住房公积金对家庭金融脆弱性影响研究——基于中国家庭金融调查数据  

Housing Provident Fund and Household Financial Fragility:An Empirical Study Based on CHFS Data

作　　者：李胜旗[1] 王新 Li Shengqi;Wang Xin(School of Finance,Capital University of Economics and Business)

机构地区：[1]首都经济贸易大学金融学院

出　　处：《金融经济》2023年第8期30-42,共13页Finance Economy

基　　金：首都经济贸易大学北京市属高校基本科研业务费专项资金(QNTD202206)。

摘　　要：住房公积金制度作为我国重要的住房保障制度之一,其作用效果对家庭金融脆弱性有着重要影响。本文基于2011—2019年共五期中国家庭金融调查(CHFS)数据,利用Probit模型实证检验住房公积金制度对我国家庭金融脆弱性的影响。结果显示,缴存住房公积金显著降低了家庭金融脆弱性,对于有房有贷、无房无贷、“体制内”以及近期有购房意愿家庭的金融脆弱性的抑制效果更为显著。机制检验结果表明,缓解家庭流动性约束和提高家庭风险承担能力是住房公积金制度缓解家庭金融脆弱性的关键机制。As one of the most important housing security systems in China,the housing provident fund system has a significant impact on household financial fragility.Using five waves of China Household Finance Survey(CHFS)data from 2011 to 2019,this paper empirically examines the impact of housing provident fund system on household financial fragility in China by Probit models.The results show that paying housing provident fund contributions significantly reduces household financial fragility,with more pronounced mitigating effects on households with mortgage loan,households with no house and no loan,households within the institutions,and households with recent home purchase intention.The mechanism test results indicate that easing household liquidity constraints and improving household risk-bearing capacity are the key mechanisms for the housing provident fund system to alleviate household financial fragility.

关 键 词：住房公积金 家庭金融脆弱性 流动性约束 风险承担能力 

分 类 号：F832[经济管理—金融学]