5月份中国西南财经大学中国家庭金融调查与研究中心推出的《中国家庭金融调查报告》宣称，“中国自有住房拥有率达九成”，这个数字引发热议，现在他们又正式推出《中国家庭金融调查报告·2012》，结论更是抓取眼球：中国家庭总净资产为69.1万亿美元，美国家庭总净资产为57.1万亿美元，中国家庭总净资产比美国高出21%。这一结论虽然很多人不信，但哈佛大学教授David Wise认为这是合理的：一是中国人口是美国的四倍，家庭总数量高于美国；二是中国的房价迅速上涨。

China's southwest university of finance and economics in May Chinese family financial investigation and research center of the launch《China family financial report》claims，“China has its own housing ownership of ninety percent”，The digital trigger of hot debate，Now they are officially launched《China family financial report · 2012》，Conclusion is grasping the eye：China family total net worth of $69.1 trillion，The American family total net worth of $57.1 trillion，China family total net assets was 21% higher than in the United States。This conclusion although many people do not believe，But Harvard University professor David Wise think it is reasonable：China's population is a four times as fast as in America，Family total number higher than in the us；2 it is China's rise in house prices。

　　那么如何来看待这个数据呢？家庭净资产无非来源于两个方面：动产和不动产。动产是能够产生收益的生产性资产，比如股票，还有那些非上市公司的股权；不动产就是俗称的房地产。现在中国房价高涨，美国房价回落，这些调查通过对单个家庭的抽样调查，汇总得出我们的房地产高涨导致家庭净资产高于美国。这显然凸显了我们的房地产的泡沫。

So how to look at the data？Family only comes from two aspects of the net assets：Movable property and the real estate。Personal property is able to produce income of productive assets，Such as stock，And the equity of a private company；Real estate is commonly known as the real estate。China is now rising house prices，American house prices will fall，The survey through to a single sample survey of family，Summary of the real estate that we in family high net worth higher than in the us。This obviously have strengthened our of the real estate bubble。

　　就一个单个的房产来讲，很显然它的价值来源于周边公共物品的价值。如果他紧挨着地铁，就是所谓的“地铁房”，破破烂烂的老房子也会身价倍增。如果它是某个名校的招生范围之内，也会因为是“学区房”而乌鸡变凤凰。这说明了房产价值的主要来源，不是自身的钢筋水泥，而是周边的公共物品。这也是房地产投资商强调的“地段，地段，再地段”的缘由。

Just a single property speaking，Obviously it's value comes from the value of public goods around。If he is next to the subway，Is the so-called“Subway room”，Miserable old houses will be worth being。If it is a school recruitment of students scale，Will also because it is“School districts in the room”And wuji become phoenix。This shows that the main source of property values，Not own reinforced cement，But the public goods around。This is the real estate investors emphasize“area，area，Then area”reason。

　　既然如此，那么我们统计一个区域的房地产价值总和，其实很简单，可以计算这个区域内的所有公共物品的价值就可以了。因为它应该被包含在所有区域内的房地产价值之中的。理论上讲，一个区域如果有10套房子和一个医院。那么计算每个房子的市值再汇总，应该等于计算这个医院的价值和这10套房子本身的建筑成本。如果前面的那个算法超过了后面那个算法得出来的结论，就是市场的估值过高了。

so，Then we statistics a regional real estate value of combined，Actually very simple，Can calculate this area all of the value of public goods。Because it should be included in all areas of the value of the real estate。In theory，A regional if there are ten apartments and a hospital。So the market value of each house calculation to collect，Should be equal to the value of this hospital is calculated and the 10 sets of the house itself building costs。If the front of the algorithm is more than the algorithm behind it conclusion，The market is overvalued。

　　如果用这种方法去看待中国和美国两个国家的房地产价值，说中国的房地产总值高于美国，会令人觉得匪夷所思。为什么呢？很简单，尽管美国的人口只有中国的四分之一，但是美国的人均住房面积是中国的4倍都不止。从这一点上看，美国的房地产的建筑总面积不会小于中国的建筑总面积。那么它们的建筑成本也不会低于中国。就公共物品而言，去过美国的人都不会否认，美国的学校，医院，交通设施，都远远好于中国，即使从总数量来讲，不论公路里程，还是地铁等市政交通数量，还是教育设施等等，都比中国多。公共物品的总价值远超中国应该不是疑问。那么怎么可能中国的房地产总价值超过美国呢？

If using this method to think about China and the United States of the two countries real estate value，Said China's property value is higher than the United States，Can make a person feel inconceivable。why？Very simple，Although the United States only a quarter of the population of China，But the average American housing area is four times that of China are more than。From this point to see，The United States will not less than a total construction area of the real estate of China's total construction area of。So they're building costs will not below China's。Just for public goods，Have been to the United States will not deny，American schools，hospital，Traffic facilities，Is good in China，Even from the total number of speaking，No matter highway mileage，Or metro municipal transportation quantity，Or education facilities, etc，Than China more than。The total value of public goods than China should not doubt。So how can China's real estate worth more than the us?？

　　所以说，如果中国的家庭净资产总和真的超过了美国，那么也应该是来自于动产，而不是不动产。中国现在的生产性资本对应了每年5万亿美元的国内生产总值（GDP），美国则是12万亿美元。中国的劳动力报酬占了一半不到，那么资本性收入应该在2.5万亿美元；美国的资本性收入是GDP的三分之一，那么就是4万亿美元。中国是发展中国家，资本的边际回报应该远超美国，即使一样，也不应该推断出中国的资本量高于美国啊！

so，If China's family total net assets really than in the United States，So should also comes from the chattels，Not real estate。China's current productive capital corresponding to $5 trillion in annual gross domestic product（GDP），The United States is $12 trillion。China's Labour remuneration account for less than half，So the capital income should be in the $2.5 trillion；American capital income is a third of GDP，So that's $4 trillion。China is a developing country，Capital marginal return should be far more than the United States，Even if the same，Also should not be deduced that the Chinese capital amount above the ah！

　　或许有人会说，美国是净债务国，这4万亿美元的资本收入或许都是外国资本在美国的产出，不是美国的家庭净资产。但是实际上，美国尽管是一个净债务国，但是它的净利息收入是正的，也就是说，它的“不多”的海外资产的总收益超过了外国在美国的“很多”资产的总收益。从这一点看，即使我们考虑了复杂的国际资本，那么我们的基本结论也不会改变。美国家庭的动产部分，也应该远超中国家庭，至少1.6倍以上。

Maybe someone will say，The United States is net debtor，The $4 trillion in capital income may be foreign capital in America's output，Is not American family net assets。But in fact，While the United States is a net debtor，But its net interest income is positive，That is，It's“little”The total profit of the overseas assets in the United States more than foreign“many”The total profit of assets。From this point of view，Even if we consider the complex international capital，So our basic conclusion is not going to change that。The American family of chattel，Should also than Chinese family，At least 1.6 times more。

　　所以，我愚钝，无论如何想不出来，为什么美国教授能认同这么一个违背常识的结论，说中国家庭净资产高过了美国家庭。

so，I dull，No matter how to don't think out，Why American professor can identify with such a conclusion against common sense，Said China family net assets high over a American families。

　　（作者单位：华东理工大学商学院）

（The author unit：East China university of science and technology business school）