购房借贷约束与缴存家庭消费——基于公积金运营流动性视角的分析  

Borrowing Constraints and Household Consumption:From the Perspective of the Running Liquidity of China's Housing Provident Fund

作　　者：康书隆[1] 王晓婷 余海跃[1] KANG Shulong;WANG Xiaoting;YU Haiyue(School of Finance,Dongbei University of Finance and Economics)

机构地区：[1]东北财经大学金融学院,辽宁大连116023

出　　处：《金融研究》2022年第3期115-134,共20页Journal of Financial Research

基　　金：国家社科基金项目(17BGL149)的资助。

摘　　要：研究制约住房公积金制度效率的因素及作用机制,对保障国民安居、推动经济高质量发展具有重要的现实意义。鉴于此,本文首先通过构建理论模型,阐述了流动性压力下,公积金对缴存家庭贷款决策与消费的影响及作用机制,并使用中国家庭金融调查数据(CHFS)对理论假说进行实证检验。研究结果表明:借贷约束会显著降低缴存家庭使用公积金贷款的概率;流动性压力是公积金管理机构提高贷款门槛,从而降低借贷受约束家庭使用公积金贷款概率的重要原因;未获得公积金贷款支持的缴存家庭因购房成本的增加,家庭的非耐用品消费受到显著抑制。本文进一步通过倾向得分匹配方法和两阶段最小二乘法处理内生性问题,识别结果显示上述结论稳健可靠。本文研究表明:改善运营资金流动性不仅有助于提高公积金制度的运行效率,完善我国的住房保障体系,还有助于促进居民消费,提振内需,并为企业减费降负提供有效支持。The Housing Provident Fund(HPF)is an important institutional arrangement for providing housing to citizens.The efficient operation of the HPF system is important for implementing the strategic position that“houses are for living in,not for speculation”,improving residents'housing security,and enhancing people's sense of gain.However,narrow financing channels increase the pressure on the HPF’s liquidity as the HPF’s loan-to-deposit ratio rises.This restricts the HPF’s ability to meet households'credit demand for purchasing housing.HPF management agencies reduce credit risk and liquidity pressure by reducing loan amounts,increasing the down payment ratio for existing housing,and strictly controlling housing appraisal values and loan terms.All of this leads to a higher threshold for HPF loans than for commercial loans.In this context,it is necessary to study the factors and mechanisms that restrict the operational efficiency of the HPF system,which is crucial for reforming the HPF system,ensuring safe housing for citizens,and promoting high-quality economic development.To this end,this paper first discusses how the HPF influences households'borrowing behavior and consumption under liquidity pressure by constructing a theoretical model,and then uses data from the 2013 and 2017 China Household Finance Surveys(CHFS)to construct a pooled cross-sectional regression model and empirically test the theoretical hypotheses.To correct for the estimation bias caused by omitted variables,we also use control dummy variables for the observation year,loan issue year,and regions,and further run a propensity score matching(PSM)model and two-stage least squares regression to alleviate endogeneity issues to identify the impact of borrowing constraints on the choice of housing loan,and the effect of the housing loan on the down payment ratio and participants'consumption.Research shows that,first,borrowing constraints decrease the probability of HPF participants using HPF loans by 33.85%.Second,liquidity pressure explains why H

关 键 词：公积金 流动性压力 借贷约束 家庭消费 

分 类 号：F299.23[经济管理—国民经济] F832.479