Analysis Of The Impact Of House Price Fluctuation On Urban Residents' Consumption Expenditure In Shanxi Province

Housing price and consumption are two important issues related to the living standards of urban residents in shanxi.Since the collapse of corruption in shanxi in2014,the overall economy of shanxi has been under great downward pressure,and consumption is obviously insufficient.However,the housing price keeps climbing.In this context,as a variety that accounts for a large proportion of residents' assets,whether the price fluctuations of housing will have an impact on the consumption expenditure of urban residents in shanxi,in what ways and to what extent,is very worthy of in-depth study.At present,domestic and foreign academic circles have done a lot of in-depth research on this issue,but most of the research objects are national overall research.Regional studies are rarely involved by experts and scholars.In this paper and 11 cities in Shanxi Province as the research object,based on the theory of life cycle-permanent income hypothesis,build multivariate linear regression and panel regression empirical model,research in Shanxi Province house price fluctuations impact on urban residents' consumer spending,Shanxi Province house price fluctuations on the income levels of urban residents consumer spending,influence of 11 cities in shanxi house price fluctuations impact on urban residents' consumer spending around the city of diff.Firstly,the annual housing price and consumption data of Shanxi Province from 2003 to 2017 were selected to build a multiple linear regression model to analyze the impact of housing price fluctuations on urban residents' consumption expenditure from the perspective of the whole province.Secondly,relevant data of residents of different income groups in Shanxi Province from 2003 to 2017 were selected,and panel regression analysis on consumption expenditure of urban residents of different income groups in the province,and the possible influence differences among different income groups were compared and analyzed.Finally,from the perspective of 11 prefecture-level cities in Shanxi Province,the annual housing price and consumption data of 11 prefecture-level cities from 2003 to 2017 were selected.The panel regression empirical analysis was used to analyze the impact of housing price fluctuations of 11 prefecture-level cities on the consumption expenditure of urban residents in various regions,and the possible influence differences in different regions were compared and analyzed.Based on the empirical study,the following conclusions are drawn :(1)the housingprice rise in Shanxi Province has a weak promoting effect on the consumption expenditure of urban residents,and when the housing price changes by a unit,the consumption expenditure will increase by 0.103%.(2)income is the key factor affecting the consumption expenditure of urban residents,and the degree of impact is greater than the impact of housing price fluctuations on the consumption expenditure of urban residents.(3)the housing price rise in Shanxi Province has no significant impact on the low-income and high-income groups;It has an crowding out effect on the consumption of urban residents of middle and low income groups,and a wealth effect on the consumption of urban residents of middle and high income groups.(4)under the significance level of 5%,the housing price rise of taiyuan,datong,shuozhou,jinzhong,yuncheng,xinzhou,linfen,and luliang has an impact on the per capita consumption expenditure of urban residents.Among them,the increase of housing price in taiyuan and datong has wealth effect on the consumption expenditure of urban residents,and:datong >taiyuan.The housing price rise in six cities,namely shuozhou,jinzhong,yuncheng,xinzhou,linfen and lvliang,has an crowding out effect on the consumption expenditure of urban residents,and: yuncheng >shuozhou >xinzhou >jinzhong >linfen>lvliang.The rising housing prices in yangquan,jincheng and changzhi had no significant impact on urban residents' consumption expenditure.[question: the income stratification study has a meaningful conclusion,and the conclusions drawn by the whole city are meaningless.To sum up:(1)to improve the income of urban residents and narrow the income gap between different strata;(2)reasonably guide the consumption of urban residents;(3)improve the housing security system;(4)sub-city policies to stabilize housing prices;(5)improve the housing market system in Shanxi Province...