Study On The Influence Of Property On The Subjective Well-being Of Residents In China

How to improve people’s happiness is an important theme of the current government work,economic growth and government policy is the ultimate goal of improving the sense of well-being of the masses.However,at the same time,China’s economic development has not caused the simultaneous enhanced national happiness(William,2006),so at present,China’s economic development goals should be the pursuit of economic growth to improve people’s happiness.In traditional economics,happiness is generally associated with utility,and income is the material basis for residents to obtain utility,most scholars focus on the impact of income on happiness.Before the reform and opening up,the property accumulation of Chinese residents is insignificant,but after the reform and opening up,private property has been restored,the new system and policy for the accumulation of family property provides legitimacy.In 1979,the national deposits amounted to 40 billion and 600 million yuan,of which the urban per capita deposits was 117.5 yuan,the rural per capita deposits was only 25.8yuan,the urban residents’ savings are about 4.5 times of the rural ones.In 2009,the national deposits reached up to 26.0767 trillion.For more than 30 years,the Chinese family property has experienced a rapid growth process from scratch,from less to more,.So the urban property increased more significantly,whether the accumulation of residents’ property will improve the urban residents’ happiness? How will the increasing of property affect the urban residents’ happiness?In order to demonstrate the above questions scientifically,I empirically studies the influence of property,income and other related factors on subjective well-being of residents in China.Firstly,the concept of property and subjective well-being are introduced and the influence factors of subjective well-being is analyzed.Furthermore,a measuring method of subjective well-being is introduced in this paper.Then,the related research of property and subjective well-being in the economics are reviewed.And on this basis,the main influencing factors are summarized,the theoretical model is built.Finally,with the panel data in 2010 and 2014 of China Family Panel Studies and taking income,social capital,health status,and property status as explanatory variables,taking subjective well-being as an explained variable,the relationship between property and subjective well-being is analyzed more scientifically and comprehensively,and the heterogeneity of property effects is further analyzed.The main conclusions of this paper are as follows:At the same time,under the 5% significance level,the relative income has a significant positive effect on the subjective well-being of urban residents in China.Absolute income is not significant to the residents’ subjective well-being.Under the 1% significance level,the absolute property and relative property all have positive effect on urban people,the absolute significance is greater than the relative one.As time goes on,the absolute property has a positive impact on the subjective well-being of urban residents,while the relative one and the absolute and relative income are all not significant.In the residents’ property,the positive significant factor which influence the subjective well-being are the financial assets and the general durable goods in the other assets.Land assets have a negative impact on well-being.For the residents having only one housing,the greater the net real estate,the higher the subjective well-being.The influence of absolute property on subjective well-being of residents also showed a certain degree of gender differences,regional differences and so on.First of all,absolute property has a significant positive impact on both men and women,and the impact on women is greater than that of men.Secondly,the impact of absolute property on subjective well-being of residents in the western region was significantly higher than that in the central and eastern regions,and the absolute property of the residents in the eastern part of the subjective well-being is not significant.Thirdly,The increasing in absolute property will significantly increase the well-being of urban residents without a mortgage.For urban residents without spouse,the absolute property has a positive impact on them,and the greater the net real estate,the higher the subjective well-being.Last but not the least,residents who do not have jobs are more concerned about the real estate than those who are working.The increase in real estate will significantly increase their happiness,while those with jobs pay more attention to the accumulation of durable goods in other assets.