作者张传勇系上海交通大学中国城市治理研究院、国际与公共事务学院副研究员。原文题名：Effects of housing wealth on subjective well-being in urban China，原文刊于Journal of Housing and the Built Environment。

内容摘要

住房所有权不仅意味着拥有永久的居住权，也意味着可以从房屋价值增值中获得可观的经济收益。本研究使用2011年中国家庭金融调查数据实证分析了住房特征对于个人主观幸福感（SWB）的影响。研究结果表明，住房特征对个人主观幸福感有显著影响，而影响渠道主要取决于住房的资产升值效应。房屋价值升值明显提升了个人的主观幸福感，而在房屋快速升值的前提下，购房负债没能影响到房屋价值在提升个人主观幸福感中的作用。此外，对于低收入家庭和居住在中国东部地区的居民，房屋价值对于个人主观幸福感的影响更加明显。这一研究结论为着力提升城市居民主观幸福感提供了潜在方向，如政府应当在高房价的背景下更加注重提高居民的生活满意度。

Abstract

Homeownership means not only having a permanent residence but also generating a considerable fnancial gain from house value appreciation. This study investigates how housing characteristics afect individuals’ subjective well-being (SWB) in China by using 2011 China Household Finance Survey data. The fndings suggest that the channel through which housing characteristics signifcantly afect SWB mainly depends on housing assets. House value appreciation signifcantly improves SWB; however, housing debt does not afect the role of house value in SWB. Furthermore, housing wealth has a more signifcant impact on SWB for low-income homeowners and those living in the eastern region of China. Our fndings shed light on potential solutions to enhance the SWB of urban residents. In particular, the government should pay more attention to raising their life satisfaction under the background of high house prices.

Keywords

Housing wealth · House value appreciation · Housing debt · Subjective wellbeing · Urban China

作者简介

张传勇，经济学博士、博士后，现为上海交通大学中国城市治理研究院、国际与公共事务学院副研究员，研究方向为城市与区域经济学、住房政策等，以第一（英文含通讯）或独立作者在Tourism Economics、Cities、Journal of Housing and the Built Environment、《金融研究》、《统计研究》等英文SSCI和中文CSSCI权威期刊发表三十余篇论文，并主持国家自然科学基金面上基金、国家自然科学青年基金、教育部人文社科青年基金等纵向科研项目和多项政府决策咨询课题，相关成果曾获得上海市决策咨询研究优秀成果二等奖、世界华人不动产学会优秀论文二等奖、中国房地产学术研讨会一等奖等奖项。

引用链接：Chuanyong Zhang, Fang Zhang. Effects of Housing Wealth on Subjective Well-being in Urban China, Journal of Housing and the Built Environment, 2019, forthcoming. 

https://doi.org/10.1007/s10901-019-09651-5

2019 张传勇_Article_Effects Of Housing Wealth On Subjective well-being in urban China.pdf