本文基于财富积累基本模型分析框架，利用中国家庭收入调查数据（CHIP）对21世纪以来中国居民财产积累机制进行解释。研究发现，居民人均净财产在2002—2013年的年均增长率达14.1%，而在2013—2018年下降至9.9%，但仍快于同期居民收入增加率。居民财产积累的第一大来源是房价上涨，可以解释居民净财产增量的55%~85%；第二大来源是居民储蓄，可以解释居民财产增量的30%~40%；部分财产会因折旧而减值。本文的研究结论有助于为下一步规范财产积累机制提供理论支撑。

Based on the analytical framework of the basic model of wealth accumulation, this paper uses data from the China Household Income Survey (CHIP) to explain the mechanism of property accumulation of Chinese residents since the new century. It is found that the average annual growth rate of net property per resident reached 14. 1% during 2002 -2013 and declined to 9. 9% in 2013 2018, but was still faster than the rate of increase in residents' income during the same period. The first major source of resident property accumulation is house price inflation, which explains 55% ~ 85% of the increase in resident net property; the second major source is resident savings, which explains 30% ~40% of the increase in resident property; and some property is subject to property impairment due to depreciation. The findings of this paper help provide theoretical support for the next step of regulating the property accumulation mechanism.

本研究得到浙江省哲学社会科学规划“高质量发展建设共同富裕示范区”重大招标课题“实现共同富裕过程中优化收入分配结构问题的研究”、浙江大学中央高校基本科研业务费专项资金、浙江大学长三角智慧绿洲创新中心专项项目的支持。

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