摘要
基于中国家庭追踪调查(CFPS)数据,本文实证检验了家庭杠杆对其总支出和消费性支出的直接和间接影响,以及这种影响在不同类型消费和城乡居民家庭消费中的差异。结果显示,我国居民家庭杠杆会显著地抑制家庭总支出的增加,强化资产对总支出和消费性支出的正向促进作用,即强化财富消费效应。家庭杠杆会促进生存型消费的增加,强化生存型消费的财富消费效应,但会抑制发展与享受型消费。就对城乡居民家庭消费影响的差异而言,家庭杠杆会抑制城镇居民家庭的总支出增加,但会促进农村居民家庭消费性支出和生存型消费的增加并强化其生存型消费的财富消费效应。这表明,在供给侧结构性改革背景下,居民家庭"加杠杆"并不能直接有效地提高消费和促进消费结构升级,推动消费增长和消费结构升级的根本途径在于增加家庭收入和家庭总资产水平。
Using China Family Panel Studies （CFPS） dataset, this paper examines the effects of household leverage on household consumptions, as well as the differences of the effects among different consumptions and between urban and rural households. We show that household leverage negatively correlates with spending. However, households with higher leverage tend to spend and consume more when their wealth changes. Household leverage has a significantly negative impact on the development and enjoyment of consumption while it exerts a positive influence on survival consumption which is more sensitive to wealth fluctuations. As far as the differences between urban and rural households, leverage dampers the spending of urban households and promotes consumption especially survival consumption of rural households which is more sensitive to wealth fluctuations as leverage increases. The results implicate that increasing household income and wealth, rather than ＇adding leverage＇, is an efficacious method to stimulate consumption and to optimize consumption structure.
作者
潘敏
刘知琪
PAN Min;LIU Zhiqi(Center for Economic Development Research/Economics and Management School, Wuhan Universit)
出处
《金融研究》
CSSCI
北大核心
2018年第4期71-87,共17页
Journal of Financial Research
基金
教育部哲学社会科学研究重大课题攻关项目“经济发展新常态下我国货币政策体系建设研究”(项目编号：15JZD013)
国家自科基金重点项目“中国金融体系的演化规律和变革管理”(批准号：71733004)的资助
关键词
家庭杠杆
消费
消费结构
Household Leverage
Consumption
Consumption Structure
