财富不平等是全球范围内的一个重要问题。改革开放后，在中国经济飞速发展的过程中，中国的财富不平等问题也愈发严峻。截至2019年，中国的财富基尼系数已接近0.73，财富不平等程度已高于全球平均水平并且远高于我国收入不平等程度，中国财富不平等问题亟需得到关注和缓解。目前我国家庭住房资产在家庭总资产中的比重超过50%，住房已经成为我国家庭财富的主体。通过按揭贷款参与房地产投资已经成为我国居民家庭住房投资的主要方式，因此除了利用住房的财富效应获得财富积累外，住房负债的杠杆效应也是我国住房投资家庭进行财富积累的主要机制。

然而在房地产投资的过程中，住房财富的分配并不均衡，住房财富集中在高财富阶层。并且住房负债再分配具有倾向性，银行等金融机构设立的借贷门槛使得贷款更容易流向高财富阶层。由此可见，房地产投资带来的住房财富差距、住房负债差距成为了整体财富差距的重要来源。因此，本文以探究家庭住房与财富不平等之间的关系为目标，展开了理论与实证分析。

本文基于已有研究成果，对住房与财富不平等的影响机制进行分析，设立了本文的研究假设，而后在第三章对我国财富不平等现状进行了统计分析，结果表明2013至2019年我国财富差距被拉大。在财富不平等问题加剧的背景下，本文第四章从住房财富、住房负债的角度对财富不平等的影响因素进行了分析，并对模型进行了内生性处理、异质性分析以及稳健性检验等，得到了有效的研究结论。

基于2013、2015、2017、2019年的CHFS数据，本文对我国财富不平等现状进行了统计研究，并进一步从住房财富不平等、住房负债的角度对我国财富不平等的影响因素进行了实证分析，建立社区层面与家庭层面的面板固定效应模型，并使用工具变量法对模型进行内生性处理，实证结果验证了本文的研究假设。本文的研究结果发现：（1）2013至2019年，我国整体家庭财富水平上升，但这个过程中财富差距也在拉大，仅在2019年有小幅度下降。我国超一半以上的财富掌握在最高10%财富家庭手里，社会财富继续向高财富阶层转移。同时，城乡差异、地区差异也是造成财富不平等的外生原因。（2）基于面板数据模型的回归结果，住房财富不平等对财富不平等具有显著的正向影响，且住房财富不平等对财富不平等的影响会受到地区、城乡、城市等级等外生因素的进一步影响；（3）住房负债不仅会促进家庭财富水平的上升，更会拉大财富差距。同时正规金融机构借贷意味着投资者可以拥有更低的融资成本，相比于非正规金融机构借贷，对家庭财富水平的拉动作用更大。然而现实中银行设立的借贷门槛使得高财富家庭更容易获得正规住房负债，高财富家庭同时拥有更高的资产收益率和更低的融资成本，住房负债分化增大了财富差距。

基于实证研究结果，最后对本研究的不足之处进行了总结与展望，并为缩小财富差距提出了以下几点建议：（1）持续大力推进住房改革，推出限制高财富家庭购房的有力政策；（2）加大普惠金融力度，且做到精准普惠，为普通家庭提供更多成本更低的借贷机会；（3）提高市场信息透明度，无论是房地产投资市场还是银行借贷，高财富家庭都更容易利用信息差获得更快的财富积累。

Wealth inequality is an important issue in the global context. The issue of wealth inequality in China has been progressively worse since the introduction of reform and opening up and the country's rapid economic growth. As of 2019, China's wealth Gini coefficient is close to 0.73, and the degree of wealth inequality is already higher than the global average and much higher than the degree of income inequality in China, so the problem of wealth inequality in China needs urgent attention and mitigation. The market for real estate in China has gone through marketization, industrialization, and is currently reaching  the financialization stage. The high rate of return on housing has drawn many household investors into real estate investment, and as the real estate market has grown, housing has gradually come to be widely recognized as an investment commodity. As a result, more household investors are now participating in real estate investment, and housing now accounts for more than 50% of all household assets in China. Participation in real estate investment through mortgage loans has become the main way of housing investment for residential households in China. Therefore, in addition to the wealth accumulation by using the wealth effect of housing, the leverage effect of housing debt is also the main mechanism for wealth accumulation by housing investment households in China.

However, in the process of real estate investment, the distribution of housing wealth is uneven, with housing wealth concentrated in the high-wealth class, and the redistribution of housing liabilities has a tendency to make loans flow more easily to the high-wealth class due to the lending thresholds set by banks and other financial institutions. Thus, it can be seen that the housing wealth gap and the housing debt gap brought by real estate investment have become important sources of the overall wealth gap. Therefore, this paper develops a theoretical and empirical analysis with the objective of exploring the relationship between household housing and wealth inequality.

Based on the existing research results, this paper analyzes the influence mechanism of housing and wealth inequality and establishes the research hypothesis of this paper, while the current situation of wealth inequality in China is then analyzed in Chapter 3, and the results show that the wealth gap in China widened from 2013 to 2019. Against the background of the intensifying wealth inequality problem, this paper analyzes the influencing factors of wealth inequality from the perspective of housing wealth and housing liabilities in Chapter 4, and endogeneity treatment, heterogeneity analysis and robustness test of the model are conducted to obtain valid research conclusions.

Based on the CHFS data in 2013, 2015, 2017, and 2019, this paper conducts a statistical study on the current situation of wealth inequality in China, and further empirically analyzes the factors influencing wealth inequality in China from the perspectives of housing wealth inequality and housing indebtedness, establishes community-level and household-level panel fixed-effects models, and uses the instrumental variables method to endogenize the models The empirical results validate the hypotheses of this paper. The empirical analysis of this paper finds that (1) the overall household wealth level in China increased from 2013 to 2019, but the wealth gap also widened during this process, with only a small decrease in 2019. More than half of China's wealth is in the hands of the top 10% of wealthy households, and social wealth continues to shift to the high-wealth class. At the same time, urban-rural differences and regional differences are also exogenous causes of wealth inequality;(2) Based on the regression results of the panel data model, housing wealth inequality has a significant positive impact on wealth inequality, and the impact of housing wealth inequality on wealth inequality is further influenced by exogenous factors such as region, urban-rural and urban class; (3) Housing debt not only promotes household wealth level, but housing debt also widens the wealth gap. Meanwhile formal financial institutions borrowing implies lower financing cost, which has a greater pull on household wealth level compared to informal financial institutions borrowing. However, in practice, the lending threshold set by banks makes it easier for high-wealth households to obtain formal housing debt, and high-wealth households have higher returns on assets and lower financing costs, and housing debt differentiation increases the wealth gap.

Based on the results of the empirical study, we conclude with a summary and outlook of the shortcomings of this study and make the following suggestions to narrow the wealth gap: (1) continue to vigorously promote housing reform and introduce strong policies to restrict the purchase of housing by high-wealth households; (2) increase financial inclusion and achieve precise inclusion to provide more low-cost borrowing opportunities for ordinary households; (3) improve market information transparency, whether in the real estate investment market or bank lending, high-wealth households are more likely to take advantage of the information gap to gain faster wealth accumulation.