房价高速增长背景下的社会不平等

我国房地产市场化之来，财富不平等程度逐步严重。本项目着力从三个角度研究住房资产急速、大幅增值如何影响财富和教育的代际传递，从而影响社会不平等的扩大，并且引发阶层固化。首先，我们讨论房价上涨如何透过婚姻市场造成财富不平等的代际传递。首付压力驱动微观个体通过婚姻匹配拓展信贷，以投资住房资产。由于年轻人财富积累有限，拓展信贷的动机在婚姻匹配上就反映为按父辈的财富水平匹配。这样一方面通过婚姻直接固化了财富阶层，另一方面在投资收益率高涨的房地产市场中，高财富水平的家庭通过拓展信贷赢得了投资机会又进一步拉大了不平等。第二、我们研究高房价如何通过学区房市场引发教育资源分配的不平等。第三、我们研究房价高涨所引起的住房资产不平等如何影响社会信任水平，检验“穷人更穷”抑或是“富人更富”的不平等对社会信任损害更大，探讨个人社会经济背景是否导致信任水平对不平等加剧的反应不同。

This project aims to investigate the impact of China’s surging housing price on inter generational transmissions and inequality from three aspects. First, we discuss the impact of rising housing price on the marriage market. Individuals are motivated by the increase rate of housing price to invest in housing asset. The pressure of down payment generates the incentive of extending credit through marriage market to make joint investment with the spouse. Therefore, the equilibrium in the marriage market exhibits the pattern of assortative matching according to parental wealth, because of the generally limited wealth accumulated by the young couples. The positive assortative matching by wealth of original families increases inequality in the society, in addition, the rich will be able to make profitable investment through marriage, which strengthen the inequality. Second, we examine the impact of housing market on education inequality. In particular, we investigate how the housing price of neighborhood with high-quality education facilities affects residential sorting. Third, we explore the changes in social capital in the circumstance of surging housing market and expanding inequality in housing assets. In particular, we examine which kind of inequality will be more harmful and whether people with different social and economic status respond different to the inequality expansion.