基于CCAPM框架的财富不平等与房价关系研究

运用含有房屋的CCAPM模型,在同时考虑房屋的消费属性与投资属性基础上分析了财富(或收入)分配对房价的影响;并通过数值模拟解释了我国房价高企的根源.结论表明,我国房价高企是财富分配不均所致,财富不均等程度加剧致使房屋从消费属性向投资属性转变进而推高了房价.文章也分析了财富分配对居民消费结构的影响,财富分配不均等程度加剧使得贫穷阶层的房屋消费比重下降而富裕阶层的投资性购房比重增加,进而拉高房价.文章最后指出,要调控我国当前房地产市场价格,必须从财富(或收入)分配入手,明晰产权.

The Research on the Relation between Wealth Inequality and Housing Price Based on the CCAPM

According to the CCAPM including the houses,this paper analyzed the effect of the wealth （or income）dis-tribution upon house prices considering the house as both consumer goods and investment goods,and explained the source of China’s high housing price via numerical simulation.The conclusions show that China’s high housing price is due to the uneven distribution of wealth,as the degree of wealth inequality exacerbated causing houses shift from consumer goods to investment goods and thus pushing up prices.This paper also analyzed the impact of the wealth distribution upon residents’consumption structure,the rising degree of inequality in wealth distribution decreased the proportion of the poor people’s housing consump-tion and accreted the proportion of the rich people’s housing investment,and thus pushed up prices.Finally,this paper points out that the key to regulate China’s real estate market price is to consider a proper wealth （or income）distribution and clear property rights.