| Since the implementation of economic reform policies,the rapid development of China’s economy has brought about an increase in income and quality of life,which in turn has contributed to an increase in residents’ consumption expenditure.However,the high savings rate of China’s residents,the insufficient supply of high-quality products in the market,and the non-standardized consumer market have led to a consumption rate of only about 55% in China and a slow process of consumption upgrading.In addition,housing prices in China remain high all year round,and the value of housing accounts for a relatively high proportion of total household assets,and fluctuations in housing prices affect changes in residents’ household assets,which in turn affects their consumption upgrading.Therefore,it is important to study the impact of housing prices on residents’ consumption upgrading,improve the consumption structure of Chinese residents,and promote their consumption upgrading for the high-quality development of China’s economy.This paper,on the basis of sorting out relevant studies on housing prices and residents’ consumption upgrading,uses data from the China Household Finance Survey(CHFS)for three years(2015,2017 and 2019),and firstly adopts a fixed-effects model to develop the share of enjoyment-oriented consumption expenditure as an indicator of consumption upgrading measurement to study the direction and magnitude of the impact of housing prices on residents’ consumption upgrading in China,while using quantile regression analysis to explore the impact of housing prices on residents’ consumption upgrading at different stages;secondly,what are the differences in the direction and magnitude of the impact of housing prices on residents’ consumption upgrading through heterogeneity analysis among households with different numbers of houses,households in different regions,urban and rural households,and households with different income levels? Finally,an interaction term is added to the model to test the mechanism of the transmission mechanism of housing prices affecting the upgrading of residents’ consumption.The empirical results show that:(1)the share of development enjoyment consumption expenditure decreases when housing prices rise,and the rise in housing prices inhibits residents’ consumption upgrading and has the greatest inhibitory effect on households in the middle consumption upgrading stage.(2)When housing prices rise,there is a negative impact on consumption upgrading for both households without a home and households with one home,and the strongest disincentive to consumption upgrading for households without a home,while there is no impact on consumption upgrading for households with two or more homes;the regional regression results show that the inhibitory effect of housing price rise on the consumption upgrading of residents in the central region is the strongest,and the inhibitory effect on the consumption upgrading of residents in the western region and the eastern region is the weakest in order.The inhibitory effect of rising housing prices on consumption upgrading of rural households is stronger than that of urban households;the results of the study on high,middle and low income households in China show that the negative effect of rising housing prices on high,middle and low income households increases in turn.(3)Rising housing prices will exacerbate the inhibitory effect on residents’ consumption upgrading through cost effect,precautionary savings effect,and budget constraint effect,while liquidity constraint effect is not a transmission mechanism of housing prices on residents’ consumption upgrading.Finally,based on the research results,reasonable policy suggestions are provided to promote the upgrading of residents’ consumption in terms of controlling housing prices,formulating housing regulation policies according to local conditions,improving the income distribution system,promoting urban-rural integration,and meeting residents’ consumption demand.Figure [7] table [17] reference [72]... |
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