the system of National Accounts(2008),combining the content of national economic accounting.And it analyzes the content of residents' property income from the perspective of residents and explains these questions from the perspective of property rights,sources and ways of obtaining.This paper comes to the conclusion that residents' property income means that a citizen of a country gains income based on the ownership of financial assets and natural resources by the way of borrowing investment and so on,transferring the right to use.This paper also analyzes the characteristics of residents'property income.There are four main characteristics:the limitation of income source,the separation of property rights,the diversity of the ways of gain revenue and the risk of gain revenue.The paper shows the significance of the residents' property income by analysis of the function of residents' property income.It can play a role in the improvement of distribution system in China and increase the efficiency of residents,idle resources and the income level of residents and it can also narrows the gap between rich and poor.After the definition of residents' property income,the paper optimizes the classification base on the Urban Life in China and the Price Yearbook and explains the controversial issues such as the rent,the incremental benefit of the collection,the royalties on intangible assets,the net income from stock trading and the land rent,reclassified fourteen classes of seven main classes as eleven classes of five main classes,which are interest,dividends and bonuses,insurance proceeds from financial assets,rent from natural resources,and some other extra essential residents' property income,such as the revenue of structured financial products and trust income.This paper uses the data from China Household Finance Survey(CHFS),to analyze the situation of household assets in China,and it also analyzes the influence factors of residents to gain property income from the perspective of residents how to choose financial assets.The paper also uses the generalized linear model,probit model,to analyze this question and the result shows that the main influence factors of how the residents choose financial assets are the age,the wage income,the education level,the risk attitude and the region,etc.At the end of the article,some policy recommendations were given to improve the quality of statistical work and economic accounting.First,we should make the definition and connotation of residents,property income clear.Second,we need to set reasonable measure standards of how to calculate residents' property income.Last but not the least,improve the quality of statistical investigation work.For the purpose of improving the residents' property income,there are some suggestions:construct the capital market,protect the residents' property rights,improve the wages,make education universal,step up urbanization construction.These five suggestions will be useful.