英文摘要 |
The purpose of this study is to analyze the impact of Chinese households' tenure choice on consumption expenditure, including food, clothes, housing, transportation, education, and leisure. Since housing expenditure usually counts for a large share of household expenditure, households have to consider their future expenditure on housing when they decide how to distribute their ordinary expenses. This study separates households' tenure choice into three types, namely, rental, owner-occupied with mortgage, and owner-occupied without mortgage. By applying a data set from the "Chinese Household Financial Survey (CHFS)" with a sample size of 5,503, this paper then estimates the size of the impact of important factors affecting tenure choice. Then, by applying the Heckman two-stage model, we estimate the impact of tenure choice on households' consumption expenditure. In addition to a significant coefficient for the inverse Mills ratio, the estimated results show that the estimated coefficients are quite different with or without tenure choice. |