摘要
财富差距问题一直受到广泛关注,已有研究部分揭示了住房在中国财富差距中的关键作用,但对其内在结构以及形成机制的深入剖析仍然相对匮乏。本文从理论和实证两个层面考察经济发展如何塑造了中国家庭财富的内在结构和分布现状,并利用微观数据测算1995—2020年财富差距的演变,对其构成进行多维度分解,对其形成机制进行深入分析。研究结果表明,第一,自2008年以来,中国城镇家庭的财富差距主要来自房产差距,其贡献率接近80%。第二,与地区内相比,地区间的财富差距处于主导地位,其贡献率接近70%。第三,在房产价格快速增长时期,政府支出资本化带来的房产增值是城镇家庭积累财富的最主要机制;在有房家庭内部,地区间发展差异带来的房产价值差距贡献了主要的财富差距。第四,家庭的财富百分位更多受到所在地区经济发展水平和房产持有时间等因素的影响。当前,地区间差异带来的财富差距仍占主导地位,未来应结合不同群体的财富特征,有序推进针对房产存量价值和增值部分的税制建设,从而调节财富差距,推进共同富裕。
China's rapid economic growth over the past decades has facilitated substantial household wealth accumulation but has also exacerbated wealth disparities,posing significant challenges to achieving common prosperity.While existing literature recognizes the pivotal role of housing assets in China's wealth accumulation,comprehensive analyses of its structural characteristics and formation mechanisms remain scarce.This study systematically examines how the urbanization process has shaped the internal structure and distribution of household wealth in urban China,combining theoretical insights with empirical evidence.Theoretically,this study distinguishes between endogenous and exogenous mechanisms of wealth accumulation,emphasizing the unique role of public expenditure capitalization in the Chinese context.Unlike developed economies where wealth accumulation largely follows endogenous pathways such as savings and investment choices,China has experienced substantial wealth accumulation through exogenous factors,particularly the capitalization of public investments in urban infrastructure and services into housing prices.This mechanism substantially amplifies housing-related wealth disparities,benefiting households in regions with higher public expenditure levels and those who acquired properties earlier.Empirically,this research employs micro-level data from the Chinese Household Income Project(CHIP)and China Family Panel Studies(CFPS)spanning from 1995 to 2020.Wealth inequality is measured using the Gini coefficient,incorporating corrections for negative net worth and adjustments using Forbes Rich List data to better represent high-net-worth individuals.The study decomposes wealth inequality structurally by asset categories and by subgroup disparities,highlighting the predominant role of housing assets.It further applies regression-based decomposition and Recentered Influence Function(RIF)regressions to analyze the redistributive impacts of fiscal expenditures and public service provision on household wealth.Key findings indicate that since 2008,nearly 80%of urban wealth disparities in China have stemmed from variations in housing wealth.Inter-regional inequality,particularly at the sub-provincial level,accounts for approximately 70%of overall wealth disparities.Households'relative wealth positions are heavily influenced by local economic development levels and the duration of housing ownership.Consequently,housing appreciation driven by public infrastructure investments emerges as the primary mechanism for wealth accumulation and reinforces disparities generated by regional gaps.This study underscores the need for targeted taxation on housing stock values and capital gains to mitigate wealth disparities.Policies should also prioritize equalizing public service provisions and infrastructure development across regions to address the root causes of structural wealth disparities.Furthermore,enhancing the role of labor income in wealth accumulation and improving housing affordability through public housing initiatives could significantly support equitable wealth distribution and common prosperity.This paper contributes to existing literature by integrating theoretical models of public expenditure capitalization with detailed empirical evidence,offering new insights into the structural dynamics of wealth disparity in urban China.Future research avenues include extending the analysis to rural households,exploring intergenerational wealth transmission,and investigating the dynamic relationship between income and wealth disparities.
作者
张平
诸葛安东
田也
ZHANG Ping;ZHUGE Andong;TIAN Ye(Fudan University,200433;London School of Economics and Political Science,E161EH)
出处
《财贸经济》
北大核心
2025年第7期142-159,共18页
Finance & Trade Economics
基金
国家自然科学基金重点项目“公共治理体系变革创新的理论与机制”(72234001)
国家自然科学基金面上项目“中国版房地产税的可行性和各地普适性差异研究:微观大数据模拟和一般均衡模型分析”(72474050)。
关键词
财富差距
财富积累
来源分解
再分配效应
Wealth Disparity
Wealth Accumulation
Source Decomposition
Redistributive Effect
