分类号：学校代码：10139
U D C：学号：20210204014
Wealth,health and Happiness:
Theoretical mechanisms and empirical test
侪丽玕
中文摘要
幸福是人类从古至今追求的目标，也是各国经济社会发展的最终目的，人民幸福
是实现中国梦的重要组成部分，对我国的社会发展有重要影响。随着幸福经济学的兴
起与发展，越来越多的学者从经济学角度来研究幸福感的问题，影响幸福感的因素也
引起越来越多的讨论。总体来说可以分为三个方面，即个体特征、社会环境以及宏观
经济状况，而财富和健康对于幸福感的影响是研究当中非常重要的一部分。在当前追
求高质量发展的阶段，关注财富与健康这种关系到国计民生的因素对居民主观幸福感
的影响有必要且有意义。基于此，本文从理论机制和实证检验两个角度探讨了财富和
健康对幸福感的影响。
在理论机制层面，运用马斯洛需求层次理论、相对收入理论、相对剥夺论等相关
理论，进行了财富与健康对幸福感的影响机制分析。其次，利用中国统计年鉴、世界
价值调查（WVS）、世界幸福报告（World Happiness Report）等相关部门数据，对我
国近年来的居民收入状况、健康状况以及幸福程度进行了现状分析，为实证检验奠定
了现实基础。在实证检验部分，选取中国综合社会调查（CGSS）2021年的数据进行
筛选和整理，通过构建广义有序logistic 模型和OLS 回归模型进行实证分析，利用有
序probit 模型进行了稳健性检验，并通过工具变量法（IV）对健康和幸福感之间存在
的内生性问题进行了讨论，最后通过地区特征进行了异质性分析。
本文主要得出以下结论：（1）绝对收入、相对收入和房产拥有情况对幸福感都具
有显著正向影响，且呈现边际效用递减趋势，其中横向相对收入对幸福感的影响程度
更大，人们更倾向于与周围人进行比较。加入全部变量之后，绝对收入和纵向相对收
入不再具有显著作用，横向相对收入和房产拥有情况依旧有显著作用，横向相对收入
呈现先上升后下降趋势，房产拥有情况的影响程度则提高。（2）身体健康和心理健康
对居民幸福感都具有明显的提升作用，都呈现依次递减的趋势，其中心理健康状况的
改善对幸福感的提高程度比身体健康高。对于幸福程度较低的居民，健康状况对幸福
感的提升作用更大。加入工具变量之后，健康对幸福感依旧有显著正向影响。（3）在
其他控制变量方面，年龄、受教育程度、政治面貌、婚姻状况和工作时间都与幸福感
呈现出显著相关关系，性别和户籍状况没有表现出显著关系。其中除工作时间对幸福
感有抑制作用之外，其余变量都对幸福感有正向作用。（4）收入与健康不仅直接对幸
福感产生影响，二者之间还存在双向效应进而间接影响幸福感。其中收入通过健康进
而影响幸福感的间接效应更为明显，而健康通过收入产生的间接影响较低。（5）通过
地区异质性分析发现，绝对收入和纵向相对收入对幸福感的影响存在地区差异，只有
在西部地区居民中有显著正向作用，但其边际效应递减，对中部和东部地区不存在显
著影响。横向比较的相对收入在东部地区、中部地区、西部地区均存在显著效应，不
存在较大的地区差异。房产拥有情况对幸福感的影响存在较大的地区差异。对东部地
区居民幸福感的影响较为明显，尤其对于东部地区非常不幸福的居民所带来的影响最
大，对中部地区居民不具有显著影响，对西部地区幸福感较高的居民有显著影响。身
体健康状况和心理健康状况对东、中、西部地区都具有显著影响，并且心理健康的影
响比身体健康更大。其中，身体健康对幸福感的影响不存在较大地区差异；心理健康
对幸福感的影响存在地区差异，心理健康对于东部地区居民幸福感的影响最为明显。
基于上述结论，本文从保持收入稳定增长、缩小贫富差距，健全医疗卫生体系，
培养居民健康意识，倡导居民积极调节自我等方面提出了相关政策建议。
关键词：财富、健康、幸福感、广义有序logistic 模型
Abstract
Happiness has been the goal pursued by mankind since ancient times,and
it is also the ultimate goal of economic and social development of all countries.
