中文摘要：

本文在缓冲储备储蓄理论中引入了消费习惯因素，并在此基础上导出了一个同时包括习惯形成和收入不确定因素的ECM模型。利用1999～2005年中国28个省（自治区、直辖市）城镇住户调查数据进行的实证分析结果表明：（1）过去的消费水平对中国城镇居民当前的消费有显著影响，并且消费对收入波动以及持久收入变化的反应是迟缓的。由此可以认为，缓冲储备储蓄理论对消费行为的解释是不准确的；（2）习惯形成参数越大，消费者积累的财富就越多，收入不确定性对消费的影响因而也越小。

英文摘要：

This paper incorperated buffer-stock saving with habit formation and whereras built an ECM model which represents both income uncertainty and habit formation factors. Empirical studies using survey data of China＇s urban households in 28 provinces from 1999 to 2005 show that： （1） Past consumption has significant impact on households＇ current consumption level, meanwhile consuming responses sluggishly to contemporary and permanent income changes. This finding implies that buffer-stock thoery＇s explaination to consumer behavior is incorrect. （2） The larger habit formation parameter becomes, the more consumers will accumulate wealth and the less income uncertainty will influence on consumption.