家庭财富不平等会自我放大ma？——基于家庭财务杠杆的分析.pdfVIP

家庭财富不平等会自我放大吗？ --基于家庭财务杠杆的分析 ( 已投管理世界) 吴卫星 邵旭方 陶利斌 Does Household Wealth Inequality Self-enhance: An Analysis Based on Household Financial Leverage 摘要：资产价格的变化对家庭的财产性收入和财富积累有重要影响。在房地 产和股票等资产价格快速上涨的阶段，参与这些资产市场的居民家庭的财富实现 了快速提高，尤其是充分利用住房抵押贷款、融资等财务杠杆手段的家庭财富增 长地更加迅速，不同家庭之间的财富差距有可能进一步扩大。本文通过对家庭财 务杠杆的理论和实证分析，并将类似于公司经营效率的评价指标引入对家庭金融 的研究。研究发现总资产较高家庭的资产收益率更高但负债成本更低，并且财务 杠杆作用的发挥使得富裕家庭有更快的财富增长速度，从而加剧了家庭财富差距 放大的趋势。最后本文从家庭财务杠杆角度提出相关政策建议。 关键词：家庭金融 财产性收入 财富不平等 财务杠杆 Does Household Wealth Inequality Self-enhance: An Analysis Based on Household Financial Leverage Abstract:The changes in asset prices affect the capital income and wealth accumulation of household significantly. As real estate, stocks and other asset prices rose rapidly, households which participated in these markets achieved a rapid increase in wealth. Especially those households using financial leverage such as mortgage benefited much more than other households which did not use any kind of financial tools, and household wealth inequality diverged. In the theoretical and empirical analysis on the household financial leverage, we introduced the index used for companies’ operation efficiency evaluation, and found that households with higher total assets tend to have higher asset return and lower debt cost, which lead wealth distribution to diverge. This paper also gave some suggestions and police advices according to the analysis above. Keywords: Household Finance; Capital Income; Wealth Inequality; Financial Leverage.  吴卫星、邵旭方、陶利斌：对外经济贸易大学金融学院应用金融研究中心，邮政编码：100029，电子信 箱wxwu@, xfshaw@126.com,lbtao@ 。本文感谢国家自然科学基金 ，国家社会科学基金（14AZD121）、北京奥尔多中心() 《中国居民风险与风险管理》 研究项目和对外经济贸易大学学科建设专项经费 (XK2014102）的资助，本文为对外经济贸易大学 “211