The happiness of the people is an important part of realizing the Chinese Dream
and has an important impact on China's social development.With the rise and
development of happiness economics,more and more scholars study happiness
from the perspective of economics,and the factors affecting happiness have
caused more and more discussions.Generally speaking,it can be divided into
three aspects,namely individual characteristics,social environment and macro
economy,and the influence of wealth and health on happiness is a very
important part of the research.In the stage of pursuing high-quality
development,it is necessary and meaningful to pay attention to the impact of
income and health,which are related to the national economy and people's
livelihood,on residents'subjective well-being.Based on this,this paper
discusses the influence of wealth and health on happiness from two
perspectives:theoretical mechanism and empirical test.
At the level of theoretical mechanism,Maslow's hierarchy of needs theory,
relative income theory,relative deprivation theory and other relevant theories
are used to analyze the impact mechanism of wealth and health on happiness.
Secondly,using the data of China Statistical Yearbook,World Value Survey
(WVS),World Happiness Report and other relevant departments,the current
situation of China's residents'income status,health status and happiness level
in recent years is analyzed,which lays a realistic foundation for empirical test.
In the empirical test part,the data of China General Social Survey (CGSS)in
2021were selected for screening and sorting,the generalized ordered logistic
model and OLS regression model were constructed for empirical analysis,and
the ordered probit model was used for robustness test.The endogeneity
between health and well-being was discussed by means of instrumental variable
method (IV),and the heterogeneity was analyzed by regional characteristics.
This paper mainly draws the following conclusions:(1)Absolute income,
relative income and property ownership all have significant positive effects on
happiness,and their marginal utility shows a decreasing trend.Among them,
horizontal relative income has a greater impact on happiness,and people are
more inclined to compare with people around them.After adding all variables,
absolute income and vertical relative income no longer play a significant role,
while horizontal relative income and real estate ownership still play a
significant role.Horizontal relative income presents a trend of first rising and
then decreasing,while the influence degree of real estate ownership increases.
(2)Both physical health and mental health have obvious enhancement effects
on residents'happiness,showing a decreasing trend in sequence.Among them,
the improvement of mental health has a higher enhancement degree on
happiness than that of physical health.For residents with low happiness level,
health status has a greater effect on happiness.After adding the instrumental
variables,health still has a significant positive effect on happiness.(3)In terms
of other control variables,age,education level,political status,marital status
and working hours are all significantly correlated with happiness,while gender
and household registration status are not.In addition to the inhibitory effect of
working time on happiness,the other variables have a positive effect on
happiness.(4)Income and health not only directly affect happiness,but also
have a two-way effect between them,which indirectly affects happiness.The
indirect effect of income on well-being through health is more obvious,while
the indirect effect of health through income is lower.(5)Through regional
heterogeneity analysis,it is found that there are regional differences in the
impact of absolute income and vertical relative income on happiness.Only
residents in western China have a significant positive effect,but their marginal
effect decreases,and there is no significant impact on central and eastern China.
The relative income of the horizontal comparison has a significant effect in the
eastern region,the central region and the western region,and there is no big
regional difference.There are large regional differences in the impact of home
ownership on happiness.The effect on the happiness of residents in the eastern
region is more obvious,especially for the very unhappy residents in the eastern
region,it has the greatest impact on the residents in the central region,and has
a significant impact on the residents with high happiness in the western region.
Physical health and mental health have significant effects on eastern,central
and western regions,and the impact of mental health is greater than that of
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