金融脆弱性家庭的购房行为对其消费的影响研究--来自CHFS的微观证据  

Research on the Impact of House-purchasing Behavior of Financially Vulnerable Households on Consumption:Micro Evidences from CHFS

作　　者：谢绵陛[1] 赵莹莹 XIE Mianbi;ZHAO Yingying

机构地区：[1]集美大学财经学院

出　　处：《中央财经大学学报》2025年第4期41-60,共20页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金项目“城镇家庭债务的形成及其对经济增长与金融稳定的影响机制研究”(项目编号:20BJY238)。

摘　　要：鉴于我国经济发展过程中存在的“低消费、高储蓄”现象,本文使用2013—2019年中国家庭金融调查(CHFS)数据,深入探讨家庭金融脆弱性与购房行为如何共同作用于家庭消费。研究结果表明,家庭金融脆弱性指数对其消费产生了显著的负向影响,且购房行为在其中表现出显著的负向调节效应。我国家庭消费普遍存在的“黏性”特征能够削弱购房行为对家庭消费的负向调节效应。不同类型信贷约束在金融脆弱性、购房行为及消费之间的中介效应表现出明显的异质性特征。具体而言,金融脆弱性家庭的购房行为通过减轻资产型信贷约束,缓解了消费的下滑趋势;相反,通过加剧脆弱型信贷约束,推动消费进一步缩减。此外,在不同社保支出极化水平和城乡差异下,家庭金融脆弱性及其购房行为对消费的影响表现出显著的异质性特征。因此,为有效促进家庭消费,缓解经济发展中的“低消费”现象,应高度重视提升家庭财务健康水平,并采取有效措施减轻“房奴效应”给家庭带来的沉重债务负担。The phenomenon of“low consumption and high savings”among Chinese residents has not been fundamentally improved.Based on China Household Finance Survey(CHFS)data from 2013 to 2019,we comprehensively discuss how household financial vulnerability and house-purchasing behavior affect household consumption.The results show that the household financial vulnerability index significantly negatively affects household consumption,and household house-purchasing behavior shows a significant negative moderating effect.The stickiness of household consumption in China can weaken the negative moderating effect of house-purchasing behavior on household consumption.The mediating effect of different types of credit constraints on financial vulnerability,house-purchasing behavior,and consumption show obvious heterogeneity.Specifically,the house-purchasing behavior of financially vulnerable households mitigates the declining trend in household consumption by decreasing asset-based credit constraints.On the contrary,it exacerbates vulnerability-based credit constraints,leading to further reduction in consumption.In addition,the impact of household financial vulnerability and house-purchasing behavior on consumption has obvious heterogeneity characteristics from the perspectives of polarization level of social security expenditures and urban-rural differences.Therefore,to effectively promote household consumption and alleviate the phenomenon of“low consumption”in economic development,great importance should be attached to improving the financial health of households and taking effective measures to alleviate the heavy debt burden of households brought about by the“mortgage slave”effect.

关 键 词：金融脆弱性 购房行为 家庭消费 信贷约束 

分 类 号：F063.4[经济管理—政治经济学] F126.1