| China has a large population,the party and the government focus on the role of consumption in promoting economic development,and continue to introduce policies to expand domestic demand and consumption.Therefore,it is very important to study the consumption propensity of Chinese residents.Besides income,assets may also influence consumption.China's households hold a large proportion of housing assets,and financial assets such as stocks and savings also have an effect on household consumption.Therefore,the impact of housing and financial assets on consumption is worthy of attention.At the same time,the mobile population accounts for 17.72% of the total population.Mobile population provides a rich labor force,its consumption and investment can promotes the local economic development.The latest policies support the permanent population and urbanization of the mobile population,so the consumption difference between the mobile population and the resident population is worth studying.At present,Chinese scholars have started late on the study of the wealth effect of households,and have not reached a consensus conclusion of the effect of wealth on consumption,the significance and size of the financial wealth of households.Moreover,the existing research on mobile population mainly focuses on employment income,education,medical care,consumer expenditure and others.There are few research about the impact of household consumption of mobile population,while the impact of financial asset wealth effect on the consumption of mobile population are even less.Base on the 2012 China Household Financial Survey Data(CHFS),this paper divides the Chinese residents into three groups: urban permanent residents,rural permanent residents and mobile population,and study their consumption,asset holdings and asset wealth effects.Firstly,explain the definition of the asset wealth effect,and introduce the asset wealth effect by the consumption function.Secondly,descriptive statistical analysis of individual and family attribute characteristics,income,consumption,and holding of different assets,comparing the differences of the three types of consumer groups;Thirdly,use the Tobit model to analyze the influencing factors of the holding of assets based on descriptive statistical analysis,focusing on the impact of housing assets and the composition of financial assets;Finally,test the wealth effects of the housing assets and financial assets of the three types of consumer groups based on the Quantile Regression Model to explore the impact of the household assets on consumption.Through empirical research,this paper draws relevant conclusions on the influencing factors of financial assets hold by families and the wealth effect of financial assets.The contributions of this paper are mainly in the following aspects: First,the research on the financial wealth effect of households of this paper is supplement to the theoretical research of family finance and consumer finance to some extent.Second,this paper incorporates household assets into the mobile population.The study makes up for the lack of research on the wealth effect of mobile population.Third,based on the Quantile Regression Model,consumer divided into urban permanent residents,rural permanent residents and mobile population,which can be more comprehensively analyzed.To compare differences of consumer groups' consumption,explore ways to expand domestic consumption of residents,reduce the income gap of different consumer groups,promote urbanization and urbanization of mobile population,and promote economic development. |
